Page 11 - Commerce Ministry

Quality standards are a passport for trade, says commerce minister Goyal

Agreeing that quality standards are a passport for trade, Commerce and Consumer Affairs Minister Piyush Goyal on Friday said India is making policy efforts to ensure consumers get out of the good-old day's mindset of two standards -- local and export quality -- of products. Goyal, while addressing the G-20 Standards Dialogue here, recalled that in the good old days, every product had a mark for 'export quality' and consumers who could afford used to pick up export quality goods. "Our effort is to move out of that mindset. Our effort is that every product that is made in India will be a high-quality product. When a consumer picks up a product will be reassured of high quality and will not have to look at other products for 'x' quality. Policymaking in India is moving in that direction," he said. He also said that standards are like patents and he cannot but agree with what the chief of the Bureau of Indian Standards (BIS) Pramod Kumar Tiwari looks at standards as a passport to ...

India, Saudi Arabia commerce ministers discuss ways to promote trade ties

Commerce and Industry Minister Piyush Goyal on Wednesday held discussions with his Saudi Arabian counterpart Majid bin Abdullah AlKassabi on ways to further promote trade ties between the two countries. Goyal was in Riyadh for two days to attend the seventh edition of Future Investment Initiative (FII). "Discussed how the robust India-Saudi trade ties can be further scaled to make global supply chains more resilient," Goyal said on social platform X. He also met Saudi Arabia Energy Minister Prince Abdul Aziz Bin Salman Al-Saud; Investment Minister Khalid A Al Falih; Industry and Mineral Resources Minister Bandar bin Ibrahim AlKhorayef; and Governor Public Investment Fund (PIF) Yassir Rummayyan. Goyal talked about the multiple opportunities offered by India. The bilateral trade between the countries stood at USD 52.75 billion in 2022-23 against USD 42.86 billion in 2021-22. India received USD 3.22 billion in foreign direct investment from Saudi Arabia between April 2000 and June 2

Working on plan to encourage traders to use Indian-flag vessels: Goyal

On Tuesday, Prime Minister Narendra Modi said that India aims to be among the top five nations in shipbuilding over the next 25 years

Govt to issue end-to-end digital authorisation for laptop, tablets' import

The decision spells relief for global laptop makers such as Dell, HP, Apple, Samsung and Lenovo, which had been unnerved by the abrupt announcement of a licensing regime in August

Govt deserves praise for e-SHC initiative

The commerce ministry says that with the launch of this new system, the number of status holders will go up from 12,518 to about 20,000

DGTR reviews anti-dumping duty on alloy wheels imported from China

The commerce ministry's investigation arm DGTR has initiated a probe to review the need to continue the anti-dumping duty on aluminium alloy wheels imported from China, following complaints from the domestic industry. Kosei Minda Aluminium Company, Maxion Wheels Aluminium India, Minda Kosei Aluminium Wheel, and Steel Strips Wheels have filed an application on behalf of the domestic industry for initiation of sunset review investigation for continued imposition of anti-dumping duty levied on imports of 'aluminium alloy road wheel' exported from China. DGTR in a notification has said the applicants have submitted prima facie evidence of dumping of the product from China in spite of the existing anti-dumping duties. "The authority hereby initiates sunset review investigation to examine whether the expiry of existing anti-dumping duties against China is likely to lead to continuation or recurrence of dumping and consequent injury to the domestic industry," the notification said. As per

Centre establishes National Turmeric Board, expected to reach $1 bn by 2030

National Turmeric Board to increase awareness and consumption of turmeric and develop new markets internationally to increase exports

Commerce Ministry opens applications for registration to import IT hardware

The registration plan comes after the Centre decided to delay the requirement of licenses for such imports

Competition Commission of India appoints three new members: Reports

The new members appointed are Anil Agrawal, a former police official who recently worked at India's commerce ministry and worked on various startup initiatives

India's WPI inflation remains in deflation for fifth straight month in Aug

The wholesale inflation rate was 12.48 per cent in August last year

Huge potential to increase exports of organic agri products: Comm secretary

There is a huge potential to increase exports of organic agri products as the global market stood at about USD 135 billion and India's shipments are only over USD 700 million, a top government official said on Thursday. Commerce Secretary Sunil Barthwal said that the industry should also work on improving the quality and standards of these products. "Organic food segment is an important area. We need to work on this. The world market is about USD 135 billion and India's share is USD 700 million, so there is a huge potential in this... We are focusing on the sector," Barthwal said here while inaugurating a fair of organic products - BIOFAC INDIA at India Expo Mart in Greater Noida. It was organised by APEDA. He also said that there is a need to promote Indian standards of these goods and comply with the standards of importing countries. The secretary urged the industry to promote the logo of India organic as it would help in promoting the credibility of the products in the ...

Com ministry suggests banks to provide export credit to e-comm exporters

The commerce ministry's arm DGFT on Monday said it has suggested banking and financial institutions to extend pre- and post-shipment export credit in foreign currency to e-commerce exporters based on the guidelines of the RBI. Any issues in availing such credit may be brought to attention by e-commerce exporters or banks to the directorate general of foreign trade (DGFT). This assumes significance as the new Foreign Trade Policy 2023 is also aimed at promoting exports through the e-commerce medium. The DGFT in a trade notice said that consultations were held with industry representatives, exporters, and nodal departments on outstanding issues pertaining to exports through e-commerce. One issue flagged was the unavailability of pre-shipment and post-shipment export credit for e-commerce exports and in this regard, consultations were held with the RBI, it said. It is clarified that master circular 'Rupee/Foreign Currency Export Credit and Customer Service to Exporters' furnishes a .

