Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
The Indian government has approved the visit of a Pakistani business delegation to India, which is meant to revive economic ties between the two countries and provide an impetus to diplomacy.
Scrapping of the EoU status to petroleum refineries was one of the demands of the Samajwadi Party after it decided to support the United Progressive Alliance government, which is set to face a trust motion in the Lok Sabha. "Amar Singh had met me, but there were no discussions on the EoU issue," said the commerce minister. Nath said everyone has the right to demand changes but it did not mean that the government would act on it.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
Falling sugar production in the European countries would provide an excellent opportunity for Indian sugar exports to the European Union market, says a top government official.
The meeting, which would have representation from the ministries of finance, external affairs and micro and small and medium enterprises, would suggest steps to prepare the way for the annual supplement to the Foreign Trade Policy (2009-2014), expected to be unveiled in April.
In a move that is being seen as a snub to Walmart, Commerce and Industry Minister Anand Sharma on Thursday cancelled a meeting with US retail giant's Asia head Scott Price.
Aiming to push India into the list of the top 10 agri export nations, the policy has been backed by the Prime Minister's Office
Praise came from one Arun toanother when the new Commerce and Industry Minister Arun Jaitley said that Divestment Minister Arun Shourie was doing exceedingly well.
His vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society.
Commerce ministry monitoring remedial measures to promote exports in key markets.
Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years.
Scores of leading SEZ promoters, including Infosys Technologies, CMC Ltd, Hindalco Industries, NIIT Technologies, HCL Technologies, Orient Craft Infrastructure, L&T Phoenix Infoparks and K Raheja Corp, have sought more time from the Board of Approval, which is meeting in New Delhi on June 2.
Earlier govt said it won't allow it to sell items such as textile products and office supplies.
Listing out the achievements of his government, he said the country has moved away from a culture of delaying work through 'atkana, latkana and bhatkana' (obstructing, delaying and misguiding).
The industry department had planned to get 10,000 price quotations from producers in order to have a new-look WPI, which incorporates a better snapshot of the economy. Out of this, 8,000 products are manufactured items. However, it now emerges that the DIPP may get price quotations from only 6,400 industrial units and factories.
According to industry experts, there are more than 10,000 drug manufacturers in the country and most of them are small-sector units operating in the generic segment. With a large number of drugs going off-patent in developed markets like the US and Europe, Indian companies are expected to garner a lion's share in the segment.
A summit between the two PMs is scheduled to take place between December 15 and 17 in Guwahati, which has been witnessing massive protests for the last two days.
The Union home ministry has issued strict guidelines for the enforcement of the 21-day complete nationwide lockdown in the wake of the covid-19 pandemic, invoking the National Disaster Management Act which may result in imprisonment of up to two years for any violation. All government offices, the offices of state and Union territory governments, autonomous institutions, public corporations, commercial, private, industrial establishments shall remain closed, the guidelines issued by the ministry said.
The government's announcement to fund fashion initiatives is likely to provide a fillip to this largely unorganised sector.
The Commerce Ministry is set to unveil the annual review of the Foreign Trade Policy on April 11. It would not be exports alone which would be the focus, but steps to ease imports are also likely to give a boost to supply of essential commodities.The government is facing political pressure from many quarters, including the Left parties, to check the rising prices within a couple of weeks.
Commerce Minister Arun Jaitley will visit the United States from June 8 to June 13 in order to promote Indo-US trade and economic relations.
In 2011-12, the bilateral trade between the two countries stood at $75.45 billion.
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.
The commerce ministry is currently firming up the annual supplement to the FTP, which is likely to be unveiled in April. Referring to the export performance during 2007-08, Commerce Minister Kamal Nath said, actual export was likely to remain short of the target of $160 billion. The exports during the year were likely to reach a level of $152-155 billion, he added.
SEZ in Mundra, Gujarat denotified for three violations.
The total coffee production in India was about 3.3 lakh tonnes in 2014-15.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
IT sector has lots of hope from the Union Budget 2014-15.
The government needs to make the right policies and further execute them properly if it wants to move towards this goal
With a comprehensive SEZ Act in place, the Union Commerce and Industry minister Kamal Nath said his ministry would go ahead with the plans to develop SEZs across the country, despite oppositions from the finance ministry.
The Election Commission (EC) has raised certain questions on the government's proposal to allow foreign direct investment (FDI) in the construction and maintenance segments of the railways.
Foreign direct investment inflows into India rose an annual 12.9 percent in July to $1.66 billion.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
The expansion in September is highest since April, when the core sectors' growth stood at 2.6 per cent.
India is keen to improve share of services in global trade.
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