The two ministers are believed to have discussed the issue of redefining foreign direct investment and foreign institutional investment to remove ambiguities.
Amid domestic traders continuously complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Friday said the ministry will "very shortly" come out with certain clarifications on the e-commerce sector. Goyal said the ministry is not changing any policy on e-commerce for foreign direct investment as the policy is crystal clear. "We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he told reporters in New Delhi.
India will export anti-malarial drug hydroxychloroquine, high in demand globally, only to foreign governments and not to private companies, as the product is under prohibited or banned category of exports, sources said. Although exports of this medicine is completely banned, India has decided to export this anti-malarial drug in sync with its global commitment to deal with the coronavirus pandemic.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
She says her priority areas would be military preparedness, defence indigenisation, and the welfare of soldiers.
The commerce minister ought to seek validation for his incentives with the finance ministry.
The government said on Tuesday the Reserve Bank of India would consider the US demand for relaxing the branch opening norms for foreign banks in India as per the roadmap prepared by the country's central bank.
FDI in April, 2007-08 was $1.64 billion which was less than half of the figures in April this fiscal. "I want to dispel fears of any economic slowdown and investment drying up," Commerce and Industry Minister Kamal Nath told reporters in New Delhi on Thursday.
The tourism industry expects a short-term impact, as it is counting on the state's proven expertise in managing such crises.
India on Tuesday asked foreign entrepreneurs to take advantage of the investor-friendly atmosphere in the country and said it was the right time to pump money in the country, especially in its manufacturing sector.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Delhi's inability to open up a new canvas with Pakistan and Sharif is symptomatic of its sluggish thinking. Jyoti Malhotra analyses
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.
About 281 cases have been taken up for investigation by the Directorate of Enforcement regarding suspected violations of foreign direct investment (FDI) norms all over the country during April 2019 to March this year, Parliament was informed on Wednesday. Necessary action as per provisions of Foreign Exchange Management Act, 1999 (FEMA) has been taken, which includes issuance of show cause notices, adjudication and imposition of penalty, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. In these cases, following the due process of adjudication, penalties of more than Rs 2,600 crore have been imposed under the FEMA, he said, adding the Reserve Bank of India (RBI) has done compounding of contraventions of FDI related FEMA provisions in total of 1,421 cases across the country during the last three years.
India could allow global online retailers such as Amazon.com Inc to sell their own products as early as next month, removing restrictions that could boost competition in one of the world's biggest, and most price-sensitive, retail markets.
Before growing 2.8 per cent in latest April-September period, IIP had seen negative growth of 0.1 per cent in 2013-14 period.
The government has approved 15 foreign technology collaboration proposals including that of Finolex Industries and Tata Motors.
Singh is accompanied by External Affairs Minister Salman Khurshid, Renewable Energy Minister Farooq Abdullah, Human Resource Development Minister M M Pallam Raju and Science and Technology Minister S Jaipal Reddy.
Such campaigns would badly affect players in the traditional retail market.
Total foreign direct investment (FDI) inflow to India declined to $74.01 billion in the calendar year 2021, which is 15 per cent lower from $87.55 billion recorded in the previous year, the ministry of commerce & industry said on Wednesday. The FDI inflow includes equity inflow, equity capital of unincorporated bodies, re-invested earnings and other capital. "FDI is largely a matter of commercial business decisions and FDI inflow depends on a host of factors such as availability of natural resource, market size, infrastructure, political and general investment climate as well as macro-economic stability and investment decision of foreign investors.
'India should respect Maldivian nationalism and their desire to be not over-dependent on India.' 'India should not behave like a big brother towards Maldives as many times, we tend to behave like that.'
The much-delayed Foreign Trade Policy (FTP), which will roll out steps to boost exports, is expected to be unveiled soon.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
The commerce and industry ministry had moved a Cabinet note to allow foreign carriers pick up equity in their Indian counterparts.
The exemption from MAT does not apply retroactively.
According to the external affairs ministry, the prime minister will first visit Hiroshima in Japan from May 19 to 21 to participate in the annual summit of the G7 advanced economies under the Japanese Presidency.
Commerce Minister Anand Sharma on Monday expressed optimism that the total FDI inflows this fiscal will the same as in the previous year's at $27 billion.
New foreign trade policy to stress manufacturing exports.
Minister of State for Commerce and Finance Nirmala Sitaraman, in Mumbai to address election rallies, took time out to talk about the economy, foreign investment and trade facilitation.
The new Foreign Trade Policy, to be unveiled on April 7, would focus mainly on attracting foreign direct investment and generating employment for the youth.
Goyal wondered why an e-commerce market place model, where a firm provides an IT platform for buyers and sellers, was incurring such huge losses adding that it needs to be looked into.
The recent Foreign Trade Policy announcement to waive service tax for exporters had the backing of the Prime Minister, Commerce Ministry sources said on Tuesday.
The talks for a free trade agreement (FTA) between India and Canada may have taken a pause but will resume once the political row between the two countries is resolved as the pact has economic benefits for both the nations, trade experts and exporters said on Friday. However, they said that India may not hurry for the trade agreement as 60 per cent of New Delhi's exports are already entering Canada at zero duty. Earlier this month, India and Canada paused the negotiations for the agreement due to political reasons.
US-based electric vehicle maker Tesla is looking to source components worth around $1.9 billion this year against $1 billion last year, Commerce and Industry Minister Piyush Goyal said on Wednesday. The minister said that going forward, demand for electric vehicles will increase and it will help in pushing the growth of the sector. "Tesla already last year bought one billion dollars of components from I think all of you sitting here.... I have the list of companies who supply to Tesla.
The BJP maintained that stability in economic growth and economic policies of the government along with strong currency attracts foreign investment.
Following are the highlights of the Annual Supplement 2006 to the Foreign Trade Policy unveiled by Commerce and Industry Minister Kamal Nath on Friday
The relationship between the US and India has been very productive, in particular on the trade and technology front, and 2023 can be considered the best year historically for bilateral ties, according to a former top American trade official. Arun Kumar, an Indian-American, who served as the assistant secretary of Commerce for Global Markets and director general of the US and Foreign Commercial Service (USFCS) during the Obama administration, said this during an interview with PTI in Washington. "Looking back on 2023, it was a very productive year for the US-India relationship, by many accounts the best year historically," he said.
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