Is Guar the next commodity that is likely to be banned by the Forward Markets Commission?
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.
The broader NSE Nifty too advanced 50.70 points, or 0.43 per cent, to close at 11,941.30.
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.
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 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.
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.
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.
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".
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.
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.
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.
Merchandise exports aggregated to $19.94 billion in June, 2010.
The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange.
India is likely to appeal against the ruling of a World Trade Organisation compliance panel, which concluded that the European Union had complied with an earlier WTO ruling regarding its anti-dumping measures against Indian imports of cotton bed line
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.
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.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
This comes in the backdrop of declining demand from traditional export markets like the US and Europe due to the ongoing global economic crisis. The increase in allocation to MDA and MAI would be mainly towards developing nations like Brazil and South Africa.
It is also stipulated that these units cannot under any circumstances source items locally for export purpose.
Mobiles phones without International Mobile Equipment Identity number are considered a grave security threat and concerns had been raised over their usage after terrorist attacks like the one in Mumbai in November last year. Despite the security threat, no government agency has till now approached the commerce ministry for a ban on import of such phones from China, a top source said on Thursday.
India already allows 100 per cent ownership of greenfield pharma businesses.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
A high-level inter-ministerial task force wants the business of narcotics to be simplified, something which, it said, would be an opportunity for the over $17-billion Indian pharmaceutical industry.
So far, two rounds of negotiations have already taken place in this regard. India signed a Free Trade Agreement with the Association of Southeast Asian Nations in August, which will come into effect from January 1, and is committed to begin breaking duty barriers on goods.
Rentals for commercial complexes fell sharply and the land, developers felt, could be employed for other purposes.
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 Pharmaceuticals has submitted a freight subsidy scheme for exporters to the Commerce Ministry so that they could take alternate routes and avoid transit through Europe, which is a shorter route with better connectivity.
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.
Exports rise 36.4 per cent year-on-year, the highest in the past 33-months, to $22.5 billion in December 2010
The new Special Economic Zones, including the Reliance Industries' Jamnagar refinery, would help increase India's SEZ exports by 40 per cent this fiscal, righting partially the dismal picture of the country's total exports, according to government estimates.
According to initial estimates available with the commerce ministry, these sectors, which constitute a third of India's export basket, have posted a dip of 18-54 per cent in December 2008. Exporters claim they do not have orders beyond January 2009, adding that the situation could lead to 10 million job losses if things did not improve.
