Recently, the Union Minister of State in the Ministry of Commerce and Industry informed the parliament that under Trade Infrastructure for Export Scheme (TIES), financial assistance for a total of 40 export infrastructure projects has been approved during 2019-2023.
About Trade Infrastructure for Export Scheme (TIES):
- This scheme replaced a centrally sponsored scheme - Assistance to States for creating Infrastructure for the Development and growth of Exports (ASIDE).
- Objective: To enhance export competitiveness by bridging gaps in export infrastructure, creating focused export infrastructure and first-mile and last-mile connectivity.
- Eligibility: The Central and State Agencies, including Export Promotion Councils, Commodities Boards, SEZ Authorities and Apex Trade Bodies recognised under the EXIM policy of the Government of India; are eligible for financial support under this scheme.
- Under the scheme, financial assistance in the form of grants-in-aid is provided to Central/State Government owned agencies (or their Joint Ventures with major stake-holding by them) for setting up or upgrading export infrastructure in States/UTs.
- The States can avail of the scheme through their implementing agencies for infrastructure projects with significant export linkages like Border Haats, Land customs stations, quality testing and certification labs, cold chains, trade promotion centres, export warehousing and packaging, SEZs and ports/airports cargo terminuses.
- Nodal Ministry: The Department of Commerce (Ministry of Commerce and Industry) is implementing the TIES w.e.f. FY 2017-18 to assist Central and State Government agencies in creating appropriate infrastructure for the growth of exports.
Q1) What is the Special Economic Zone?
SEZ refers to the Special Economic Zone, which is a special demarcated area or a geographical region that is considered as a duty-free enclave and has different economic laws than the rest of the country.