Page 10 - Commerce Ministry

'Govt to increase exports of 10-11 sectors from $160 bn to $500 bn by 2030'

The government is working on boosting domestic manufacturing and increasing exports to USD 500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices and chemicals, a senior official said on Thursday. These issues were discussed during a meeting called by the Commerce and Industry Ministry on Thursday. The meeting was convened by the Department of Promotion of Industry and Internal Trade (DPIIT) in collaboration with Invest India and SCALE (Steering Committee for Advancing Local Value-Add and Exports) Committee to unveil outcomes and recommendations made during the Chintan Shivir for Manufacturing, held on October 12 at Bharat Mandapam here. The 11 sectors are auto components, automobiles (including EVs), capital goods, chemicals, drones, medical devices, aerospace and defence, leather and footwear, textiles, and space. "We are looking at investments in these sectors. We will drill down to each of the areas to see how to promote manufacturing

Commerce ministry proposes new bye-laws for election of EPCs, FIEO

The commerce ministry has proposed revised election bye-laws for all export promotion councils (EPCs) including apex exporters' body FIEO, under which a chairman will hold office for two years and will not be eligible for the immediate next election. The revised model articles of associations/bye-laws for EPCs and Federation of Indian Export Organisations (FIEO) are required to be adopted by these bodies and conduct elections of their office-bearers. The model bye-laws have already been circulated to all these councils and organisations for adoption. This was proposed by a three-member panel set up by the ministry in May to review the eligibility criteria for the election to make them more inclusive and representative. It was reviewing the eligibility criteria for the election of office bearers of EPCs and FIEO. The panel reviewed the existing guidelines and made suitable recommendations about representation of different stakeholders in the managing committee and other posts. Afte

PLI schemes attracted over Rs 95,000 cr investment till Sep 2023: Centre

The production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 95,000 crore in investment till September this year, an official statement said on Tuesday. According to the Commerce and Industry Ministry, as many as 746 applications have been approved till November 2023 under these schemes. In the Union Budget 2021-22, the government announced an outlay of Rs 1.97 lakh crore for the schemes. The sectors included electronics, telecommunication, pharma, white goods (AC and LED light components), and textiles. The aim is to enhance India's manufacturing capabilities and exports. "746 applications have been approved till November 2023. PLI units are established in more than 150 districts (24 states). Over Rs 95,000 crore of investment reported till September, which has led to production/sales of Rs 7.80 lakh crore and employment generation (direct & indirect) of over 6.4 lakh," the ministry said. It added that incentives worth around Rs 2,900 crore have been ...

Govt took many pro-active steps to control prices of food items: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Sunday noted that the Centre has taken many pro-active steps in last few years to control retail prices of food items and said the government will keep inflation under control while ensuring country's economic growth. He was addressing an event, organised by the ministry here, to celebrate National Consumers Day. "Today, India has become the fastest growing large economy. Going forward, we will keep inflation under check and also ensure economic growth," Goyal said. Retail inflation inched up to a three-month high of 5.55 per cent in November driven by higher food prices, according to latest official data. The retail inflation based on the Consumer Price Index (CPI) was at 4.87 per cent in October. Inflation had been declining since August when it touched 6.83 per cent. On steps taken by the central government, Goyal highlighted that 140 new price monitoring centres have been set up to keep a close watch on wholesale and retail

India strongly objects to pushing talks on investment facilitation at WTO

India has strongly objected to efforts of certain countries to push a proposal on investment facilitation at the WTO, saying the agenda falls outside the mandate of the global trade body and cannot be deliberated in formal meetings. According to the statement of the Indian delegation in a meeting of the General Council of the World Trade Organisation (WTO), held during December 13-15, negotiation on investment does not belong to the WTO. "I would like to reiterate that Investment Facilitation for Development (IFD), which supposedly facilitated investment, did not pertain to multilateral trade relations. Investment per se is not trade," the statement said. It added that investment covers a wide range of assets or enterprises subject to a separate universe of obligations. "The negative mandate did not allow the Members, desirous of IFD, to pursue it in a multilateral forum upon a consensus," the statement said. It added that certain members began an informal process that did not hav

India looks for greater mkt access for alcoholic beverages in FTA: Official

India looks for greater market access on a reciprocal basis for its alcoholic beverages while negotiating free trade agreements (FTAs), a senior government official said on Thursday. Additional Secretary in the Commerce Ministry, Rajesh Agrawal, said that demand for Indian spirits is growing in the world. "On the market access point of view, it is on a reciprocal basis. If we are opening up our market in any way...we also try to look for market access in other countries," he told reporters here. The remarks assume significance as India is negotiating a free trade agreement with the UK and the European Union (EU). Cutting customs duties in the sector is one of the key demands of these countries. "This is one of the areas (where) we are trying to negotiate upon and...we are trying to see that the duty concessions that are required in various destinations, we get (that)," he said. He added that the condition that for a product to qualify as a whisky, it must be matured for a period n

