Page 15 - Commerce Ministry

FinMin, commerce ministry seized of issue of duty structure: Suman Bery

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner. Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1. Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing "some internal work" on the issue of inverted duty structures. Also, both the finance ministry and the commerce ministry are seized of the issue, he added. "But you know, since we are approaching budget time, I don't want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back," the Niti Aayog Vice Chairperson said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that .

Commerce ministry shares Russia's list of goods for imports with exporters

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said. Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals. "Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said. According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia. "Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are

We must look for newer markets for Indian millets: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday called for looking at newer markets for Indian millets to push exports. He also said that there is a need for more research and focus on standards for the sector. "We must look for newer markets and destinations. Research is required to see newer varieties," he said here at an international buyer-seller meet on millets. The minister also called for greater participation of industry besides focusing on boosting productivity of millets. Millets help in reducing carbon emission besides promoting growth of agriculture. "Let's become the global capital of millets," he added. Speaking at the event, Commerce Secretary Sunil Barthwal said that there is a huge scope to boost millet exports from India. "We can achieve the target of USD 100 billion in 2-3 years from USD 15 million, he said. He said that the ministry will be organising several such buyer-seller meets in India and abroad to promote millets. "I am sure the culture of gro

DESH & 'videsh'

The proposed Bill will create asymmetries

Indian missions to be roped in for branding, promotion of domestic millets

Indian missions abroad would be roped in for branding, promotion and identification of global potential buyers such as departmental stores for domestic millets, the commerce ministry said on Sunday. This exercise is part of the government's robust strategy to promote Indian millets. The ministry is also organising a 'Millets Smart Nutritive Conclave' on Monday wherein stakeholders of the supply chain such as Farmer Producer Organisations, startups, exporters, producers of millet-based value-added products are participating, it said in a statement. "Indian missions abroad would be roped in for branding and publicity of Indian millets, identification of international chefs as well as potential buyers such as departmental stores, supermarkets and hypermarkets for organizing B2B (business to business) meetings and direct tie-ups," it added. Commerce and Industry Minister Piyush Goyal will inaugurate the conclave here on Monday with a view to promoting exports of the grain. The concla

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

DPIIT ropes in 5 social sector ministries for infra development

The five ministries/departments are health, ministry of women and child development, department of rural development and panchayat raj, education, and ministry of housing and urban affairs

Chatroom: 'RoDTEP credit doesn't lapse after 1 year from scroll generation'

The ICPO referred to by you does not give you full payment security, as, say, a bank guarantee or irrevocable LC would give

Statsguru: Six charts show India is rapidly on FTA-signing spree

The Australian Parliament ratified the ECTA with India on November 22, as a stepping stone to a more ambitious CECA

Centre pushes for reviving export commissioner posts for boosting trade

The export commissioners will be expected to operate under clear targets to expand exports from their states

Make best use of India-Aus trade pact, Goyal tells steel industry

Commerce Minister Piyush Goyal on Tuesday urged the domestic steel industry to make best use of the India-Australia Economic Cooperation & Trade Agreement (ECTA) Agreement and look at capturing new opportunities in Australia.

India on its way to become $30 trn economy, developed nation by 2047: Goyal

Piyush Goyal said that ONDC is a game-changing initiative, which aims to democratize e-commerce to give equal opportunity to start-ups and young entrepreneurs

Next round of India-UK trade agreement talks in coming months: Com ministry

The next round of talks between India and the UK on a proposed free trade agreement, which aims at boosting trade and investments between the two regions, is proposed to be held in the coming months, the commerce ministry said on Tuesday. India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. According to sources, the ministry has now fixed an internal deadline to conclude the talks on the trade agreement by March next year. Reduction or elimination of customs duty under the pact would help Indian labour intensive sectors like textiles, leather, and gems and jewellery to boost exports in the UK market. The UK is seeking duty concessions in areas like Scotch whiskey and automobiles. According to a presentation made b

India's trade deficit in October widens to $26.91 bn, exports down 17%

Imports during October increased to $56.69 billion against $53.64 billion in October 2021

Goyal calls for IITF-like fairs for showcasing swadeshi capabilities

This year, India's largest annual fair will see the participation of nearly 2,500 exhibitors from India and abroad

India-US CEO forum discuss ways to strengthen bilateral economic ties

This is the sixth time the forum has been convened since its reconstitution eight years ago by both nations

Commerce ministry to release exports, imports data once every month

The commerce ministry has decided to resume the practice of releasing monthly exports and imports data only once in a month with a view to providing a clear picture of the country's trade, an official said. Since October 2020, the ministry was releasing the data twice every month -- the preliminary data in the first week and then the revised numbers by the middle of the month. The decision assumes significance as stark contrast between the preliminary and final export growth rate numbers was witnessed in the data for the month of September this year. According to the preliminary data, released on October 3, the merchandise exports contracted by 3.5 per cent in September to USD 32.62 billion. However, the final data released on October 14 showed a growth of about 5 per cent to USD 35.45 billion. Some variations in export growth rate figures were seen in the previous months as well. For example, preliminary data released on September 3 showed a decline of 1.15 per cent to USD 33 bil

Goyal holds consultations with SEZ stakeholders on work from home facility

The commerce ministry on Friday held discussions with stakeholders of Special Economic Zones (SEZs) on the issue of work from home facility. The consultations assume significance as the ministry is considering to allow 100 per cent Work From Home (WFH) for employees of units in SEZs. In a tweet, the office of Commerce and Industry Minister Piyush Goyal said, he "held consultations with SEZ stakeholders over Work from Home facility. With the hybrid model here to stay, the government is working to provide flexibility and create jobs in small cities to boost exports and fuel growth". At present, WFH is permitted for a maximum period of one year in a SEZ unit and can be extended to 50 per cent of the total employees. Meanwhile, Goyal also held a meeting with Taiwan's Deputy Minister of Economic Affairs Chern-Chyi Chen. "Discussed enhanced cooperation in several areas of mutual interest and explored ways to further boost bilateral trade and investments between India and Taiwan," a sepa

Trade data from China, India shows gaping hole of $12 billion: Report

India-China trade: Under-invoicing of shipments by Indian importers is believed to be the main reason behind the gap in figures

India flags key agri-sector issues, rice export in meet with UAE minister

India on Friday flagged to the UAE some of the issues faced by its agriculture sector, including problems faced by rice exporters, during a meeting here. S Vikramjit Singh, MP, Chair, India-Arab Council, and Member of the India-UAE Joint Task Force, met Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of UAE and discussed various areas of bilateral cooperation. Singh said that trade with the UAE would take new dimensions with two major bilateral agreements already in place. He also flagged issues faced by the Indian agriculture exporters to the Gulf nation. Major discussions took place between both sides regarding trade between India and the UAE after the conclusion of the Comprehensive Economic Partnership Agreement (CEPA) and the Free Trade Agreement (FTA), Singh said in a statement. Singh, a member of the India-UAE Joint Task Force, flagged the key issues faced by the agriculture sector regarding the rejection of rice exports from India due to the presence of