Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
Currently, 100 per cent FDI in is permitted if the companies manufacture cigars or cigarettes or allied products.
The commerce ministry has recommended the continuation of anti-dumping duty on a Chinese chemical used in food and pharma industry with a view to guard domestic players from cheap imports. In a notification, the ministry's investigation arm, the Directorate General of Trade Remedies (DGTR), has said there is a "positive" evidence of likelihood of dumping of Sodium Citrate and injury to the domestic industry if the existing anti-dumping duty were to be removed.
'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.
Economic recovery from the pandemic in the US has helped India achieve the $400-billion mark for exports for the first time in any fiscal year. According to the preliminary data compiled by the Department of Commerce, India exported goods worth $73 billion to the US from April 1 to March 21 - up 47 per cent, compared to last year. The US' share of exports, compared to total exports, stood at 18.2 per cent. The country is also India's largest trading partner and export destination.
Independent directors of Future Retail Ltd are collating information and will expose the details of contradiction and misrepresentation made by Amazon before the Competition Commission of India (CCI), said FRL independent director Ravindra Dhariwal. Speaking to PTI, Dhariwal said the independent directors are "collating" all the pieces of information together, going "deeper into each and every representation" which Amazon had made before the CCI and showing how its "intent was totally contradictory." "We are going out to point exactly to CCI, this is what they have told you and this is what the internal documents are saying. "We are going to expose the details of contradiction and details of misrepresentation, which they have made," Dhariwal said adding "We are going to show the true face of Amazon to the whole world". In November 2019, Amazon had acquired a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a company that holds a stake in FRL.
An undeterred Chief Executive Officer of NSO Group, Shalev Hulio, in an interview to Israeli Channel 12 on Saturday, strongly defended the company's operations, though he also conceded that some 'mistakes' may have happened over the years.
"We will not let Mamata Banerjee's 26-day fast for Singur go waste. I have asked for the lease agreement and all correspondence with Tata Motors by Tuesday," Partha Chatterjee, who took charge as West Bengal commerce and industry minister, said.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
Embargo on imports from a neighbouring country would send a chilling signal to foreign investors who look for transparency and companies with manufacturing units in India had requested the government to publish any change in port policy "to provide the business community with the visibility they need to function", says United States-India Strategic Partnership Forum.
Cabinet nod not required after commerce ministry approval.
The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry denied having imposed any blanket ban on the import of food products from Japan even as it has imposed some strict measures.
'Young professionals should be open for jobs in adjacent industries, pick up a contract job to have an opening balance, develop skills in the job in hand, invest in learning and develop cognitive skills and capacities.' 'Spend as per the need only.'
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.
With the US Department of Commerce finding that $514 million of Chinese aluminium products imported in 2009 were unfairly subsidised, a key Senator has alleged that China continues to manipulate its currency.
At a time when investors are taking a "wait and watch" approach on fresh investment, Tamil Nadu in the past 10 months has signed 63 MoUs, enabling investment worth Rs 19,083 crore. After Palaniswami took over as chief minister in February 2017, cumulative FDI rose by Rs 46,427 crore from Rs 133 trillion (April 2000 to March 2017) to Rs 180 trillion by June this year. Thanks to the Tamil Nadu Business Facilitation Act, 2018, and the single window for applying and getting clearance for doing business, the ease of business issue has been addressed.
India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
According to the order, all factories producing essential goods and services will remain operational at full capacity.
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.
The commerce ministry has sought a review of foreign direct investment policy in the pharmaceutical sector, in the light of recent takeovers of domestic companies by multinationals.
The queries can now be addressed to and their responses accessed from the makeinindia.com website that was unveiled along with the campaign aimed at making India a manufacturing hub by Modi at a mega event in New Delhi on Thursday.
The chances of the posts opening remain slim, with security agencies recently identifying 10 suspects who smuggled in weapons, narcotics and fake currency.
'Why is the government asking parents to be careful rather than coming up with strict rules and regulations for the companies?'
Volatility in investments concern for RBI.
With Tamil Nadu witnessing a sharp increase in the covid-19 cases, the government on Saturday announced clamping a two-week 'total lockdown' across the state to curb the spread of the pandemic.
India proposes to take the US to WTO against the latter's visa fee hike, which discriminates Indian software companies from American firms.
The CAIT has complained to the Commerce Ministry to take action against these companies.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
Mumbai Police on Wednesday announced the updated lockdown guidelines which restricts the movement of people in public areas and transport while exempting those involved in essential services.
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.
Tamil Nadu has cornered around 18.63 per cent of the fresh investments in Q1FY21 and topped the list of state-wise investments. These investments should help create over 67,212 jobs.
The industry department had planned to get 10,000 price quotations from producers in order to have a new-look WPI, which incorporates a better snapshot of the economy. Out of this, 8,000 products are manufactured items. However, it now emerges that the DIPP may get price quotations from only 6,400 industrial units and factories.
Having almost closed the last contours of the limited trade deal and with the announcement of a much larger trade deal in the offing, we have moved to a new level of engagement: Goyal.
Aiming to push India into the list of the top 10 agri export nations, the policy has been backed by the Prime Minister's Office
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
Gujarat, for the second consecutive year, has topped the Niti Aayog's Export Preparedness Index 2021 which is aimed at assessing the readiness of the states in terms of their export potential and performance. Gujarat was followed by Maharashtra, Karnataka, Tamil Nadu, Haryana, Uttar Pradesh, Madhya Pradesh, Punjab, Andhra Pradesh and Telengana, according to the government think tank's report. Union territories and states like Lakshadweep, Arunachal Pradesh, Mizoram, Ladakh and Meghalaya were placed at the bottom.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
A panel led by the secretaries of the DEA and the DIPP would conduct a quarterly review on the pending proposals.
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