Lakhs of jobs are at stake.
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.
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.
Kumar, a 1992-batch Indian Administrative Service officer of Tamil Nadu cadre, is currently an additional secretary in the ministry of electronics and Information Technology.
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
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.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
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.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
The government on Monday extended till July 21 the deadline for public comments on proposed amendments to the Consumer Protection (e-commerce) Rules, 2020. Earlier, the last date for public comments on the draft e-commerce rules was July 6. "It has now been decided to extend the timeline for receipt of comments/ suggestions on the draft e-commerce rules. "Views/ comments/ suggestions on the proposed amendments may be sent by July 21, 2021," a government notice said.
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.
Amid domestic traders continuously complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Friday said the ministry will "very shortly" come out with certain clarifications on the e-commerce sector. Goyal said the ministry is not changing any policy on e-commerce for foreign direct investment as the policy is crystal clear. "We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he told reporters in New Delhi.
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 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.
The long awaited-resumption of border trade between India and China through the Nathu La pass in Sikkim has been finally set for June 30.
An empowered group of ministers had effected on April 5 major changes in SEZ rules, also setting the 5,000 hectare cap.
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
According to data released by the commerce and industry ministry, exports stood at $25.01 billion in the month. The fall is only the second time exports contracted in the past year.
Despite all official assurances, the path towards a free trade agreement (FTA) between India and the European Union (EU) this year remains ambiguous, as both sides are unwilling to relax their stand on the biggest stumbling block - the issue of "data exclusivity".
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
Job-oriented sectors such as tea, cashew, apparel, carpets, leather, textiles and handicrafts continue to face weak demand in traditional markets such as Europe and the US.
Even as the bilateral relationship between the two neighbouring countries remains hostile, there is growing coordination between India and Pakistan on one multilateral forum - the World Trade Organization (WTO). Both countries have made two joint submissions at the WTO as co-sponsors in the past two months. In June, Pakistan joined India, Cuba, and 44 African countries, seeking sufficient flexibility in intellectual property rights for developing countries to fight the Covid-19 pandemic.
India's exports are expected to touch $360 billion in the current fiscal from $312.35 billion in 2013-14, Federation of Indian Export Organisations (FIEO) said.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
IT major Wipro has proposed to establish a software economic zone in Kolkata, according to a top government official.
According to the data released by the Commerce Ministry on Wednesday, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to $75.2 billion, from $76.5 billion in the same period last fiscal.
Agriculture Minister Sharad Pawar on Thursday favoured a compensation policy that ensures adequate return to farmers for giving up land holding rights in favour of any upcoming special economic zone project.
India and Pakistan agreed last year on a number of steps aimed at increasing bilateral trade.
India's merchandise exports are likely to surpass the target of $126 billion during 2006-07, if the first quarter growth is sustained, Commerce Minister Kamal Nath has said.
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