Commerce Ministry

Commerce dept seeks to extend 2 export schemes ahead of Union Budget

The commerce department is now seeking an additional allocation of Rs 1,600-1,700 crore, which will allow the government to drag the scheme till March 31

FHRAI accuses Zomato, Swiggy of data misuse, seeks commerce ministry action

The letter raised objections to Zomato and Swiggy's entry into quick food delivery services through their private-label brands, Bistro and Snacc

Govt to launch AI-backed data analytics platform for better trade insights

A committee, comprising officials from commerce and finance ministries, has been formed to create a mechanism for publishing consistent and accurate data

India, UK looking to resume talks on FTA in Feb: Commerce ministry

India and the UK are exploring convenient dates to resume the talks for the proposed free trade agreement in early February, according to the commerce ministry. The talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. "Mutually convenient date is being explored for the next round of negotiations for early February," the ministry informed on Wednesday. The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23. Regarding a similar agreement with the European Union (EU), the ministry said that the tenth round of talks is scheduled from March 10-14 in Brussels. The two sides are negotiating a free trade agreement, an investment protection agreement and an agreement on geographical indications (GIs). In the ninth round, both sides discussed trade issues covering goods, services, investment and government procurement along with neces

We are doing FTAs only after extensive stakeholder consultations: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders. He said that unlike in the past, these pacts are now fair, equitable and balanced. "We are not doing FTAs like in the past. Every agreement is after extensive stakeholder consultation," he said at the Thuglak Annual Meet in Chennai. Citing the agreement with the four-European nation bloc EFTA, he said that for the first time in the history of FTAs, India has received a commitment of USD 100 billion FDI (foreign direct investment) in this pact. The Modi government has implemented these pacts with countries like Australia and the UAE. He also said that India's decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests. "It was not in the interest of MSMEs, and it would have opened a floodgate for Chinese goods into the country

Commerce ministry may seek 5-year extension of interest equalisation scheme

The commerce ministry is likely to seek further extension of the interest equalisation scheme in the forthcoming Budget on pre- and post-shipment rupee export credit for another five years to promote the country's outbound shipments, an official said. The scheme ended on December 31 last year. The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. Exporters get subsidies under the Interest Equalisation Scheme for pre- and post-shipment rupee export credit. "The ministry may request for the extension of the scheme," the official said. The scheme was started on April 1, 2015, and was initially valid for five years up to March 31, 2020. It has been continued thereafter, including a one-year extension during COVID-19, and with further extensions and fund allocations. In September last year, the government extended the scheme till December 31, ...

Quick commerce companies' foray into food biz rustles up restaurants

Restaurants body NRAI is also exploring legal routes and is likely to knock on the doors of the Competition Commission of India to address issues related to private labelling

India asks missions in 20 nations to boost market opportunities, export

The commerce ministry has asked the commercial wings of Indian Missions of 20 countries to specifically identify market opportunities in six goods and services to promote India's exports, an official said on Thursday. Ways to increase the exports were discussed during a three-day meet, concluded on January 8, between senior officials from the ministry and commercial wings of Indian Missions. The official said the missions were asked to market opportunities in these six sectors, competitors and specific companies. The meeting was important as the commerce ministry is in the process of formulating a strategy to push exports of six key product categories, including engineering goods and electronics, to 20 focus countries, including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore and Indonesia. These countries, including the US and the European Union nations, account for a major chunk of India's total exports. After recording double-digit growth in Octo

Govt slashes Nov gold import data by $5 billion in commodity revision

The revised data also suggests a narrowing of India's trade deficit by $5 billion, reducing it to $32.8 billion in November from the previously reported all-time high of $37.8 billion

Commerce Min, Indian mission officials to hold talks to boost exports

Senior officials from the commerce ministry, and commercial wings of Indian Missions of 20 countries will hold a three-day meet, beginning here on Monday, to discuss ways to promote exports of goods and services, an official said. Commerce and Industry Minister Piyush Goyal will also interact with these commercial representatives on January 6. The issues, which would come up during the three-day celebration included opportunities and challenges and the way ahead in six focus sectors (of goods and services each) in 20 countries of significance; non-tariff barriers; logistics; WTO (World Trade Organisation) matters; and role and importance of MAI (market access initiative), the official said. The commerce ministry is in the process of formulating a strategy to push exports of six key product categories, including engineering goods and electronics, to 20 focus countries, including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore, and Indonesia. These ...

Open to suggestions to ease start-ups' return to India: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the ministry is open to ideas for making it easier for start-ups that want to change their domicile back to India from abroad. The ministry, he said, will discuss with the National Start-up Advisory Council and take feedback "if any steps are required to make their journey back easier. We are open to ideas". The council was set up first in 2020 and it advises the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large-scale employment opportunities. "It is a welcome sign and also very very satisfying that more and more start-ups come back home and register in India, list in India, and grow in India. India will be a preferred destination in the future," he told reporters here. Several start-ups had initially registered abroad for easy access to finance from international funds, enhanced valuations and relaxed ...

