Contesting the US charge that Indian FDI rules are "opaque", Commerce and Industry Minister Anand Sharma on Tuesday said the country follows a simplified direct investment regime.
The government liberalised FDI policy in sectors, including multi-brand retail, single-brand retail, commodity exchanges, power exchanges, broadcasting, non-banking financial institutions and asset reconstruction companies.
The 'worst' for Indian exports, which are in the negative territory since October 2008 due to the global recession, seems to be over, Commerce and Industry Minister Anand Sharma said.
Exporters, facing slump in demand in the major markets of the US and EU, are expecting incentives in the foreign trade policy, to be unveiled in the second half of the month. The FTP broadly spells out the segments of priority in external trade and also gives incentives and disincentives, depending on the country's needs.
"We are very clear it is an absolute must in the bouquet of energy resources which have to be accessed," Commerce and Industry Minister Anand Sharma told a gathering of top US c corporate leaders and those from the US government at the annual summit of the US India Business Council (USIBC).
The working group members have been selected from the board of trade, which met here under the chairmanship of Commerce and Industry Minister Anand Sharma.
Union Commerce and Industry Minister Anand Sharma has protested, on behalf of the corporate sector, against the Union environment and forests ministry's 'unreasonable environment regulations' being clamped on the industrial projects.
The need of the hour is a rule-based multilateral trading regime, which takes on board developmental aspirations of the poor countries and at the same time ensures better access for all. "That is what we shall be striving for," said Commerce and Industry Minister Anand Sharma. He said Prime Minister Manmohan Singh has made commitments that the Doha trade talks, the latest round of which was stalled in July 2008, be concluded successfully.
India on Tuesday said that several actions taken by the US with regard to offshore outsourcing and other trade issues are "not welcome at all".
Commerce and Industry Minister Anand Sharma today assured exporters of government mediation to ensure that they get foreign currency loans at the new lower rate set by the RBI amid complaints against banks levying additional charges.
"India and Indonesia can do much more in the changing world," Sharma said at a reception hosted by the India-Indonesian Chamber of Commerce last night.
The downward slide in Indian exports following recession in major markets of the United States and Europe, has been arrested, Commerce and Industry Minister Anand Sharma informed the Rajya Sabha on Wednesday.
In the face of stiff opposition in Parliament to foreign direct investment in retail, Commerce and Industry Minister Anand Sharma on Monday sought to reach out to MPs and state chief ministers and appealed to them to rise above 'petty' partisanship on the issue.
The RBI is scheduled to review its short-term lending rates on Tuesday, amidst apprehensions that it may not go in for interest rate cut even as the pause on the hikes may continue.
The two ministers are believed to have discussed the issue of redefining foreign direct investment and foreign institutional investment to remove ambiguities.
Sharma met US trade representative Ron Kirk, agriculture secretary Tom Vilsack and deputy assistant to the president and deputy national security advisor for International Economic Affairs Michael Froman and other senior Obama Administration officials.
The minister is on a two-day visit to Russia for India-Russia Business Dialogue, held under the umbrella of the St Petersburg International Economic Forum 2012.
India's exports slid for the 11th straight month in August by 19.7 per cent to $14.3 billion as global demand for merchandise remained sluggish.
The minister addressed the Global India Business Meeting organised by the Federation of Indian Chambers of Commerce and Industry in the German city. CEOs of leading firms from India, Germany, the US and Saudi Arabia, including Siemens, Volkswagen, AirAsia, Bajaj Auto, Genpact India and Infosys attended the conclave.
Commerce and Industry Minister Anand Sharma has said India will not "rush to" the World Trade Organization (WTO) over the "regressive" steps taken by the US recently, which include an increase in the visa fee and a special levy on foreign manufacturers.
Minister says states have no legal way to revoke decision.
During the first six months of the financial year, the country's exports dipped by 6.79 per cent to $143.6 billion from $154.1 billion in the same period last year.
The longer India delays in creating a manufacturing-based middle class, the more difficult it may be to create one.
In a meeting with the commerce minister, India Inc hammered Sharma on the collapse of investments, structural nature of the current account deficit and stagnant growth in agriculture.
Besides addressing a high-level meeting of the US-India Business Council at Washington on June 17, Sharma will hold discussions with the US secretary of state Hillary Clinton. During his three-day engagements, the commerce and industry minister would meet US Commerce Secretary Gary Locke and US trade representative Ronald Kirk.
Although Infosys was given 50 acre at Rajarhat for setting up its first development centre in West Bengal, the firm was insisting on getting special economic zone status, which the state was not keen to consider due to political reasons.
India's commerce and industry minister Anand Sharma said that from 2012 the country would be able to attract 50 billion dollars annually.
To involve local craftsmen in designing the outlets.
Sharma, who has been regularly reviewing the situation with senior officials, has expressed concern over the drop in industrial performance in the recent months, the statement said.
India will intensify its global economic engagement in sync with the country's profile and the government will take 'every possible step' to give a filip to the industry, new commerce and industry minister Anand Sharma said on Friday. Sharma is taking charge of the trade ministry at a time when India's exports have suffered a severe setback due to the global downturn.
Industry is of the view that rising interest rates is increasing the input cost as loans are getting costlier.
India and Saudi Arabia on Friday, agreed to increase investments in each other's country through joint ventures to enhance economic cooperation. Commerce and Industry Minister Anand Sharma and Saudi Arabian Minister of Commerce and Industry Abdullah bin Ahmed Zainal Alireza, agreed to regular exchange of business delegations to sensitise the businesspersons in both the countries.
The government will unveil measures in the Budget for helping exporters who are hit hard by recession in the developed economies, new Commerce and Industry Minister Anand Sharma said on Friday.
As Commerce and Industry Minister Anand Sharma ruled out any possibility of a compromise, whispers were already being heard of a possible collapse of the talks.
Talks for an India-European Union free trade agreement started in 2007 and the eighth round of negotiations was completed in New Delhi last month.
Leveraging the India-ASEAN Free Trade Agreement, India wants to double its commerce with Myanmar and diversify the bilateral engagement to agro-research and natural gas exploration.
Worried over continuous decline in exports, the Commerce Ministry has stepped up its pressure on Finance Ministry to expeditiously notify a scheme which was announced in June to boost the overseas shipments.
The government had imposed Minimum Alternative Tax and Dividend Distribution Tax on SEZs in 2010-11, which were earlier exempted from almost all levies.
The government on Tuesday said it is considering forming a venture capital fund of Rs 2,000 crore (Rs 20 billion) to promote research and development (R&D) in the pharmaceutical sector.
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