India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
Birla was the chairman of Century Textiles and Industries and had been active in business since the age of 15. He was instrumental in a slew of business initiatives, starting with his stint as the chairman of Kesoram Industries.
Reliance Retail Ventures Ltd (RRVL) is discussing a three-pronged plan that includes an additional divestment of $250-300 million this year, apart from what it has diluted in favour of the Qatar Investment Authority (QIA) and US-based private equity fund KKR recently.
Affirmative action here refers to direct efforts to ameliorate the educational and employment situation for Scheduled Castes, Scheduled Tribes and Other Backward Classes.
The US is taking several measures, such as increasing the number of staffers, to further facilitate the issuance of business visas in India, a senior US government official said on Tuesday. "We have also made significant progress by issuing more H1B and L visas in 2022 than we did even in 2019 before the pandemic. "This is a significant improvement. We are in the process of raising our staff," Arun Venkataraman, US Assistant Secretary of Commerce for global markets, said.
In a major policy reversal, the AAP government wrote to the Centre to withdraw approval given by previous Congress government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
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".
Industry chambers on Thursday said all soft drink manufacturers must adhere to international norms, while criticising the government for going slow in implementing stringent rules.
More people working in India's technology industry have lost their jobs in the first six months of 2023 than in the corresponding period in 2022.
The commerce ministry has proposed a three-year extension of tax benefits given to Export-oriented Units in an attempt to encourage export industries at a time when global demand is expected to slump further.
Petrol pumps in many cities witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers against a provision in the new penal law on hit-and-run accident cases involving motorists.
Different industry and trade bodies have extended their support to BangaloreIT.in, the premier annual IT event organised by the Karnataka government and STPI. The three-day event will be inaugurated on the 29th of October in the premises of Bangalore International Exhibition Centre (BIEC).
Reminding the UPA-II government about the need to reverse the negative perception of a 'decision-making paralysis', industry body Assocham has made a pitch for second-generation reforms in various sectors, including finance, banking, taxation and agriculture.
Sitharaman has held pre-budget meetings to elicit views of various sections including representatives of chambers of commerce and industry.
Coupang, a prominent online retail giant headquartered in the United States (US), is gearing up to establish a cutting-edge technology centre in India, aiming to hire several dozen skilled professionals by the end of the year, Business Standard has learnt. The intended expansion involves the recruitment of software engineers across various domains, underscoring Coupang's commitment to extend its global reach. The Indian team will support the company's global technology team, sources said.
The government on Thursday imposed import restrictions on laptops, tablets, all-in-one personal computers, ultra small form factor computers, and servers with immediate effect. The Directorate General of Foreign Trade (DGFT) in a notification said exemption from import licensing is provided up to 20 items per consignment for R&D, testing, benchmarking and evaluation, repair and return and product development purposes.
Leading industry and export chambers like PHDCCI and Federation of Indian Export Organisation on Tuesday demanded 1.0 per cent cut in bank rate and cheaper export finance in Reserve Bank of India's' forthcoming busy season credit policy.
The beneficiaries of the second set of announcements are expected to be micro, small, and medium enterprises, farmers, women, poor, migrant workers, and other marginalised sections of the society, reports Arup Roychoudhury.
According to Assocham, "the prospects for improving bilateral economic relations seem extraordinary. . .Pakistan will benefit by improving trade and economic relations with a fast growing country like India".
Exports had risen over 11 per cent in July, year-on-year.
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.
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
Aditya Birla Group has announced its foray into the branded jewellery space with an investment of around Rs 5,000 crore and will battle it out with Titan's Tanishq and Reliance Industries- Reliance Jewel. The business will be housed in a new venture, "Novel Jewel", and will open large-format exclusive stores across the country with its in-house jewellery brands, the company said in its release. "The new venture will seek to transform customer experience by creating an aspirational national brand with unique designs and a strong regional flavour.
Getting to the magic growth, however, will require massive increase in investment in infrastructure, in labour force skills and manufacturing capacity.
Indian economy is on an upswing with industrial production posting its highest growth in a decade at 12.4 per cent
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday. Addressing an event organised by the Public Affairs Forum of India (PAFI), Singh said the number of complaints registered on the National Consumer Helpline (NCH) has gone up to 90,000 in November compared to 40,000 in the same month last year. "Four years back, the number of complaints pertaining to e-commerce transactions was 8 per cent of the total complaints.
'Traders have stocked up for upcoming festivals and will make a loss if stores remain shut now. We suffered last year. We can't suffer again. There is no scientific basis for closing all commercial establishments. How long will the government keep them shut?'
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Union Commerce and Industries Minister Kamal Nath on Friday said he disagreed with the finance ministry on the controversial fringe benefit tax, saying the tax laws should be made simpler.
Reliance Retail follows Future Group in online foray
Although Infosys was given 50 acre at Rajarhat for setting up its first development centre in West Bengal, the firm was insisting on getting special economic zone status, which the state was not keen to consider due to political reasons.
"India is the best market right now in the world with the digital initiatives the government has implemented
The AAP government withdrew the approval given by the Sheila Dikshit-led government on allowing FDI in multibrand retail in Delhi.
Ficci: Rationalise tax structure; CII: Space for fiscal incentives is limited.
Most players are looking to invest anywhere between $500 million and $1 billion in new ventures in the next couple of years, said experts on this segment.
'Midcap and smallcap indices are trading in the expensive zone.'
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