Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20 Trade and Investment Minister's meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. "Digitising processes and use of e-commerce have the potential to enhance market access. "I am glad that your group is working on the 'High Level Principles for the Digitalization of Trade Documents'. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.
While the opposition continues to demand a rollback, the government is not inclined to give a categorical assurance to that effect. Renu Mittal reports.
However, this was subject to conditions like substantial ownership and effective control of the airline being vested in Indian nationals.
The government expects foreign direct investment into India to cross $7 billion in 2005-06, with auto and mining sectors expected to attract huge funds.
Foreign companies eyeing the India's buoyant markets in a host of sectors such as retail would have to wait a little longer as the government has decided to postpone changes in FDI norms by about a month.
Paving way for iPhone maker Apple to open its own stores India, the government on Monday relaxed FDI norms by giving a three-year exemption from local sourcing to foreign players in single-brand retail and a further five-year relaxation for 'state-of-art' and 'cutting-edge' technology.
The sector requires proper implementation of policies, coupled with reasonable taxes and improved basic infrastructure.
It is only for retail trading of goods that sourcing conditions are mandated. Such norms are not applicable to manufacturers as goods are produced in India, the government said.
Nomura Group Study found that in 2019, out of the fifty-six companies which shifted their production out of China, only three of these invested in India; while 26 went to Vietnam, 11 to Taiwan, and 08 to Thailand. In April 2020, Nikkei noted that out of the 1,000 firms which were planning to leave China and invest in Asian countries, only 300 of them were seriously thinking of investing in India.
It is watching e-commerce policy fineprint before spelling out India plan
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.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
Expectations of Healthcare sector from Union Budget 2013-14.
The President said that for rapid creation of jobs in the manufacturing sector, the government will strategically promote labour-intensive manufacturing.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
At the heart of the issue is the way e-commerce is defined in the current draft policy.
The bilateral trade between India and China stood at $65.85 billion in 2013-14.
For the January-May period this year, the foreign direct investment, which excludes investment in the financial sector, came in at $48.9 billion up 2.8 per cent from the same period last year, the Ministry of Commerce said on Tuesday.
The aviation sector requires proper implementation of policies, coupled with reasonable taxes and improved basic infrastructure.
Not just Tesco, Auchan, Walmart, even Biyani & Reliance keen on food FDI: Harsimrat Kaur Badal
The prime minister had openly said the retail sector should be open to competition, domestic and foreign.
Enforcement Directorate sources tell Vicky Nanjappa/Rediff.com that the probe into FDI received by Flipkart continues and a show cause notice will be issued to the online retailer.
Reserve Bank Governor Shaktikanta Das on Wednesday said in the wake of appreciating US dollar, the movement of rupee has remained least disruptive as compared to its peers, and the size of foreign exchange reserve is comfortable. On a financial year basis (from April to October 2022), the rupee has appreciated by 3.2 per cent in real terms, even as several major currencies have depreciated, he said while announcing the latest set of bi-monthly monetary policy. "The story of the rupee has been one of India's resilience and stability," the Governor said while pointing out that the appreciation of the US dollar this year, which precipitated large-scale depreciation of all major global currencies including the Indian rupee, has drawn wide attention.
Govt keen to revive business sentiment in india.
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
The new government's challenge would be to reverse the tide in FDI, boost manufacturing and come up with an e-commerce policy that is fair to all investors.
Narendra Modi's promise to allow states a bigger say in strategising and building foreign policy is unexceptionable, says TP Sreenivasan.
All India needs to do is focus on making its business environment more friendly.
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
It entered India in 2006, with the aim of tapping the promising consumer market.
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Government seeks stakeholders' comments by Jan 30 on discussion paper.
Sellers, especially the smaller ones, are planning to go to court as well as move CCI as they fear that Walmart could bring multiple private labels in India and flood the e-commerce platform with its own products.
At present, the NMP states a series of fiscal incentives, including tax sops, will be offered but only to small and medium enterprises.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
Most e-commerce firms with 'Singapore holding structures' would opt out of the new Sebi platform
'The government wants foreign companies to capture the insurance market.'
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
Rejecting the demand of global retailers like Walmart, the government on Wednesday said there is no plan to relax the mandatory 30 per cent local sourcing norms for foreign players in the multi-brand retail sector.
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