Union Cabinet on 31 August gave its approval to create a Project Development Fund (PDF) for catalysing Indian economic presence in the Cambodia, Laos, Myanmar and Vietnam (CLMV). The PDF will be created with a corpus of 500 Crore rupees.
•    CLMV countries 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.
•    PDF will be housed in Department of Commerce.
•    It will be operated through the EXIM Bank.
•    It will be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary.
•    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.
•    This regional access will provide a dedicated market for Indian raw materials and intermediate goods besides a dedicated source for inputs and raw materials for Indian industry.
 

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