Commerce ministry-promoted ONDC operational in over 500 cities, towns

The government-promoted Open Network for Digital Commerce (ONDC) is at present operational in over 500 cities and towns across India, Parliament was informed on Wednesday. ONDC is an initiative of the Commerce and Industry Ministry to create a facilitative model to help small retailers take advantage of digital commerce. It is not an application, platform, intermediary or software but a set of specifications designed to foster open, unbundled, and interoperable open networks. "ONDC is currently operational in more than 500 cities and towns across India," Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. All existing laws and regulations of India, related to e-commerce, are applicable to ONDC and the network participants on the ONDC network. Replying to a separate question, he said to safeguard consumers from unfair trade practices in e-commerce, the Department of Consumer Affairs has also notified the Consumer Protection (E-commerce)

Tamil Nadu retains 'achiever' status in logistics infra rankings of states

State credits 'progressive approach towards logistics improvement' for top ranking in central government report

Negotiating trade pact with EU, UK, Sri Lanka, Peru: Commerce ministry

India is negotiating free trade agreements with the European Union (EU), the UK, Sri Lanka, and Peru, according to a year-end review statement of the commerce ministry. India-European Union (EU) free trade agreement negotiations were formally re-launched on June 17 2022. "Negotiations cover 23 policy areas/chapters. Six rounds of negotiations have been held till October 2023," the ministry said. With the UK, 13 rounds of talks have been completed and the next round will take place in January 2024. "India-Sri Lanka Economic and Technology Cooperation Agreement (ECTA) negotiations are ongoing with the 12th round of negotiations conducted from 30th October to 1st November 2023 in Colombo," it said. It added that both sides also agreed to continue discussions on matters, including apparel quotas and pharmaceutical procurement. With Peru, it said discussions on various chapters, including rules of origin, trade in goods, trade facilitation, sanitary, and phytosanitary measures were ..

Govt to help exporters maintain documentation to deal with US duty cases

The commerce ministry has started an exercise to help Indian exporters keep proper documentation to deal with US countervailing duty cases on domestic products, an official said. As part of the exercise, teams of the directorate general of foreign trade (DGTR) and directorate general of trade remedies (DGTR) are working on a roadmap to work on the kind of documentation that needs to be maintained by Indian exporters. Before imposing countervailing or anti-subsidy duty (CVD), a country carries out detailed investigations on products which it believes that its trading partner is subsidising for export purposes. Subsidising exports is a kind of unfair trade practice. Countervailing duties can only be imposed if the investigating agency of the importing country determines that the imports of the product in question are subsidized and are injuring a domestic industry. Imposition of this duty does not prohibit or restrict imports. World Trade Organisation (WTO) allows its member countrie

India's trade deficit fell to $20.58 billion in Nov as imports shrank 4.3%

Trade deficit: The exports, however, fell less sharply by 2.8% in November to $33.90 billion from $34.89 billion a year ago

Union minister Piyush Goyal to chair Board of Trade meeting on Dec 17

Commerce and Industry Minister Piyush Goyal will chair a meeting of the Board of Trade on December 17 to discuss ways to boost exports, an official said. Headed by the minister, the board includes participants from various states, union territories, and senior officials from public and private sectors. The official said that representatives of export promotion councils will present their views on the exports, besides the team of Government e-marketplace (GeM) will give a detailed presentation about the public procurement portal. The procurement of goods and services from the government portal has crossed Rs 2 lakh crore in November due to higher buying activities by different ministries and departments. The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures related to FTP to achieve the objective of boosting India's trade. It also provides a platform for state governments and union ...

Govt working to ensure export sector becomes self-sustaining: Piyush Goyal

India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. "During the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role," he said. He said India's target of crossing a $1 trillion economy

Realty boost: IT SEZ developers get flexibility to use vacant space

A notification amending the SEZ Rules, 2006, issued by the ministry, said a part of the SEZ could be declared "non-processing area" where free-zone rules would not apply

Plan shared by departments to improve logistics efficiency, global ranking

The commerce and industry ministry on Thursday said a targeted action plan has been shared with various departments and big data is being generated to improve the logistics efficiency of the country. These efforts will improve India's ranking in the World Bank's LPI (logistics performance index), the department for promotion of industry and internal trade (DPIIT) said in a statement. A meeting to showcase ongoing and upcoming initiatives and reforms to improve India's logistics efficiency to the World Bank team was held under the chairpersonship of the Special Secretary (Logistics), DPIIT, Sumita Dawra here on Wednesday. Nodal officers of the LPI-dedicated team, including those from Land Ports Authority of India (LPAI), Civil Aviation, Railways, Ports, Shipping and Waterways, Central Board of Indirect Taxes and Customs (CBIC) and National Industrial Corridor Development Corporation Limited (NICDC) and members from World Bank participated in the meeting. "The targeted action plan ha

