The sops, to be given under different schemes like 'Focus Market' and 'Focus Products' from January to December 2011, were unveiled here by Commerce and Industry Minister Anand Sharma.
Upset over objections raised by the government on their Rs 21-crore (Rs 210 million) proposal to launch a global Basmati promotion campaign featuring Bollywood star Shahrukh Khan, rice exporters will present their case before the commerce ministry.
Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs.
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.
After recording positive growth in September, India's exports declined 5.4 per cent to $24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Trade deficit in October narrowed to $8.78 billion as against $11.76 billion, as imports also fell 11.56 per cent to $33.6 billion during the month under review.
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
Demand will boom in the US and China, but exporters say it will be difficult for India to tap these markets.
It was expected that supplies from China will be back to normal by end-June as their factories are now operating at nearly 90 per cent of normal capacity. But the recent issue with shipments has placed an obstacle that manufacturers can't bypass.
'You have come out with a package for the kisan.' 'You have a package for industry.' 'But has anyone addressed the issues concerning small traders?'
India has booming trade with many countries across the world.
Deficit is likely to touch $60 bn this financial year from $40 bn in the previous one.
Fresh guidelines were issued by the government on Wednesday for enforcing the second phase of the coronavirus lockdown, with the Union home ministry barring all kinds of public transport and prohibiting opening of public places during this period.
The formation of the Indian Business Leaders Forum was announced on Sunday by India Trade & Exhibition Centre Middle East established in Sharjah with the mandate from the Indian Ministry of Commerce and Sharjah Chamber of Commerce and Industry.
Infra segment, refinery product impacted the most, even as contraction narrows in latest month.
In the third reshuffle since coming to power, Prime Minister Modi raised the strength of his Council of Ministers from 73 to 76.
'It is entering growth territory on a month-on-month basis.'
A stern articulator with outspoken views and a dignified personality, Sitharaman now bears the responsibility of steering the economy which has witnessed sluggish growth in recent quarters.
Shinzo Abe is planning to come to Guwahati for annual summit talks with his Modi from December 15-17.
Idea is to bring stakeholders together and explore ways to increase export of services from India.
'The Arunachal border is not demarcated in that way, so there can be differing perceptions (between two sides)'
The exponential number of downloads can be attributed to a call by Prime Minister Narendra Modi, asking people to have the app on their mobiles, combined with the government's push for downloading of the app through other channels, reports Neha Alawadhi.
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Single-brand retailers are also allowed to take e-commerce route for such trading.
While the directorate general of foreign trade has completed consultations with the industry and exporters, it will start interacting with the different ministries like agriculture, finance, micro, small and medium Enterprises, steel and environment. Revenue department in the finance ministry holds the key for extending benefits to exporters who are facing the brunt of recession in several major economies.
Trade deficit during the month narrowed to USD 14.54 billion from USD 15.3 billion in January 2020. It was USD 15.44 billion in December 2020.
The government decision to permit 100 per cent foreign direct investment in medical devices will take effect from January 21, the Commerce and Industry Ministry said on Tuesday.
Registering a jump of 10 places in the rankings, Uttar Pradesh occupied the second position in 2019 as against 12th in 2018.
Top gainers in the Sensex pack included Sun Pharma, IndusInd Bank, RIL, ITC, Vedanta, Asian Paints, HDFC and Infosys, advancing up to 3.02 per cent.
A group of ministers, headed by Agriculture Minister Sharad Pawar, has been formed to resolve inter-ministerial differences stalling the national manufacturing policy which aims at giving a boost to the sector.
The commerce and industry ministry is not in favour of allowing foreign airlines to buy stake in Indian carriers on the ground that the sector is sensitive.
These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production.
'For the first time, all major countries are discovering India's indispensability to their own foreign policy interests.'
A closer look at the data reveals that a lot of the items are not part of this calculation. The notable ones include buffalo meat, marine exports, raw cotton, and plantation crops such as tea, coffee, rubber, etc.
The farm sector's contribution to Indian economy is just around 20 per cent and rural India is in a shambles.
The commerce and industry ministry is in talks with state governments to prepare guidelines for setting up local governance bodies inside these tax-free industrial enclaves. Sources said these bodies may either be modelled on the lines of townships developed by state industrial development authorities like the New Okhla Industrial Development Authority (Noida) in Uttar Pradesh, or follow a Jamshedpur-like model, where a corporate house takes care of civic infrastructure.
A committee of secretaries will be meeting soon to consider a draft proposal, which suggests that decision-making on all policy issues pertaining to FDI be transferred from the Department of Industrial Policy & Promotion (DIPP) in the Ministry of Commerce to the Department of Economic Affairs (DEA) in the Ministry of Finance.
To further boost bilateral economic ties with the US, Confederation of Indian Industry would organise a series of road shows, 'IndiaConnect-USA', from April 8-18.
Overall, cumulative direct investment from China stood at just $2.05 billion till June 2018, according to consolidated DIPP figures
The Indian government has asked the cement industry to concentrate on modernisation and upgradation of technology, optimisation of operations and increased application of automation and information technology.
Coming out strongly in defence of foreign direct investment in retail, the ministry of commerce and industry has told the Prime Minister's Office that there is no empirical evidence to suggest that organised retail would adversely impact small retail
