In the draft rules, among 681 listed professions, armed security guards, supervisors, surveyors, and carpenters (class I) are proposed to be treated as highly skilled professionals; electricians, tailors and drivers are skilled; cooks and cobblers as semi-skilled and dairy coolies, office peons and sweepers as unskilled.
Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
"NSO is a private company, it is not a governmental project and therefore even if it is designated, it has nothing to do with the policies of the Israeli government," Israel's Foreign Minister, Yair Lapid, said at a joint press conference with Prime Minister Naftali Bennett and Finance Minister Avigdor Lieberman at the Prime Minister's Office on Saturday evening.
The Commerce and Industry Ministry has circulated a draft Cabinet note for inter-ministerial consultations.
A certain segment of the US pharma industry have become vocal about Indian policies on domestic content requirements and IPR.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
Sources said the reshuffle will also aim at an image makeover for the party hit by school jobs scam probe.
As the United States focuses on the Indo-Pacific, in particular the Quad, the Biden administration needs to address India's ties with Russia and its 'downward trend of democratic values and institutions', said a report by the Democratic Party of the Senate Foreign Affairs Committee.
The new mantra was to align Apple's ambition with the government's, focusing on Modi's favourite themes of Make in India, employment generation and India as a high-tech export hub.
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After a high-level meeting held on Friday chaired by Prime Minister Manmohan Singh, it has been decided that the Commerce and Industry would soon start a consultation process to address 'dangers inherent' in the current model of FDI in brownfield pharma units.
Billionaire Mukesh Ambani's Reliance Retail on Thursday told the government that complex legal structures have been used by some firms to bypass the country's e-commerce rules which from the very beginning do not allow foreign capital in the inventory-based model. At a meeting called by the commerce ministry on allegations that foreign online retailers created complex structures to bypass foreign investment rules and damage small traders, Amazon urged the government not to issue any clarification until investigations into its business practices had been concluded, sources said. At the meeting, Reliance Retail's representatives said the Indian e-commerce policy does not allow foreign capital in the inventory-based model and foreign investment is allowed only in pure technical infrastructure/ platform that facilitates the meeting of buyer with sellers.
The growth rate of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity was 5.7 per cent in January 2016.
The other sectors where inflows have declined include pharmaceuticals ( $680 million).
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
16 national and regional industry bodies and sectoral business lobbies video-conferenced with Commerce and Industry Minister Piyush Goyal on Saturday and raised key concerns facing Indian industry in the wake of the 21-day lockdown over coronavirus.
The government is believed to be working on a strategy to resolve the matter related to Wednesday's Supreme Court order asking Samsung Electronics Chairman Lee Kun-hee to appear within six weeks before the Ghaziabad trial court in a pending payment case.
Gold imports surged by nearly four-fold to $4.17 billion in October to meet the festival season demand.
'I just want to keep on working till they have to shoot me down.'
The country's exports rose by 47.34 per cent to $32.46 billion in June on account of healthy growth in sectors such as engineering, gems and jewellery and petroleum products, even as trade deficit aggregated at $9.4 billion during the month, according to the data released by the commerce ministry on Friday. Exports in June last year stood at $22 billion and $25 billion in June 2019. In May 2021, the outward shipment was worth $32.27 billion, while in April this year, it was $31 billion. Imports in June 2021 grew by 96.33 per cent to $41.86 billion, from $21.32 billion in June last year. In June 2019, imports stood at $41 billion.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
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 country's exports jumped by 58.23 per cent to $34 billion in March as key sectors such as engineering, gems and jewellery and pharmaceuticals recorded healthy growth rate during the month, according to the Commerce Ministry's provisional data. Exports during April-March 2020-21, however, dipped by 7.4 per cent to $290.18 billion compared to $313.36 billion in 2019-20, the data showed. Imports during 2020-21 contracted by 18 per cent to $388.92 billion compared to $474.71 billion during 2019-20. In March 2020, the exports stood at $21.49 billion, which was a decline of about 34 per cent over March 2019 due to global slowdown induced by the Covid-19 crisis.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
The Reserve Bank of India is expected to hold interest rate at 8 per cent in its fifth bi-monthly monetary policy review on Tuesday.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
According to industry sources, domestic toy manufacturers are seeing a sharp rise in sales during the current financial year. On January 1, 2021, India had banned the sale of toys that are not certified by the Bureau of Indian Standards (BIS). This meant that all factories churning out toys to be sold in India had to be certified by the bureau along with mandatory product testing, including for units abroad.
Acting Foreign Minister of Afghanistan, Amir Khan Muttaqi, on Wednesday arrived in Islamabad, his first visit to the country, as part of efforts by the two sides to reset their ties in the wake of the Taliban's takeover of Kabul.
Exports rise for 8th month, albeit at lower pace
As many as 14 central government services have already been integrated with the e-biz portal.
Two years ago, India was touted as a rare bright spot in a gloomy global economy with GDP growth outpacing a slowing China.
Growth in output of coal, cement and electricity slowed to 0.3%.
Gold imports, which have a bearing on the current account deficit, declined 47.42 per cent to $9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Imports of the yellow metal stood at $17.64 billion in the corresponding period of 2019-20. The imports, however, recorded a growth of about 36 per cent in October.
The retail inflation rate breached the 6 per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row, showed two sets of data released by the government on Monday. Retail inflation, the key input for the RBI while reviewing the repo rate every two months, soared during the month mainly because of a spike in certain food items. The previous high for retail inflation was 6.26 per cent in June 2021.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
'You have come out with a package for the kisan.' 'You have a package for industry.' 'But has anyone addressed the issues concerning small traders?'
It is a 'Make in India' lounge here at Davos for this year's WEF annual summit, in place of the famous 'India Adda' that has been frequented by Indian and other leaders to savour desi delicacies and do some networking.
FDI in drugs and pharmaceuticals was $487 million during April-August 2012, according to the latest data of the Department of Industrial Policy and Promotion.
Amid demands for expulsion of arrested West Bengal minister Partha Chatterjee by Trinamool Congress leaders, the party convened a meeting on Thursday evening.
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