The government on Monday extended till July 21 the deadline for public comments on proposed amendments to the Consumer Protection (e-commerce) Rules, 2020. Earlier, the last date for public comments on the draft e-commerce rules was July 6. "It has now been decided to extend the timeline for receipt of comments/ suggestions on the draft e-commerce rules. "Views/ comments/ suggestions on the proposed amendments may be sent by July 21, 2021," a government notice said.
Amid domestic traders continuously complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Friday said the ministry will "very shortly" come out with certain clarifications on the e-commerce sector. Goyal said the ministry is not changing any policy on e-commerce for foreign direct investment as the policy is crystal clear. "We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he told reporters in New Delhi.
Lakhs of jobs are at stake.
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.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
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
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 inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
Even as the bilateral relationship between the two neighbouring countries remains hostile, there is growing coordination between India and Pakistan on one multilateral forum - the World Trade Organization (WTO). Both countries have made two joint submissions at the WTO as co-sponsors in the past two months. In June, Pakistan joined India, Cuba, and 44 African countries, seeking sufficient flexibility in intellectual property rights for developing countries to fight the Covid-19 pandemic.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
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.
In a statement, the state government alleged 'malicious attempts' to discourage the use of products lacking a halal certificate not only seek 'unfair financial benefits' but also form part of a 'pre-planned strategy to sow class hatred, create divisions in society, and weaken the country' by "anti-national elements".
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.
The government has notified new rules to enforce Intellectual Property Rights at the imports stage. The notifications prohibiting import or export of goods that infringe on IPR have also been issued.
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.
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
The long awaited-resumption of border trade between India and China through the Nathu La pass in Sikkim has been finally set for June 30.
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 electronics and software export promotion body has requested the commerce ministry for support schemes for boosting exports in view of the severe global export constraints.
An empowered group of ministers had effected on April 5 major changes in SEZ rules, also setting the 5,000 hectare cap.
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.
Despite all official assurances, the path towards a free trade agreement (FTA) between India and the European Union (EU) this year remains ambiguous, as both sides are unwilling to relax their stand on the biggest stumbling block - the issue of "data exclusivity".
Job-oriented sectors such as tea, cashew, apparel, carpets, leather, textiles and handicrafts continue to face weak demand in traditional markets such as Europe and the US.
India's exports are expected to touch $360 billion in the current fiscal from $312.35 billion in 2013-14, Federation of Indian Export Organisations (FIEO) said.
According to the data released by the Commerce Ministry on Wednesday, exports during the April-June quarter of 2012-13 fiscal dipped by 1.7 per cent to $75.2 billion, from $76.5 billion in the same period last fiscal.
IT major Wipro has proposed to establish a software economic zone in Kolkata, according to a top government official.
India and Pakistan agreed last year on a number of steps aimed at increasing bilateral trade.
Agriculture Minister Sharad Pawar on Thursday favoured a compensation policy that ensures adequate return to farmers for giving up land holding rights in favour of any upcoming special economic zone project.
Cumulative exports during April-August of 2017-18 rose by 8.57 per cent to $118.57 billion
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.
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