With an integrated network of marine, air, road and rail systems, the Atlantic Gateway provides strong connections to global markets, he said, adding that upon entry, goods flow easily through the Gateway's transportation corridors to major markets in Central Canada and the US.
Appreciation of the rupee against the US dollar was adversely affecting the country's export growth, Union Commerce and Industry Minister Arun Jaitley said on Tuesday.
Minister of State for Commerce and Finance Nirmala Sitaraman, in Mumbai to address election rallies, took time out to talk about the economy, foreign investment and trade facilitation.
Markets regulator Sebi has simplified the procedural requirements for onboarding of Foreign Portfolio Investors (FPIs) in a bid to facilitate ease of doing business and to reduce the time taken for their registration. The regulator allowed designated depository participants (DDPs) to grant FPI registration on the basis of scanned copies of application forms and supporting documents, according to a circular issued on Monday. Granting of registration on the basis of scanned copies has been allowed but trading can only be activated following the verification of the physical documents, it said.
India and the United States have set up a working group to promote greater interaction between legal professionals and to facilitate trade in legal services between the two countries.
The approval is expected to come in the next six months, he said. BBX is listed on the Australia Stock Exchange and facilitates cashless business transactions.
The shift to a shorter T+3 settlement cycle for initial public offerings (IPOs) will be a big test of the domestic market structure, requiring players in the ecosystem to work harder to meet the squeezed timelines, according to industry insiders. The Securities and Exchange Board of India (Sebi), has announced that the transition to the T+3 cycle will be voluntary starting next month and mandatory from December 1. The new mechanism will necessitate quicker confirmations from banks and speedy verification of permanent account numbers (PANs) for all applicants.
The exchange, say sources, began mock trading from early October and around 250 Indian brokers have said they'd take membership of the international exchange.
The new platform will deliver insights that help brands accurately sense and fulfil consumer demand while significantly improving sales and operational performance.
Google unveiled on Wednesday a slate of artificial intelligence (AI) tools and technologies for Indian developers at its first I/O Connect event for India, being held in Bengaluru. The company made accessible for Indian developers its faster, more accurate large language AI model accessible through PaLM API, Makersuite, as well as features on Google Cloud's Vertex AI. Google Cloud officially launched a new initiative in collaboration with Open Network for Digital Commerce (ONDC), under the Department for Promotion of Industry and Internal Trade, to help sellers build and scale commerce platforms across the country.
The Supreme Court on Friday ordered withdrawal of the Look Out Circular (LOC) issued against Trinamool Congress MP Abhishek Banerjee and his wife Rujira in connection with the money laundering cases against them linked to an alleged coal smuggling scam in West Bengal.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors' sentiment. Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.he broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10.
Billionaire Gautam Adani on Wednesday shared a personal note on the development of Dharavi in Mumbai, days after the Maharashtra government issued a resolution to award the Dharavi redevelopment project to his conglomerate on July 14. In the note shared with the media, Adani said his first tryst with Dharavi in Mumbai was in the late 1970s, and the slum settlement continues to amaze and inspire the billionaire to date. "When this opportunity to renew Dharavi came calling, I seized it with both hands," he said.
'They are geopolitical, commercial, educational, cultural and about innovation.' 'Also, they are about a common value system.'
The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. "This year the proportional fiscal deficit so far is much closer to the target than in most other years.
The commonalities of interests are immense for growth in trade between India and the US.
NCDEX Spot (NSpot) on Tuesday said that it has attained the number one position in electronic auctions of food crops.
India has emerged as one of the top three choices for investments in the next 2-3 years, with more than two-thirds of respondents in a survey of multinational companies (MNCs) citing the country as their number one choice for future investments. According to the FDI survey released on Tuesday by CII in association with EY, about half of the respondents see India amongst the top three economies or leading manufacturing destinations of the world by 2025.
Chinese Premier Wen Jiabao will propose to establish the world's biggest Free Trade Area between China and India during his talks with Prime Minister Manmohan Singh next week.
