In a major liberalisation, the government on Thursday allowed manufacturing of several hundreds of equipment and products in the defence sector without licence.
The value of India's foodgrain imports increased by over 28 times to Rs 17.66 crore (Rs 176.6 million) in April, vis-a-vis the corresponding period a year ago, as per the latest data from the commerce ministry.
The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry's Export Promotion Council for export oriented units and special economic zones.
Chinese companies have 'designed' the sugar syrup which is used to adulterate honey so that it can pass Indian laboratory tests, reveals Sunita Narain.
The inflow in December 2008 is lower compared to $1.55 billion FDI the country received in the same month in the previous fiscal. The country has set a target of $35 billion for FDI in the current fiscal.
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.
Inflation print for food articles, as a basket, remained nearly flat at 7.47 per cent during the month.
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.
IIP is expected to post a subdued volume growth in February 2017
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 US on Friday issued orders to ban popular Chinese social media apps TikTok and WeChat from Sunday to safeguard national security, weeks after India banned them, saying they were prejudicial to sovereignty, integrity and security of the country.
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.
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.
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.
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.
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
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
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.
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.
Commerce ministry monitoring remedial measures to promote exports in key markets.
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.
Earlier govt said it won't allow it to sell items such as textile products and office supplies.
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.
His vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society.
Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years.
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 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.
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.
In 2011-12, the bilateral trade between the two countries stood at $75.45 billion.
SEZ in Mundra, Gujarat denotified for three violations.
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 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.
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