India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
The government will not stop companies from filing fresh applications seeking permission to set up special economic zones. However, it will not process any fresh applications until it clears the backlog of over 360 pending proposals.
Barn is a curing structure where tobacco leaves are processed to produce the FCV tobacco used mainly by cigarette manufacturers. However, the board's proposal will first have to be approved by the commerce ministry before being sent to the finance ministry for funds.
French dairy major Groupe Danone has offered to pay the Wadia Group euro1 million ($1.34 million) as compensation to use its Tiger brand in international markets.
The commerce ministry has allowed the technical expert group headed by former Council of Scientific and Industrial Research Chief R A Mashelkar to correct the "technical inacuracies" in the patent law report and re-submit it within three months.
eGOM is likely to reconsider the 5000 hectre SEZ land ceiling limit in the coming month.
The decision has come in the wake of allegations of plagiarism against the Mashelkar panel report.
Amidst controversies, global IT giant Hewlett Packard has decided to drop its plans for a Special Economic Zone in Bangalore
This decision will come as a relief to Essar's multi-product port-based SEZ project in Hazira as well as of Adani Group's zone in Mundra, which the revenue department felt was not built on vacant land when it was notified, and hence it had violated the law. Both the zones are in Gujarat.
"We will write to the Centre to scrap the eight proposals pending for approval while we will not notify the four (SEZs) that are already approved. About the rest three, we will take up the matter with the Centre to denotify them," said Chief Minister Digamber Kamat.
The project, the agreement for which was signed way back in 2009, had been gaining strategic relevance over the years as India-China ties took a hit.
The government on Friday the proposals of telecom giants Motorola and Foxconn, and Singapore-based reality major Ascendas to join as partners in the Special Economic Zones coming up near Chennai.
India is considering making concessions on the five-year standstill period for duty cuts on crude and refined palm oil
The proposed Foreign Trade Agreement between India and Asean got a boost today as trade ministers of Asean countries agreed to India's proposal for reducing the negative list to 490 items
External Affairs Minister Salman Khurshid on Tuesday said his ministry is contemplating a plan to have people from industry on-board to facilitate on issues relating to economic diplomacy.
Exports from India to Pakistan increased by 95.63 per cent to $1.3 billion in 2006-07 against $690 million in the previous fiscal. Imports from Pakistan in the same year were worth $320 million, an 80 per cent increase over the year-ago figure of $180 million. Within the SAARC block, India has been the biggest trading partner of Pakistan in the last six years. According to analysts, India's share in Pakistan's total trade over the last six years stands at almost 50%
CA Computer Associates India Pvt Ltd, which has an approval for setting up an infotech SEZ in Ranga Reddy district of Andhra Pradesh, has informed the commerce ministry that it is withdrawing its application.
The government has granted Geographical Indications (GI) tag to various products, including Gamosa of Assam, Tandur Redgram of Telangana, and an apricot variety of Ladakh. The commerce and industry ministry said on Wednesday that the total number of GI has reached to 432. "Famous Gamosa of Assam, Tandur Redgram of Telangana, RaktseyKarpo Apricot of Ladakh, Alibag White Onion of Maharashtra have got their GI tags," it said.
These imports grew 89 per cent to $8.39 billion in May.
Faced by criticism on its special economic zone policy, the government is preparing guidelines for acquisition of land from farmers for setting up SEZs.
The highlights of the export package was the increase of drawback rates by an average 2 percentage to 3 percentage points with retrospective effect from April 1.
Government said on Wednesday it has extended by one year the in-principle approval to Reliance Industries' Maha Mumbai special economic zone but asked the promoters to cut the size of the zone to 5,000 hectares in line with the new rules.
The survey, conducted by the commerce ministry, covered eight export-driven sectors.
The first meeting with the owners and bankers was held in Kolkata on Saturday for the closed gardens in West Bengal and Assam. The rehabilitation package was approved by the commerce ministry recently.
Leather exporters have chalked out plans for setting up five special economic zones for giving a much-needed boost to the sector by availing tax incentives offered under the SEZ Act.
The Nathu La pass, which will open for border trade between India and China on July 6 after 44 years, may soon become an alternative to sea route with the government studying the possibility for normal bilateral trade through the land route.
Under pressure from the United States and the European Union, which have dragged it to the World Trade Organisation over high duties on wines and spirits
An official advertisement in Pakistan showing the entire state of Jammu and Kashmir as part of India has put the government in an embarassing position, with the commerce ministry ordering an inquiry into it.
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
As Amazon India, Flipkart are forced to shut down 60 categories and push out 45 mn products, a new lobby group comprising sellers is in the making to take up e-com concerns.
Pakistan plans to import 100 more items from India from the next fiscal.
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