India's merchandise exports are likely to surpass the target of $126 billion during 2006-07, if the first quarter growth is sustained, Commerce Minister Kamal Nath has said.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
Exports stood at $23.6 billion in April last year, according to data released by the Commerce Ministry in New Delhi on Friday.
In September, 2010, the country's outbound shipments were valued at $18.2 billion.
Telecom firms earning foreign exchange on incoming overseas calls, Internet services and rentals from cable networks are not entitled to duty sops under an export promotion scheme, says the government.
'There is a need for a national task force with a singular objective to increase automotive exports.'
The items prohibited for import into India from the neighbouring country would include chocolate and chocolate products, candies, confectioneries and food preparations with milk as an ingredient.
The government has constituted a high-powered committee, headed by Planning Commission Member NK Singh, to set new guidelines for regulating film financing.
The government will announce the annual Foreign Trade Policy on April 8, which will aim at giving a boost to exports of pharmaceutical, auto components and services.
Imports grew at a faster rate of 20.25 per cent to $40.1 billion.
The commerce ministry has mandated bar coding on all medicine packs meant for exports from July 1, to trace and track these medicines to its source of origin. The move is in response to quality concerns raised against Indian drugs by some African countries.
Breaking its silence on reports that Chinese telecom equipment makers are being banned in India on security reasons, Beijing on Monday urged New Delhi to remove restrictions and said such curbs amount to discrimination.
The broader NSE Nifty too advanced 50.70 points, or 0.43 per cent, to close at 11,941.30.
The next Budget is likely to see significant changes in the duty structure for the gems and jewellery sector
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.
There was a wide fluctuation in the growth rate for exports when the basis of comparison was changed from provisional-to-provisional to provisional-to-provisionally revised or final.
For the purpose the ministry will rope in the private sector companies to give a boost to Indian tea abroad.
Scores of leading SEZ promoters, including Infosys Technologies, CMC Ltd, Hindalco Industries, NIIT Technologies, HCL Technologies, Orient Craft Infrastructure, L&T Phoenix Infoparks and K Raheja Corp, have sought more time from the Board of Approval, which is meeting in New Delhi on June 2.
According to industry experts, there are more than 10,000 drug manufacturers in the country and most of them are small-sector units operating in the generic segment. With a large number of drugs going off-patent in developed markets like the US and Europe, Indian companies are expected to garner a lion's share in the segment.
Is Guar the next commodity that is likely to be banned by the Forward Markets Commission?
With the abolition of the Foreign Investment Promotion Board (FIPB), Amazon's proposal will now be vetted by the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry.
China which recently emerged as the world's second largest economy has now become the fifth biggest global investor even as Foreign Direct Investment into the country is set to cross $100 billion this year.
India may get its first unicorn this year as Zepto, which promises 10-minute deliveries, is in talks to get fresh funding that would take the start-up's valuation past $1 billion. The quick-delivery firm is looking to raise $150 million in a series E round, which will take its valuation to $1.3 billion. The round will be led by StepStone Group, a limited partner (LP) of Zepto's existing investor, Nexus Venture Partners, said media reports.
The Department of Industrial Policy and Promotion in the commerce ministry has asked state governments and central ministries to re-examine and streamline existing procedures, so as to provide a hassle-free environment for business.
The economy clocked a robust 7.9 per cent growth in the second quarter, catapulted by a stimulus packages-powered strong industrial growth. And, manufacturing grew by 9.2 per cent against 5.1 per cent in the year-ago quarter.
India's exports are growing at 20 per cent an year and will cross the target of $92 billion set for 2005-06, according to the annual report of the commerce ministry released on Thursday.
The Directorate General of Foreign Trade said in a directive that telecom operators will have to refund the duty sops availed under the commerce ministry's export promotion scheme for services -- Served From India Scheme.
Among other things, the e-commerce players will have to display the total 'price' of goods and services offered for sale, mention the 'expiry date' of goods and the 'country of origin' of goods and services.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
India on Tuesday banned exports and imports of all items from North Korea that can be used in nuclear or ballistic missile plans. The Commerce Ministry imposed a blanket ban on "all items, materials, equipment, goods and technologies which could contribute to the Democratic People's Republic of Korea's nuclear-related, ballistic missile-related and other weapons of mass destruction-related programmes".
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances