The 30-share Sensex rose 265.65 points to end at 20,249.26 and the 50-share Nifty gained 79.05 points at 6,007.45 levels.
The broader markets ended higher with mid-caps and small-caps adding 0.5-0.8 per cent on the BSE.
The Commerce Ministry is set to unveil the annual review of the Foreign Trade Policy on April 11. It would not be exports alone which would be the focus, but steps to ease imports are also likely to give a boost to supply of essential commodities.The government is facing political pressure from many quarters, including the Left parties, to check the rising prices within a couple of weeks.
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.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
The commerce ministry is currently firming up the annual supplement to the FTP, which is likely to be unveiled in April. Referring to the export performance during 2007-08, Commerce Minister Kamal Nath said, actual export was likely to remain short of the target of $160 billion. The exports during the year were likely to reach a level of $152-155 billion, he added.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
India will take up with Argentina the import restrictions imposed by it, as they have implications on the country's shipments to the Latin American nation, a top Commerce Ministry official said.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
For the consumer, there would be practically no impact on prices of essential medicines this year.
Lakhs of jobs are at stake.
The Indian Navy has deployed task groups comprising frontline destroyers and frigates in the central and north Arabian Sea and augmented its force levels in the region to undertake maritime security operations in view of recent attacks on commercial vessels in key shipping lanes.
Wholesale inflation rate eased to 34-month low of (-) 0.92 per cent in April on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation has been on a declining trend for 11 months in a row and entered the negative zone in April. In June 2020 WPI was at (-) 1.81 per cent.
The commerce ministry has consented to 10 per cent disinvestment in MMTC that can fetch the government Rs 17,000 crore (Rs 170 billion)at present valuation.
Some new sectors in which the commerce ministry has proposed to allow foreign direct investment (FDI) are credit information companies and commodity exchanges. The ministry is in favour of allowing up to 49 per cent FDI proposed in both these sectors. In proposing to open up the commodity sector, the ministry has said that FII investment be limited to 24 per cent, with a condition that a foreign investor cannot hold more than 10 per cent equity in the investing companies
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
The inflation rate inched closer to 7%. the government has started pulling out all stops to boost domestic supply situation by withdrawing incentives on export of at least 40 items, including steel, cement and non-basmati rice. The Commerce Ministry withdrew or temporarily suspended the tax refund scheme - Duty Entitlement Pass Book. Besides measures to discourage exports, the government is considering more fiscal steps to improve supplies and rein in inflation, he indicated.
Pakistan desires the "negotiated settlement" of all issues with India, Prime Minister Yousuf Raza Gilani on Tuesday said adding both countries should stand by each other and share happiness and grief.
Finance Minister P Chidambaram is expected to extend a relief package for leather and textile exporters, who are hit by the rupee appreciation, as demanded by the commerce ministry.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
Riniki Bhuyan Sarma, the wife of Assam Chief Minister Himanta Biswa Sarma, has filed a Rs 10 crore defamation suit against Congress MP Gaurav Gogoi for 'false' allegations of irregularities in a food processing project.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
The drafts or rules are prepared by Directorate General of Safeguards and it is to be issued by Finance Ministry in consultation with commerce ministry. The government may impose safeguard duties, which could be as high as more than 100 per cent, after thorough investigations confirm that import surge is leading to 'serious injury, market disruption' to domestic industry.
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Lahore High Court Chief Justice Sheikh Azmat Saeed on Friday directed the Commerce Ministry and Film Censor Board to file their replies to the petition filed by film producer Kamran Ijaz.
The government has notified new rules to enforce Intellectual Property Rights at the imports stage. The notifications prohibiting import or export of goods that infringe on IPR have also been issued.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
The electronics and software export promotion body has requested the commerce ministry for support schemes for boosting exports in view of the severe global export constraints.
