The government is targeting export of goods and services worth $2 trillion by 2030.
'Don't play the American game... India is too big for a US game.'
To set up a future-ready administration geared towards the target of $2 trillion exports by 2030, the Department of Commerce has decided to set up a dedicated trade promotion body to drive overall promotion strategy, export targets, and execution as part of a restructuring exercise. The trade promotion body will formulate and drive overall trade promotion strategy; create and drive India's branding across focus markets and sectors; drive coordinated action across missions, states and export promotion councils; strategic initiatives, including advisory and buyer-seller meet; and develop digital platforms for exporters and buyers. Based on a 14-volume 'restructuring dossier' by the Boston Consulting Group, the commerce department has already implemented some of the recommendations.
In a statement, the Chinese ministry of commerce said that it would file a lawsuit with the World Trade Organisation against the US for its "wrongful practice," the Global Times reported.
Fast-moving consumer goods (FMCG) distributors' association has written to the Ministry of Commerce and Industry, expressing its apprehensions that the "unchecked expansion" of quick commerce platforms was leading to severe disruptions in the retail ecosystem. India Consumer Products Distributors Federation on Thursday shot an email to the government, saying that significant challenges were posed by the rapid growth of quick commerce platforms such as Blinkit, Zepto and Instamart to the traditional retail sector and the FMCG distribution network in the country.
India and Qatar on Tuesday agreed to elevate their relationship to a strategic partnership and double bilateral trade to USD 28 billion over the next five years. Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim Bin Hamad Al-Thani signed agreements and MoUs to strengthen economic cooperation, including a revised double taxation avoidance agreement. The strategic partnership will cover the "entire spectrum" of the bilateral relationship, including trade, energy security, and regional and international cooperation. Both leaders also discussed ways to further strengthen and broaden the energy partnership, including "exploring mutual investments." The Amir's visit provided an "excellent opportunity" for the top leadership of the two countries to discuss and "cement a strategic partnership for enhanced future cooperation."
Ecommerce firms will have it tough as govt turns down FDI proposal.
E-retailers with foreign investments may now find it difficult to provide discounts.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
As the US gets tougher with visas, the prayers of US-bound devotees in India are getting more fervent, and their purse strings looser. Called Visa Hanuman temples (there are half a dozen all over India), some of them ask for a 'fee'.
In a significant move, the United States on Wednesday removed restrictions on three Indian nuclear entities, over a week after National Security Advisor Jake Sullivan announced that Washington was finalising steps to 'remove' hurdles for civil nuclear partnership between Indian and American firms.
'The policies announced by his administration are implemented faster.'
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.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
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.
According to CAIT, e-commerce policy should take within its ambit not only foreign players but also domestic ones.
Chinese ambassador to India, Xu Feihong, on Wednesday expressed hope that the recently completed Indo-China border disengagement in Eastern Ladakh would smoothen relations and pave the way for a better understanding between the two neighbours in the days ahead.
Sheikh Hasina was on Thursday sworn in as the prime minister of Bangladesh for the fifth term, days after her Awami League won an overwhelming majority in the general elections boycotted by the main opposition Bangladesh Nationalist Party (BNP) and its allies.
The government will announce the annual Foreign Trade Policy on April 8, which will aim at giving a boost to exports of pharmaceutical, auto components and services.
The proposed policy is increasingly becoming an item of negotiation, as the US pushes hard to change India's stance.
The Modi government's flagship initiative 'Make in India' launched 10 years ago has helped the country boost exports, push investments and promote manufacturing. Under the initiative, launched on September 25, 2014, a series of measures have been taken by the government to boost local manufacturing. These initiatives include the rollout of production linked incentive (PLI) schemes for 14 sectors, easing foreign direct investment (FDI) norms, reducing compliance burden to improve business climate, all approvals through single window, and rolling out of the national logistics policy.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
Commerce Minister Kamal Nath on Monday ruled out any differences with the finance ministry on certain provisions of the Foreign Trade Policy and said the Policy will be announced before April 10.
Commerce Minister Kamal Nath is pushing for a major policy change, one that would result in foreign travellers to India being refunded the value-added tax they pay on purchases made here.
President Pratibha Patil yet again came out with a strong defence of her foreign tours, saying she was forced to go public on the issue despite government clarifications.
The government on Friday scrapped a minimum price threshold that it had set previously for exports of onion as it looked to pass on the benefit of international glut to Indian farmers. The government had previously fixed a $550 per tonne as the minimum export price (MEP), which essentially meant farmers could not sell their produce overseas at lower than this rate.
'Hi friends, from #Melodi', this is how Italian Prime Minister Giorgia Meloni captioned a small selfie video showing her camaraderie with Prime Minister Narendra Modi.
This year the meeting will take place from Tuesday to Thursday in Lahore. The Cairn Group is composed of World Trade Organisation members pressing for further agricultural reform within the WTO.
A senior Bangladesh Nationalist Party (BNP) leader has blamed an 'ecosystem of former diplomats, bureaucrats, politicians, and think tanks' for creating a 'bogeyman' to mislead the Indian establishment into believing that Indo-Bangla relations would deteriorate without the Sheikh Hasina-led Awami League.
'We can hope to see a lot of creation of jobs in the days to come.'
The draft favoured up to 49 per cent foreign equity in inventory model in the case of 100 per cent made in India products sold through Indian management-controlled platforms with resident Indian founders/promoters.
Following the disengagement, both sides will soon start the coordinated patrolling in their respective areas, sources added.
Known to be having extensive expertise in dealing with India's neighbourhood as well as the US, China and Europe, the 1988-batch Indian Foreign Service (IFS) officer pipped nearly half-a-dozen others in the race for the coveted post including Indian High Commissioner to UK Gaitri Issar Kumar (1986-batch IFS) and Ruchira Kamboj (1987 batch IFS).
India will on Friday unveil its Foreign Trade Policy, which is likely to give a new thrust to toys, leather, textiles, stationery, sports goods and processed food exports.
Smaller Singapore- and US-based venture capital funds, retail associations and trader bodies such as the CAIT and SJM are all planning to approach the government to put pressure on the commerce ministry.
Private labels remain big business for e-commerce marketplaces. They comprise almost 15 per cent of the total business of such firms.
Concerned over the fallout of the Red Sea crisis and severe shortage of containers against the backdrop of a steep decline in merchandise exports in August, the Union government is pulling out all the stops to find a solution. To begin with, the government has devised a strategy aimed at boosting container supply and supporting exporters.
India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
Bharti Global, the international investment arm of Bharti Enterprises, has decided to buy 24.5 per cent equity in BT Group - a move that will make the Indian conglomerate the biggest shareholder in the UK's second-largest telecom company both in terms of market value and subscriber count. The shares are being purchased from billionaire Patrick Drahi's Altice UK through a combination of cash and debt .
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