TIES to create modern infra; cut transaction costs: FIEO

The newly launched Trade Infrastructure for Export Scheme (TIES) will go a long way in creating modern infrastructure and cut down transaction cost, exporters' body FIEO today said.

TIES will help create modern infrastructure like last mile connectivity to ports, besides testing labs and certification centres, FIEO President S C Ralhan said.

"It will address various other challenges and export bottlenecks, thereby helping in reduction of overall transaction and logistics costs," he said in a statement.

Commerce ands Industry Minister Nirmala Sitharaman launched the Rs 600 crore scheme yesterday for developing export-linked infrastructure in states to boost outbound shipments.

The scheme, to be implemented from April 1, would have a budgetary allocation of Rs 600 crore for three years with an annual outlay of Rs 200 crore.

An inter-ministerial empowered committee for sanctioning and monitoring of the project has been set up for the scheme.

It will be headed by the commerce secretary.

The TIES would focus on projects like customs checkpoints, last mile connectivity, border haats and integrated check posts.

Unlike Assistance to states for Development of Export Infrastructure and Allied Activities (ASIDE) Scheme, which was funded by the Centre, the cost of projects under TIES would be shared by the Centre and the states in equal measure.

However, for north-eastern and Himalayan region states, the Centre may bear up to 80 per cent of the cost.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)