The government on Wednesday extended the existing foreign trade policy (FTP) for six more months up to September 30 this year due to the Covid-19 pandemic, according to a notification. FTP provides guidelines for enhancing exports to push economic growth and create jobs. On March 31, 2020, the government had extended the Foreign Trade Policy 2015-20 for one year till March 31, 2021, amid the coronavirus outbreak and the lockdown.
Major portfolios like home, finance and education were on Tuesday allocated to People's Democratic Party ministers by Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed who will himself hold the charge of home ministry.
The action comes two days after Congress president Sonia Gandhi held a key meeting and broke the ice by starting dialogue with some of the prominent 'letter-writers', who had earlier written to her demanding an overhaul of the party and an effective leadership.
The country's exports rose by 47.34 per cent to $32.46 billion in June on account of healthy growth in sectors such as engineering, gems and jewellery and petroleum products, even as trade deficit aggregated at $9.4 billion during the month, according to the data released by the commerce ministry on Friday. Exports in June last year stood at $22 billion and $25 billion in June 2019. In May 2021, the outward shipment was worth $32.27 billion, while in April this year, it was $31 billion. Imports in June 2021 grew by 96.33 per cent to $41.86 billion, from $21.32 billion in June last year. In June 2019, imports stood at $41 billion.
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday. Addressing an event organised by the Public Affairs Forum of India (PAFI), Singh said the number of complaints registered on the National Consumer Helpline (NCH) has gone up to 90,000 in November compared to 40,000 in the same month last year. "Four years back, the number of complaints pertaining to e-commerce transactions was 8 per cent of the total complaints.
Concerned over decline in gold exports from SEZs following ban on its trading, the government has allowed units in these zones to export gold items after a minimum value addition of 3 per cent.
A joint economic group comprising commerce ministers of India and China is scheduled to meet in the first week of April to discuss the proposed India-China Free Trade Agreement (FTA), a commerce ministry official said today.
While the directorate general of foreign trade has completed consultations with the industry and exporters, it will start interacting with the different ministries like agriculture, finance, micro, small and medium Enterprises, steel and environment. Revenue department in the finance ministry holds the key for extending benefits to exporters who are facing the brunt of recession in several major economies.
Imports, too, grew by 41.8 per cent to $38.4 billion in August, translating into a trade deficit of $14 billion during the month, as per the data.
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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.
The Central government has finalized a financial relief package for 33 closed tea gardens across the country, Minister of State for Commerce Jairam Ramesh said on Friday.
The rupee on Tuesday recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets. After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data. However, a strong rally in domestic equities helped the rupee rebound and close at 77.48 (provisional), showing net gains of 7 paise over the last close of 77.55. The forex market was closed on Monday on account of Buddha Purnima.
Exports growth was lower in April compared to the robust growth of 54 per cent in March.
The government has been gearing up to place tighter restrictions on the import of 371 items - ranging from toys and plastic goods to sports items, and furniture worth $127 billion.
The Commerce Ministry on Friday proposed revamp of the SEZ policy to address issues concerning land acquisition and boost exports with a view to bridge the widening trade deficit.
Wholesale price-based inflation remained in the negative territory for the fifth straight month in August at (-)0.52 per cent, but prices of food articles and fuel showed an uptick. The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)1.36 per cent in July. In August last year it was 12.48 per cent. Inflation in food articles remained in double digit at 10.60 per cent in August, lower than 14.25 per cent in July.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
The country's exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry's data released on Wednesday. The merchandise exports rose by by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21. Previously, the outbound shipments had touched a record of $330.07 billion in 2018-19.
This is its lowest level since August 30
The government on Friday announced it will release onion from its buffer stock in the targeted regions with immediate effect to ensure prices remain under check till the new crop arrives from October onward. The government is exploring multiple options for disposal of onion: e-auction, e-commerce as well as through states at discounted rates via retail outlets of their consumer cooperatives and corporations, it said. The government has currently maintained 3 lakh tonnes of onion under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.
The farm sector's contribution to Indian economy is just around 20 per cent and rural India is in a shambles.
India's exports in January rose 25.28 per cent to $34.50 billion on account of healthy performance by mainly engineering, petroleum and gems and jewellery sectors, even as trade deficit widened to 17.43 billion, according to data released by the commerce ministry on Tuesday. Imports grew by 23.54 per cent to $51.93 billion during the month under review. Trade deficit, difference between imports and exports, stood at $14.50 bn in January 2021.
In a bid to enhance the country's share in global services exports, the government is working out a package to unleash reforms in the sector apart from bringing about regulations for all listed services.
Many argue there's a mismatch between Prime Minister Narendra Modi's focus on international exposure and his government's diktat to officials on limiting travel.
'People are willing to face temporary inconvenience as they are determined to support PM Modi's crackdown on black money,' Commerce Minister Nirmala Sitharaman tells Archis Mohan.
While no reason has been given for postponement of the BoA meeting, commerce secretary Rahul Khullar is indisposed, an official said.
India largely exports pharmaceutical products, minerals, plastics, cotton, garments, iron and steel.
The study has been conducted by Ernst & Young on behalf of EEPC-India, the apex body of engineering goods exporters.
Also considered as a green initiative, it would help the units reduce transaction cost and time.
However, the ministry of law opined that though there is no specific provision in the SEZ Act and Rules, the power to notify includes power to de-notify also, sources said. Industry experts said that the SEZs which are finding it difficult to continue should be allowed to quit.
Exports grew by 22.5 per cent to $16.64 billion in August compared to the same period last fiscal, a senior Commerce Ministry official said on Wednesday.
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The Railway Budget is likely to be presented in the second week of July.
Exports of electronics goods has risen by 24 per cent from April to November as compared with the same period in the last fiscal, the largest increase out of India's top 10 export categories. The increase has been propelled by mobile exports under the Production Linked Incentive (PLI) scheme and has pushed electronics up from sixth to fifth position in the top 10. A gap of $200 million separates electronics from occupying the fourth position, currently held by drugs and pharmaceuticals at $17.9 billion.
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
China on Wednesday said it would levy anti-dumping tax on chloroform imported from India, the US, European Union and South Korea ranging from 32 to 96 per cent for the next five years.
Prime Minister Narendra D Modi's itinerary for his June 21-24 US visit could include an address to a fledgling business advocacy group, the US-India Strategic Partnership Forum.
