To ease the flow of foreign direct investment into real estate, the government is mulling a proposal that mixed development projects should be exempt from the minimum capitalisation and area development norms.
The Gems & Jewellery Export Promotion Council (GJEPC), the apex body set up by the Union ministry of commerce to monitor the jewellery business overseas, says it might call for pulling out of the diamond cutting and polishing business in China.
The government on Tuesday announced incentives worth Rs 450-500 crore (Rs 4-5 bllion) for exporters encouraging them to aggressively market products in China and Japan and build on the recovery witnessed since November last year.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
Although the country's leading gems and jewellery traders, dealers and exporters are ready to grab a significant portion of the $25-billion market, key changes are required in the country's Income Tax Act and Customs Act.
Chinese mobile brands are deeply entrenched in the Indian market. A move to bar them may send a bold diplomatic message. But its cost for the local industry is anybody's guess. In the event that Chinese brands face curbs, two handset makers - Samsung and Apple - squarely stand to gain.
The Doha negotiations has been virtually stalled since July 2008.
Will consider extending full support after reviewing the situation, says Sharma.
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
Commerce ministry suggests easy conditions for availing capital gains tax exemptions
The government is working towards setting up an international diamond trading centre in the country and is keen to encourage investment by Indians in diamond mines abroad, Union Minister of Commerce and Industry Kamal Nath said on Tuesday.
A Priority Foreign Country is a status reserved for those nations that are the most egregious violators of intellectual property rights and have the most negative impact on US competitiveness abroad.
"So you will not have anything better... democracy loving, capitalist respecting environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
A high-level inter-ministerial task force wants the business of narcotics to be simplified, something which, it said, would be an opportunity for the over $17-billion Indian pharmaceutical industry.
The new Special Economic Zones, including the Reliance Industries' Jamnagar refinery, would help increase India's SEZ exports by 40 per cent this fiscal, righting partially the dismal picture of the country's total exports, according to government estimates.
The growth rate of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity was 5.7 per cent in January 2016.
Import segments which recorded negative growth include gold, silver, transport equipment, coal, fertiliser, machinery and machine tools. However, exports of oil seeds, coffee, rice, tobacco, spices, pharma, and chemicals reported positive growth in June.
A panel headed by Economic Affairs secretary Arvind Mayaram had suggested FDI limit be raised to 49 per cent in almost all sectors through the automatic route.
Narendra Modi's victory does not represent a victory of 'the Indian nation', but only an elite-driven polarising phenomenon. The sooner we -- and the BJP -- recognise this, the better, says Praful Bidwai.
The government on Thursday launched a Grievances Redress Cell for exporters and importers in a bid to improve the of the directorate general of foreign trade.
Financial details of the project, awarded by the department of industrial policy and promotion, were not disclosed. The eBiz Project announced on Tuesday is among the 27 central, state and integrated mission mode projects under the National e-Governance Plan of the Department of Information Technology. Under it, Infosys will also do training, workshops, promotion and awareness campaigns.
According to initial estimates available with the commerce ministry, these sectors, which constitute a third of India's export basket, have posted a dip of 18-54 per cent in December 2008. Exporters claim they do not have orders beyond January 2009, adding that the situation could lead to 10 million job losses if things did not improve.
Watal a 1978-batch Andhra Pradesh cadre IAS officer.
In a pre-budget meeting with revenue secretary P V Bhide, a Ficci delegation asked the finance ministry to tread with caution on rolling back the stimulus measures taken to spur growth.
The Board of approval had given more time for Raheja's to develop their project in the state. The project is one amongst the three SEZs recommended to be denotified by the state government. Goa's Rajya Sabha member Shantaram Naik said he would meet new Union Commerce ministry Anand Sharma and brief him on the issue.
The Mumbai SEZ had sought the stay on the grounds that if the acquisition is not completed by June 8, the entire process will lapse under the Land Acquisition Act, 1894.
Developers will now be able to get their land classified as an SEZ at the initial stage of approval by submitting legal documents that prove land ownership. With exports falling sharply in the last six months, faster development of SEZs is seen as one way of increasing overseas sales of Indian goods and services, an official said.
Exports from special economic zones (SEZs) are likely to touch Rs 2 lakh crore in 2009-10, a 100 per cent jump from the year-ago period, with Reliance Industries' Jamnagar special economic zone expected to contribute the most to the kitty.
Rajiv Kumar will continue as vice-chairman of the body, along with other full-time members V K Saraswat, Ramesh Chand and V K Paul.
Mr Prabhu has a big challenge ahead in implementing trade reforms to regain the lost export momentum, says Jayanta Roy.
By May this year, awards in highways projects will swell to Rs 2 lakh crore from Rs 1.6 lakh crore now
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