Breaking its silence on reports that Chinese telecom equipment makers are being banned in India on security reasons, Beijing on Monday urged New Delhi to remove restrictions and said such curbs amount to discrimination.
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.
There was a wide fluctuation in the growth rate for exports when the basis of comparison was changed from provisional-to-provisional to provisional-to-provisionally revised or final.
For the purpose the ministry will rope in the private sector companies to give a boost to Indian tea abroad.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Scores of leading SEZ promoters, including Infosys Technologies, CMC Ltd, Hindalco Industries, NIIT Technologies, HCL Technologies, Orient Craft Infrastructure, L&T Phoenix Infoparks and K Raheja Corp, have sought more time from the Board of Approval, which is meeting in New Delhi on June 2.
According to industry experts, there are more than 10,000 drug manufacturers in the country and most of them are small-sector units operating in the generic segment. With a large number of drugs going off-patent in developed markets like the US and Europe, Indian companies are expected to garner a lion's share in the segment.
Is Guar the next commodity that is likely to be banned by the Forward Markets Commission?
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
China which recently emerged as the world's second largest economy has now become the fifth biggest global investor even as Foreign Direct Investment into the country is set to cross $100 billion this year.
The Department of Industrial Policy and Promotion in the commerce ministry has asked state governments and central ministries to re-examine and streamline existing procedures, so as to provide a hassle-free environment for business.
India's exports are growing at 20 per cent an year and will cross the target of $92 billion set for 2005-06, according to the annual report of the commerce ministry released on Thursday.
The economy clocked a robust 7.9 per cent growth in the second quarter, catapulted by a stimulus packages-powered strong industrial growth. And, manufacturing grew by 9.2 per cent against 5.1 per cent in the year-ago quarter.
India's exports grew by 67.39 per cent to $32.21 billion in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according government data released on Wednesday. Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion, the commerce ministry's preliminary data showed. Imports in May rose by 68.54 per cent to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $46.68 billion.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
The Directorate General of Foreign Trade said in a directive that telecom operators will have to refund the duty sops availed under the commerce ministry's export promotion scheme for services -- Served From India Scheme.
India on Tuesday banned exports and imports of all items from North Korea that can be used in nuclear or ballistic missile plans. The Commerce Ministry imposed a blanket ban on "all items, materials, equipment, goods and technologies which could contribute to the Democratic People's Republic of Korea's nuclear-related, ballistic missile-related and other weapons of mass destruction-related programmes".
Negotiators from the two sides will meet in July either at Brussels or Geneva, additional secretary in the commerce ministry D K Mittal told PTI.
Imports too jumped by 51.5 per cent to $40.4 billion in July against $26.6 billion in the same period last year, leaving a trade deficit of $11 billion, the Commerce Ministry said on Thursday.
With the abolition of the Foreign Investment Promotion Board (FIPB), Amazon's proposal will now be vetted by the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
The government has sought to put an end to the ambiguities in the implementation of Press Notes 2 and 4, which significantly relaxed foreign direct investment (FDI) guidelines, with the Commerce Ministry requesting the Reserve Bank of India (RBI) to make changes in the Foreign Exchange Management Act (FEMA) to operationalise the guidelines. The direction from the government follows a number of references and queries from investors.
Even as the freeze on all decisions and notifications for fresh special economic zones continues, the government on Friday gave its nod for authorised operations in 30 notified SEZs, while granting co-developer status to five zones.
India is likely to appeal against the ruling of a World Trade Organisation compliance panel, which concluded that the European Union had complied with an earlier WTO ruling regarding its anti-dumping measures against Indian imports of cotton bed line
The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange.
The broader NSE Nifty too advanced 50.70 points, or 0.43 per cent, to close at 11,941.30.
Merchandise exports aggregated to $19.94 billion in June, 2010.
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.
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
This comes in the backdrop of declining demand from traditional export markets like the US and Europe due to the ongoing global economic crisis. The increase in allocation to MDA and MAI would be mainly towards developing nations like Brazil and South Africa.
It is also stipulated that these units cannot under any circumstances source items locally for export purpose.
