Exports dipped for the 15th month in a row, down by 5.66 per cent in February at USD 20.73 billion, due to contraction in shipments of petroleum and engineering goods.
Imports too dipped 5.03 per cent to USD 27.28 billion last month, resulting in a lower trade deficit of USD 6.54 billion compared to that of USD 6.74 billion in February 2015.
Overseas shipments of petroleum products shrank 28.27 per cent to USD 1.83 billion in February, while that of engineering goods declined by 11.22 per cent to 4.56 billion.
Also Read
For April-February, cumulative exports declined by 16.73 per cent to USD 238.41 billion, as against USD 286.3 billion in April-February period of 2014-15.
Imports too dipped by 14.74 per cent to USD 351.8 billion in the 11-month period, leaving a trade deficit of USD 113.38 billion, the official trade data releases today showed. The trade gap was USD 126.29 billion in April-February 2014-15.
The Federation of Indian Export Organisations (FIEO) said that going by the trend, exports are expected to be "around USD 260 billion" in this fiscal.
Oil imports last month were valued at USD 4.76 billion - 21.92 per cent lower than the same month last year. Non-oil imports too dipped by 0.47 per cent to USD 22.51 billion.
States are very receptive to this scheme as it will be
utilised for their benefits, Sitharamn said, adding the contours of this scheme is different from ASIDE.
Two states - Rajasthan and Karantaka - have already submitted project proposals under this scheme.
After delinking of the ASIDE scheme in 2015, states have been consistently requesting the support of the Centre in creation of export infrastructure.
The Central government funding will be in the form of grant-in-aid, normally not more than the equity being put in by the implementing agency or 50 per cent of the total equity in the project.
In case of projects located in North-Eastern states and Himalayan states, including Jammu & Kashmir, this grant can be up to 80 per cent of the total equity.
The grant in aid shall, normally, be subject to a ceiling of Rs 20 crore for each infrastructure project.
The implementing agencies would provide details of the financing tie-ups for the projects, which will be considered before approval of the project. Disbursement of funds shall be done after financial closure is achieved.
Assistance would be provided for setting up and upgrading the infrastructure projects like border haats, land customs stations, trade promotion centres, setting up of dry ports, export warehousing, infrastructure in SEZs and ports/airports.
Projects which can be covered under sector specific schemes like leather, textiles, IT and electronics, and not related with exports will not be supported under TIES.
The commerce ministry will engage a professional agency for project monitoring on a pan India or regional basis.
Explaining the need for the scheme, the ministry in a statement said that there are infrastructural gaps related to export promotion like adequate testing and certification labs, cargo handling facilities and last mile connectivity.
It also said that the number of technical regulations and standards adopted by countries has grown significantly.
The 10-member committee comprises of commerce secretary, DGFT, NITI Aayog CEO, joint secretaries from DIPP, Home Affairs Ministry and Ministry of Development of North East Region.
