JK gets nod for establishment of Trade Promotion Organization
In a major boost for the handicraft, handloom sector, the government is all set to establish Jammu and Kashmir Trade Promotion Organization after the Indian Trade promotion Organization (ITPO) gave concurrence for investing 44 per cent equity in the new venture.
The move, of establishing JK Trade Promotion Organization in the pattern of Indian Trade Promotion Organization, was a long pending demand of handicraft artisans and dealers. As per the rough estimates, the setting up of the establishment would increase handicraft, handloom turnover from current Rs 1,500 crore to Rs 3,000 crore per annum.
Sources informed Greater Kashmir that State government will be major shareholder in the company having 51 per cent equity, while Export Promotion Council for Handicrafts will have 5 percent equity and remaining 44 per cent equity will be of ITPO.
India Trade Promotion Organization (ITPO), headquartered at Pragati Maidan, is the nodal agency of the Government of India under aegis of Ministry of Commerce and Industry (India) for promoting country’s external trade. ITPO is a Mini-Ratna Category-1 Central Public Sector Enterprise (CPSE) with 100 per cent shareholding of Government of India.