India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
The spread of the Omicron variant of the coronavirus has made Indian companies persist with their policy of banning overseas trips and allowing only essential travel within India. The IT services firms, which had planned to ask their employees to return to the workplace, are also waiting and watching the Covid-19 situation before fully opening up their offices. Large conglomerates like the Tatas, Birla, JSW and Reliance are continuing with the mandatory social distancing and masking policies within their office premises.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
The Maharashtra government on Sunday extended the lockdown-like curbs till June 15 and also announced that relaxations will be granted depending upon the Covid-19 positivity rate and availability of oxygen beds.
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 Swadeshi Jagaran Manch has pointed out that these firms pose a threat to domestic manufacturing and retailing as they do not pay relevant taxes such as GST, giving them a huge edge over local players.
The Modi government has to embrace the history of Tamil conquests in South East Asia and stop obsessing about Babar/Humayun, argues Colonel Anil A Athale (retd).
The domestic electronic product manufacturers depend heavily on imports for hardware components like hard drive and displays.
Starting today, Modi and top officials in the Prime Minister's Office will be briefed by various central ministries and departments on their plans as well as agenda for the next five years. They will also apprise the PMO of the work they have done so far in realising the agenda of government's second term in office.
Sellers, especially the smaller ones, are planning to go to court as well as move CCI as they fear that Walmart could bring multiple private labels in India and flood the e-commerce platform with its own products.
A senior official of India Post at Kolkata General Post Office told PTI that since e-commerce is a sunrise industry, it is trying to earn higher revenue in the region by involving local traders and business houses.
Beauty, Nykaa's founder Falguni Nayar realised, is a very long-tailed business and with e-commerce picking up in India, it seemed like a good idea to venture into.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
The leaders of the two countries "discussed the main aspects of bilateral cooperation and exchanged views on current regional topics, including developments in South Asia," said a brief statement issued by the Russian President's office - Kremlin.
Work on a dozen decisions to start by next week.
Being organised by the US Department of Commerce, International Trade Administration, US and Foreign Commercial Service, in partnership with the US Department of Energy and US Agency for International Development, the Energy Efficiency Trade Mission would travel to New Delhi, Mumbai and Chennai from November 16 to 20.
The Jammu and Kashmir administration is planning to set up India's best mythological theme park near the famous Vaishno Devi shrine in Reasi district and has sought investors for the project, officials said.
December 2022 could be the last Christmas for Santha Bakery, a business drawing its lineage from the first Christmas cake baked in Kerala.
Singapore continued to be the largest source of FDI in India followed by Mauritius, the US, the Netherlands and Japan.
State and UT governments have been given the flexibility to take a decision on re-opening of schools and coaching institutions after October 15 in a graded manner.
Before he came to the US, he also held senior positions internationally for Levi-Strauss & Co, Unilever and the Colgate-Palmolive Company.
In a major expansion into sportswear and lifestyle wear segment, the Kumar Mangalam Birla-led Aditya Birla Fashion & Retail has signed a long-term licensing agreement with Authentic Brand Group of New York, which has the marketing and branding rights of Reebok, to run the operations of the global sportswear, athletic and lifestyle major in the country and ASEAN markets. The new agreement between the largest domestic multi-brand fashion retailer and Authentic Brand is an extension of their existing relationship as ABFRL already markets and sells some ABG brands like Forever 21. The agreement follows the global transfer of ownership of the Reebok brand from Adidas to ABG, which is expected to close in the first quarter of 2022.
As India looks to mend its Covid-battered economy, one thing that will grab the attention of all concerned is the path that both wholesale and retail inflation will follow. Even the Reserve Bank of India in its latest policy statement said, "Going forward, the inflation trajectory is likely to be shaped by uncertainties impinging on the upside and the downside.
'Why is the government asking parents to be careful rather than coming up with strict rules and regulations for the companies?'
White House Press Secretary Kayleigh McEnany told reporters that US President Trump is frustrated with China.
Trump said the spread in the United States of mobile applications developed and owned by the companies in China continues to threaten the national security, foreign policy, and economy of the country.
With the US Department of Commerce finding that $514 million of Chinese aluminium products imported in 2009 were unfairly subsidised, a key Senator has alleged that China continues to manipulate its currency.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
MAG was constituted by Department of Electronics and IT in February 2014.
DIPP's proposal is believed to have the support of the ministry of consumer affairs, food and public distribution and was originally mooted by the Forward Markets Commission.
Prominent e-commerce marketplace players include Amazon.in, Flipkart, Snapdeal, Paytm, Shopclues and Jabong
The senate banking committee and commerce committee approved Kumar's nomination, which was buoyed by a rousing introduction of Kumar by Senator Robert Menendez of New Jersey, where Kumar has resided since 1993, and it's now the full senate that has got to vote on his nomination, and sources said he could be in place in his job at commerce by late this month or early March.
Trinamool Congress Member of Parliament Saugata Roy has resigned as adviser to the West Bengal government's Commerce, Industries and IT Ministry over alleged differences with Chief Minister Mamata Banerjee.
The United Nations Media Department on Thursday made a faux pas when it identified Commerce and Industry Minister Anand Sharma as his Cabinet colleague Kamal Nath.
Many argue there's a mismatch between Prime Minister Narendra Modi's focus on international exposure and his government's diktat to officials on limiting travel.
Deputy Chief Minister and NCP leader Ajit Pawar said farmers as well as the NCP and other parties are opposed to the new bills. "Farmers think that the laws are not beneficial for them. There was no hurry (to pass them)," he said.
Union Commerce Minister Nirmala Sitharaman said she will pursue the matter with the finance ministry
