The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
'Within India, people want high-quality, personalised banking services, and the demand for such services has exploded.'
Trade enhancement is not about lowering tariff barriers, but dismantling such regulatory barriers.
Trump said the US would "never forget" what "they" (China) did to the country.
India decided last week not to ratify WTO's Trade Facilitation Agreement.
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The ministers also expressed concern over the slow pace of global economic recovery and stressed that 'the uncertainty regarding economic growth and policy responses in developed countries could lead to increased volatility in financial markets and further affect the international economy'.
India said on Tuesday it was investigating US policies supporting solar panel makers, the latest move in an escalating row over renewable energy that has worsened already strained ties between the two countries.
'Every type of deal that US government officials were privately indicating 'hope' to have included a few months back made it in.'
That is bad news for officials taking part in discussions at the International Monetary Fund and World Bank meetings this week.
At the meeting of the 160-member World Trade Organisation in Geneva on Friday, India demanded a halt to the trade facilitation timetable till a permanent solution on public stockholding for food security is found.
New foreign trade policy to stress manufacturing exports.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
The Delhi high court on Friday awarded Rs 20 lakh to Microsoft in damages in a 12-year-old copyright infringement suit. Microsoft said that a Mumbai-based firm was illegally using its software programs in which its copyrighted products, including Microsoft Windows, Microsoft Office and Windows Server were being reproduced and used for commercial purposes at the firm's offices. The court had on May 24, 2010, passed an injunction restraining the Mumbai firm from infringing the plaintiffs' software programs.
For the first time in the last eight years, India would not have any representative for the post of deputy director general.
Why can't the Indian government propose to the Chinese a corridor circumambulating the Holy Mountain where people from both sides could perform the yatra again? asks Claude Arpi.
India may not be prepared to meet US demands, say experts
Time's profile of Modi says that in its 74 years as an independent nation, India has had three pivotal leaders -- Jawaharlal Nehru, Indira Gandhi and Modi. "Narendra Modi is the third, dominating the country's politics like no one since them."
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.
'Trump's disregard for norms and institutions could prove very costly for America's social fabric.'
Agreement 'endorsed' by members and being legally vetted but will be part of the main Doha agenda only after a tenuous process.
In April, the 28-member European Union had temporarily banned the import of Alphonso mangoes and four vegetables from India from May 1.
In days of smart, networked technology and no shame over collateral damage, what will blow up next -- cars, mobile phones, TV sets, refrigerators? And where?, asks Shyam G Menon.
Out of India's total merchandise trade of $641 billion in 2015-16, Pakistan accounted for a meagre $2.67 billion
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
'Its people are either victims of corruption or witnesses to it.'
Prime Minister Narendra Modi on Thursday called for reforming the World Health Organisation and streamlining its approval process for vaccines and therapeutics, and favoured making flexible the WTO's rules relating to trade-related aspects of intellectual property rights.
The commerce ministry has recommended the continuation of anti-dumping duty on a Chinese chemical used in food and pharma industry with a view to guard domestic players from cheap imports. In a notification, the ministry's investigation arm, the Directorate General of Trade Remedies (DGTR), has said there is a "positive" evidence of likelihood of dumping of Sodium Citrate and injury to the domestic industry if the existing anti-dumping duty were to be removed.
The meet will see Goyal batting for structural reforms at the WTO, where India has repeatedly called for reforms, especially in the dispute resolution mechanism that has effectively been held hostage by the US.
A global trade union for construction workers that has criticized labour conditions in Qatar will inspect soccer stadiums being built for the 2022 World Cup in the Gulf Arab state.
'There is not any negative connotation associated with it.'
Moody's Investors Service has warned that India, along with the Philippines, Thailand, and Vietnam are highly vulnerable to volatile food and energy prices in the Asia-Pacific region as the Russia-Ukraine conflict continues to disrupt supplies and raise the cost of agricultural products, especially cereals and vegetable oils, as well as fertilizers and other agricultural inputs. This is so because these countries have a higher weighting of energy and food prices in their consumer price index (CPI) baskets, Moody's said in its report released on Tuesday. The weighting of energy and food in overall Indian CPI stands at over 55 per cent.
According to Ajai Sahai, director-general and CEO of Federation of Indian Export Organisations, rising cases are a cause for concern as it adds to the uncertainty and may impact exports.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
In an interaction with a group of Indian journalists, the three-time prime minister and president of the ruling Pakistan Muslim League-N described Jaishankar's visit as a "good opening" and said both sides should now engage and move forward.
A day after lambasting e-commerce players for predatory pricing, Union Commerce Minister Piyush Goyal on Thursday said he is not against online platforms but India wants such entities to be "fair and honest" in their conduct. Speaking with reporters in the financial capital, the outspoken Union minister said the rule of the law should be followed in letter and spirit, and made it clear that consumer preferences should not be influenced by algorithms.
Foreign direct investments into the country is on the rise, jumping to $12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said on Monday. He also said the government is working on a mission mode to achieve exports target of $400 billion in 2021-22. "India has received the highest ever FDI inflow in 2020-21. "It surged by 10 per cent to $81.72 billion and FDI during May 2021 is $12.1 billion, i.e. 203 per cent higher than May 2020," he said while addressing a meeting of different industry associations on promoting exports.
Close on the heels of Boeing's defence of India to the US International Trade Commission's investigation into India's trade, investment and industrial policies, IBM has also sprung to New Delhi's defence in an otherwise sea of criticism of India's violations of intellectual property rights, local content requirements, among other issues of concern to US business and industry.
The US president alleged that China had been indulging in tremendous intellectual property theft worth hundreds of billions of dollars on a yearly basis.
The decision preceded long hours of tense negotiations and last minute hiccups from Argentina and Pakistan
