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.
As foreign fund flows have lifted the rupee to record highs against the dollar, the commerce ministry has started telling exporters to prepare for the Indian currency rising further to 38 against the dollar by December. The strong rupee is already hurting India's exporters, with companies cutting jobs and scaling back expansions. A further appreciation may have even worse consequences for sectors like textile, infotech and automobile.
The annual Sino-India border trade at Nathu La, which was to be reopened for the traders of the two countries on Thursday, has been postponed following the Union Commerce ministry's communique to the Sikkim government authorities, official sources said. Meanwhile, the Chinese authorities have cited the occurrence of landslides in several areas in the Tibet Autonomous Region disrupting the movement of people and goods as the reason behind postponement.
Questions over proposed changes in land use are piling up, even as the commerce ministry and Maharashtra government are rushing to give in-principle approvals and conditional no-objection certificates to special economic zone developers.
Move could delay FDI liberalisation in the sector.
Gold imports, which have a bearing on the current account deficit, declined 47.42 per cent to $9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Imports of the yellow metal stood at $17.64 billion in the corresponding period of 2019-20. The imports, however, recorded a growth of about 36 per cent in October.
The decision came a day after the resignation of Telugu Desam Party's Ashok Gajapathi Raju was accepted by President Ram Nath Kovind
Upset over objections raised by the government on their Rs 21-crore (Rs 210 million) proposal to launch a global Basmati promotion campaign featuring Bollywood star Shahrukh Khan, rice exporters will present their case before the commerce ministry.
The wholesale price index-based inflation remained in the negative territory for the sixth straight month in September at (-)0.26 per cent, on easing prices of food articles. The WPI-based inflation rate has been in the negative since April and was (-)0.52 per cent in August. In September last year, it was 10.55 per cent.
This may be in line with Russia's private military company, Wagner Group, which was controlled until 2023 by Yevgeny Prigozhin, a former close ally of Russia's president Vladimir Putin. The group used the infrastructure of the Russian Armed Forces.
India has secured approval of the United States Department of Agriculture (USDA) for the export of domestic mangoes to America in the new season, the commerce ministry said on Tuesday. The export of Indian mangoes has been restricted by the US since 2020 as the USDA inspectors were unable to visit India for inspection of irradiation facilities due to restrictions imposed on international travel because of the COVID-19 pandemic. On November 23, 2021, the Department of Agriculture and Farmers Welfare and the USDA signed a framework agreement for implementing the "2 Vs 2" agri-market access issues.
Starting today, Modi and top officials in the Prime Minister's Office will be briefed by various central ministries and departments on their plans as well as agenda for the next five years. They will also apprise the PMO of the work they have done so far in realising the agenda of government's second term in office.
India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion, according to data released by the commerce ministry on Tuesday. Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October. Imports during the month under review rose by about 6 per cent to $56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery.
Defending its policy of liberalising foreign direct investment in retail, the government confirmed that it would go ahead with its plan to expand its ambit.
Even as the government today gave Saurabh Chandra, secretary, department of industrial policy and promotion (DIPP), the additional charge of secretary, Department of Commerce, Dinesh Kumar Mittal has emerged as the front runner for the post.
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 may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
A policy was introduced on 1 January 2000 to set up special economic zones in India to provide an internationally competitive environment for exports.
In the national capital, onion prices were ruling at around Rs 40 per kilogram.
Pakistan's newly-elected President Asif Ali Zardari on Tuesday announced that he would not draw any salary during his tenure as part of his bid to help the cash-strapped country face the challenging economic hardship.
Floats discussion paper for stakeholders' feedback with a deadline of January 28.
The chamber has sought clarity from government to remove uncertainty among businesses
Union commerce ministry will make efforts to remove hurdles at the Indo-Pakistan border in the way of tea trade, a top government official said in Coonoor on Saturday.
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.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
The country's exports declined marginally by 0.8 per cent to $26.89 billion in December 2020, due to contraction in sectors like petroleum, leather and marine products, according to preliminary data released by the commerce ministry on Saturday. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6 per cent to $42.6 billion, the data showed. Export in December 2019 was $27.11 billion, while imports stood at $39.5 billion.
India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
The Centre on Monday directed cooperatives NCCF and NAFED to sell tomatoes at a reduced rate of Rs 50 per kilogram from Tuesday in view of the decline in prices in the wholesale markets. Since July, both NCCF and NAFED have been selling tomatoes at a discounted rate on behalf of the consumer affairs ministry in Delhi-NCR, Uttar Pradesh, Rajasthan and Bihar to boost domestic availability and contain price rise. Initially, the ministry had asked the two cooperatives to sell tomatoes at a subsidised rate of Rs 90 per kg and later reduced the price to Rs 80 per kg. Further, the price was cut to Rs 70 per kg.
The big boys of India's traditional retail have finally come together to fight the onslaught of their online counterparts.
As part of efforts to boost exports to the Commonwealth of Independent States, the government is likely to unveil a Focus-CIS programme in the forthcoming Exim Policy.\n\n\n\n
Such a high level of WPI was last recorded in October 2012, when inflation was 7.4 per cent.
'In 1984, Pyongyang just had one hotel and one could not move out without an official escort.' 'India was the only country with an embassy, apart from the socialist countries.'
.jpg)
Government seeks stakeholders' comments by Jan 30 on discussion paper.
Commerce ministry monitoring remedial measures to promote exports in key markets.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances