The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
The move is aimed at dealing with any possible emergency situation on account of a spurt in coronavirus cases.
The free trade agreement (FTA) talks with India are no longer working towards a Diwali deadline though negotiations are progressing well, UK Trade Secretary Kemi Badenoch has said as New Delhi expressed confidence on Friday of an "early date" for a mutually beneficial deal. "There are ongoing negotiations as we know on the FTA. There is interest on both sides to see if we can work towards a deal, an FTA, that is beneficial to both the countries at an early date," external affairs ministry spokesperson Arindam Bagchi told reporters in New Delhi. It came as External Affairs Minister S Jaishankar spoke to his UK counterpart, James Cleverly, and referenced the Roadmap 2030 bilateral agreement signed between Prime Minister Narendra Modi and former UK PM Boris Johnson in May last year, with no specific reference to the FTA.
An ambitious long-term vision to ensure economic connectivity between India and the rest of Southern Asia is critical to India's trade policy objectives.
He urged China to bolster the flow of its tourists to the Maldives.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
'Given that the situation is quickly escalating, such attacks will affect the flow of crude in the short term from West Asia' Subhayan Chakraborty and Dhruvaksh Saha report.
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
The deployment of the UK's "most advanced naval capabilities" has been flagged by the UK ministry of defence as a "decisive step" in bolstering UK-India security ties.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
'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?'
In addition, 22,533 'Make in India' ventilators have been delivered to various states, Union territories and central institutions, the ministry said, adding that the Centre is also ensuring the installation and commissioning of the machines.
'India has an advantage because we produce more cotton and we have more workforce.'
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
The government on Monday extended till July 21 the deadline for public comments on proposed amendments to the Consumer Protection (e-commerce) Rules, 2020. Earlier, the last date for public comments on the draft e-commerce rules was July 6. "It has now been decided to extend the timeline for receipt of comments/ suggestions on the draft e-commerce rules. "Views/ comments/ suggestions on the proposed amendments may be sent by July 21, 2021," a government notice said.
The talks between Singh and Esper came a day after Prime Minister Narendra Modi held a telephonic conversation with US President Donald Trump.
To deny visa to trade officials planning to scrutinise country's trade and industrial practices.
India and the US on Friday said they have started talks to put in place a strategic framework for human space flight by year-end as they plan to send an Indian astronaut to the International Space Station in 2024.
Prime Minister Narendra Modi said on Monday that the partnership between India and Germany could serve as an example of success in a complex world as the two sides inked several agreements focused on sustainable development under which India would receive USD 10.5 billion assistance by 2030 to boost the use of clean energy.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
A certain segment of the US pharma industry have become vocal about Indian policies on domestic content requirements and IPR.
Nearly five months after its soft launch, the government's e-portal, the National Single Window System (NSWS), is seeing a significant increase in the number of investors using it to get a bunch of approvals for their ventures. The first clearance was granted on 18 January. Since then, the progress has been good. Out of the 1,258 registered users on the portal, 378 were registered in the last one week.
As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods -- air-conditioners (ACs) and LED lights-- with an aim to accommodate more players as several firms had expressed interest in the initiative. Last year, as many as 46 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 5,264 crore were selected in the first round the scheme.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
The finance ministry has cautioned that global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, warranting "greater vigilance" by the government and the Reserve Bank of India (RBI). "Russia's decision to terminate the Black Sea grain deal, along with dry conditions in major wheat-growing areas, caused a price spike in cereals. Domestic factors like white fly disease and an uneven distribution of monsoon exerted pressure on vegetable prices in India," the ministry said in its latest Monthly Economic Report for July, released on Tuesday. However, the report maintained, the recent price surge in certain food items "is expected to be transitory". "Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September.
With land acquisition completed and infrastructure work streamlined, India's bullet train dreams are slowly, but finally, inching closer to reality.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
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.
The home ministry on Thursday announced the Padma awards which included five Padma Bhushan, 17 Padma Bhushan and 110 Padma Shri.
Singapore continued to be the largest source of FDI in India followed by Mauritius, the US, the Netherlands and Japan.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
The government has held several meetings with e-commerce players to resolve issues arising due to the lockdown, and now witnessing improvement on them daily, a top government official said on Friday. Secretary in the department for promotion of industry and internal trade (DPIIT) Guruprasad Mohapatra said that with lot of follow-ups on their issues, relaxations were given to them by the home ministry.
In the first phase, most of the outdated regulations in the state and central Acts will be removed. Further, compliances with regard to annual inspections, licence renewal, and storage of multiple data will be eased.
With Lok Sabha elections months away, the visits are vital politically as these would showcase Modi's standing as a world leader to the home electorate.
From the seas to the stars, this partnership will now be deepened by the defining role of technology, the statement said.
The five-day event will include aerial displays by aircraft and helicopters along with a large exhibition and trade fair of aerospace and defence companies.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
With the Indo-Pak dialogue in tatters and the respective armies exchanging fire across the Line of Control, an unexpected opportunity has presented itself for boosting trade between the two countries.
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