Page 12 - Commerce Ministry

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

Comm min allows EPCMD to issue export registration, membership certificates

The commerce ministry has authorised the newly-established Export Promotion Council for Medical Devices (EPCMD) to issue registration-cum-membership certificates for exporters of specific items such as bandages and first-aid boxes. Under the foreign trade policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters to avail benefits under the policy. Holding the certificate can also help exporters in availing benefits with respect to customs and excise. The certificate is issued by export promotion councils and commodity boards. The directorate general of foreign trade (DGFT) in a public notice stated that the council has been included in FTP for "issuing RCMC for specific items". These items also include hot water bottles, ice bags, gloves, personal protective garments for surgical/medical use, surgical gowns and drapes, syringes, with or without needles, and stethoscopes. Raghuveer Kini has recently taken charge as the executive director of the council. ...

Govt seeks industry feedback on challenges in PLI to enhance effectiveness

Goyal urged officials to hold regular consultation and roundtables with PLI beneficiaries

Indian steel, aluminium products to get greater mkt access in US: Comm min

The commerce ministry on Friday said the US has agreed to provide greater market access to certain Indian steel and aluminium products, a development which would help increase outbound shipments of these goods. This was part of the agreement reached between the two countries which have decided to terminate six trade disputes at the World Trade Organisation (WTO). The six cases are countervailing measures on certain hot-rolled carbon steel flat products from India, certain measures relating to solar cells and modules, measures relating to the renewable energy sector, export-related measures, certain measures on steel and aluminium products, and additional duties on some products from the US. "As a part of the agreement, the US has agreed to grant market access to steel and aluminium products under the exclusion process of Section 232 of the Trade Expansion Act 1962," the ministry said in a statement. India has also agreed to remove the retaliatory tariffs on certain products. Howev

Backed by mobile devices, electronics up 2 notches to 4th place in exports

In this period, electronics exports touched $4.54 billion, an increase of 48 per cent from the previous year in the same period when it was $3.06 billion

GatiShakti must be leveraged to benefit sectors beyond infra: Piyush Goyal

He highlighted that the area development approach under PM GatiShakti can be used for engaging with aspirational districts of NITI Aayog

US secretary of state, commerce secretary to address 'India Ideas Summit'

US Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo and several top members of the Biden administration will join powerful Congressional leadership and top corporate players from India and the US at this year's 'India Ideas Summit' next week. The theme for this year's two-day summit beginning on June 12 is Trust, Resilience, and Growth and will focus on how these three organising principles underpin the US-India economic partnership across sectors. The annual summit of the US India Business Council (USIBC), which is part of the US Chambers of Commerce, gains significance this year as it comes ahead of Prime Minister Narendra Modi's first state visit to the US which starts on June 21. On Monday, June 12th, we're gonna have the Secretary of State, Antony Blinken, come and speak to our group. We are also gonna have a session with Deputy Secretary of State Rich Verma. We are looking to see how we can lift the ambitions of the United States and India for even greater .

Government accords priority to keep prices under check: Piyush Goyal

Commerce and industry minister Piyush Goyal on Wednesday said the government accords priority to keeping prices under check and that is the reason why inflation is low in India as compared to several developed nations. He said that a group of ministers regularly meets and discuss the price situation. "Prime Minister Narendra Modi gives priority to keep prices under check," Goyal told reporters here while briefing about increase of Rs 143 in the minimum support price (MSP) of paddy to Rs 2,183 per quintal for this year. He added that before 2014, the average inflation rate used to be at 10-12 per cent, but after the Modi government came to power the average rate of inflation in the last nine years has come down to 4.5 per cent. "On one side we are increasing MSP and on the other hand, we have kept the inflation under control," he said. The prices in India are much lower when compared to most of developed countries, where inflation is in double digits. Wholesale prices in India fel

DGTR recommends increasing import duty on iron alloy from S Korea for 2 yrs

The commerce ministry's investigation arm DGTR has recommended increasing customs duty on 'Ferro Molybdenum', used in steel, nickel, cobalt alloys, from South Korea in view of spurt in the imports under a free trade agreement. The Comprehensive Economic Partnership Agreement (CEPA) between the two countries was implemented in January 2010. In October last year, India initiated the probe to ascertain if a spurt in the imports from South Korea is hitting the domestic producers. After concluding the probe, Directorate General of Trade Remedies (DGTR) said the imports have increased in absolute terms and in relation to Indian production and total imports. The imports of Ferro Molybdenum, DGTR, said increased when the customs duties were eliminated. Imports of the products from Korea have increased and constitute increased imports within the meaning of the rules and Korea-India CEPA, it said in a notification adding that due to the spurt in the inbound shipments, domestic industry has

