The government on Wednesday unveiled the FTP for 2015-20.
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.
India's overall imports from Taiwan during April-February rose by 34 per cent to $7.5 billion.
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 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 commerce ministry will put up a note to the Cabinet for 100% FDI in speciality retail like electronics, building equipment etc.
India's exports grew by 67.39 per cent to $32.21 billion in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according government data released on Wednesday. Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion, the commerce ministry's preliminary data showed. Imports in May rose by 68.54 per cent to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $46.68 billion.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
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.
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.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
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.
India's climate change goals are turning combustible. On the one hand, a protracted dispute between the government and manufacturers over subsidies threatens to slow the pace of electric vehicle (EV) sales. On the other hand, repeated assertions by different arms of the government over banning sales of new fossil fuel-fired vehicles have queered the pitch for energy investments. Before we address the issue of the recommended diesel vehicle ban in the recent report on energy transition, issued months before the next round of global climate talks begin in Dubai in November, let's look at what's at stake.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
Lakhs of jobs are at stake.
The project, the agreement for which was signed way back in 2009, had been gaining strategic relevance over the years as India-China ties took a hit.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
Pakistan desires the "negotiated settlement" of all issues with India, Prime Minister Yousuf Raza Gilani on Tuesday said adding both countries should stand by each other and share happiness and grief.
The commerce ministry has consented to 10 per cent disinvestment in MMTC that can fetch the government Rs 17,000 crore (Rs 170 billion)at present valuation.
According to data released by the commerce and industry ministry, exports stood at $25.01 billion in the month. The fall is only the second time exports contracted in the past year.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
The inflation rate inched closer to 7%. the government has started pulling out all stops to boost domestic supply situation by withdrawing incentives on export of at least 40 items, including steel, cement and non-basmati rice. The Commerce Ministry withdrew or temporarily suspended the tax refund scheme - Duty Entitlement Pass Book. Besides measures to discourage exports, the government is considering more fiscal steps to improve supplies and rein in inflation, he indicated.
Some new sectors in which the commerce ministry has proposed to allow foreign direct investment (FDI) are credit information companies and commodity exchanges. The ministry is in favour of allowing up to 49 per cent FDI proposed in both these sectors. In proposing to open up the commodity sector, the ministry has said that FII investment be limited to 24 per cent, with a condition that a foreign investor cannot hold more than 10 per cent equity in the investing companies
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
Finance Minister P Chidambaram is expected to extend a relief package for leather and textile exporters, who are hit by the rupee appreciation, as demanded by the commerce ministry.
Wholesale price-based inflation rate fell to a 3-year low of (-) 3.48 per cent in May on easing prices of food, fuel and manufactured items, strengthening the case for continuing with the pause in rate hike in the coming months of the current fiscal. This is the second straight month when WPI has been in the negative zone mainly on account of a higher base and falling prices of fuel and manufactured goods. Food prices also eased during May. In May, 2022 WPI inflation was at 16.63 per cent. Last month, it was (-) 0.92 per cent.
The drafts or rules are prepared by Directorate General of Safeguards and it is to be issued by Finance Ministry in consultation with commerce ministry. The government may impose safeguard duties, which could be as high as more than 100 per cent, after thorough investigations confirm that import surge is leading to 'serious injury, market disruption' to domestic industry.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Lahore High Court Chief Justice Sheikh Azmat Saeed on Friday directed the Commerce Ministry and Film Censor Board to file their replies to the petition filed by film producer Kamran Ijaz.
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