After 100% FDI, DIPP has put a condition an e-commerce entity will not be permitted more than 25% of sales through its marketplace from one vendor or their group companies
The government-backed Open Network for Digital Commerce (ONDC) is likely to start levying user charges in the current financial year.
Private labels remain big business for e-commerce marketplaces. They comprise almost 15 per cent of the total business of such firms.
The steep cut in Customs duty on silver in the FY25 Budget to 6 per cent from 15 per cent may provide the government temporary relief by checking the spurt in silver imports from the United Arab Emirates (UAE) under the Comprehensive Economic Partnership Agreement (CEPA). In FY24, silver imports from the UAE jumped to $1.7 billion from only $11.18 million in FY23, according to commerce department data. In May, about 87 per cent of India's silver imports came from Dubai.
The government is planning to tweak its procurement policy to give a fillip to domestic manufacturing. The industry department has floated a proposal to raise the minimum local content requirement for public procurement for Class-I and -II suppliers from 50 per cent currently to 70 per cent, and 20 per cent as of now to 50 per cent, respectively.
Sukanya Verma gives you some interesting options to choose from.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Following the disengagement, both sides will soon start the coordinated patrolling in their respective areas, sources added.
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Government seeks stakeholders' comments by Jan 30 on discussion paper.
Exports 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.
In order to counter the growing penetration of e-commerce portals, the ICT industry in Gujarat is also mulling initiation of its own portal for selling products.
Some companies are already seeking review of the new norms.
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
A year after a Hamas attack against Israel on October 7 and the ensuing Israeli invasion of the Gaza Strip, India's trade with most West Asian countries has largely escaped any major disruption, except with countries like Israel, Lebanon, and Jordan. However, repeated flare-ups of geopolitical tensions in the region continue to drive up shipping and logistics costs.
Go-getter, ambitious, dynamic, workaholic are some of the adjectives that officials who worked closely with B V R Subrahmanyam use to describe him.
Exports had risen over 11 per cent in July, year-on-year.
Smartphones have been a key success story of the government's production-linked incentive scheme, helping India become the second-largest mobile phone manufacturing country, after China.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
Jack Ma is learnt to have discussed about e-commerce, mobile telephony
He also pointed out the high sums earned by the coaching centres leading to the commercialisation of education.
Floats discussion paper for stakeholders' feedback with a deadline of January 28.
Of the Rs 1.97 trillion that the government intends to spend on all 14 production-linked incentive (PLI) schemes, around Rs 41,000 crore remains unutilised as of now, according to a senior government official. This means that 80 per cent of the total allocated amount, or Rs 1.56 trillion, will be used to pay incentives to companies eligible to claim benefits over the next few years. The unutilised amount/savings result from undersubscription, lukewarm responses in the case of schemes such as textile, as well as a reduction in the allocation of schemes.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
The Cabinet can take a decision on the matter only after the Election Commission's approval.
After the government's online monitoring system for the import of electronic hardware items went live on November 1, inbound shipments of laptops and tablets slipped in November to a nine-month low at $225 million, contracting 17.15 per cent year-on-year. This decline was primarily driven by reduced imports from Singapore (down 43.7 per cent), Hong Kong (down 27.4 per cent), and China (down 14 per cent), according to the data released by the commerce department. China accounts for approximately 83 per cent of such imports.
India'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.
'The overwhelming evidence from various studies and reports indicates that the current work culture in the IT sector, characterised by excessive hours, has severe consequences for health, productivity, and overall quality of life.'
The government will soon come out with guidelines for social media influencers, making it mandatory for them to declare their association with the product they endorse, sources said.
The 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.
Flipkart and Snapdeal take a cue from Amazon even as they differ on who is ahead in the race
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
The ministry, according to sources, held three special drives during June-July for weeding out and indexing of old files and records
Riding on e-commerce wave is the youngest state, which faces competition from neighbours.
Nearly two million postcards and eight million letters pass through India's post offices daily.
Sources within the Congress, including those who have been members of the teams that drafted its 2019 and 2024 Lok Sabha poll manifestos, said the Karnataka government decision lacked any empirical basis.
Despite declining by three percentage points in 2022-23 (FY23) compared to FY19, Odisha's unemployment rate remains higher than the average in India.
Taking up the case of Indian IT companies and professionals, Jaitley told Ross about the contribution of highly-skilled Indians in the economic development of the United States and India and stressed that they should continue to do so, which is in the best interest of the two countries, officials said.
