This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
It is possible to be blind to this and pretend to carry on as if nothing has happened but that will not change the reality, asserts Aakar Patel.
Geopolitical headwinds leading to lower demand from export markets, coupled with lower domestic buying, have dragged the auction average of Darjeeling tea to its lowest level since 2015. Data from Calcutta Tea Traders Association (CTTA) shows that the average price of Darjeeling tea at Kolkata auctions for January-December 2023 was Rs 319.74 per kg. The last time it dipped below this level was in 2015 at Rs 285.71 per kg.
'The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India's economic prowess,' Prime Minister Modi said in a tweet.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
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.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
Infrastructure, manufacturing and telecom are understood to be among the focus sectors
The war in Ukraine has made its presence felt at the World Economic Forum's annual meeting in Davos. As political and business leaders' debate, they remain fearful of Europe's economic future. There is a sense of gloom among many business leaders as energy shortage and economic recession rear their heads. Global investors are keenly assessing the presence of Indian delegation at Davos.
We are looking at bringing quality control orders for mass production items such as smart meters and ceiling fans. This will benefit our own industry and consumers, a government official said.
Global investors have cited the ongoing war and high valuations of Indian equity markets as a reason to skip the IPO.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
This import duty exemption would remain in force till October 31 this year.
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
India doubled its exports of smartphones to $11.1 billion (about Rs 91,000 crore) in 2022-23 (FY23) over the previous year's figure of $5.48 billion (Rs 45,000 crore), thanks largely to the Apple juggernaut, according to data from the India Cellular and Electronics Association (ICEA). Union Minister for Communications, Electronics & IT Ashwini Vaishnaw said: "With the doubling of exports of smartphones to over Rs 90,000 crore, India is well on its way to becoming a leader in the global mobile device market." On the flip side, despite the government prodding Chinese companies to export more, their smartphone shipments fell steeply by 26 per cent from $214 million in FY22 to $157 million in FY23.
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.
Why did the political system in the country react to these two decisions of the Modi government in a diametrically opposite manner? asks A K Bhattacharya.
Union Agriculture and Farmer Welfare Minister Munda, Commerce and Industry Minister Piyush Goyal and Minister of State for Home Affairs Nityanand Rai represented the Centre at the meeting over the farmer unions' various demands, including a law guaranteeing a minimum support price (MSP) for crops. Punjab Chief Minister Bhagwant Mann also joined the meeting at the Mahatma Gandhi State Institute of Public Administration in Sector 26. The meeting started at around 8:45 pm on Thursday and lasted for around five hours.
In a recent awards event, industrialist Rahul Bajaj said that India Inc was afraid of criticising the Narendra Modi government, The comment drew flak from Finance Minister Nirmala Sitharam who said spreading one's own impression "can hurt national interest".
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.
Registering a jump of 10 places in the rankings, Uttar Pradesh occupied the second position in 2019 as against 12th in 2018.
Maharashtra Chief Minister Uddhav Thackeray on Saturday said he had tried to contact Prime Minister Narendra Modi on phone regarding the oxygen supply for the state but the PM was not available since he was busy campaigning for the West Bengal elections.
Trade deficit marginally widened to $9.85 billion as against $9.72 billion in February 2019.
President Ram Nath Kovind said the nation will always be grateful to the security personnel who laid down their lives in the line of duty.
Prime Minister Narendra Modi, who is in the United States for a three-day state visit, has gifted an eco-friendly lab-grown 7.5 carat diamond, placed in Kashmir's exquisite Papier mache box, to First Lady Jill Biden.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
Among the panels announced on Thursday is the Appointments Committee of Cabinet (ACC) to be headed by the prime minister with Shah as the other member.
Chevening Scholarships offer full financial support for one year to candidates applying for a master's degree at any UK university.
According to sources, the government has worked out possible solutions to the provisions on which farm leaders have raised objections.
These flights belong to the fleet of Air India, Air India Express, IndiGo, Spice Jet, Vistara, Go Air, and also planes from Air Force.
A summit between the two PMs is scheduled to take place between December 15 and 17 in Guwahati, which has been witnessing massive protests for the last two days.
With the number of coronavirus infections declining in the country, industry chamber FICCI has suggested the government to follow a graded approach in unlocking economic activities. The chamber has suggested opening up of economic activities depending upon the positivity rate of COVID-19 cases in that region or district. It has divided regions at four levels - minimal risk, low risk, medium risk and high risk. It has asked for opening e-commerce supplies for both essential and non-essential activities in all districts irrespective of the positivity rate, besides home delivery of alcoholic beverages, logistics, warehousing and all cargo movement.
According to industry figures, the pre-Covid demand for liquid medical oxygen (LMO) before the pandemic was 700 tonnes per day across the country. Now, with the second wave, the demand has gone up more than seven times, reports Jyoti Mukul.
Assocham told Modi policy makers needed to act fast to "bullet proof" India from global jitters.
'This is part of our efforts to make it easier to do business.'
Tomar also indicated that the government will not repeal the laws.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
If we have to develop this nation, says Railway Minister Piyush Goyal, it can only happen in a public-private partnership, when you and we work together as one.
Finance Minister Arun Jaitley, along with other senior ministers, on Tuesday pitched India growth story before 21 large global investors
Over 65 Union ministers are likely to take oath, going by the visual of the meeting Modi held with his likely council of ministers.
