India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Flipkart has long been under the ED scanner for alleged violation of FDI rules.
The government has imposed a penalty on e-commerce major Amazon for not displaying mandatory information, including the country of origin, of products sold on its platform, according to an official order. Last month, the consumer affairs ministry had issued notices to e-commerce majors Flipkart and Amazon for not displaying such information. The ministry has imposed a fine of Rs 25,000 on Bengaluru-based Amazon Seller Services as well as each of its directors as per the provisions of the Legal Metrology Act, 2009 and the Legal Metrology (Package Commodities) Rules, 2011.
Just days before the G-20 summit in London, the commerce ministry has recommended anti-dumping duty on cold-rolled stainless steel originating in eight countries, including China.
"We are confident that the status quo will be there...the issue has been taken up at the highest level," additional secretary in the Commerce Ministry D K Mittal said.
The commerce ministry has written to its finance counterpart suggesting that domestic banks should share 50 per cent of losses arising out of derivative contracts that exporters have taken to protect against currency fluctuations.
India on Wednesday banned 118 more mobile apps with Chinese links, including the popular game PUBG, citing data privacy concerns and a threat to national security, taking the total count of Chinese-linked mobile apps banned by New Delhi to 224.
Calculators have been exported to India from China below the normal value
Raheja's IT SEZ planned at Verna industrial estate had faced stern opposition from the locals and the state government even after it was notified by the Union commerce ministry's board of approval. The state government has written to the Union commerce ministry seeking to denotify Raheja's SEZ along with two others.
External Affairs Minister Pranab Mukherjee, who heads an Empowered Group of Ministers on Special Economic Zones, is likely to consult Prime Minister Manmohan Singh to resolve the dispute between finance and commerce ministries over tax exemption for export profits from the zones.
Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows.
In the last five years, imports from HK have more than tripled -- from $5.6 billion in FY15 to $17.1 billion in FY20. In the same period, exports declined by 20 per cent -- from $13.6 billion in FY15 to $10.8 billion (annualised) in FY20.
Forex dealers said besides strong demand for the American currency from importers, capital outflows mainly weighed on the domestic currency.
The annual Sino-India border trade at Nathu La, which was to be reopened for the traders of the two countries on Thursday, has been postponed following the Union Commerce ministry's communique to the Sikkim government authorities, official sources said. Meanwhile, the Chinese authorities have cited the occurrence of landslides in several areas in the Tibet Autonomous Region disrupting the movement of people and goods as the reason behind postponement.
The measures have been mainly offered to the leather, marine, handicrafts and textiles industries though some global benefits have also been included.
As foreign fund flows have lifted the rupee to record highs against the dollar, the commerce ministry has started telling exporters to prepare for the Indian currency rising further to 38 against the dollar by December. The strong rupee is already hurting India's exporters, with companies cutting jobs and scaling back expansions. A further appreciation may have even worse consequences for sectors like textile, infotech and automobile.
Commerce Ministry has sought clarification from Finance Ministry over calculation of profits from SEZ units.
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
An online system generates import-export code.
Questions over proposed changes in land use are piling up, even as the commerce ministry and Maharashtra government are rushing to give in-principle approvals and conditional no-objection certificates to special economic zone developers.
The finance ministry had strongly opposed the hike announced by the commerce ministry.
Move could delay FDI liberalisation in the sector.
Upset over objections raised by the government on their Rs 21-crore (Rs 210 million) proposal to launch a global Basmati promotion campaign featuring Bollywood star Shahrukh Khan, rice exporters will present their case before the commerce ministry.
The bulk of this money will, however, be spent on buying imported equipment, mainly from Europe and China.
But commerce ministry works on rules for exemption to contractors.
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.
This is its lowest level since August 30
India will export anti-malarial drug hydroxychloroquine, high in demand globally, only to foreign governments and not to private companies, as the product is under prohibited or banned category of exports, sources said. Although exports of this medicine is completely banned, India has decided to export this anti-malarial drug in sync with its global commitment to deal with the coronavirus pandemic.
Defending its policy of liberalising foreign direct investment in retail, the government confirmed that it would go ahead with its plan to expand its ambit.
The commerce ministry and industry bodies are in favour of FDI in the education sector. However, the HRD ministry is opposed to it.
The steel ministry on Friday resisted pressure from the commerce ministry for maintaining status quo on quantity of ore exports, saying exports cannot be at the cost of domestic steel utilities.
Sentiment took a hit after the country's trade deficit soared to a near five-year high of $18 billion in July.
A policy was introduced on 1 January 2000 to set up special economic zones in India to provide an internationally competitive environment for exports.
Cumulative exports during April-August of 2017-18 rose by 8.57 per cent to $118.57 billion
Retail inflation, based on Consumer Price Index, hit a 15-month high of 4.88 per cent in November
The trade deal, officials say, can lead to an effective trading bloc against the China-led Regional Comprehensive Economic Partnership.
Despite being a neighbour, Pakistan has never accounted for more than 2 per cent of India's total exports, and its share in India's total imports is less than 1 per cent. On the other hand, bilateral trade between India and Bangladesh has increased five times.
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