The government on Monday said that multinational companies (MNCs) are campaigning against domestic pharmaceuticals industry as their interests were getting impacted due to increasing global presence of Indian firms in the generic segment.
Ten states and Union Territories have endorsed the Centre's decision to allow FDI in multi-brand retail, Minister of State for Commerce and Industry Jyotiraditya Scindia said on Monday.
Though assembly elections in Madhya Pradesh are almost one and a half years away, the Opposition Congress, which is looking to prevent the Bharatiya Janata Party from scoring a hat-trick in the state, appears to be divided on the issue of chief ministership. A section of the party led by Union Minister of State for Commerce and Industries Jyotiraditya Scindia favoures contesting the polls under the leadership of tribal leader Kantilal Bhuria.
Round-the-clock customs clearance at eight major ports, reduction in bank charges on foreign currency and concessional loans are among the measures announced by the government to cut transactions cost.
The government is set to announce some significant measures to reduce the high transaction costs faced by the country's exporters in their day-to-day operations. Finance Minister Pranab Mukherjee will be unveiling the measures on February 8.
During April-November this financial year, trade gap stood at $116.8 billion. In 2010-11, it was aggregated at $119 billion.
Ease of doing business will improve in India with the Industry Ministry planning one stop e-biz portal which can be approached by entrepreneurs for seeking clearances - both central and state.
India and Israel have vowed to enhance cooperation in combating the menace of terror, with Tel Aviv terming 'New Delhi's security as important to it as its own.'
India and Turkey have agreed to take trade beyond $5 billion target
With exports turning positive since November 2009, the sector added 1.87 lakh jobs during the January - March period over the previous quarter.
The commerce and industry ministry may withdraw incentives offered to certain export-oriented industries and reallocate these to the sectors that are struggling for survival after a review in April.
The commerce ministry wants the stimulus packages for exporters to continue for some more time till the sector recovers completely.
India's exports are likely to remain at the last year's level of $168 billion owing to the global slowdown.
"We have close to about 175 press notes circulating... the Industry Ministry has taken a decision to put all of these together in a booklet so that the FDI rules become much simpler for a foreign investor."
India needs to look at newer markets for exports apart from the three primary markets of the European Union, the US and Japan, Union Minister of State for Commerce and Industry Jyotiraditya Scindia said on Wednesday.
"If we continue with the polices in terms of assisting exporters . . . as long as we see those numbers climbing every month in an environment around the world where output and trade is shrinking, I think this is reassuring sign," Minister of State for Commerce and Industry Jyotiraditya Scindia said on the sidelines of a CII function in New Delhi.
India's retail business, the second largest employer after agriculture, is estimated to touch $590 billion in two years, Parliament was informed on Monday.
Hit by demand slowdown in the major markets of the US and Europe, India's exports grew by a meagre 3.4 per cent to $168.7 billion in 2008-09 over $163 billion in a year ago period. The government is taking steps to arrest the downslide in exports, minister of state for commerce and industry Jyotiraditya Scindia said on Sunday after taking charge.
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