ECONOMY AFFAIRS OCTOBER 2011

ECONOMY AFFAIRS OCTOBER 2011

• Union Ministry of Commerce, Industry and Textiles sanctioned 21 new Textiles Parks under the Scheme for Integrated Textiles Parks with a project cost of 2100 crores rupees to be implemented over a period of 36 months. The approval came in the 4th week of October 2011. Among these 21 new Textiles Parks, 6 were sanctioned in Maharashtra, 4 in Rajasthan, 2 each in Tamil Nadu and Andhra Pradesh, 1 each in Uttar Pradesh, Gujarat, Tripura, Himachal Pradesh, Karnataka, Jammu & Kashmir and West Bengal. The Scheme for Integrated Textiles Parks seeks green field investments in textiles sector on a public private partnership basis with the objective of setting up excellent infrastructure for Textiles industry.
  
• The Director General of Foreign Trade (DGFT) on 13 October 2011 announced introduction of a new Niryat Bandhu scheme for international business mentoring for young turks in international business enterprises. Under the scheme, officers of DGFT will be investing time and knowledge to mentor the interested individuals who want to conduct the business in a legal way. The DGFT also announced that it became India's first digital signature enabled department. According to the new Foreign Trade Policy (FTP) unveiled, a higher level of encrypted 2048-bit Digital Signature has been introduced. Digital certificate provides a high level of security for online communication such that only intended recipient can read it.