Govt to approve 10-11 testing labs set ups for cotton, textiles by Dec 16

The government is planning to approve setting up of 10-11 testing laboratories across the country to ensure high quality of cotton and textiles for both the domestic consumers as well as for the export markets, Union Minister Piyush Goyal said on Saturday. "I have discussed with the Textile Ministry, the Consumer Affairs Department, who will work together with the Bureau of Indian Standards (BIS) for setting up high quality cotton and textile testing laboratories," Goyal, the Union Minister for Textiles, Commerce and Industry, Consumer Affairs and Food and Public Distribution, said. "In the next 15 days, by December 16, we will approve a series of laboratories across the country with an investment of about USD 6-7 million," he said. Addressing the four-day 81st Plenary Meeting of the International Cotton Advisory Committee (ICAC) that started on Saturday, the minister said, "We want the most modern and high-quality testing laboratories to come up in different parts of the country, s

'Work in progress to remove trade barriers in sub-Saharan African nations'

The commerce ministry is working to address issues related to non-tariff barriers and market access for domestic products in sub-Saharan African countries like Nigeria, Ethiopia, Ghana and Gulf nations to boost India's exports, an official said. The official said meetings have been held with Indian missions of the sub-Saharan African countries with which India has significant bilateral trade. The major trading partners of India in that region in 2022-23 were South Africa (total trade USD 18.9 billion, exports USD 8.5 billion); Nigeria (USD 11.85 billion, exports USD 5.15 billion); Togo (USD 6.6 billion, exports USD 6 billion), and Tanzania (USD 6.5 billion, exports USD 3.93 billion). The other countries were Mozambique (USD 5 billion, exports USD 2.5 billion); Angola (USD 4.22 billion, exports USD 621 million); and Kenya (USD 3.4 billion, exports USD 3.2 billion). "A virtual meeting with Indian Mission of top 10 countries (bilateral trade-wise) in sub-Saharan African region was hel

Govt, Amazon partner to leverage 'districts as export hubs' initiative

The commerce ministry on Thursday said it has inked an agreement with US-based Amazon to provide training to MSMEs in 20 identified districts in areas such as making digital catalogues and tax-related issues with a view to promoting exports through e-commerce medium. The capacity building session will allow MSMEs to learn about imaging, digital cataloguing of their products, tax advisory amongst others, it said in a statement. The MoU was signed in the presence of Director General of Foreign Trade (DGF) Santosh Sarangi; Chetan Krishnaswamy (Vice President, Public Policy Amazon); and Bhupen Wakankar (Director Global Trade Amazon India). DGFT is an arm of the commerce ministry which deals with import and export-related issues of the country. "To enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, DGFT is collaborating with the various e-commerce players to leverage the Districts as Export Hubs initiative and promote e-commerce exports f

India developing sea protocols for fresh produce to boost ocean exports

India is developing sea protocols for various fresh fruits and vegetables like bananas, mangoes, pomegranates and jackfruit to promote their exports through ocean routes, a senior government official said on Tuesday. At present, most of these exports are happening by air route because of lower volumes and different ripening periods. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time and training of farmers. These protocols will be different for different fruits and vegetables. Additional Secretary in the Commerce Ministry Rajesh Agrawal said shipments through sea route have two advantages - cost and volume. The exercise would help boost exports of fruits and vegetables as shipments through air cargo have a positive impact on the price competitiveness of these commodities. "So far, we are using air routes to export these perishable goods. But now, we are trying to see how we can use the se

DGTR initiates sou-motu investigation into dumping of 4 Chinese goods

The commerce ministry's investigation arm DGTR has "suo-motu" initiated probes against the alleged dumping of four products, including roller chains, glass mirrors and fasteners, by Chinese companies as the authority seeks to guard MSME units against cheap imports from the neighbouring country, an official said on Wednesday. Usually, anti-dumping investigations are initiated based on an application filed by domestic producers, but since the fragmented industries did not have the know-how of the procedures involved in the trade remedy probe, the Directorate General of Trade Remedies (DGTR) has undertaken the exercise to investigate the matter on its own initiative. Directorate General of Trade Remedies Anant Swarup said that these products are mainly manufactured by MSMEs. He said that the import of these four products together stood at about Rs 800 crore and they are coming from China. "We have initiated four suo-motu cases," Swarup told reporters here. The DGTR said that it is ..