Talks are underway to allow banks from both the countries to open branches in each other's territory.
Commerce and Industry Minister Anand Sharma and the US Trade Representative Ron Kirk would sign the India-US Trade Policy Forum Framework for cooperation on trade and investment in Washington on March 17.
In the latest changes made by the Congress before the Chintan Shivir, former Karnataka Chief Minister and former Foreign Minister S M Krishna has been dropped as the chairman of the sub-group on foreign policy titled India and the world and instead Commerce and Industry Minister Anand Sharma has been put in his place.
To check rising current account deficit, the government has raised import duties and the Reserve Bank of India had imposed curbs on import of the yellow metal and also laid down various pre-conditions for inward shipments of the precious metal.
During the talks, both sides failed to reach on a conclusion and has agreed to meet again in June.
A week ahead of the RBI reviewing the monetary policy with expectations of a policy rate hike, Commerce and Industry Minister Anand Sharma has cautioned that raising cost of borrowing "may not be suitable" tool to rein in inflation.
The Prime Minister's Council on Trade and Industry comprising top industrialists and bankers met on Wednesday and reviewed the economic situation, particularly in the wake of the European financial crisis.
Commerce ministers of the three countries, who met in Pretoria on Tuesday, also decided to hold formal annual trilateral talks to boost intra-IBSA trade.
Amid rupee's free fall and slowdown in western markets, the government is likely to announce incentives in the foreign trade policy (FTP), scheduled for June 5, to boost exports.
Indian industry, particularly the IT sector has been concerned over increasing resistance to outsourcing in the developed world.
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Exports picked up to post a growth of nearly 13 per cent.
Russia on Tuesday invited Indian pharmaceutical companies to set up joint ventures in the country. Russian Deputy Prime Minister Sergei Sobyanin during his meeting with Commerce and Industry Minister Anand Sharma said Russian pharma firms were keen to increase their engagements with Indian companies including setting up joint ventures.
So far 15 rounds of negotiations have been held.
The government in December had announced incentives for exporters that include extension of two per cent interest subsidy for an additional one year ending March, 2014.
India and the United States on Wednesday agreed to fast-track technical negotiations for early conclusion of a Bilateral Investment Agreement during a meeting between Commerce and Industry Minister Anand Sharma and US Trade Representative Ron Kirk.
It is unpredictability which is bound to have a very negative spin-off which needs to be avoided, said Trade Minister Anand Sharma.
We welcome all companies from India to come and invest and do business there. We have almost no restrictions in any sector at all. However, we expect similar reciprocity in India for our apples, pistachios, helicopters, and disaster relief materials, besides other products. We do not restrict such items from entering the US markets.
The issue, which has an impact on the Indian IT industry, came up for discussion between visiting US Commerce Secretary Gary Locke and Commerce and Industry Minister Anand Sharma in New Delhi.
Commerce and Industry Minister Anand Sharma on Wednesday met Environment Minister Jayanthi Natrajan to resolve the inter-ministerial differences over a proposal to ease environment laws in the manufacturing policy.
India will sign trade pacts with Japan and Malaysia within a week.
Charging the multinational companies with making several drugs beyond the reach of the poor, visiting Commerce Minister Anand Sharma today asserted it is the Indian generics which have challenged such a "suffocating stranglehold" and made the medicines affordable.
The sops, to be given under different schemes like 'Focus Market' and 'Focus Products' from January to December 2011, were unveiled here by Commerce and Industry Minister Anand Sharma.
India Inc is ready to invest in Russia's pharmaceutical sector and the two governments are working on a joint document to this effect, Commerce and Industry Minister Anand Sharma has said.
India plans to cut transaction costs for exporters and ensure the availability of dollar finance, as it looks to reverse a decline in exports and double outbound sales of goods and services over the next five years.
Multi-brand foreign retailers such as Walmart, Metro, Carrefour and Tesco have already invested in India under cash-and-carry arrangements.
Officials in the government, however, said India could only lodge a protest and not take legal action against the US.
Commerce and Industry Minister Anand Sharma on wednesday said the Reserve Bank of India would have to step in to stem the downslide of rupee.
India's disappointment over recent 'protectionist' measures by the United States, including increase in visa fee for IT professionals and Ohio's ban on government outsourcing, will be raised at the high level ministerial meeting in Washington on Tuesday.
Anand Sharma said the Rs 2,060-crore Jet-Etihad deal falls in line with new 'control' definition.
The US controls exports of sensitive equipments, software and technology.
The minister, who was in Brussels on a two-day visit, said that seven Chief Minsters including Maharashtra, Haryana, Andhra Pradesh, Delhi, Assam, Rajasthan and Kerala have already given their written commitment on allowing FDI in the sector.
Earlier govt said it won't allow it to sell items such as textile products and office supplies.
India and Indonesia today agreed to fast track the ongoing negotiations for early conclusion of the proposed comprehensive market opening pact, aimed at enhancing bilateral economic engagement between the countries.
Indian banks operating there are required to meet very high qualifying standards in order to do business.
The government had imposed Minimum Alternative Tax and Dividend Distribution Tax on SEZs in 2010-11, which were earlier exempted from almost all levies.
Sources say the US retail giant's chief reluctant to meet again after Nov 1 meeting was cancelled
Marking further cementing of bilateral ties, a haat (rural bazaar) on the India-Bangladesh border in Meghalaya was inaugurated on Saturday.
Manufacturing growth in Bihar stood at 15 per cent in 2010-11 against 15.2 per cent a year ago and 21.9 per cent in 2008-09, according to data provided by Commerce and Industry Minister Anand Sharma in a written reply in the Lok Sabha.
The document consolidating all the aspects of foreign direct investment policy and framework will be released by commerce and industry minister Anand Sharma, an official said.
India on Monday emphasised the need for resuming talks on the WTO's stalled Doha Round, stating that the negotiating text for global trade can be the staring point for further talks.
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