Commerce ministry recommends anti-dumping duty on imports of Chinese glass

The commerce ministry has recommended anti-dumping duty of up to USD 243 per tonne of import of Chinese glass used in home appliances with a view to guard domestic players from cheap inbound shipments from the neighbouring country. The finance ministry will take a final decision on imposing the duty. Following a complaint by a domestic player, the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) has investigated alleged dumping of 'toughened glass for home appliances having thickness between 1.8 MM to 8 MM and area of 0.4 SqM or less' originating in or exported from China. Federation of Safety Glass, an association of safety/speciality glass processors, had filed an application to initiate the anti-dumping investigation. The applicant has alleged that dumping of the product is impacting domestic industries. In its findings after concluding the probe, the DGTR said that the product was exported to India at a price which is below the normal level an

Comm min to organise workshops on promoting exports via e-commerce

The commerce ministry on Friday said it has decided to organise monthly workshops to raise awareness about ways to promote exports through e-commerce mediums. The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports. In addition to increasing awareness about e-commerce-related rules and processes, actions for capacity building and skill development for the promotion of exports through online medium is also mandated. "In this regard, monthly workshops on e-commerce exports are proposed by this directorate," according to a trade notice of DGFT (Directorate General of Foreign Trade). The workshops will cover aspects related to cross-border logistics, postal and customs compliances and cross-border payment mechanisms. "The proposed workshops shall be held during the 1st week of each month through Video Conference. In-person workshops shall also be organised where feasible," it said. The DGFT has also invited experienced ...

India's core sector output slowed to 8% in July 2023, shows govt data

Crude oil production saw positive growth (2.1%) for the first time in 14 months since May 2022

Smooth functioning of dispute settlement mechanism in WTO reforms: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said that the smooth functioning of the dispute settlement mechanism and consensus-based decision-making process of the World Trade Organisation (WTO) are key in the process of the reforms of the Geneva-based body. Several developed countries including the US are pitching for WTO reforms. It is also one of the priority areas of discussion in the meeting of trade and investment meetings here. G20 member countries are gathering here for that meeting. Goyal also said that common but differentiated responsibility (CBDR) should be there in the reforms as different countries have different levels of economic development. The dispute resolution mechanism, which is not working properly for the last few years, needs to be re-established consensus based decision-making should continuethese are few central principles, which should be there in the WTO reforms, he told reporters here. Goyal held a bilateral meeting with WTO Director-Gene

Commerce ministry seeking views of NITI on draft bills on 5 cash crops

The commerce ministry is seeking views from different ministries and government think tank Niti Aayog on draft bills pertaining to five cash crops like tea and tobacco, an official said. The ministry has circulated separate notes for the bills related to cash crops of tea, coffee, spices, rubber and tobacco, which seek to promote their growth and create a conducive environment for businesses by decriminalising minor offences, the official said. After taking the comments, the ministry will approach the Union Cabinet for approval on the drafts of the Spices (Promotion and Development) Bill; the Rubber (Promotion and Development) Bill; the Coffee (Promotion and Development) Bill; the Tea (Promotion and Development) Bill; and the Tobacco Board (Amendment) Bill. In 2022, the Department of Commerce proposed the repeal and updation of decades-old laws on these sectors and to introduce new legislation with a view to promoting their growth and creating a conducive environment for ...

GeM enabled govt to save over Rs 45,000 cr since 2016: Commerce ministry

Procurement through the GeM portal have enabled the government to save over Rs 45,000 crore since its launch in 2016, the commerce ministry said on Wednesday. Government e-Marketplace (GeM) is India's online marketplace for public procurement. Launched in 2016, GeM facilitates transparent and efficient procurement for government departments, organisations and PSUs. "A hallmark of GeM's success lies in its dedication to cost savings, having enabled the government to save over Rs 45,000 crore since 2016," it said in a statement. It also said that the portal has surpassed the achievements of renowned public procurement platforms such as South Korea's KONEPS and Singapore's GeBIZ. Central buyers, including CPSEs and allied bodies, have floated over 70 bids worth over Rs 100 crore on the portal in 2022-23. With nearly 6.5 million sellers and 70,000 government buyers registered on the platform as of July 2023, the cumulative GMV (Gross Merchandise Value) surpassed Rs 4.5 lakh crore, ..

First trial shipment of fresh pomegranate exported to US: Commerce ministry

The commerce ministry on Tuesday said the first trial shipment of fresh pomegranate has been exported to the US through the air route. It was facilitated by the Agricultural and Processed Food Products Export Development Authority (APEDA). APEDA Chairman Abhishek Dev said the increase in pomegranate exports to the US would result in higher price realisation and an increase in farmers' income. "As the long-distance market and high cost was prohibitive in commencing commercial operations, the export of trial shipment of pomegranate would help in building capacities among Indian exporters and US importers by ensuring that quality fruits are exported," it said. Buoyed by the acceptance of Indian mangoes in the US, exporters are hopeful that pomegranate would also become a successful product there. 'Bhagwa' pomegranate from Maharashtra has substantial export potential and almost 50 per cent of the fruit's export from the country is from the state's Solapur district. In 2022-23, 62,280

Commerce dept seeks Centre's nod for US-led IPEF 'supply-chain' agreement

The primary goal of the agreement is to enhance the 'resilience, efficiency, productivity, sustainability, transparency, diversification, security, fairness, and inclusivity' of supply chains