Govt's export arm EIC plans to expand food testing infra to boost exports

The commerce ministry's arm Export Inspection Council (EIC) is planning to expand the country's food testing infrastructure in a holistic way to boost outbound shipments, a senior government official said. To prepare a plan for this, the EIC has initiated a detailed study on gap assessment on food testing infrastructure for exports. "Though we have taken a number of measures, we are doing a more deeper analysis commodity and area-wise. We are trying to find out gaps in our food testing infrastructure. We hope that the study will be over in 2-3 months and after that we will come up with a full plan of how to expand our infrastructure in a more holistic way," Joint Secretary in the Department of Commerce Nitin Kumar Yadav told reporters here. EIC is an advisory body to the central government. It notifies commodities which will be subjected to quality control or inspection prior to export; establish standards of quality for such notified commodities, and specify the type of quality ...

India's exports to Australia up 64.4% in Nov: Commerce ministry data

India's exports to its trade agreement partner Australia rose 64.4 per cent year-on-year to USD 643.7 million in November on account of healthy growth in sectors such as textiles, chemicals and agricultural products, according to the commerce ministry data. However, the country's merchandise exports recorded a decline of 5.21 per cent year-on-year to USD 5.56 billion during April-November 2024-25, the preliminary data showed. India and Australia implemented an interim trade pact -- Economic Cooperation and Trade Agreement (ECTA) -- on December 29, 2022 and are now in negotiations to widen the scope of the pact and make it a Comprehensive Economic Cooperation Agreement (CECA). On the completion of two years of ECTA, Commerce and Industry Minister Piyush Goyal said the agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues. It has also enabled growth in exports by 14 per cent i

Trade reforms, global value chains key to India's export strategy

Export promotion requires consistent and open trade policy

Integration of industry, govt platforms can improve logistics: Piyush Goyal

He also urged the logistics industry to work on following sustainable and green practices to cut carbon footprint in the sector

Commerce ministry may face possible repeat of 2011 trade data error

The commerce ministry this time around may witness a repeat of 2011 when a discrepancy of about USD 9 billion was detected in the trade data for the April-November period. This time, the issue involves suspected errors in calculating gold import figures for November 2024. In 2011, there was over-reporting of export data on account of miss-classifications and double counting due to problems in the computer software, which was getting upgraded. Noticing an unusual surge in the gold imports in November this year, pushing the country's trade deficit to a record, a commerce ministry official on Wednesday said that DGCIS (Directorate General of Commercial Intelligence and Statistics) has taken up detailed examination of the gold import data and reconciliation would be done with the data received by CBIC (Central Board of Indirect Taxes and Customs). The country's gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase, mainly on account of ..

Commerce ministry reviewing India-US trade relations amid Trump statements

The commerce ministry is reviewing various aspects of India-US trade relations focusing on implications of statements made by US President-elect Donald Trump during his election campaign and after the results, an official said. The official added that there are no irritants in the relations between the two countries that can lead to discriminatory tariffs against India. Trump, during his election campaign, has called India an "abuser" of import tariffs, a claim that echoed his October 2020 statement labelling India the "Tariff King". Trump on Saturday also warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. In the wake of such statements, brainstorming is fundamental to discuss the trade relations as the US is the largest trading partner of India. Trade experts have time and again stated that Trump's claim that India is an "abuser" of import tariffs is unfair as many

Confident of achieving $31 bn chemical export target in FY25: CHEMEXCIL

The export target of USD 31 billion for 2024-25 will be achieved, as there is a healthy demand for 'made in India' chemicals in countries like Brazil, the US, Japan and Saudi Arabia, CHEMEXCIL Director General Raghuveer Kini said. The Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL) is set by the commerce ministry to promote exports of these goods. Kini said that the total exports of chemicals during April-September rose by 4.57 per cent to USD 14.1 billion. "So far, we are registering good growth, and we are confident of achieving the USD 31 billion target this fiscal. Last year, it was around USD 30 billion," he added. During the second half of this year, the exports will grow at a faster pace, he noted. "Last year, because of drought in Brazil, which is the key market for us, exports were down. But this year, the situation is good, and we expect high growth," Kini said. India exports these goods worth about USD one billion annually to the South American

DGTR recommends anti-dumping duty on PVC resins of about $339 per tonne

The commerce ministry's investigation arm DGTR has recommended imposition of an anti-dumping duty of up to USD 339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea, with a view to guard domestic producers. In its preliminary findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping. The notification of the directorate said that the imports from these countries - China, Indonesia, Japan, Korea RP, Taiwan, Thailand and the US - have caused material injury to the domestic industry. "Accordingly, the authority recommends imposition of provisional anti-dumping duty on the imports," it has said. The recommended duty ranges between USD 25 per tonne and USD 339 per tonne. The finance ministry takes the final decision to impose duties. The DGTR conducted the probe following applications regarding the same from domestic ..

Focus on quality, export competitiveness won't come from subsidies: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to focus on making high quality products to tap global markets as export competitiveness will not come from government subsidies or support. He also said that the government is putting its effort to nudge industry to get into the manufacturing of high quality products as it is a "tough" task to get industry to accept that they should be making quality goods. Initially, the government faced a huge amount of opposition from the industry on quality control orders. "Our export competitiveness is not going to come from subsidies or government support. It is not going to come from our closing the doors to the rest of the world. If we are looking at self-reliant India, it can only happen when India will be self-confident and that confidence will only come when we all decide that quality is not our job, it is our duty," the minister said. He added that if the Indian industry is not competitive in any product, that