DIPP's proposal is believed to have the support of the ministry of consumer affairs, food and public distribution and was originally mooted by the Forward Markets Commission.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
Modi, upon arrival, was received by External Affairs Minister Sushma Swaraj.
Norms for e-commerce likely, arm's-length pricing set for change.
Says Indian Patent Law conforms fully with global obligations under the WTO IPR pact-TRIPS.
Trade deficit marginally widened to $9.85 billion as against $9.72 billion in February 2019.
'The Arunachal border is not demarcated in that way, so there can be differing perceptions (between two sides)'
To deny visa to trade officials planning to scrutinise country's trade and industrial practices.
The rate of price rise for food articles stood at 11.51 per cent during January as against 2.41 per cent a month earlier, while for non-food articles it rose nearly three-fold to 7.8 per cent from 2.32 per cent in December, the data released by the ministry of commerce and industry on Friday showed.
Officials in the government, however, said India could only lodge a protest and not take legal action against the US.
The Commerce Ministry wants the Reserve Bank to reduce interest rate for dollar credit in its forthcoming monetary policy to help sustain the fledgling recovery in the exports sector.
With the abolition of the Foreign Investment Promotion Board (FIPB), Amazon's proposal will now be vetted by the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry.
The minister, however, said she was not in favour of relaxing rules for Apple to sell refurbished second-hand phones in India
Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs.
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
FMCG firms such as ITC, Parle Products, Marico, Emami, PepsiCo India and CG Corp Global on Wednesday assured uninterrupted supply of their products based on the learnings from the last year's lockdown, even as surge in COVID-19 cases in India forced Maharashtra to declare a 15-day curfew while other states also imposing various restrictions.
Trade deficit with China has risen to $40 billion, a cause for worry.
The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.
Just days before the G-20 summit in London, the commerce ministry has recommended anti-dumping duty on cold-rolled stainless steel originating in eight countries, including China.
India Inc has couter attacked claims by US presidential candidates about the drain of jobs from US to India.
Batting for exporters hit hard by global downturn, Commerce and Industry Minister Anand Sharma on Monday met Finance Minister Pranab Mukherjee and made out a strong case for fiscal relief for the export sector in the Budget next month.
He dropped those perceived to be non-performers or whose integrity came into question, and also where it was felt they needed to learn a lesson or two in humility.
The government is likely to announce significant policy measures relating to allowance of foreign direct investment (FDI) in the multi-brand retail segment, even as the Department of Industrial Policy and Promotion (Dipp) under the Ministry of Commerce and Industry is giving final touches to the draft report prepared by an inter-ministerial committee.
With the fall of Congress, Chidambaram's political graph too started moving southwards.
Rao added that the agreement on relaxing the visa regime for Pakistan businessmen would be notified soon.
Credit to priority sectors as well as small and medium industries will be discussed to find ways to accelerate economic growth.
'For the first time, all major countries are discovering India's indispensability to their own foreign policy interests.'
The 80:20 rule mandates importers to channel at least 20% of the import quantity for jewellery exports.
The government also appointed Dr Vinod Paul, a pediatrician at the AIIMS, as a member of the NITI Aayog
The Ministry of Commerce and Industry will go ahead with the proposal for 2D barcoding and a unique 'randomly generated numeric code' on packets of medicine destined for export, a senior official said.
Raheja's IT SEZ planned at Verna industrial estate had faced stern opposition from the locals and the state government even after it was notified by the Union commerce ministry's board of approval. The state government has written to the Union commerce ministry seeking to denotify Raheja's SEZ along with two others.
Various start-ups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
Global sentiment has turned very positive for India
It was expected that supplies from China will be back to normal by end-June as their factories are now operating at nearly 90 per cent of normal capacity. But the recent issue with shipments has placed an obstacle that manufacturers can't bypass.
The department of industrial policy and promotion, nodal agency for FDI policy under the ministry of commerce and industry, seems to have prepared a note for the Cabinet Committee of Economic Affairs to consider.
The commerce ministry and industry bodies are in favour of FDI in the education sector. However, the HRD ministry is opposed to it.
The trade deficit widened to $12.8 billion last month
'It is entering growth territory on a month-on-month basis.'
Fresh guidelines were issued by the government on Wednesday for enforcing the second phase of the coronavirus lockdown, with the Union home ministry barring all kinds of public transport and prohibiting opening of public places during this period.
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