'Is this the only way for India to become a $5 trillion economy?' 'When you have unused foreign exchange here, why borrow more dollars?'
The Modi government finds itself in a contradiction of its own making. It has encouraged pro-Russian, Westophobic public sentiment while setting strategic policy that's exactly the opposite, points out Shekhar Gupta.
The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
One of the biggest ways in which recent government actions have been seen as investor-unfriendly is New Delhi's decision to unilaterally revisit almost every Bilateral Investment Treaty it has signed with other countries, says Mihir S Sharma.
India's booming exports will not just earn valuable foreign exchange, but could also generate more than 2 crore ( 20 million) jobs by 2009-10 across the country.
India had imposed stringent norms regarding the use of colouring agents in spices bound for foreign markets and there was no possibility that chilli powder exported to the European Union could have carcinogenic substances in them, Commerce Minister K
"At the moment, the fall is arrested (and it) is very clear. The growth is happening. We will only be looking at the steady growth. It may be slow but steady," Commerce Minister Nirmala Sitharaman told reporters in New Delhi.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
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.
In the travel advisory, the Health Ministry again asked people to refrain from travelling to China in view of the coronavirus outbreak in its Hubei province and said travellers on return from the neighbouring country could be quarantined.
The central government is devising a mechanism to step up screening imports to protect domestic manufacturers. The details of the online monitoring system may find mention in the foreign trade policy 2021-26, which will kick in next month. The online system will make the data available to the government as well as industry about the countries from where the goods are being imported, and their quantity and quality. The data can help domestic producers analyse the market potential for such goods, said a senior government official. In the past 16 months, the government had implemented a steel- and coal-import monitoring system.
Defence Minister A K Antony has shot down Commerce Ministry's proposal to raise Foreign Direct Investment in defence from 26 per cent to 49 per cent, saying it will be a "retrograde" step and "stymie" the growth of the domestic industry while increasing dependence on foreign manufacturers.
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to $45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
While Commerce Minister Kamal Nath has set the target for FDI at $12 billion for 2006-07, outbound investment for January-September 2006 has touched $18.73 billion compared with $8.84 billion in the same period last year.
Commerce Minister Kamal Nath will lead a high-powered business delegation to the United States for the 'Focus India Show'
The finance minister hiked the total defence expenditure from Rs 203,672 crore in FY 2013-2014 to Rs 229,000 crore for FY 2014-2015. Though the increase appears substantial, it is insufficient to undertake the military modernisation necessary to meet the emerging threats, feels Brigadier Gurmeet Kanwal (retd).
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
'At the heart of the strategic relationship between our countries are economic ties.'
'India will want a lot of help from the US, but it's not going to want US troops.'
In a major policy reversal, the AAP government wrote to the Centre to withdraw the approval given by the previous Sheila Dikshit 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.
'In 1984, Pyongyang just had one hotel and one could not move out without an official escort.' 'India was the only country with an embassy, apart from the socialist countries.'
Foreign Direct Investment inflows into India increased 47 per cent to $1.7 billion in April-June quarter this fiscal, compared to $1.1 billion in the same period last fiscal.
The Minister of State for Commerce and Industry said there was a need of for promoting trade and investment as it is necessary for economic growth and sustainable development.
The Law Commission is working on the concept of establishing specialised commercial courts in the high courts keeping in view the multi-fold increase in the corporate litigations, Law and Commerce Minister Arun Jaitley said.
Budget will get a welcome reception from the international biz.
He said it is indicative of the Indian economy's strength as a rich knowledge base.
The talks for normalising trade had begun in November 2011.
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
Global investors have cited the ongoing war and high valuations of Indian equity markets as a reason to skip the IPO.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
The government does not propose to permit foreign direct investment in retail business, Commerce Minister Arun Shourie assured the Lok Sabha on Monday.
NRIs are increasingly buying properties in India online.
Ever since the deal was announced of Walmart spending over $16 bn for a 77 per cent stake in Flipkart, the road to the takeover of India's biggest online marketplace has been quite bumpy
Among the panels announced on Thursday is the Appointments Committee of Cabinet (ACC) to be headed by the prime minister with Shah as the other member.
The President may not have agreed with the government on many occasions. Not once was this ever made public -- though he told off ministers in private.
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