Minister of state for personnel Jitendra Singh said it is a major step to place the right talent for the right role.
The Directorate General of Foreign trade on Friday issued an order banning toy imports from China, which is India's biggest trade partner, for six months. The notification, however, gave no reason for the ban.
The Commerce and Industry Ministry will soon seek Cabinet nod to give out inflation data every month instead of the present practice of weekly release.
The buoyancy in exports, which are expected to grow 23 per cent to around $155 billion in 2007-08, does not convey the real picture.Commerce ministry data show that the sectors with higher import content like petroleum products, gems and jewellery, engineering goods, pharmaceuticals, chemicals, and agriculture have provided the momentum for growth in exports, which have been hit by the appreciation of the rupee and infrastructure bottlenecks.
On other counts, however, RBI has not found merit in the commerce ministry's argument to keep loans for SEZ development outside the ambit of commercial real estate exposure. It has reiterated that bank exposure for purchase of land for an SEZ and its development, will be classified as commercial real estate, while infrastructure development will not be treated in the same manner.
Commerce ministry had recently brought out a discussion paper that called for allowing 100 per cent FDI in the defence sector.
Sectors like IT and energy have the potential to raise the value of India's exports to $1 trillion, or 5 per cent of the global trade, by 2020, but the government needs to devise a concerted strategy, FIEO said.
The Department of Industrial Policy and Promotion in the Commerce Ministry proposes to scale back the Foreign Direct Investment ceiling for the tobacco industry from 100 to 74 per cent and insert a caveat that cigarettes manufactured in the new ventures or in upgraded facilities must be mainly for consumption outside India.Sources said the department, which is responsible for the policy on FDI, is finalising a cabinet note aimed at comprehensive review of the tobacco policy.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
Kerala-based Kinfra Film & Video Park has received the commerce ministry's approval to set up an International Animation School that is to be built on a private-public-partnership basis.
Goa has scrapped 12 SEZs, including the seven, which were approved by the state government. But the government is struggling over denotification of three industrial enclaves, which has now rushed to the High Court against government's intention to scrap them.
India-ASEAN Summit, scheduled for December 17 in Thailand, has been postponed as crisis-ridden South-East Asian country is unable to host the meet.
The decision regarding this was taken by the Board of Approval in its meeting on September 18.
Adani, Reliance Industries, DLF, Omaxe and Singapore-based Ascendas Group had plans to set up mega multi-product SEZs, with some of them having infrastructure like ports and air-cargo complexes.
The move is aimed at dealing with any possible emergency situation on account of a spurt in coronavirus cases.
Exports from special economic zones (SEZs) are likely to touch Rs 2 lakh crore in 2009-10, a 100 per cent jump from the year-ago period, with Reliance Industries' Jamnagar special economic zone expected to contribute the most to the kitty.
Unaffected by controversies, global financial market heavyweight Soros group, has approached the Indian government, expressing interest to invest in special economic zones in India.
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
The EU also feels that Tamil Nadu has adopted a restrictive practice for imported liquor. Significantly, a similar complaint by the trade bloc at the WTO led to the elimination of additional Customs duty on imported liquor in 2007.
The wholesale price-based inflation declined to a 19-month low of 8.39 per cent in October, on easing prices of fuel and manufactured items. This is the first time in 19 months that WPI inflation print has come in single digit. Last was in March 2021 at 7.89 per cent. Since April 2021, WPI inflation remained in double digits for 18 months with September print at 10.79 per cent.
India's exports have declined for the seventh consecutive month in April.
The commerce ministry has projected Rs 21,631.94 crore (Rs 216.31 billion) worth of exports from the 63 special economic zones, which have been notified since February 2006. Till date, Rs 13,435 crore (Rs 134.35 billion) has been invested in them.
Under the 11th Five-Year Plan (2007-12), Rs 550 crore (Rs 5.5 billion) was provided for promoting exports through Market Access Initiative scheme.
The government is considering de-canalising import of petrol and diesel from the next fiscal, a move long awaited by global oil majors like Royal Dutch Shell to begin petro retailing in the country.
As part of efforts to give a greater fillip to trade, the commerce ministry is working aggressively on finalising trade pacts with countries in the South East Asian region and some Latin American countries.
The exercise is aimed at finalising India's position for a free trade agreement with BIMSTEC nations.
Overall exports in 2008-09 grow at slowest pace in 7 yrs.
Amazon India has decided to shut down 'Amazon Distribution', according to sources. This follows its recent decision to shut its food delivery and edtech offerings. The moves are part of the annual operating planning review process amid global macroeconomic uncertainty. The e-commerce giant is looking to focus on its core businesses, sources said.
A high-powered inter-ministerial committee was expected to finalise the list based on the suggestions and recommendations from different chambers, business houses and trade experts, the Daily Star newspaper reported.
The Directorate General of Foreign Trade on Monday notified Duty Entitlement Pass Book Scheme (refund of local taxes) on cement exports. The commerce ministry had lifted the 46-day old ban on cement exports on May 27. However, it had allowed shipments only through ports in Gujarat. The state accounts for 95 per cent of the total cement exports.
India's exports and imports have together dipped for the first time in seven years, signalling weakening of domestic and external demand in the backdrop of global economic crisis. Government officials said the sale of Indian goods in overseas markets was likely to see a dip in February as well.
In the previous fiscal, exports from the SEZs was Rs 99,689 crore (Rs 996.89 billion). Exports from Reliance Industries' Jamnagar refinery is likely to contribute substantially to the total shipments this fiscal, another official said.
A dip in petroleum product exports for the first time in the current fiscal has contributed to a 22 per cent decline in merchandise exports in January, commerce ministry data reveals.
Iraq has urged the international community to help prevent ISIS from gleaning profits from oil smuggling
Hong Kong-headquartered Growth-Link Overseas has announced it would invest Rs 300 crore to build a manufacturing facility for Nike footwear at Cheyyar, near Kancheepuram in Tamil Nadu.
Relief for exporters, additional incentives for export of farm products other than those in short supply and more steps to check inflation through hassle-free and cheap imports are likely to be announced on Friday in the last review of Foreign Trade Policy by the UPA government.
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