Barring a few exceptions India has a chronic trade deficit with most of its existing FTA partners as it is with most of its proposed FTA partners.
India and Australia have expressed a keen interest to work together to boost two-way trade following talks in Canberra during the visit of Indian Commerce Minister Anand Sharma, its Trade Minister has said.
In a move aimed at checking the revenue loss stemming from Indian shoppers purchasing luxury brands abroad, the government on Friday said it could rationalise import duties."India has high tariffs and we recognise that if you go abroad and buy, then it is a revenue loss for India. So we are working on both duties and countervailing duties," Union Commerce Minister Kamal Nath said.
Close on the heels of the Indian team's visit to Thailand for discussions on bilateral free trade agreement, FICCI president Y K Modi met Thailand Prime Minister Thaksin Shinawatra in Bangkok to promote business ties between the two countries.
Noting that SMEs in India account of substantial part of domestic production and that 40 per cent of the manufacturing and exports come out of SMEs, the minister said that SMEs, particularly the medium enterprises, are great incubators of technologies and that such an initiative would make the bilateral trade and commerce more meaningful.
The RBI is scheduled to review its short-term lending rates on Tuesday, amidst apprehensions that it may not go in for interest rate cut even as the pause on the hikes may continue.
On Saturday, an online marijuana sale racket was busted by Bhind police in Madhya Pradesh, leading to the arrest of two persons and seizure of 20 kilograms of the contraband, according to an official. The accused were operating the racket through a leading e-commerce firm, which received two-thirds of the profits generated, as per the official.
On its part, the Reserve Bank of India tried to help exporters by easing some restrictions imposed on holders of Exchange Earners Foreign Currency accounts and by giving effect to the commerce minister's announcements regarding extension of the interest subvention scheme for one more year and for more items.
'The Israeli government is saying, "OK, leave northern Gaza, because we're going to fight Hamas there".' 'But Hamas is not stupid. They are going to put militants in southern Gaza too. And then what's Israel going to do?' 'At some point are they going to say, 'Leave southern Gaza too because we want to fight Hamas there? Go across the border to Egypt"'? 'That's what people are worried about. Because they fear that once they cross the border into Egypt there will be no coming back.'
The Euro 25-billion firm can now set up furniture stores in India, along with restaurants and cafes, in line with its global concept.
Senior Congress leader Oscar Fernandes, who is already cabinet minister, will be without any porfolio.
The JWG has had eight rounds of meeting since it was set up in 2006 but no mutually agreeable solution has been arrived at.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
Some ministers have a different point of view from the current conventional wisdom in the Congress party and the UPA government.
Ahead of the five-day visit from tomorrow of Pakistan's commerce minister, Makhdoom M Amin Fahim, the Confederation of Indian Industry (CII) on Sunday recommended that bilateral economic cooperation be promoted through a focus on healthcare, information technology and entertainment sectors.
Pakistan on Thursday said Most Favoured Nation status cannot be granted to India at a time when there is tension on the borders.
The government on Wednesday expressed the hope that industrial growth will bounce back with the revival of manufacturing sector in the coming months. Growth in India's industrial production nosedived to 6.4 per cent in September this year compared to 12 per cent in the year ago period due to a poor showing by the manufacturing sector, especially the consumer durables segment.
The chairman and CEO of Dow Chemicals Andrew Liveris will not attend the Indo-US CEO Business Forum meeting scheduled to be held in Washington.
Finance Minister Pranab Mukherjee is leading a high-powered team of policymakers, including Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India-US CEOs Forum.
Commerce Minister Anand Sharma offered 'four principles' to break the impasse in the stalled-Doha trade negotiations, insisting that only a pronounced shift towards 'development objectives' could enable 'developing countries to bring more to the negotiations'.
India's goods and services exports have already crossed $675 billion in last fiscal year and the country is now aspiring to take international trade to $2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said. Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a $30 trillion economy. "...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a $30 trillion economy on a business as usual scenario and possibly a $35-45 trillion economy if some of the aggressive plans that the government is putting together work well.
The Congress leadership has become stunted, it does not understand agriculture and the party is trying to mislead farmers for its own vested interests, said Union Agriculture Minister Narendra Singh Tomar.
"I have always felt that the true value of SEZs must be judged by the extent to which they help promote labour-intensive manufacturing," Minister of State for Commerce Jairam Ramesh said on Wednesday.
"At the moment, the fall is arrested (and it) is very clear. The growth is happening. We will only be looking at the steady growth. It may be slow but steady," Commerce Minister Nirmala Sitharaman told reporters in New Delhi.
The session will commence with the maiden address of President Droupadi Murmu to the joint sitting of both Houses of Parliament. The address essentially highlights the government's achievements and policy priorities.
India's spices board has decided to float a new company to market spices across the country and abroad.
President Pratibha Patil yet again came out with a strong defence of her foreign tours, saying she was forced to go public on the issue despite government clarifications.
"I don't want Z category security. I want to be an A-category citizen, at par with you all. Why was UAPA not invoked against those who fired at me? ...I want to live, to speak. My life will be safe when the poor are safe. I will not get scared of those who shot at my car," he said in Parliament.
Amit Shah's net worth grew 32 per cent to Rs 37.91 crore, mainly due to 80 per cent appreciation in the market value of his securities.
'The prime minister should not have involved himself in these negotiations.' 'If he had not got himself involved and allowed only his ministers to talk to the farmers, things would have not reached this stage.'
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
Shapoorji Pallonji Group's head Pallonji Mistry died at his residence here, company officials said on Tuesday. Mistry, the largest individual shareholder in the Tata Group with a 18.4 per cent holding in the conglomerate, was 93.
At present, economic relations are restricted to the merchandise trade of just about $2.65 billion.
If economic pundits and analysts are to believe, India's growth story presents a rosy picture and it is destined to be a significant economic power soon.
Noted lawyer and Bharatiya Janata Party candidate Ram Jethmalani and Union Commerce Minister Anand Sharma were on Thursday elected in the Rajya Sabha polls in Rajasthan, while a Congress-supported Independent candidate was defeated.
The incident occurred when Banerjee, who was part of his party MPs' team which was raising slogans in the Well on the FDI issue, was returning to his seat after the House adjourned for the day shortly after noon.
Prime Minister Manmohan Singh today reviewed measures taken by the government to ease the liquidity crunch faced by India Inc arising out of the global financial crisis as well as discussed possible measures to help Indian exporters tide over the downturn in key markets like the US and Europe.
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