India on Thursday extended tax holiday and duty refund for exporters, while allowing duty free capital goods import under its Foreign Trade Policy to insulate them from protectionism induced by recession abroad. Unveiling the five-year policy, Commerce Minister Anand Sharma set a target of $200 billion worth exports for next fiscal, a feat that India failed to achieve in 2008-09 due to a slump in global demand in the face of financial crisis.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
After six years of painstaking talks, the Comprehensive Economic Cooperation Agreement will be signed which will eliminate duties on 80 per cent of goods traded between the two over the next eight years. Commerce minister Anand Sharma, who is in Bangkok to sign the pact, said the agreement is well balanced and is in harmony with the India's Look East Policy.
Shashi Tharoor has also been retained as the chairman of the panel on Information Technology.
The manufacturing sector, which constitutes over 75 per cent of the index, declined by 2 per cent in October as against a growth of 9.9 per cent a year ago.
In a major policy reversal, the AAP government wrote to the Centre to withdraw the approval given by the previous Sheila Dikshit government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
Indonesian Trade Minister Gita Wirjawan, Chair of the Ninth Ministerial Conference, and the three Vice Chairs, in a joint statement, urged 'all WTO members to come together over the next few days to make the necessary breakthroughs, working closely with WTO Director General Roberto Azevedo.'
The first such proposal in the sector has come from the joint venture between Tata-Trent and Tesco Plc, which will open outlets simultaneously in these two states.
FDI inflows in the manufacturing sector rose by almost 45 per cent between October last year and this February.
The BJP maintained that stability in economic growth and economic policies of the government along with strong currency attracts foreign investment.
.jpg)
Exports picked up to post a growth of nearly 13 per cent.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November.
On Monday, the EU had temporarily banned imports of Alphonso mangoes, the king of fruits, and four vegetables from India from May 1.
The government should stick to the recent clarifications released on FDI in multi-brand retail trading and not ease the conditions for foreign retailers.
In his attempt to revive a beleaguered Congress, Rahul Gandhi is trying to bring in new leadership in the form of Rajeev Gowda and BK Hari Prasad, whose names have been nominated for the Rajya Sabha, says Renu Mittal.
The Cabinet on Thursday approved the stand taken by India at the recently concluded WTO meeting in Bali which endorsed New Delhi's point of view with regard to food security plan and trade facilitation pact.
In a bid to strengthen their bilateral economic ties, India and Indonesia plan to explore opportunities for co-operation in oil and gas, and railway sectors, among other areas.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
Commerce Minister Anand Sharma on Wednesday sought to assure prospective American investors that India is a 'welcoming investment' destination where the climate is 'totally conducive' to such actions.
In a comment loaded with sarcasm, Bharatiya Janata Party on Monday said former Prime Minister Manmohan Singh had wanted to do a lot of things during his tenure but "so many super PMs" had prevented him, triggering protests from Congress members.
Talking tough, India on Friday threatened to drag the European Union to the World Trade Organization if the 28-nation bloc did not lift its ban on the import of Indian mangoes and vegetables.
Before leaving on a 10-day foreign visit starting Monday, Sharma said he would address concerns of foreign retail sector investors and ensure help in setting up stores.
Rajya Sabha was adjourned twice during Question Hour on Monday as the Congress created uproar saying there were inconsistencies in government statements on the World Trade Organisation though Finance Minister Arun Jaitley asserted there was no contradiction.
Deadlock in Rajya Sabha continued for the fourth day on Thursday as opposition kept demanding a reply by Prime Minister Narendra Modi on a debate on religious conversions, which the government steadfastly rejected.
Defence Minister A K Antony has shot down Commerce Ministry's proposal to raise Foreign Direct Investment in defence from 26 per cent to 49 per cent, saying it will be a "retrograde" step and "stymie" the growth of the domestic industry while increasing dependence on foreign manufacturers.
Commerce Minister Anand Sharma has a tough time in Davos pacifying African leaders, who are extremely upset over Delhi law minister's midnight raid. Anita Katyal reports
In a strongly worded letter to Finance Minister Arun Jaitley, Congress' Jairam Ramesh accused him of distorting facts.
Sharma says efforts on to bring dissenting ministries on board eBiz platform.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
In a major reform push, government on Thursday approved 100 per cent foreign direct investment (FDI) in the telecom sector, meeting a key demand of the fund-starved industry.
A letter reversing the decision was sent by Rajasthan Chief Minister Vasundhara Raje to Commerce and Industry Minister Anand Sharma.
Worried over excessive outflow of foreign exchange as royalty and fees for technology transfer and use of brand names, Commerce and Industry Minister Anand Sharma wrote to Finance Minister P Chidambram on the matter.
The target of $500 billion in bilateral trade by 2020 is doable, feels Anand Sharma.
The Commerce Ministry earlier this week commissioned a study to assess the impact of free trade agreement with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.
The government is believed to be working on a strategy to resolve the matter related to Wednesday's Supreme Court order asking Samsung Electronics Chairman Lee Kun-hee to appear within six weeks before the Ghaziabad trial court in a pending payment case.
Over a year after the deadline to grant Most Favoured Nation (MFN) trading status to India, the Pakistani government on Thursday declined to specify any time limit to meet the long-pending demand from here.
The move came as the country badly needs capital inflows as the rupee comes under pressure
Congress hit out at Prime Minister Narendra Modi for his remarks in Canada about the "mess" left behind by others, saying they were in "poor taste" coming on foreign soil and show that he still carries the "hangover of the election campaign".
Keeping in view the approaching Lok Sabha elections, the All Indian Congress Committee has appointed a battery of high-profile spokesmen for the Congress to showcase the achievements of the last 10 years of United Progressive Alliance government and publicise the various sectors where the UPA has performed. Renu Mittal reports
Far from the political noise generated by state assembly elections, Congress President Sonia Gandhi and Leader of Opposition Sushma Swaraj on Tuesday had lunch together at a five-star hotel in Johannesburg soon after attending the memorial service of anti-apartheid icon Nelson Mandela.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances