"We will write to the Centre to scrap the eight proposals pending for approval while we will not notify the four (SEZs) that are already approved. About the rest three, we will take up the matter with the Centre to denotify them," said Chief Minister Digamber Kamat.
The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advance chemistry cell and speciality steel. The scheme aims to make domestic manufacturing globally competitive and create global champions in manufacturing, and it is yielding solid results, sources said.
The government on Friday the proposals of telecom giants Motorola and Foxconn, and Singapore-based reality major Ascendas to join as partners in the Special Economic Zones coming up near Chennai.
India is considering making concessions on the five-year standstill period for duty cuts on crude and refined palm oil
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
The proposed Foreign Trade Agreement between India and Asean got a boost today as trade ministers of Asean countries agreed to India's proposal for reducing the negative list to 490 items
Exports from India to Pakistan increased by 95.63 per cent to $1.3 billion in 2006-07 against $690 million in the previous fiscal. Imports from Pakistan in the same year were worth $320 million, an 80 per cent increase over the year-ago figure of $180 million. Within the SAARC block, India has been the biggest trading partner of Pakistan in the last six years. According to analysts, India's share in Pakistan's total trade over the last six years stands at almost 50%
CA Computer Associates India Pvt Ltd, which has an approval for setting up an infotech SEZ in Ranga Reddy district of Andhra Pradesh, has informed the commerce ministry that it is withdrawing its application.
These imports grew 89 per cent to $8.39 billion in May.
In a bid to curb harassment of taxpayers, Sitharaman said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
Faced by criticism on its special economic zone policy, the government is preparing guidelines for acquisition of land from farmers for setting up SEZs.
The highlights of the export package was the increase of drawback rates by an average 2 percentage to 3 percentage points with retrospective effect from April 1.
Government said on Wednesday it has extended by one year the in-principle approval to Reliance Industries' Maha Mumbai special economic zone but asked the promoters to cut the size of the zone to 5,000 hectares in line with the new rules.
The survey, conducted by the commerce ministry, covered eight export-driven sectors.
The first meeting with the owners and bankers was held in Kolkata on Saturday for the closed gardens in West Bengal and Assam. The rehabilitation package was approved by the commerce ministry recently.
Leather exporters have chalked out plans for setting up five special economic zones for giving a much-needed boost to the sector by availing tax incentives offered under the SEZ Act.
The Nathu La pass, which will open for border trade between India and China on July 6 after 44 years, may soon become an alternative to sea route with the government studying the possibility for normal bilateral trade through the land route.
Under pressure from the United States and the European Union, which have dragged it to the World Trade Organisation over high duties on wines and spirits
Retail inflation hit an eight-month high of 6.07 per cent in February, remaining above the RBI's comfort level for the second month in a row, while wholesale price-based inflation soared to 13.11 per cent on account of hardening of crude oil and non-food item prices, government data showed on Monday. The previous high for retail inflation was 6.26 per cent in June 2021. The consumer price index (CPI) based retail inflation, which is taken into account by the Reserve Bank of India (RBI) while deciding its monetary policy, rose mainly because of costlier food items, as per the data released by the National Statistical Office (NSO).
An official advertisement in Pakistan showing the entire state of Jammu and Kashmir as part of India has put the government in an embarassing position, with the commerce ministry ordering an inquiry into it.
Pakistan plans to import 100 more items from India from the next fiscal.
During 2013-14, total value of exports stood at $465.90 billion.
The wholesale price-based inflation declined to a 21-month low of 5.85 per cent in November on easing prices of food, fuel and manufactured items. After remaining in double digits for 19 months, the wholesale price index (WPI) based inflation declined to 8.39 per cent in October. The inflation was 14.87 per cent in November 2021. "Decline in the rate of inflation in November 2022, is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year," the commerce and industry ministry said on Wednesday.
In the absence of progress on services negotiations in the WTO, India is sending a team of officials to Europe to strike a deal in the services area with the EU under the Bilateral Trade and Investment Agreement.
Commerce ministry will issue notices to 57 formally approved SEZs. If the notices are not replied to, the approvals will stand cancelled.
The Centre has asked the Maharashtra government to reduce the size of the Reliance Industries-promoted Mahamumbai SEZ as it involves acquisition of over 10,000 hectares of land.
The Reserve Bank of India (RBI) has allowed the opening of nine special vostro accounts with two Indian lenders - Uco and IndusInd Bank - to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said on Tuesday. Apart from the domestic lenders, Russia's two largest banks - Sberbank and VTB Bank - are the first foreign lenders to have received approval from the central bank for settling international trade transactions in rupee. "Nine accounts have been opened. One each in Uco Bank, Sberbank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened special vostro account in IndusInd," Barthwal said.
The home ministry has given security clearance to Air India CEO-designate Campbell Wilson, paving the way for him to take charge of the airline, according to a senior official. The appointment of Wilson as the chief executive officer and managing director of Air India was announced by Tata Sons on May 12. Tata Sons took over the loss-making carrier on January 27.
The government on Wednesday said provisions of Press Note 2 (2005 series), which allowed 100 per cent foreign direct investment in townships
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