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 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.
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.
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
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.
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.
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.
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.
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.
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.
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.
The decision regarding this was taken by the Board of Approval in its meeting on September 18.
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 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 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.
India's exports have declined for the seventh consecutive month in April.
The exercise is aimed at finalising India's position for a free trade agreement with BIMSTEC nations.
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.
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.
Overall exports in 2008-09 grow at slowest pace in 7 yrs.
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.
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 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.
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.
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.
