India's exports jumped 45.76 per cent to $33.28 billion in August on account of healthy growth in segments like engineering, petroleum products, gems and jewellery and chemicals, even as the trade deficit widened to a four-month high of $13.81 billion.
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.
The government has constituted a high-powered committee, headed by Planning Commission Member NK Singh, to set new guidelines for regulating film financing.
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 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.
The next Budget is likely to see significant changes in the duty structure for the gems and jewellery sector
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.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
For the purpose the ministry will rope in the private sector companies to give a boost to Indian tea abroad.
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.
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.
Total foreign direct investment (FDI) inflow to India declined to $74.01 billion in the calendar year 2021, which is 15 per cent lower from $87.55 billion recorded in the previous year, the ministry of commerce & industry said on Wednesday. The FDI inflow includes equity inflow, equity capital of unincorporated bodies, re-invested earnings and other capital. "FDI is largely a matter of commercial business decisions and FDI inflow depends on a host of factors such as availability of natural resource, market size, infrastructure, political and general investment climate as well as macro-economic stability and investment decision of foreign investors.
The government has granted Geographical Indications (GI) tag to various products, including Gamosa of Assam, Tandur Redgram of Telangana, and an apricot variety of Ladakh. The commerce and industry ministry said on Wednesday that the total number of GI has reached to 432. "Famous Gamosa of Assam, Tandur Redgram of Telangana, RaktseyKarpo Apricot of Ladakh, Alibag White Onion of Maharashtra have got their GI tags," it said.
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.
Is Guar the next commodity that is likely to be banned by the Forward Markets Commission?
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.
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 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.
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.
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".
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.
Imports too jumped by 51.5 per cent to $40.4 billion in July against $26.6 billion in the same period last year, leaving a trade deficit of $11 billion, the Commerce Ministry said on Thursday.
Negotiators from the two sides will meet in July either at Brussels or Geneva, additional secretary in the commerce ministry D K Mittal told PTI.
Post elections, the company has been making frequent visits to various ministries, including the IT ministry, commerce ministry, as well as different agencies to get the hang of things in the administration.
India already allows 100 per cent ownership of greenfield pharma businesses.
Merchandise exports aggregated to $19.94 billion in June, 2010.
Indian Council of Medical Research Director General Balram Bhargava had on Monday recommended the use of hydroxychloroquine for treating healthcare workers handling suspected or confirmed coronavirus cases.
The government has sought to put an end to the ambiguities in the implementation of Press Notes 2 and 4, which significantly relaxed foreign direct investment (FDI) guidelines, with the Commerce Ministry requesting the Reserve Bank of India (RBI) to make changes in the Foreign Exchange Management Act (FEMA) to operationalise the guidelines. The direction from the government follows a number of references and queries from investors.
The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange.
Even as the freeze on all decisions and notifications for fresh special economic zones continues, the government on Friday gave its nod for authorised operations in 30 notified SEZs, while granting co-developer status to five zones.
The petitioner's lawyer interjected the rules are being framed for the last 5-6 years but nothing concrete has been done yet.
A closer look at the data reveals that a lot of the items are not part of this calculation. The notable ones include buffalo meat, marine exports, raw cotton, and plantation crops such as tea, coffee, rubber, etc.
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
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