The ministry also expects the pace of job losses in export-oriented units to slow down in the coming months.
The Union ministry of food and consumer affairs proposes to insert a new clause in the fresh discussion note for the Cabinet on allowing foreign direct investment (FDI) in multi-brand retail.
The government has been gearing up to place tighter restrictions on the import of 371 items - ranging from toys and plastic goods to sports items, and furniture worth $127 billion.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
Argentina has assured India that it will resolve the issue of restrictions on import of Indian drugs to the Latin American country.
Development commissioners have been asked to forward proposals regarding SEZs along with their comments at the earliest so that they could be deliberated over at the meeting, it said.
The aviation minister, Ajit Singh, on Tata-Air Asia joint venture
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
Riniki Bhuyan Sarma, the wife of Assam Chief Minister Himanta Biswa Sarma, has filed a Rs 10 crore defamation suit against Congress MP Gaurav Gogoi for 'false' allegations of irregularities in a food processing project.
Major portfolios like home, finance and education were on Tuesday allocated to People's Democratic Party ministers by Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed who will himself hold the charge of home ministry.
The Centre will invest around Rs 200 crore over five years for the exploration and development of these mines.
Wholesale inflation rate eased to 34-month low of (-) 0.92 per cent in April on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation has been on a declining trend for 11 months in a row and entered the negative zone in April. In June 2020 WPI was at (-) 1.81 per cent.
Concerned over decline in gold exports from SEZs following ban on its trading, the government has allowed units in these zones to export gold items after a minimum value addition of 3 per cent.
A joint economic group comprising commerce ministers of India and China is scheduled to meet in the first week of April to discuss the proposed India-China Free Trade Agreement (FTA), a commerce ministry official said today.
While the directorate general of foreign trade has completed consultations with the industry and exporters, it will start interacting with the different ministries like agriculture, finance, micro, small and medium Enterprises, steel and environment. Revenue department in the finance ministry holds the key for extending benefits to exporters who are facing the brunt of recession in several major economies.
Tata Group is set to become India's first homegrown iPhone maker after Taiwan's Wistron Group agreed to sell a plant in Bengaluru to India's largest conglomerate. Wistron's board approved the sale of Wistron InfoComm Manufacturing (India) Private Ltd to Tata Electronics for $125 million, the Taiwanese electronics manufacturer said in a statement on Friday. The unit operates an iPhone assembly plant near Bengaluru.
Imports, too, grew by 41.8 per cent to $38.4 billion in August, translating into a trade deficit of $14 billion during the month, as per the data.
There is a significant difference of opinion within the government on the draft e-commerce rules put out by the consumer affairs ministry, a top government official said on Wednesday and flagged concerns that continuous change of the policy causes a great deal of uncertainty. The official said that unnecessary fear is created that the government's current e-commerce policy is hurting small traders. "There is a significant difference of opinion within the government on the draft Consumer Protection (e-commerce) Rules put out by the consumer affairs ministry... Continuous change of the policy causes a great deal of uncertainty," the official said on the condition of anonymity.
The case has been registered against entities such as the Halal India Private Limited Chennai, Jamiat Ulama-i-Hind Halal Trust Delhi, Halal Council of India Mumbai, Jamiat Ulama Maharashtra and others for allegedly exploiting religious sentiments to boost sales by providing halal certificates to customers of a specific religion, the UP government said in a statement on Saturday.
The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Exports growth was lower in April compared to the robust growth of 54 per cent in March.
'People are willing to face temporary inconvenience as they are determined to support PM Modi's crackdown on black money,' Commerce Minister Nirmala Sitharaman tells Archis Mohan.
The Commerce Ministry on Friday proposed revamp of the SEZ policy to address issues concerning land acquisition and boost exports with a view to bridge the widening trade deficit.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
This is its lowest level since August 30
The Central government has finalized a financial relief package for 33 closed tea gardens across the country, Minister of State for Commerce Jairam Ramesh said on Friday.
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A loss of revenue from liquor sales will have to be compensated through increased landing and parking charges on airlines, which, in turn, will pass on the cost to flyers.
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
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.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
The farm sector's contribution to Indian economy is just around 20 per cent and rural India is in a shambles.
India largely exports pharmaceutical products, minerals, plastics, cotton, garments, iron and steel.
While no reason has been given for postponement of the BoA meeting, commerce secretary Rahul Khullar is indisposed, an official said.
The study has been conducted by Ernst & Young on behalf of EEPC-India, the apex body of engineering goods exporters.
In a bid to enhance the country's share in global services exports, the government is working out a package to unleash reforms in the sector apart from bringing about regulations for all listed services.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
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