South Asia Free Trade Agreement will come into effect from January 2006, Lok Sabha was informed on Tuesday.\n\n
Foreign direct investment inflows to India increased by 67.6 per cent year-on-year to $2.38 billion in the first six months of the current fiscal ended September 30.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
Taking a dig at those opposing the ongoing economic reforms in the country, Union Commerce and Industry Minister Arun Jaitley has said the post-liberalisation gains were overlooked in the prevailing ''syndrome of cynicism''. \n\n\n\n
The government will treat sales from domestic tariff area to Special Economic Zones as exports in a bid to attract more foreign direct investment, which could turn out to be an engine of growth.
Riding high on the prospects of a bullish Indian economy, the government has set a target of $92 billion for merchandise export for the current fiscal and said the high trade deficit seen in April was "not a matter of concern."
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.
He said it is indicative of the Indian economy's strength as a rich knowledge base.
The government on Tuesday said the surge in imports during the first quarter of 2003-04 posed no concerns and the increase was mainly due to the rise in industrial production.
To further encourage the country's huge export growth of over 20 per cent this fiscal compared to last year, the Centre has embarked on "total simplification" of the procedures by this year end.
The government on Monday said the import of sensitive items in the first 8 months of the current financial declined by 0.5 per cent over previous year.
The appreciating value of the Indian rupee against the US dollar is unlikely to have any major impact on Indian exports, Union Commerce Minister Arun Jaitley said on Monday.
The stormy second part of Budget Session continues. Both houses of Parliament have been facing continuous protests by opposition parties over issues like fuel price hike.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
Commerce minister makes strong case for food subsidy to poor.
On September 7, the trade unions have called a dawn to dusk bandh to protest against rise in price of daily commodities and, once again, fuel price hikes.
The number of internet users in rural India increased 18 percent last year, faster than growth in urban areas and continuing a trend that started two years ago. Internet users in urban India increased 5 percent in 2021. Rural India has 351 million users, or 37 percent of people there, according to a report by the Internet and Mobile Association of India (IAMAI) and data analytics company KANTAR.
The move is aimed at dealing with any possible emergency situation on account of a spurt in coronavirus cases.
India and Australia would now implement the free trade agreement on a mutually agreed date as the Australian Parliament on Tuesday approved the pact between the two countries. "BREAKING: Our Free Trade Agreement with India has passed through parliament," Australian Prime Minister Anthony Albanese said in a tweet. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needed ratification by the Australian parliament before its implementation.
The senior most among the five judges, whose names were officially announced by the Centre on Saturday, is Justice Mithal whose parent cadre is the Allahabad high court.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
In the first nine months of financial year 2022-23, India's exports of medical devices have grown by 17 per cent, while imports have declined by around 8 per cent, show the latest data compiled by the Association of Indian Medical Device Industry (AiMeD). However, import of 30 medical devices from China has risen between 25 per cent and 152 per cent during this period, the AiMeD has written to Commerce and Industries Minister Piyush Goyal in March. The AiMeD is an umbrella organisation of medical device makers.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
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Maharashtra Congress accused the govt of being biased against the state, and claimed that it was planning to reduce the importance of Mumbai as the financial capital.
E-commerce sites like Amazon, Flipkart and Snapdeal have to ensure that the country of origin is displayed on imported products sold on their platforms, the Centre told the Delhi high court on Wednesday.
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
'The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India's economic prowess,' Prime Minister Modi said in a tweet.
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
Union home secretary Ajay Bhalla issued an order excluding the non-essential items from sale by the e-commerce companies from the consolidated revised guidelines, which listed the exemption given to the services and people from the purview of the lockdown.
India doubled its exports of smartphones to $11.1 billion (about Rs 91,000 crore) in 2022-23 (FY23) over the previous year's figure of $5.48 billion (Rs 45,000 crore), thanks largely to the Apple juggernaut, according to data from the India Cellular and Electronics Association (ICEA). Union Minister for Communications, Electronics & IT Ashwini Vaishnaw said: "With the doubling of exports of smartphones to over Rs 90,000 crore, India is well on its way to becoming a leader in the global mobile device market." On the flip side, despite the government prodding Chinese companies to export more, their smartphone shipments fell steeply by 26 per cent from $214 million in FY22 to $157 million in FY23.
Here's a recap of events that occurred in India in the past 24 hours.
Yuan's fall would worsen India's trade deficit with China.
When asked about a social media campaign to boycott Indian products in the wake of the row, the minister said he has not heard of any such thing.