Huge opportunities will open up when exports touch $2 trn by 2030: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said huge opportunities for people and businesses will be opened up when the country's goods and services exports touch USD 2 trillion by 2030. In the last two years, he said the country's exports jumped from USD 500 billion to USD 767 billion in 2022-23. India is a USD 3.5 trillion-economy today and will become at least USD 35 trillion- economy by 2047 and "imagine what opportunities it will open up for all the people of India," he said. According to him, by 2030, "we will see USD 2 trillion of exports from India, imagine the opportunities that it will open up". At the Times Network India Economic Conclave here, the minister also said the country's economy is growing at a faster pace and it is clearly reflected from the 7.2 per cent GDP growth in 2022-23. "India is in the mode of stability with a proactive government strengthening every element of the economy in a manner which will hold us in good stead in our pursuit to mak

Negotiations on supply chain agreement under IPEF conclude: Ministry

Members of the 14-nation bloc IPEF have 'substantially' concluded the negotiations on the supply chains agreement, including improving logistics and connectivity; promoting investments in critical sectors and cooperation for mitigation of disruptions to ensure business continuity, the commerce ministry said on Sunday. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). India has joined all the pillars except the trade one. The talks on supply chains, clean economy and fair economy were held on May 27 in Detroit, US. Commerce and Industry Minister Piyush Goyal virtually participated in the ministerial meeting. At this meeting, negotiations under the Supply Chains (Pillar-II) were substantially concluded; while good progress was reported under the other IPEF Pillars, the .

Commerce ministry addressing issues of exports through ecommerce: Official

The commerce ministry is trying to address issues pertaining to the promotion of exports through ecommerce medium, a senior government official has said. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi also said that while the USD 2 trillion export target by 2030 is ambitious as it entails an annual growth of 14.5 per cent (CAGR), it is not impossible. "We trying to address issues on seamless e-commerce for export promotion. We are in touch of the Department of Revenue, RBI, Icegate, and the Department of Post on the issues which entails remission of duties and incentives, ensuring postal bills flows into Icegate, building a regulatory system which addresses return back, etc, he was quoted by TPCI in a release. The DGFT was addressing the TPCI's inaugural edition of India Business and Trade Annual Conclave 2023 here on May 23. The Trade Promotion Council of India (TPCI), government, industry and academic deep dive to explore ways to reach USD 2 trillion in ...

Commerce Ministry to hold Chintan Shivir to discuss ways to promote trade

The Commerce and Industry Ministry will hold a two-day Chintan Shivir to discuss ways to promote manufacturing trade, investments, startups, logistics and import substitution, among others, an official said on Thursday. On May 19, the Department of Commerce will be holding a series of sessions on issues such as team building; expediting trade and investment promotion efforts; export strategy on goods and services; import substitution, reducing sub-standard imports and promoting manufacturing through PLI (production linked incentive). Commerce and Industry Minister Piyush Goyal, Ministers of State for Commerce and Industry Som Parkash and Anupriya Patel will address the ministry officials. On May 20, the Department for Promotion of Industry and Internal Trade (DPIIT) will hold sessions on subjects like innovate in India (startups and intellectual property rights) and the future-ready logistics sector, the official said. India's exports contracted by 12.7 per cent, the third month in

Commerce ministry may import monitoring system for leather products

The commerce ministry is considering introducing an import monitoring system for the leather sector, under which a trader will have to provide advance information about the imports and obtain a registration number, an official said. "Talks are at an early stage on the issue at present," the official said. Normally under the system, importers are required to submit advance information in an online system for imports of items and obtain an automatic registration number by paying a certain amount of registration fee. Earlier, the government introduced similar system for sectors like coal and steel. Imports of leather and leather products dipped by 26.32 per cent to USD 61.62 million. During 2022-23, these imports have recorded a growth of 25.62 per cent to USD 1.02 billion as against USD 819 million in 2021-22. The ministry is also considering extending some initiatives such as the production-linked incentive scheme to the leather and footwear sector to further promote the growth of