Also considered as a green initiative, it would help the units reduce transaction cost and time.
The government, in February, had released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
Exports grew by 22.5 per cent to $16.64 billion in August compared to the same period last fiscal, a senior Commerce Ministry official said on Wednesday.
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The Railway Budget is likely to be presented in the second week of July.
However, the ministry of law opined that though there is no specific provision in the SEZ Act and Rules, the power to notify includes power to de-notify also, sources said. Industry experts said that the SEZs which are finding it difficult to continue should be allowed to quit.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
China on Wednesday said it would levy anti-dumping tax on chloroform imported from India, the US, European Union and South Korea ranging from 32 to 96 per cent for the next five years.
"The 46th meeting of the BoA on SEZs to consider proposals for setting up of SEZs and other miscellaneous requests is scheduled to be held on May 31," it said.
The reshuffle could take place before the start of the winter session of Parliament.
Till such time as the study is complete, the plan to allow 51 per cent foreign direct investment in speciality retail sectors such as consumer electronics and sports goods has been put on hold.
The value of India's foodgrain imports increased by over 28 times to Rs 17.66 crore (Rs 176.6 million) in April, vis-a-vis the corresponding period a year ago, as per the latest data from the commerce ministry.
Figures compiled by the Directorate General of Commercial Intelligence & Statistics, under the commerce ministry, showed India's iron ore exports jumped a whopping 157 per cent to 121 million tonnes in 2012-13, compared with 47 million tonnes a year ago.
In one of its many arguments, North Block has maintained that direct tax exemptions may be viewed as a subsidy by importer countries, which may then impose countervailing duties on exports from Indian special economic zones. The issue is pending with the empowered group of ministers on special economic zones headed by External Affairs Minister Pranab Mukherjee.
To tap into the growing demand for offices, several global and Indian co-working entities are creating stock in the top cities.
The inflow in December 2008 is lower compared to $1.55 billion FDI the country received in the same month in the previous fiscal. The country has set a target of $35 billion for FDI in the current fiscal.
Lower minimum area of land required for multi-product SEZs to 250 hectares from 1,000.
India Inc has couter attacked claims by US presidential candidates about the drain of jobs from US to India.
The government's announcement to fund fashion initiatives is likely to provide a fillip to this largely unorganised sector.
The eGoM on SEZ, headed by External Affairs Minister Pranab Mukherjee could not meet since January 2007, as controversies and violent protests broke out on the issue.
However, the board of approval in the commerce ministry asked the DLF to return all the tax sops it had taken from the Centre before its SEZs in Gujarat, West Bengal, Orissa and Haryana could be denotified. The BoA, headed by commerce secretary G K Pillai, also allowed more time to the K Raheja group to build its tax-free zones in Goa, Hyderabad and Navi Mumbai, an official said.
The government on Wednesday unveiled the FTP for 2015-20.
Kumar, a 1992-batch Indian Administrative Service officer of Tamil Nadu cadre, is currently an additional secretary in the ministry of electronics and Information Technology.
The commerce ministry will put up a note to the Cabinet for 100% FDI in speciality retail like electronics, building equipment etc.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
The 30-share Sensex rose 265.65 points to end at 20,249.26 and the 50-share Nifty gained 79.05 points at 6,007.45 levels.
The broader markets ended higher with mid-caps and small-caps adding 0.5-0.8 per cent on the BSE.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
The Commerce Ministry is set to unveil the annual review of the Foreign Trade Policy on April 11. It would not be exports alone which would be the focus, but steps to ease imports are also likely to give a boost to supply of essential commodities.The government is facing political pressure from many quarters, including the Left parties, to check the rising prices within a couple of weeks.
In a move aimed at checking the revenue loss stemming from Indian shoppers purchasing luxury brands abroad, the government on Friday said it could rationalise import duties."India has high tariffs and we recognise that if you go abroad and buy, then it is a revenue loss for India. So we are working on both duties and countervailing duties," Union Commerce Minister Kamal Nath said.
The commerce ministry is currently firming up the annual supplement to the FTP, which is likely to be unveiled in April. Referring to the export performance during 2007-08, Commerce Minister Kamal Nath said, actual export was likely to remain short of the target of $160 billion. The exports during the year were likely to reach a level of $152-155 billion, he added.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
India will take up with Argentina the import restrictions imposed by it, as they have implications on the country's shipments to the Latin American nation, a top Commerce Ministry official said.
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.
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