The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
According to data released by the commerce and industry ministry, exports stood at $25.01 billion in the month. The fall is only the second time exports contracted in the past year.
Foreign direct investment into India increased by 60 per cent to $4.44 billion in April as against $2.77 billion in the same month last year, government data showed on Wednesday. Total FDI, including equity, re-invested earnings and capital, rose 38 per cent to $6.24 billion in April this year, as against $4.53 billion in April 2020, as per the data. "During April, 2021 FDI equity inflows amounting to $4.44 billion were reported in the country which is an increase of 60 per cent over the FDI equity inflow of April, 2020 ($2.77 billion)," the commerce and industry ministry said in a statement.
However, WPI inflation remained in double digit for the third consecutive month in July, mainly due to a low base of last year. WPI inflation was (-) 0.25 per cent, in July 2020. "The high rate of inflation in July 2021 is primarily due to low base effect and rise in prices of crude petroleum and natural gas; mineral oils; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc as compared the corresponding month of the previous year," the commerce and industry ministry said in a statement.
FDI equity inflows into the country during April-January 2020-21 grew by 28 per cent to $54.18 billion, according to the Commerce and Industry Ministry data released on Monday. Foreign direct investment (FDI) inflows during April-January 2019-20 stood at $42.34 billion. Total FDI (which includes reinvested earnings) during the 10-month period in FY21 increased by 15 per cent to $72.12 billion over the year-ago period.
The proposed e-commerce rule book issued recently by the ministry of consumer affairs does not mention foreign companies or foreign direct investment (FDI) at any place, unlike most other government guidelines for the sector so far. That is a heartening development since the latest proposals could be fine-tuned as e-commerce policy.
'We are engaging in substantial open market sales of both wheat and rice to control food inflation; special measures of market intervention in vegetables, pulses and oil seeds were also taken to cushion the impact.'
'The days when less government, more governance were spoken of are well and truly behind us.' 'More government, it is now believed, means more governance,' says Saisuresh Sivaswamy.
The central government is expected to complete the auction of the 5.9-million tonne (mt) lithium reserves discovered in the Reasi district of the northern Union Territory (UT) of Jammu & Kashmir (J&K) by the end of this calendar year, Union Mines Secretary Vivek Bharadwaj said on the sidelines of the launch of the Federation of Indian Chambers of Commerce and Industry (Ficci) report on 'New-Age Energy Minerals' on Tuesday. "Auction will be over by the end of this year," said Bharadwaj, adding, "We have already recommended a transaction advisor to the J&K government for the auction of lithium reserves." However, the exact timeline for an auction will be decided by J&K authorities, Union mines minister Pralhad Joshi said in Parliament last month.
Snapping the two-month easing trend, WPI inflation rose in August and remained in double-digit for the fifth consecutive month. In July 2021, WPI inflation stood at 11.16 per cent. In August 2020, WPI inflation was at 0.41 per cent. "The high rate of inflation in August 2021 is primarily due to rise in prices of non-food articles, mineral oils; crude petroleum and natural gas; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc as compared the corresponding month of the previous year," the commerce and industry ministry said in a statement.
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.
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.
The commerce and industry ministry may withdraw incentives offered to certain export-oriented industries and reallocate these to the sectors that are struggling for survival after a review in April.
Indian exporters are keeping their fingers crossed on account of rising Covid infections in China and other countries as it could again disrupt supply chains and affect demand for goods. Federation of Indian Export Organisations (FIEO) director general Ajay Sahai said that if the cases continue to increase in the coming days, it may have implications on imports. "We are keeping our fingers crossed," he said.
The output of eight core sectors declined by 4.6 per cent in February, the steepest contraction in the last six months which experts said could drag the overall industrial production in the month into the negative territory. All the key segments, including coal, crude oil, natural gas, and refinery products, witnessed a decline in production, according to the official data released on Wednesday. The growth rate of the eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- stood at 6.4 per cent in February 2020. Last time in August 2020, the sectors had recorded a negative growth of 6.9 per cent.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
To tap into the growing demand for offices, several global and Indian co-working entities are creating stock in the top cities.
