Ministry of Commerce & Industry Current Affairs
India was the focus country of 87th Izmir International Trade Show held in Izmir, third most populous city in Turkey, after Istanbul and Ankara from 7th to 11th September, 2018. Trade Promotion Council of India (TPCI) had led 75-member Indian delegation for this trade show.
Source India pavilion
In this tradeshow, India also had displayed mega business standalone pavilion ‘Source India’. This pavilion had hosted 75 Indian companies with aim of tie-ups in order to increase India’s exports to Turkey and other neighbouring countries. It had showcased multi-product pavilion, including companies displaying products like ceramics, cereals and mechanical appliances. This pavillion was part of series of Source India pavilions that TPCI is hosting in important tradeshows across the world for boosting India’s exports.
TPCI: It is trade and investment promotion organization of Department of Commerce, Union Ministry of Commerce & Industry. It works to open new areas for co-operation in trade and investment between India and rest of the world.
The Union Ministry of Commerce & Industry has launched Trade Infrastructure for Export Scheme for developing export linked infrastructure in states with a view to promoting outbound shipments.
TIES seeks to bridge the critical infrastructure gap and provide forward and backward linkages to units engaged in trade activities.
About Trade Infrastructure for Export Scheme (TIES)
- Objective: Enhance export competitiveness by bridging the gap in export infrastructure, which has not been addressed by any other scheme.
- It would focus on projects like customs checkpoints, last mile connectivity, border haats and integrated check posts.
- Beneficiaries: All central and state agencies including Commodities Boards, Export Promotion Councils, SEZ authorities and Apex Trade Bodies recognised under EXIM policy of Central Government are eligible for financial support.
- Funding: The cost of projects will be equally shared by the Centre and the states in form of grant-in-aid. In normal cases centre will borne 50% of the total equity in the project.
- For projects located in north-eastern and the Himalayan region states, Centre may bear 80% of the cost.
- Funds from other sources: Projects leveraging of funds from bank financing will be promoted. It will not include recurring costs of land and operating & maintenance costs to be met through pay and use charges.
- Priority will be given to the projects involving significant contribution by the implementing agency and bank financing for achieving financial closure.
- Approval: An inter-ministerial empowered committee will sanction and monitor the projects. It will be headed by the commerce secretary.