Anand Sharma, who took charge of the nodal ministry for FDI on May 29, said there is no need for a relook at the policy amended in February by the Department of Industrial Policy and Promotion. While the policy does not allow overseas inflow into this sector, the changes in February were perceived to be opening the sector to FDI up to 49 per cent in an Indian firm that has a downstream subsidiary firm in retailing.
When IKEA's CEO & India's industry minister sealed a deal in-principle last year, foreign investors took note.
"... An early conclusion of Doha Round is important; India is willing to take part in negotiations at the WTO provided the core concerns of the Round, namely development concerns of developing nations are addressed," commerce and industry minister Anand Sharma told Rajya Sabha.
The country feels that the talks are necessary to revive the global economy.
Indian Commerce and Industry Minister Anand Sharma met his counterparts from the ten Asean-member nations to review the progress of negotiations at Da Nang.
Days ahead of India-EU annual summit, Commerce and Industry Minister Anand Sharma on Wednesday said a few ends are yet to be stitched for concluding the proposed Free Trade Agreement (FTA) between the two sides.
India and China will set up a joint working group soon to address all their trade related issues to strengthen economic relationship.
The deal was signed between Commerce and Industry Minister Anand Sharma and Japanese Foreign Minister Seiji Maehara in Tokyo.
Commerce and Industry Minister Anand Sharma has asked global retail chains not to rush the government into allowing foreign direct investment (FDI) in multi-brand retail.
As the shadow of governance deficit and corruption back home threatened to lengthen behind the glorious Davos sun, India's image managers launched a spirited damage control exercise on the penultimate day of the World Economic Forum (WEF).
India and 24 other trade ministers agreed to step up efforts to conclude a multilateral trade deal under the Doha Round this year itself.
A day before the informal meeting of the WTO, India, China and South Africa on Friday said the developing countries are being asked to further open their markets without any reciprocity from the rich nations, as per the draft proposals for a multilateral agreement.
Referring to the concerns raised by industry captains and others during the meeting, Gujral admitted that the weakening Rupee is hurting importers.
India will make yet another effort at the ministerial level to give a push to Doha Round of WTO trade talks before leaders of the G-20 meet in Seoul next month.
Wal-Mart chief S Robson Walton met Prime Minister Manmohan Singh and Sharma last week and discussed the foreign direct investment scenario in the retail sector in India.
The manufacturing sector, which constitutes over 75 per cent of the index, declined by 2 per cent in October as against a growth of 9.9 per cent a year ago.
The initiatives announced by Commerce and Industry Minister Anand Sharma as part of the annual supplement to the Foreign Trade Policy are aimed at pushing exports which declined by 1.76 per cent to $300.6 billion during 2012-13 and pushed up the trade deficit to $190.91 billion.
India's exports during 2012-13 declined 1.76 per cent to $300.6 billion mainly on account of slowdown in the global economy, Commerce and Industry Minister Anand Sharma said.
India's exports grew by 9 per cent to $14.6 billion (around Rs 66, 250 crore) in December.
Bilateral trade between India and Pakistan may touch USD 10 billion by 2015, if trade and investment barriers are removed, CII said.
Announcing the annual Foreign Trade Policy, Anand Sharma said recovery in global economy so far has been fragile and uneven.
There was, however, no common ground between the government and the traders delegation as Commerce and Industry Minister Anand Sharma made it clear to them that there was no question of rollback of the decision to open the multi-brand retail to foreign investment.
The guidelines regarding the decision to allow 51 per cent FDI in the multi-brand retail will be issued by next week.
The $31-billion company, which sources around 30 per cent of its global consumption from India, had also criticised the Indian government for not opening foreign direct investment in single brand retailing.
Currently, the trade between India and Association of South East Asian Nations stood at $80 billion.
"We are seriously considering raising the bar further- that means to allow increased FDI," Commerce and Industry Minister Anand Sharma said at a CII event on Indian luxury market.
When India's Commerce and Industry Minister Anand Sharma met his counterpart in Beijing last year, he spoke mainly about India's yawning trade deficit and China agreed that this was a problem that needed fixing.
US do not commit, but says outsourcing should create more jobs in both countries.
Sharma proposes to pass on the 'handover note' to his successor, which as per the poll projections is likely to be from Bharatiya Janata Party-led National Democratic Alliance.
Draft Press Notes on FDI regulatory framework fail to address the gap between the domestic and foreign regulatory regimes.
The two countries are scouting for members of a joint working group to study a proposal to this effect made during a recent visit by Commerce and Industry Minister Anand Sharma to Colombo.
The government is expected to take a decision tomorrow on the issue of allowing foreign airlines to buy up to 49 per cent stake in cash-starved Indian carriers.
Finance Minister has proposed to levy MAT of 18.5 per cent on the book profits of Special Economic Zone developers and units.
The five-year Foreign Trade Policy, to be unveiled on August 27, is expected to give incentives to Indian exporters to widen their global markets beyond the United States, the European Union and Japan in the face of the economic crisis in these key destinations.
The pact on trade in goods under the Comprehensive Economic Cooperation Agreement was signed by Indian commerce and industry minister Anand Sharma and ASEAN economic ministers after more than six years of intense negotiations.
India's exports, which saw the steepest fall of 39.2 per cent in May at the height of the global financial crisis, stands arrested at 6.6 per cent in October, and the government said it would provide more support to select segments in December.
As the rupee fell below the 68-mark and global agencies painted a gloomy outlook for the economy, the government on Wednesday sought to reassure investors by saying there was no need for panic as the decline in the domestic currency was a reflection of "irrational sentiment."
The Forum will host a special session on 'The reality of terrorism', to be initiated by Union home minister P Chidambaram. The deputy chairman of the Planning Commission, Montek Singh Ahluwalia, and commerce and industry minister Anand Sharma will be part of the Indian delegation.
India on Wednesday asked its South Asian neighbours to increase intra-regional trade as a cushion against slowdown in exports to the US and European markets.
India has assured global investors of a stable policy regime, stating no government initiative has ever been reversed or questioned in the past two decades.
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