The much-delayed Foreign Trade Policy (FTP), which will roll out steps to boost exports, is expected to be unveiled soon.
The government will announce the annual Foreign Trade Policy on April 8, which will aim at giving a boost to exports of pharmaceutical, auto components and services.
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.
After growing at 8.4 per cent for consecutive financial years, economic growth fell to 6.5 per cent in 2011-12, primarily owing to a dismal show by the manufacturing sector, as well as a part of the services segment.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
Every twist and turn in KMC's civil service career is attributed to serendipity, an aptitude for making desirable discoveries by accident. He plays down his capabilities, which took him to the top of the civil service as the Cabinet Secretary or his misfortune in losing a daughter in her prime and suggests that his career was indeed serendipitous, observes Ambassador T P Sreenivasan.
"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.
The Forum is organised by Singapore Indian Chambers of Commerce and Industry, with the partnership of state-trade agency IE Singapore, the Confederation of Indian Industry and the Singapore Chinese Chamber of Commerce and Industry.
Calculators have been exported to India from China below the normal value
'It is entering growth territory on a month-on-month basis.'
Two years ago, India was touted as a rare bright spot in a gloomy global economy with GDP growth outpacing a slowing China.
Union Commerce Minister Nirmala Sitharaman said she will pursue the matter with the finance ministry
IT sector has lots of hope from the Union Budget 2014-15.
The ministry has proposed similar penalty and jail term for adulteration, besides license suspension and cancellation
Rahul Khullar's guiding credo was that a civil servant must never lose sight of his client: The little guy. The evil men are those who are decision-makers but abdicate their responsibility of taking decisions, leading people to lose confidence in public institutions.
Norms for e-commerce likely, arm's-length pricing set for change.
Tata Sons has emerged as the top bidder for the takeover of debt-laden State-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah, sources said.
For months, offline retailers and traders have been lobbying hard for a national retail policy to protect their business from the growing influx of e-commerce.
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.
The trade deal, officials say, can lead to an effective trading bloc against the China-led Regional Comprehensive Economic Partnership.
The FM said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.
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.
Inflation in food articles during May stood at 1.13 per cent, as against 2.55 per cent in April.
Earlier govt said it won't allow it to sell items such as textile products and office supplies.
Non-performers were not punished, performers were not rewarded, points out Utkarsh Mishra.
With the shifting of the Foreign Investment Promotion Board to the finance ministry, the government has now reconstituted the board appointing Finance Secretary S Narayan as its chairperson.\n\n\n\n
India on Monday joined a US-led initiative to set up an Indo-Pacific Economic Framework to bind partner countries to achieve common goals, with Prime Minister Narendra Modi asserting that New Delhi will work with the stakeholders to make it an "inclusive and flexible" structure to pave the way for development, peace and prosperity in the region.
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 commerce department has said that earnings through the new tax will equal the losses faced by Indian industry after the US tariffs on steel and aluminium.
In the third reshuffle since coming to power, Prime Minister Modi raised the strength of his Council of Ministers from 73 to 76.
On its part, the Reserve Bank of India tried to help exporters by easing some restrictions imposed on holders of Exchange Earners Foreign Currency accounts and by giving effect to the commerce minister's announcements regarding extension of the interest subvention scheme for one more year and for more items.
Finance Minister P Chidambaram is expected to extend a relief package for leather and textile exporters, who are hit by the rupee appreciation, as demanded by the commerce ministry.
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The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
The commerce minister ought to seek validation for his incentives with the finance ministry.
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
