Page 11 - Commerce Ministry

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

Trying to change WB's perception of being not industry-friendly: Minister

West Bengal Industry and Commerce Minister Shashi Panja on Friday said the government is fighting hard to change the perception that the state is not industry friendly so that more investments can now come to the state. Speaking at the AGM of Merchants' Chamber of Commerce & Industry (MCCI) here, Panja said the very notion of ease of doing business (EoDB) is being utilised to kill that perception of the past and the government is giving a major thrust on this area. "The state government and the Industry department is fighting against decades of perception of West Bengal as being not so conducive investment destination. We are trying to kill that perception of the past. The Industry department is giving a major thrust on ease of doing business by introducing facilities like single-window clearance. Of course, there are some other things which need to be streamlined as well", Panja said. She said that this negative perception of West Bengal should not prevail in the minds of ...

Commerce ministry looking at fixing export target in range for this fiscal

With the increasing global economic uncertainties, the commerce ministry is looking at fixing this fiscal year's export target in a range instead of a single figure, an official said. To set the target range, a detailed study on 200 countries and 31 commodity groups is in the process, the official said. The target range would depend on parameters such as the USD 1 trillion merchandise exports target by 2030; import to GDP ratio of importing countries; export to GDP ratio of India that will tell the potential and past trends. "We are not fixing any export target as a figure. In fact, my team has done an exercise, where we are saying that let us talk in terms of range. In the best scenario, the exports can be this much and in the worst scenario, it can be this much," the official said. For a monitoring purpose of exports every month, the official said a fixed number would be required and that could be a mid-value or an average may be accepted. The ministry has though fixed an intern

Commerce ministry to increase bandwidth to negotiate free trade pacts

With a number of countries approaching India for negotiating bilateral free trade agreements (FTAs) to boost economic ties, the commerce ministry is looking at ways to increase its bandwidth for undertaking these time and human resource consuming talks, a senior official said. The commerce ministry officials at present are negotiating several FTAs with countries including the UK, Canada and European Union. "Negotiations are really time consuming and energy consuming and human resource consuming. Therefore, we are trying to increase the bandwidth within the commerce department," the government official said. Indian trade service officers are expected to be engaged more in the negotiations of free trade agreements. Latin American countries such as Peru are also interested in doing an FTA with India and India is also looking deeply into that, the official said. South American trade bloc MERCOSUR is also keen to expand the scope of existing preferential trade agreements to an FTA. Ind

WPI inflation sinks to near eight-year low of minus 4.12% in June

Third straight month of dip in inflation, mainly due to high base and moderation across all three major components

Commerce ministry to promote trade, investment; priortise 12 countries

The commerce and industry ministry has worked out a detailed plan to promote trade and investment and identified 12 countries including the US and UK for priority action, an official said. The plan was formulated by a task force comprising officials from the department of commerce, department for promotion of industry and internal trade, Indian missions abroad and Invest India. Under the plan, the task force has identified calender of activities for these 12 priority nations -- US, Brazil, Canada, UAE, Saudi Arabia, UK, Germany, Sweden, Japan, Taiwan, South Korea and Russia, said the official who did not wish to be named. The plan was prepared after an in-depth analysis of export-import trends. outbound investments trends and strategic engagements with over 20 countries. As part of the plan, the ministry will organise road shows in different countries, which will encompass investment and trade promotion engagements. Industry and exporters are also encouraged to organise world-leve

Comm min asks exporters to focus on potential sectors to boost exports

The commerce ministry on Monday asked exporters to focus on potential key sectors such as food, electronics and engineering and 12 major markets to boost exports, an official said. It was also suggested to focus on organising fairs and exhibitions at global scale, the government official said. These issues among others were discussed during a meeting called by the ministry with the industry and exporters. The meeting was chaired by commerce and industry minister Piyush Goyal. The six sectors which hold huge potential to increase the country's exports include food, textiles, engineering, electricals and electronics, medical devices, pharma and auto components. The main global destinations where exports could be promoted further include the US, UK, Brazil, Germany, Saudi Arabia, Sweden, Taiwan, Korea, Japan and Russia. An industry representative, who participated in the meeting, said that emphasis was given on both trade and investments. Increasing investments will help in promoti

Commerce Ministry to meet exporters over declining exports on Monday

The commerce ministry has called a meeting of exporters on Monday to take stock of the situation, as the country's outbound shipments have been contracting for the last four months, an official said. Exporters are expected to flag issues like extending greater support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and GCC (Gulf Cooperation Council); and allowing industry double weighted deduction on salary to professionals to retain talent in India. Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion, according to the ministry data. Cumulatively, exports during April-May this fiscal contracted by 11.41 per cent to USD 69.72 billion, while imports declined 10.24 per cent to USD 107 billion. Demand slowdown in major markets, high inflation in developed economies and the

Last date for exporters to apply for amnesty scheme extended till Dec 31

The last date to apply for availing benefits of the amnesty scheme for one-time settlement of default in export obligation by certain exporters has been extended for six months till December 31, the commerce ministry said on Friday. Earlier, June 30 was fixed as the last date for registration under the scheme. The government announced the new foreign trade policy (FTP) on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Directorate General of Foreign Trade (DGFT), under the ministry, also said that the last date for payment of customs duty plus interest has been extended till March 31, 2024. "The last date to apply under the amnesty scheme has been extended till December 31, 2023," DGFT said in a public notice. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorisations can be regular