The highlight of the first BRICS Summit on the African soil is the possible setting up of a development bank for undertaking infrastructure and development projects.
The decision to revise the target by $10 was taken in New Delhi at the India-Africa Ministers Round Table conference chaired by Commerce, Industry & Textiles Anand Sharma.
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India-European Union Broad-based Trade and Investment agreement came up for discussion in a meeting between Sharma and visiting Netherlands Minister of Foreign Trade and Development Cooperation Lilianne Ploumen in New Delhi.
The government on Wednesday ruled out banning export of onion saying the spurt in domestic prices was "temporary" caused by unseasonable rains and market closures.
The minister also exuded confidence that India would be able to sustain 20 per cent export growth in the current fiscal.
Days ahead of India-EU annual summit, Commerce and Industry Minister Anand Sharma on Wednesday said a few ends are yet to be stitched for concluding the proposed Free Trade Agreement (FTA) between the two sides.
India plans to cut transaction costs for exporters and ensure the availability of dollar finance, as it looks to reverse a decline in exports and double outbound sales of goods and services over the next five years.
Sharma was speaking to journalists while returning with Prime Minister Manmohan Singh from Cambodia last night on special aircraft after attending the ASEAN and East Asia Summits.
Union Commerce and Industry Minister Anand Sharma has warned countries trying to introduce protectionist measures that this would not only be counter-productive, but also deepen the recession and delay recovery.
India and Indonesia today agreed to fast track the ongoing negotiations for early conclusion of the proposed comprehensive market opening pact, aimed at enhancing bilateral economic engagement between the countries.
All those in the Union council of ministers with two portfolios are likely to lose at least one and major administrative changes are expected in a Cabinet reshuffle due on October 28 or 29 on the return of President Pranab Mukherjee from Durga Puja celebrations in West Bengal.
Officials from India and the Association of Southeast Asian Nations would resume their talks to widen of the scope of a Free Trade Agreement with the 10-nation trading bloc to cover services and investment.
A week ahead of the RBI reviewing the monetary policy with expectations of a policy rate hike, Commerce and Industry Minister Anand Sharma has cautioned that raising cost of borrowing "may not be suitable" tool to rein in inflation.
South African President Jacob Zuma thanked Commerce Minister Anand Sharma for India's support in the matter, when the two met here this morning. India had been lobbying for South Africa's inclusion.
Given the return of near 9 per cent growth, and that too a more broad-based growth covering rural and urban areas, and against the background of rising support prices for farmers, it is now clear that excess demand has come to play a larger role in exerting pressure on the price line.
For the third month in a row, exports rose in January, reporting 11.5 per cent growth to $14.34 billion, against $12.9 billion in the year-ago period, Commerce and Industry Minister Anand Sharma said.
"Indian foreign direct investment in the US is more than America's FDI in India."
India and China took their economic relationship a step forward today, signing a memorandum of understanding on 'Expansion of Trade and Economic Cooperation' and recognising the need for "balanced trade".
Commerce and Industry Minister Anand Sharma and European Union Trade Commissioner Karel De Gucht concluded another round of talks on Monday at the European Commission headquarters in Brussels, which the Commission said 'provided a renewed momentum to bring the negotiations forward'.
India clearly told the EU it would 'not accept' any further concession, as far as the automobile sector was concerned.
Ten states and Union Territories had endorsed FDI in the sector by August 13.
India's exports, after declining for over a year, are expected to improve in the coming months even as global slowdown continues, Commerce and Industry Minister Anand Sharma said on Wednesday.
The meeting, which would have representation from the ministries of finance, external affairs and micro and small and medium enterprises, would suggest steps to prepare the way for the annual supplement to the Foreign Trade Policy (2009-2014), expected to be unveiled in April.
Union Minister for Commerce and Industry Anand Sharma has shrugged off the recent irritants that have cropped up less than six weeks before US President Barack Obama makes his visit to India as 'transient negativity', and predicted they would 'get dissipated' soon.
The minister, who was in Brussels on a two-day visit, said that seven Chief Minsters including Maharashtra, Haryana, Andhra Pradesh, Delhi, Assam, Rajasthan and Kerala have already given their written commitment on allowing FDI in the sector.
Commerce and Industry Minister Anand Sharma has written to chief ministers of Odisha, Punjab and Uttar Pradesh, stating opening the multi-brand sector to the foreign direct investment would 'bring in investments, technologies and efficiencies to unlock the true potential of the agricultural value chain'.
India's exports slid for the 11th straight month in August by 19.7 per cent to $14.3 billion as global demand for merchandise remained sluggish.
When IKEA's CEO & India's industry minister sealed a deal in-principle last year, foreign investors took note.
Amid rupee's free fall and slowdown in western markets, the government is likely to announce incentives in the foreign trade policy (FTP), scheduled for June 5, to boost exports.
Prime Minister Manmohan Singh will review the proposed bilateral trade and investment agreement between India and the EU at the meeting of the Trade and Economic Relations Committee (TERC) on May 29.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
"... An early conclusion of Doha Round is important; India is willing to take part in negotiations at the WTO provided the core concerns of the Round, namely development concerns of developing nations are addressed," commerce and industry minister Anand Sharma told Rajya Sabha.
The minister addressed the Global India Business Meeting organised by the Federation of Indian Chambers of Commerce and Industry in the German city. CEOs of leading firms from India, Germany, the US and Saudi Arabia, including Siemens, Volkswagen, AirAsia, Bajaj Auto, Genpact India and Infosys attended the conclave.
India on Monday emphasised the need for resuming talks on the WTO's stalled Doha Round, stating that the negotiating text for global trade can be the staring point for further talks.
The country feels that the talks are necessary to revive the global economy.
The government has often defended its decision to open multi-brand retail to foreign direct investment (FDI) by saying modernisation of the sector through fresh investment would bring down wastage of fruit and vegetables.
CCEA approves its Rs 10,500-cr investment in India.
The centre will be cautious in withdrawing the fiscal stimulus packages given to key-sectors and will do so only after ensuring growth is sustainable in the economy, Union Minister for Commerce and Industry Anand Sharma said.
India's exports grew by 9 per cent to $14.6 billion (around Rs 66, 250 crore) in December.
The initiatives announced by Commerce and Industry Minister Anand Sharma as part of the annual supplement to the Foreign Trade Policy are aimed at pushing exports which declined by 1.76 per cent to $300.6 billion during 2012-13 and pushed up the trade deficit to $190.91 billion.
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