Dedicated To Mumbai
Home > Business > Cabinet okays Rs 500 cr development fund for Asian region

Cabinet okays Rs 500 cr development fund for Asian region

Thursday, September 01, 2016

The Union Cabinet yesterday cleared a proposal to create a Rs 500 crore project development fund to increase economic presence in Cambodia, Laos, Myanmar and Vietnam, which can act as gateways for market access to China and the European Union. "Cabinet approves creation of a Project Development Fund (PDF) to catalyse Indian economic presence in Cambodia, Laos, Myanmar and Vietnam," said an official release.

The Cabinet, chaired by Prime Minister Narendra Modi, approved creation of a PDF with a corpus of Rs 500 crore for catalysing Indian economic presence in these nations, it said. The PDF will be housed in the Department of Commerce. Exim Bank will operate the fund. "The PDF shall be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary," the release said.

The CLMV nations - Cambodia, Laos, Myanmar and Vietnam - have a unique position in the regional value chains and offer a gateway for market access to China/EU and other markets due to various trade agreements. India will have the advantage in the regional value chain by securing a dedicated market for domestic raw materials and intermediate goods on a long term basis.

The regional access will also help India with availability of inputs and raw materials for Indian industry. Despite plenty of opportunities in the CLMV region, Indian businesses in these countries so far have been constricted due to limited information, infrastructure and other contingent risks.
Government said the PDF will benefit India's industrial community for business expansion and maintaining cost competitive supply chains, besides integrating with global production networks.

No Comments Posted
Sexual abuse of young girls is said to be very co
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Financial gains accrue through routine activities. An easy and relaxed atmosphere prevails at work. You will have a busy day at work. A business meeting will have beneficial results. Some news you receive today will make you feel good. Find time for yourself today. An easy and relaxed atmosphere prevails. Look forward to an exciting evening in the company of your beloved and friends.
- Advertising -
We know that it’s not easy deciding whether to co
Less is more when it comes to exercise. Over-trai
I’m a big fan of Nivea’s lip care range, but I’ve
Read More