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.
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.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
The study has been conducted by Ernst & Young on behalf of EEPC-India, the apex body of engineering goods exporters.
Also considered as a green initiative, it would help the units reduce transaction cost and time.
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.
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.
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The Railway Budget is likely to be presented in the second week of July.
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.
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.
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.
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.
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.
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
"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.
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 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.
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.
E-commerce players may soon rent out drones, so you can use them the way you book a cab on an app, and test viable use-cases for last-mile delivery.
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.
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.
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.
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.
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.
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.
To tap into the growing demand for offices, several global and Indian co-working entities are creating stock in the top cities.
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 commerce ministry will put up a note to the Cabinet for 100% FDI in speciality retail like electronics, building equipment etc.
The government on Wednesday unveiled the FTP for 2015-20.
The reshuffle could take place before the start of the winter session of Parliament.
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.