India's mutual fund (MF) industry had barely any retail footprint when it completed 50 years in 2013. MFs had Rs 7 trillion in assets under management (AUM) in March 2013, of which around Rs 5 trillion was in institution-focused debt funds. By comparison, bank deposits in the country stood at Rs 67.5 trillion around the same time.
As hard bargains continue for the next four days at the picturesque tourist resort of Indonesia, the ministers., including from the influential developed countries will try and reach agreements on providing windows to the developing nations for their food security programmes and a pact to free the global trade from the procedural hassles at the customs.
Why should India buy olives from Europe when it could do so from the world's largest producers?
In the last three years, the Union Territory administration has invoked 311 (2)(c) of the Constitution to sack more than 50 employees, who were allegedly operating in shadows within the government and drawing a salary from the public exchequer, however, they were helping Pakistani terror outfits, providing logistics to terrorists, propagating terrorists' ideology, raising terror finances and furthering secessionist agenda, officials said.
Signing of the two pacts -- FTA in services and investments -- were scheduled during the India-ASEAN Economic Ministers meeting in Myanmar last week. But the meeting was postponed as Commerce and Industry Minister Nirmala Sitharaman was not able to attend the meet due to domestic compulsions.
Mr Prabhu has a big challenge ahead in implementing trade reforms to regain the lost export momentum, says Jayanta Roy.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Shipments of sunflower oil to India have started normalising after imports from war-torn Ukraine resumed beginning September after a gap of four months, leading to further normalisation of supplies. Ukraine has been the largest supplier of sunflower oil to India. However, after the Russia-Ukraine war broke out in February, supplies from Ukraine dwindled as Russia denied it access to the Black Sea ports.
The other top officials who will accompany the US president are Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, National Security Advisor Robert O'Brien and Energy Secretary Dan Broulliette, the sources said.
Under the TFA, a proposal of developed countries, WTO members are negotiating ways to facilitate trade, simplify and harmonise customs rules and reduce transactions cost. Although India is willing to negotiate on TFA, it has raised few concerns over the proposed agreement.
The collapse of Silvergate Bank, Silicon Valley Bank (SVB) and Signature Bank in the US might create temporary liquidity issues but will not have any significant impact on the Indian crypto market in the long run, officials from several exchanges told Business Standard. All three banks are considered crypto-friendly. SVB offered services such as cryptocurrency custody and lending.
The Afghanistan Embassy in New Delhi announced Saturday night that it is ceasing its operations from October 1, citing a 'lack of support from the host government', failure to meet expectations in serving Afghanistan's interests, and reduction in personnel and resources.
Exports had recovered in November to grow at 0.59 per cent from a 12 per cent contraction in October.
After the massive tax evasion of GST by cryptocurrency service provider WazirX, the Directorate General of GST Intelligence has come down heavily on cryptocurrency exchanges operating in the country, said sources. "Around half a dozen offices of cryptocurrency service providers have been searched and massive Goods and Service Tax (GST) evasion has been detected by DGGI," sources told ANI. Crypto wallet and exchange are platforms where merchants and consumers can transact with digital assets like bitcoin, ethereum, ripple, etc.
Fearing likely shortage, the government on Thursday said it has made an advance plan to import about 10 lakh tonne higher quality of tur dal via private trade this year to meet the domestic requirement. The issue was discussed in a high-level meeting called by the cabinet secretary to review the prices of essential commodities, especially pulses and onions. Tur production is pegged lower at 3.89 million tonne in the 2022-23 crop year (July-June) from 4.34 million tonne in the previous year as per the initial projection made by the agriculture ministry. Tur is a kharif crop.
Markets regulator Sebi will put in place a framework for the Application Supported by Blocked Amount (ASBA) facility for investors in secondary market trading, similar to the existing system for IPO investors. Sebi's board approved the proposal during its meeting here on Wednesday. Through the proposed facility, which would be optional for investors as well as stock brokers, Sebi aims to bring in "efficiency in the secondary market ecosystem by allowing usage of same blocked amount towards margin and settlement obligations.
Bhatt said there is a shortage of 8,129 officers in the Indian Army that includes Army Medical Corps and Army Dental Corps.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
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