Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
India and Iran plan to reach USD 25 billion in annual bilateral trade in the next four years, Indian commerce ministry has said.
Thrust on infrastructure and capital expenditure is expected to continue in the Union Budget for FY25.
India granted 1.03 lakh patents in financial year 2023-24, Controller General of Patents, Designs and Trademarks Unnat Pandit said on Thursday, as he assured that there will be "no delay" in the Intellectual Property Office as it prioritises timely clearance of applications. Addressing an Assocham event here, he shared that 40 per cent of the applications were disposed of within 30 months of the request for examination. "We are going to have no delay in the IP office, that's the motive with which we have .. that IP should be granted and under Chapter 8 of the Act it should also be utilised by the applicant ... that will generate the economic value of IP," Pandit said.
Reflecting lack of enthusiasm about the SEZs, 20 more promoters have sought additional time from the government for implementing their projects, taking the number of developers seeking extension to over 200.
From the rollback of customs duty on key electronic components to fast tracking delivery of goods imported from China, players are looking for incentives on several counts.
The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. The Union Cabinet has also approved 100 per cent FDI in the DTH broadcasting services sector, Javadekar said, adding that while the commerce ministry had spoken of 100 per cent FDI in the DTH sector, the guidelines of the information and broadcasting ministry needed to be changed.
Although India's exports have started growing again after several months of decline, commerce ministry sources told Business Standard that the extension is being considered to sustain growth and stabilise it at 15 to 20 per cent.
The government has imposed a penalty on e-commerce major Amazon for not displaying mandatory information, including the country of origin, of products sold on its platform, according to an official order. Last month, the consumer affairs ministry had issued notices to e-commerce majors Flipkart and Amazon for not displaying such information. The ministry has imposed a fine of Rs 25,000 on Bengaluru-based Amazon Seller Services as well as each of its directors as per the provisions of the Legal Metrology Act, 2009 and the Legal Metrology (Package Commodities) Rules, 2011.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
In its recommendations to the finance ministry, the commerce ministry has made a strong case for helping exports, particularly in the labour-intensive sectors like leather, textile and handicrafts.
Wholesale inflation rate declined marginally to 0.2 per cent in February compared to 0.27 per cent in the preceding month despite a slight uptick in the food basket. The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. The inflation in February 2023 was 3.85 per cent.
'It is unclear whether clothing or home items qualify as essential items. A lot of professionals are working from home, and they need electronics for their productivity. Does this qualify as essential?'
Over 65 Union ministers are likely to take oath, going by the visual of the meeting Modi held with his likely council of ministers.
Government should make it clear as to whether the Duty Entitlement Passbook scheme will continue beyond June.
Samridhi Bhardwaj analyses the dynamics of duty-free liquor allowance in India.
DIPP's proposal is believed to have the support of the ministry of consumer affairs, food and public distribution and was originally mooted by the Forward Markets Commission.
HCL Tech was the top gainer in the Sensex pack, rising around 3 per cent, followed by Tech Mahindra, Tata Steel, Wipro, NTPC and Titan. Nifty advanced 187.05 points to 16,801.25.
India and the US have signed an agreement to promote innovation through increasing cooperation among startups, address regulatory hurdles and share best practices on fundraising by entrepreneurs, an official statement said on Wednesday. The memorandum of understanding (MoU) on enhancing innovation ecosystems through an innovation handshake under the framework of India-US Commercial Dialogue was signed on November 14 in San Francisco. Commerce and Industry Minister Piyush Goyal is in San Francisco.
Commerce Ministry has sought clarification from Finance Ministry over calculation of profits from SEZ units.
The central government is expected to complete the auction of the 5.9-million tonne (mt) lithium reserves discovered in the Reasi district of the northern Union Territory (UT) of Jammu & Kashmir (J&K) by the end of this calendar year, Union Mines Secretary Vivek Bharadwaj said on the sidelines of the launch of the Federation of Indian Chambers of Commerce and Industry (Ficci) report on 'New-Age Energy Minerals' on Tuesday. "Auction will be over by the end of this year," said Bharadwaj, adding, "We have already recommended a transaction advisor to the J&K government for the auction of lithium reserves." However, the exact timeline for an auction will be decided by J&K authorities, Union mines minister Pralhad Joshi said in Parliament last month.
It is possible to be blind to this and pretend to carry on as if nothing has happened but that will not change the reality, asserts Aakar Patel.
The ban has been in force since last Friday.
Eyeing $9 billion business opportunity in booming e-commerce business, India Post, which has the biggest network and serves the last mile, is boosting its infrastructure for real-time tracking of parcels through satellites using a new technology.
The finance ministry had strongly opposed the hike announced by the commerce ministry.
A decision to tap the 30 countries for exporting wheat was taken at a meeting of the commerce ministry on Thursday.
Just days before the G-20 summit in London, the commerce ministry has recommended anti-dumping duty on cold-rolled stainless steel originating in eight countries, including China.
The commerce ministry has written to its finance counterpart suggesting that domestic banks should share 50 per cent of losses arising out of derivative contracts that exporters have taken to protect against currency fluctuations.
India is one of biggest producers and exporters of agri commodities.
Sheikh Hasina was on Thursday sworn in as the prime minister of Bangladesh for the fifth term, days after her Awami League won an overwhelming majority in the general elections boycotted by the main opposition Bangladesh Nationalist Party (BNP) and its allies.
The commerce ministry must talk to the Reserve Bank of India and see how India's view can be represented and exporters' interests best protected.
With rising incomes, education, and health awareness in India, especially in the big cities, droves of people are saying no to sugar.
Raheja's IT SEZ planned at Verna industrial estate had faced stern opposition from the locals and the state government even after it was notified by the Union commerce ministry's board of approval. The state government has written to the Union commerce ministry seeking to denotify Raheja's SEZ along with two others.
The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast. The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year, as against the April estimate of 3 per cent. World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement.
But commerce ministry works on rules for exemption to contractors.
External Affairs Minister Pranab Mukherjee, who heads an Empowered Group of Ministers on Special Economic Zones, is likely to consult Prime Minister Manmohan Singh to resolve the dispute between finance and commerce ministries over tax exemption for export profits from the zones.
"We are confident that the status quo will be there...the issue has been taken up at the highest level," additional secretary in the Commerce Ministry D K Mittal said.
The measures have been mainly offered to the leather, marine, handicrafts and textiles industries though some global benefits have also been included.
The commerce ministry and industry bodies are in favour of FDI in the education sector. However, the HRD ministry is opposed to it.
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