The output of eight core sectors grew by 16.8 per cent in May, mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Wednesday showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 21.4 per cent in May 2020 due to the lockdown restrictions imposed to control the spread of the COVID-19 infections. In March this year, these key sectors had recorded a growth of 11.4 per cent, and 60.9 per cent in April.
Foreign direct investment (FDI) in India has increased by 16 per cent year-on-year to $27.1 billion during April-August this year, the Commerce and Industry Ministry said on Tuesday. During April-August last year, India had received FDI worth $23.35 billion. The ministry said that the total FDI, which includes reinvested earnings, grew by 13 per cent to $35.73 billion.
In a move aimed at enhancing the bilateral economic ties, India and Germany will set up a hotline facility for speedy resolution of business visa related issues.
The key sectors that received the maximum foreign investment during the nine months of the fiscal include services, computer software and hardware, telecommunications, chemicals, and the automobile industry.
The government, in February, had released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
The reshuffle could take place before the start of the winter session of Parliament.
Imports too tumbled by 58.65 per cent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
The wholesale price-based inflation eased marginally to 12.07 per cent in June as crude oil and food items witnessed some softening in prices. However, WPI inflation remained in double digit for the third consecutive month in June, mainly due to a low base of last year. WPI inflation was (-) 1.81 per cent, in June 2020. Snapping the five straight months of uptick, the wholesale price index (WPI)-based inflation in June softened as prices of food articles and crude oil eased, even though manufactured products hardened.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
The government on Monday extended till July 21 the deadline for public comments on proposed amendments to the Consumer Protection (e-commerce) Rules, 2020. Earlier, the last date for public comments on the draft e-commerce rules was July 6. "It has now been decided to extend the timeline for receipt of comments/ suggestions on the draft e-commerce rules. "Views/ comments/ suggestions on the proposed amendments may be sent by July 21, 2021," a government notice said.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
Amid domestic traders continuously complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Friday said the ministry will "very shortly" come out with certain clarifications on the e-commerce sector. Goyal said the ministry is not changing any policy on e-commerce for foreign direct investment as the policy is crystal clear. "We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he told reporters in New Delhi.
Sectors which attracted maximum foreign inflows during April-June 2019-20 include services (USD 2.8 billion), computer software and hardware (USD 2.24 billion), telecommunications (USD 4.22 billion), and trading (USD 1.13 billion), the commerce and industry ministry data showed.
Making the announcement, the Ministry of External Affairs said on Tuesday that India will hold the G20 presidency from December 1, 2022, and will convene the G20 leaders' summit in 2023 for the first time.
Mukherjee said uncertainty was still there on oil prices front due to unrest in West Asia and North Africa.
PM also said that states must act against any hoarding of oxygen and directed officials to ensure that the oxygen supply to various states happens in a smooth, unhindered manner and called for fixing responsibility with the local administration in cases of obstruction.
The Parliamentary Standing Committee on Commerce has observed that a massive shortfall in the budgetary allocation of over Rs 1,900 crore by the finance ministry to the industry department may have an adverse impact on the implementation of infrastructure (infra) projects in 2022-23 (FY23). While the Department for Promotion of Industry and Internal Trade (DPIIT) had sought Rs 10,267 crore from the finance ministry for FY23, it received Rs 8,348-crore allocation. For the National Industrial Corridor Development & Implementation Trust (NICDIT), the finance ministry has allocated Rs 1,500 crore instead of Rs 2,400 crore demanded for the project.
After defence, the Commerce and Industry ministry has started the exercise to relax foreign investment norms in the railways sector by permitting 100 per cent FDI in high-speed train systems and dedicated freight lines.
In a statement, the state government alleged 'malicious attempts' to discourage the use of products lacking a halal certificate not only seek 'unfair financial benefits' but also form part of a 'pre-planned strategy to sow class hatred, create divisions in society, and weaken the country' by "anti-national elements".
Key sectors that received maximum FDI include services, computer software and hardware, telecommunications, trading, chemicals, and automobile.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances