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.
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.
A revamped Electronic Data Interface system and easier norms for the Accredited Clients Programme are some features likely to be introduced to reduce the transaction time and costs of exporters. Some of the measures may figure in the annual supplement to the Foreign Trade Policy, which is being released on Apr 11. ComMin officials expect the new Electronic Data Interface System to become operational by the end of this fiscal. Exporters will have to submit lesser documents.
Iraq has urged the international community to help prevent ISIS from gleaning profits from oil smuggling
Initial commerce ministry estimates suggest a 10 per cent contraction in exports in December. Coming after 12 and 9.9 per cent falls in October and November respectively, India is unlikely to meet the export target of $ 200 billion in the current fiscal. The last quarterly dip occurred in 2001, when exports were in the negative territory for six consecutive months ending December that year, data provided by the Reserve Bank of India and the commerce ministry showed.
During the visit, the Prime Ministers will attend a community event in Sydney to celebrate Australia's dynamic and diverse Indian diaspora, "a core part of our multicultural community", the Australian government said in a statement.
Contracting for the third month in a row, India's exports declined by 8.8 per cent to $33.88 billion in February due to slowdown in global demand, even as the trade deficit touched about a year low of $17.43 billion during the month, according to official data released on Wednesday. Imports also declined by 8.21 per cent to $51.31 billion as against $55.9 billion recorded in the corresponding month last year. Cumulatively, however during April-February this fiscal, the country's overall merchandise exports rose by 7.5 per cent to $405.94 billion.
Finance Minister P Chidambaram has so far given three packages to exporters aggregating Rs 5,200 crore (Rs 52 billion) as the $160 billion export target for 2007-08 appears difficult to meet. He has expressed hope that exports target would be met. Palanimanickam said government was already providing 100 per cent tax benefits on profit on exports apart from indirect tax incentives.
The boom in world trade has ensured that export has grown by over 20 per cent. Has the FTP contributed to the stellar growth in exports? T N Rajagopalan thinks it did.
Inflation for the month of August stood at 8.51 per cent, according to the new Wholesale Price Inflation (WPI) series.
While admitting India's persistent stand on the issue might delay the agreement, a top commerce ministry official said the talks were on track. "We will maintain a hardline stand," said the official. It is to be noted, the sixth round of EU-India trade negotiation in Delhi in March ended without any substantial progress because of the tariff-related issues. The EU is India's largest trading partner and the total bilateral trade stood at over $70 billion in 2008-09.
India's software exports suffered a severe setback in March declining by 96.6 per cent to $1 million from the year-ago period due to recession in world's major economies like the US and the Europe.
India's inflation rate shot up to its highest level in more than 16 years this month, increasing the chances of the fourth rise in interest rates in Asia's third-largest economy since June.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
Since the SEZ Act was notified in February 2006, 22 SEZs have been up and running. In the last financial year (2006-07), these SEZs collectively exported goods worth Rs 33,000 crore (Rs 330 billion) , roughly 6 per cent of India's total exports of Rs 5,71,641 crore (Rs 5716.41 billion). Officials also pointed out that 52,000 people have found employment in the new SEZs set up after 2005.
The move is aimed at dealing with any possible emergency situation on account of a spurt in coronavirus cases.
Trade deficit during the month narrowed to USD 14.54 billion from USD 15.3 billion in January 2020. It was USD 15.44 billion in December 2020.
The commerce ministry on Wednesday reiterated that the three notified special economic zones in Goa could not be scrapped by the Centre. It added that the issue had to be sorted between the state government and developers of the zones. Even as the Goa government has raised the issue of scrapping three notified special economic zones with the Centre, the state administration has till date not sent any formal communication to the SEZs in this regard.
In view of popular sentiments, the Goa government had decided to scrap 12 SEZs and sought denotification of three SEZs from the Centre. In view of popular sentiments, the Goa government had decided to scrap 12 SEZs and sought denotification of three SEZs from the Centre. The three SEZs for Meditab Specialities, Peninsula Pharma Research Centre and K Raheja Corporation had started work on the sites before the state government issued them stop-work orders.
The commerce ministry had, in March, put on hold this change in the SEZ rules.
India on Monday lifted the ban on importing toys from China provided they conform to international safety norms.
The US must make substantial cuts in farm subsidies and scale down demands for tariff reductions by developing countries to enable the stalled WTO talks to move forward, India's top trade negotiator said on Thursday.
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.
"It will become clear in the next few days whether the US and other developed countries are serious to conclude the Doha negotiations, which have dragged for seven long years," a senior commerce ministry official told PTI. India along with other members of the G-33 (a group of countries with protective interest) is apprehensive of the US exerting pressure on the negotiating group to cut the number of Special Products.
India's import bill contracted for the first time in almost nine years during January 2009, led by crude oil and capital goods, which constitute nearly half the total imports.
With regards to continuing the anti-dumping duty on import of raw silk from China, the Commerce Ministry has ordered a sunset review investigation by the Central Silk Board in the matter. In face of the pending investigation, the duty has been extended for another year up to January 1, 2009. The silk growers in Andhra Pradesh, Karnataka, Tamil Nadu, West Bengal and Jammu and Kashmir are concerned that this exercise may lead to opening up the silk imports from China.
The commerce ministry-promoted Spices Board is getting into retail by floating a company to market spices in India and abroad.
As Amazon India, Flipkart are forced to shut down 60 categories and push out 45 mn products, a new lobby group comprising sellers is in the making to take up e-com concerns.
Barn is a curing structure where tobacco leaves are processed to produce the FCV tobacco used mainly by cigarette manufacturers. However, the board's proposal will first have to be approved by the commerce ministry before being sent to the finance ministry for funds.
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.
The government will not stop companies from filing fresh applications seeking permission to set up special economic zones. However, it will not process any fresh applications until it clears the backlog of over 360 pending proposals.
French dairy major Groupe Danone has offered to pay the Wadia Group euro1 million ($1.34 million) as compensation to use its Tiger brand in international markets.
eGOM is likely to reconsider the 5000 hectre SEZ land ceiling limit in the coming month.
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