Page 11 - Commerce Ministry

Comm min expects to issue 20,000 status holder certificates to exporters

The Commerce Ministry, which automated the process for issuance of exporter status certificates, is expected to issue about 20,000 such documents by the end of this year, a senior official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said this would be a big jump in the issuance of these certificates, and so far, they have issued over 40,200 status-holder certificates. "There are another 2,000 applications, which are under scrutiny because of their prior history. But ultimately, those will also get issued, and by the end of this year, we expect about 20,000 status holders to be recognised through this automated process," he told reporters here. Last month, DGFT said that an exporter status certificate will now be issued based on the available electronic data, and traders will not have to apply to get the recognition. These certificates provide certain privileges, including simplified procedures under foreign trade policy (FTP), priority custom .

Pilot launch of revamped eRBC system for exporters from November 15

The commerce ministry on November 15 will do a soft launch of the revamped electronic bank realisation certificate for self-certification by exporters to promote ease of doing business for traders. An electronic Bank Realisation Certificate (eBRC) is an important document for exporters and is issued by a bank as a confirmation that the exporter has received the payment from a foreign buyer against the export of goods or services. This certificate validates repatriation of export proceeds to the country and ensure compliance with provisions of foreign exchange rules. eBRCs can be generated for outbound shipments of goods, services and deemed exports. According to a trade notice of the Directorate General of Foreign Trade (DGFT), the upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the DGFT. Based on the messages received, the exporters would self-certify their eBRCs. "The enhanced eBRC system shall enable exporters to reduce

Piyush Goyal to attend IPEF next week, meet execs for India investment

The IPEF ministerial meeting is scheduled to take place during November 13-14, which is likely to see 'significant updates' on the progress of negotiations

First trial shipment of bananas exported to Netherlands: Comm ministry

The commerce ministry on Friday said the first trial shipment of bananas has been exported to the Netherlands. For the trial shipment of bananas, Agricultural & Processed Food Products Export Development Authority (APEDA) has enlisted the support of ICAR-Central Institute for Subtropical Horticulture (CISH), Lucknow, for technical assistance while InI Farms has partnered with Del Monte for marketing and distribution in Europe, and Maersk for logistics, it said. It added that banana exports to the Netherlands would lead to higher prices and increased income for farmers. Despite being the world's largest banana producer, India's export share is currently just 1 per cent in the global market, though the country accounts for 26.45 per cent of the world's banana production at 35.36 million metric ton. In 2022-23, India exported bananas worth USD 176 million. "With the first trial shipment to the European market, it is estimated that India may be able to export bananas worth more than .

Commerce ministry panel reviews guidelines for elections of EPCs, FIEO

The commerce ministry's committee, which is reviewing the eligibility criteria for the election of office bearers of export promotion councils (EPCs) and apex exporters body FIEO, is expected to submit its report by end of this month, an official said. Exporters have urged the ministry for early release of the report so that elections can be conducted in the councils and Federation of Indian Export Organisations (FIEO) as per the new criteria. The official said that a draft report was circulated to the councils and suggestions have been sought. "We have received the feedback. The committee will review that and the report would be submitted to the higher authorities of the ministry," the official added. In May this year, the ministry decided to review the eligibility criteria for the election to make them more inclusive and representative. A three-member panel was constituted to review the existing guidelines and make suitable recommendations about representation of different ...

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