The Centre on Friday said it will sell 'Bharat Rice' in the retail market at Rs 29 per kg from next week to give relief to the common man and has also directed traders to disclose rice/paddy stock, as part of its efforts to control prices that have risen by around 15 per cent in the last one year. In a press conference, Union Food Secretary Sanjeev Chopra exuded confidence that these two measures along with the various restrictions of exports will help in cooling down the prices. Seeking to dispel market rumours, he categorically said the government has no plans to lift restrictions on rice exports any time soon.
Move could delay FDI liberalisation in the sector.
In the national capital, onion prices were ruling at around Rs 40 per kilogram.
Upset over objections raised by the government on their Rs 21-crore (Rs 210 million) proposal to launch a global Basmati promotion campaign featuring Bollywood star Shahrukh Khan, rice exporters will present their case before the commerce ministry.
Exports in June rose by 23.52 per cent to $40.13 billion while the trade deficit ballooned to a record level of $26.18 billion mainly due to jump in gold and crude oil imports, the government data said on Thursday. The country's export growth in May was 20.55 per cent. Imports expanded by 57.55 per cent to $66.31 billion in June compared to the year-ago month, the data showed.
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
The country's exports declined marginally by 0.8 per cent to $26.89 billion in December 2020, due to contraction in sectors like petroleum, leather and marine products, according to preliminary data released by the commerce ministry on Saturday. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6 per cent to $42.6 billion, the data showed. Export in December 2019 was $27.11 billion, while imports stood at $39.5 billion.
After 100% FDI, DIPP has put a condition an e-commerce entity will not be permitted more than 25% of sales through its marketplace from one vendor or their group companies
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Even as the government today gave Saurabh Chandra, secretary, department of industrial policy and promotion (DIPP), the additional charge of secretary, Department of Commerce, Dinesh Kumar Mittal has emerged as the front runner for the post.
India's exports rose by 22.36 per cent to $33.81 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the trade deficit widened to $21.19 billion, according to preliminary data released by the commerce ministry on Wednesday. Imports during the month too jumped by about 35 per cent to $55 billion, with inbound shipments of petroleum and crude oil surging 66.56 per cent to $15 billion. The trade deficit -- the difference between imports and exports -- stood at $13.12 billion in February 2021.
The total incentive outgo under the ambitious production-linked incentive (PLI) scheme is estimated to be less than Rs. 40,000 crore by the fiscal year 2024-25 (FY25), when it completes the fourth year of implementation, according to the government's internal estimates. This means only a fourth of the allocated Rs 1.97 trillion is expected to be utilised by the end of FY24, indicating that not all the 14 PLI schemes would have taken off fully. While three of the 14 schemes - large-scale electronics manufacturing, bulk drugs, and medical devices - were introduced in 2020, the remaining were launched the following year.
Defending its policy of liberalising foreign direct investment in retail, the government confirmed that it would go ahead with its plan to expand its ambit.
Such a high level of WPI was last recorded in October 2012, when inflation was 7.4 per cent.
Wholesale price-based inflation rose to an eight-month high of 0.26 per cent in November, driven by a sharp jump in food prices, especially onion and vegetables. The WPI inflation was in the negative or deflationary zone for the past seven months since April and was at (-)0.52 per cent in October. The last positive WPI inflation was recorded in March at 1.41 per cent.
The chamber has sought clarity from government to remove uncertainty among businesses
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
Reliance Industries chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
A policy was introduced on 1 January 2000 to set up special economic zones in India to provide an internationally competitive environment for exports.
Floats discussion paper for stakeholders' feedback with a deadline of January 28.
Gold imports, which have a bearing on the current account deficit (CAD), plunged 57 per cent to USD 6.8 billion (around Rs 50,658 crore) during the first half of this fiscal amid a slump in demand due to the Covid-19 pandemic, showed data by the commerce ministry.
Prime Minister Narendra D Modi's itinerary for his June 21-24 US visit could include an address to a fledgling business advocacy group, the US-India Strategic Partnership Forum.
Union commerce ministry will make efforts to remove hurdles at the Indo-Pakistan border in the way of tea trade, a top government official said in Coonoor on Saturday.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
The country's exports rose by 23.69 per cent to $34.06 billion in January on healthy performance by engineering, petroleum and gems and jewellery segments even as trade deficit widened to $17.94 billion during the month, according to provisional data of the commerce ministry. Imports in January grew by 23.74 per cent to $52.01 billion, the data, released on Tuesday, showed. Trade deficit widened to $17.94 billion during the month as against $14.49 billion in the same month last year.
For the consumer, there would be practically no impact on prices of essential medicines this year.
According to the Morcha, the demands which Delhi Chalo has been called include: MSP should be guaranteed as per C2+50 percent formula and, as promised, a law should be made to guarantee it; all the farmers should be made debt free, and all agricultural loan must be waived.
The big boys of India's traditional retail have finally come together to fight the onslaught of their online counterparts.
The grievance redressal mechanism of many big e-commerce players is not up to the mark as the number of complaints received by the National Consumer Helpline has risen sharply over the last four years, Consumer Affairs Secretary Rohit Kumar Singh said on Thursday. Addressing an event organised by the Public Affairs Forum of India (PAFI), Singh said the number of complaints registered on the National Consumer Helpline (NCH) has gone up to 90,000 in November compared to 40,000 in the same month last year. "Four years back, the number of complaints pertaining to e-commerce transactions was 8 per cent of the total complaints.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
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Government seeks stakeholders' comments by Jan 30 on discussion paper.
As part of efforts to boost exports to the Commonwealth of Independent States, the government is likely to unveil a Focus-CIS programme in the forthcoming Exim Policy.\n\n\n\n
Imports too declined by 8.83 per cent to $38.61 billion, bringing down the trade deficit to $11.25 billion during the month under review.
Commerce ministry monitoring remedial measures to promote exports in key markets.
The Indian Navy has deployed task groups comprising frontline destroyers and frigates in the central and north Arabian Sea and augmented its force levels in the region to undertake maritime security operations in view of recent attacks on commercial vessels in key shipping lanes.
Anand Sharma, Union Commerce Minister, crossed over to Pakistan early Monday morning with a large delegation comprising of officials of his ministry, members of the trade chambers and journalists to launch India show in Lahore where goods from India would be displayed for the visitors who are keen to buy them.
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. The expansion in August is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August, the data showed.
The commerce ministry has sought a review of foreign direct investment policy in the pharmaceutical sector, in the light of recent takeovers of domestic companies by multinationals.
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