All stories by Shreya Nandi
India cuts arbitration time for foreign investors in UAE pact
Rediff.com5 days agoIndia has reduced the time period for foreign investors to seek international arbitration from five years to three years as part of the recently signed investment pact with the United Arab Emirates (UAE), a departure from its model Bilateral Investment Treaty (BIT). Under the Investor-State Dispute Settlement (ISDS) mechanism, if the Indian judicial system is unable to resolve a dispute within this shortened period, investors can resort to international arbitration. The investment pact, signed on February 13 in Abu Dhabi, came into force on August 31, replacing the previous pact.
'PLI Has Been A Big Boost To Manufacturing'
Rediff.com26 Sep 2024'We can hope to see a lot of creation of jobs in the days to come.'
India To Fast-Track Visas For Chinese Nationals
Rediff.com8 Aug 2024The new guidelines, effective from August 1, aim to expedite visa approvals for nationals from China and other countries sharing land borders with India.
No rethinking on support for Chinese for investments in India: Piyush Goyal
Rediff.com31 Jul 2024India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
India flagged concerns with Russia over non-tariff barriers: Commerce secy
Rediff.com16 Jul 2024India has flagged concerns over non-tariff barriers (NTBs) faced by its exporters with the Russian government, commerce secretary Sunil Barthwal said on Monday. NTBs faced by Indian exporters are mainly in sectors such as marine products and pharmaceuticals.
How Modi plans to tackle spiralling trade deficit with Russia
Rediff.com8 Jul 2024India's trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
Not just China, all PLI-led visas being fast-tracked: Piyush Goyal
Rediff.com1 Jul 2024The government is expediting visa-related issues to bring technicians to India from any country, not just China, as and when required, to ensure the smooth implementation of the flagship production-linked incentive (PLI) scheme aimed at boosting domestic manufacturing. "If those under the PLI scheme need to get their equipment installed, we try to expedite the ability to get technicians into India from any country, whichever it may be," Union Commerce and Industry Minister Piyush Goyal told Business Standard in an interview.
Govt may overhaul PLI schemes: Quarterly incentive payments on the table
Rediff.com28 Jun 2024To burnish production-linked incentive (PLI) schemes, the government is considering an overhaul of some of them relating to sectors such as textiles and pharma, and making incentive payments quarterly, officials in the know said. In a bid to cut the delay in processing incentive claims, the government is looking at switching to a quarterly disbursement of incentives. Currently, in most schemes, incentives are annual.
100-day plan: Govt platform for exporters to boost trade
Rediff.com21 Jun 2024The commerce department has reaffirmed its plans to launch the 'Trade Connect' e-platform to help exporters connect with stakeholders of international trade, as a part of the new government's 100-day action plan, a senior government official said.
FTAs, reviving exports to be commerce ministry's focus
Rediff.com18 Jun 2024Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
Youth Are 83% Of The Unemployed
Rediff.com3 Jun 2024'The youth is stressed and students are depressed.'
Growth Question Looms Large Over Chandigarh
Rediff.com28 May 2024As Chandigarh braces for a fierce contest between Congress candidate Manish Tewari and the BJP's Sanjay Tandon, its industry leaders harbour a fervent wish: Replicate the success of the National Capital Region model in this Union Territory.
Spice row: Govt plans greater scrutiny, SOPs
Rediff.com13 May 2024The government is formulating guidelines on the use of ethylene oxide (ETO) in samples of spices for the domestic market and exports, people aware of the matter said, as it plans to step up efforts to make quality checks more stringent. ETO, a flammable, colourless gas, is typically used as a disinfectant. It is also used as a sterilising agent and an insecticide to reduce microbial contamination in spices. However, its use is considered carcinogenic, beyond permissible limits.
19 major commodities see export volume growth, but value declines
Rediff.com9 May 2024Exports of 19 major commodities, including petroleum products, coal and marine items, saw growth in terms of volume during April 2023-February 2024, even as they witnessed contraction in value terms during the same period. Government officials said the rise in export volume despite a decline in value implies that these commodities show a stronger market demand.
India's spice exports at potential risk, needs urgent action: GTRI
Rediff.com2 May 2024Countries that raised concerns about the quality of Indian spices have called for urgent attention and action, Delhi-based think tank Global Trade Research Initiative (GTRI) said on Wednesday. The stakes are high since India exported spices worth about $692.5 million to the United States (US), Hong Kong, Singapore, Australia and Maldives in the financial year 2023-24 (FY24), it said. During FY24, India's spice exports were worth $4.25 billion, accounting for a 12 per cent share of the global spice exports.
Taiwan keen to help India become leader in chip space
Rediff.com29 Apr 2024Taiwan is keen to collaborate with India and help it become a leader in the semiconductor space, Jason Ho, chairman of the Taiwan Chamber of Commerce in India, said, asserting that the Taiwanese companies have the supply chain for things that the Indian market needs. Manufacturing semiconductors - used in electric and hybrid cars, drones, and communication devices - is fairly complicated, entails huge investment, and can be a cumbersome process.
Basmati rice exports rose 22% till February FY24 on West Asia demand
Rediff.com28 Apr 2024Exports of high-quality basmati rice from India grew by 22 per cent to $5.2 billion during April 2023-February 2024, amid robust demand, primarily from West Asia. According to data compiled by the commerce department, exports of basmati rice increased to 4.68 million metric tonnes (MMT) in April-February, from 4.1 MMT during the same period a year ago, registering a growth of 14 per cent.
Officials Prepare For Modi 3.0
Rediff.com12 Apr 2024Government departments have been tasked with identifying major goals, which will include annual targets from the financial year 2024-2025 to 2028-2029.
Revamped SEZ law unlikely before the upcoming Lok Sabha elections
Rediff.com24 Feb 2024The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
PMO Monitoring Red Sea Crisis
Rediff.com16 Feb 2024Any government support or incentive to help exporters deal with high freight and insurance costs is unlikely.