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.
The government on Thursday launched a Grievances Redress Cell for exporters and importers in a bid to improve the of the directorate general of foreign trade.
Earlier, this relaxation was given to only 'de-capacitated' employees or those who are travelling.
The applications for seeking withdrawal of approvals and extension of validity of clearances will be considered by the board of approvals in the commerce ministry in its meeting on October 5. Those seeking extension of time include Mumbai SEZ, promoted by Reliance Industries' Chairman Mukesh Ambani and his close aide Anand Jain, Gitanjali Gems, Jubliant Infrastructure and L&T Hitech City, an official said.
Imports were up by 19.8 per cent year-on-year to $37.7 billion in the month.
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".
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.
Imports during the period grew by 6.8 per cent to $27.68 billion, leaving a trade deficit of $9.72 billion, according to a Commerce Ministry data released in New Delhi on Wednesday.
Financial details of the project, awarded by the department of industrial policy and promotion, were not disclosed. The eBiz Project announced on Tuesday is among the 27 central, state and integrated mission mode projects under the National e-Governance Plan of the Department of Information Technology. Under it, Infosys will also do training, workshops, promotion and awareness campaigns.
The country's exports rose by 48.34 per cent to $32.5 billion on account of healthy growth in shipments of petroleum products, gems and jewellery, and chemicals, leather and marine goods, according to the data released by the Commerce Ministry on Thursday. Imports in June too rose by 98.31 per cent to $41.87 billion, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year. During April-June 2021, the exports increased by 85.88 per cent to $95.39 billion.
All the three tax-free enclaves were given formal approval, which would have lapsed by end of this month. While the ministry granted extension of time 'on file', the decision has to be ratified by the inter-ministerial Board of Approval which is meeting here on June 17.
The Board of approval had given more time for Raheja's to develop their project in the state. The project is one amongst the three SEZs recommended to be denotified by the state government. Goa's Rajya Sabha member Shantaram Naik said he would meet new Union Commerce ministry Anand Sharma and brief him on the issue.
Talks on an India-European Union Free Trade Agreement started in 2007. Six rounds of negotiations have been held but the two sides have not been able to arrive at a consensus on the level of trade to be covered under the FTA that will eventually eliminate duties on goods traded.
The government on Tuesday cleared nine fresh proposals for setting up special economic zones, most of which are related to IT and ITES, followed by the bio-technology sector.
Imports of sensitive items, including pulses and edible oils, went up by 42.2 per cent to Rs 40,281 crore (Rs 402.81 billion) in the April-August period this year.
Developers will now be able to get their land classified as an SEZ at the initial stage of approval by submitting legal documents that prove land ownership. With exports falling sharply in the last six months, faster development of SEZs is seen as one way of increasing overseas sales of Indian goods and services, an official said.
A feasibility study on the proposed Free Trade Agreement, officially known as the Comprehensive Economic Cooperation Agreement, has long been finalised but cannot be acted upon in the absence of Russia joining the WTO.
Reeling under a cash crunch, the country's largest real estate player, DLF, has approached the government on surrendering its (DLF's) five of the nine IT-ITeS notified special economic zones (SEZ).
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.
India's exports contracted by 13.7 per cent in February for the fifth consecutive month this fiscal, while imports too dipped by 18.2 per cent, continuing the trend that began in January when both exports and imports entered the negative territory, according to initial estimates available with the commerce ministry. Exports and imports in February are estimated at $13.04 billion and $17.02 billion, respectively.
Top gainers in the Sensex pack included Sun Pharma, IndusInd Bank, RIL, ITC, Vedanta, Asian Paints, HDFC and Infosys, advancing up to 3.02 per cent.
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 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.
Trade deficit marginally widened to $9.85 billion as against $9.72 billion in February 2019.
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.
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.
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.
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.
Commerce ministry had recently brought out a discussion paper that called for allowing 100 per cent FDI in the defence sector.
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.
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.
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.
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.
Unaffected by controversies, global financial market heavyweight Soros group, has approached the Indian government, expressing interest to invest in special economic zones in India.
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.
