Page 17 - Commerce Ministry

Rupee shown more resilience than other currencies in recent years: Goyal

Indian rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014, commerce and industry minister Piyush Goyal has said. He also said that exporters should not be dependent on a depreciating rupee and they should stand on their own based on the quality of products and ability to serve the needs of customers in the global markets. "I do not think there is any comfortable or uncomfortable level for the rupee. Rupee finds its own place. It's a function of several natural factors -- a function of inflation, capital flows and the risk-reward ratio in each country. I am happy that the Indian rupee has shown more resilience than most of the currencies in recent years," Goyal said in a media interaction. To a query on what could be the comfortable level of the rupee where it does not hurt imports, and make exports competitive, the minister said: "If you look at the Indian rupee ...

Report to restructure commerce ministry under study: Piyush Goyal

The commerce ministry is in the process of studying in greater detail the report on its restructuring and there is a plan to set up a trade promotion body, Union minister Piyush Goyal said on Sunday. The ministry is working to redesign the Department of Commerce as India is targeting exports of goods and services to USD 2 trillion by 2030. The restructuring rests on pillars like increasing India's share in global trade, assuming leadership roles in multilateral organisations, creating 100 Indian brands as global champions, and setting up economic zones in India to strengthen the manufacturing base and attract greater investments. "We are in the process in the commerce ministry to redesign the structure of the ministry. And one of the ideas before us is to set up a trade promotion body, similar to Invest India, which will promote trade from India, for India," he told reporters here. Invest India, under the ministry, is an agency which facilitates investments into the country. He ad

Export momentum dissipating but new opportunities opening up

Speculation on what the new Foreign Trade Policy, to be unveiled this month-end, may contain has engaged the attention of exporters and importers

India to take decisions on IPEF aspects based on national interest: Goyal

India will take decisions on different aspects of the Indo-Pacific Economic Framework (IPEF) based on its national interest, Commerce and Industry Minister Piyush Goyal has said. Earlier, he attended the first in-person ministerial meeting of the IPEF here. Interacting with media on the sidelines of the meeting, he said that there have been useful engagements with the 14 members of the IPEF and the officials from member nations had worked hard to prepare a ground for such fruitful interactions. He expressed hope that in a day's time, IPEF would finalize a framework within which member nations could interact on different areas of mutual interest. The minister assured that "India will take decisions on different aspects of the frameworks of IPEF based on our national interest". The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. It seeks to strengthen economic partnership among participating countries with the objective

New foreign trade policy may focus on non-fiscal measures to boost exports

The policy could throw light on how India may want to be integrated into the global value chain, for which realignment has started, and factors that have affected the integration

Goyal launches initiative to connect Indian startups with US investors

Commerce and industry minister Piyush Goyal has launched an initiative -- SETU (Supporting Entrepreneurs in Transformation and Upskilling) -- here to connect startups in India to US-based investors. SETU is designed to break the geographical barriers between mentors based in the US that are willing to invest in entrepreneurship and sunrise startups in India. The programme was launched during an interaction focused on specific issues related to the startup ecosystem in India. The meeting focused on ways to encourage domestic incorporation and mentorship of early-stage Indian startups by successful diaspora members in the Bay Area of San Francisco. The initiative would connect startups in India to US-based investors and startup ecosystem leaders with mentorship and assistance in various areas, including funding, market access and commercialisation. The interaction between the stakeholders will be supported through the mentorship portal under the Startup India initiative MAARG ...

India aspiring to take intl trade to $2 trn by 2030, says Goyal in US

India's goods and services exports crossed $675 billion in the last financial year and the government has set a target of achieving $750 billion for 2022-23

Piyush Goyal expresses desire to collaborate with Stanford University

In an attempt to deepen the partnership between India and the US, Union Commerce Minister Piyush Goyal expressed a desire to collaborate with Stanford University on Tuesday.During his visit to Stanford University, the Union Minister expressed India's desire to collaborate with Stanford's newly launched Doerr School of Sustainability, the University's new hub for research and innovation focused on advancing the long-term prosperity of the planet.Goyal underlined the need for a deeper understanding of India's energy needs and potential solutions for the sustainable development of the industrial and economic activity.He also stressed partnerships between Stanford Graduate School of Business and Indian Management Institutions.In his meeting with the Stanford leadership, Goyal also discussed a new paradigm for large-scale semiconductor and other electronics manufacturing in India.Goyal in his address at Stanford University also highlighted the difference between theoretical knowledge and ..

Exports fall 1% in August to $33 billion; trade deficit remains elevated

"Conservative" merchandise export target set at $450 billion in FY23, says commerce secretary. Department's internal target remains $470 billion

Goyal to attend IPEF ministerial in US next week; focus on trade ties

To meet US commerce seretary, trade representative in Los Angeles next week

Goyal to meet US trade representative, commerce secy on visit next week

Commerce and Industry Minister Piyush Goyal will hold bilateral meetings with his American counterparts next week in the US to discuss ways to boost trade and investments ties, an official said. The minister will be on a six-day visit to San Francisco and Los Angeles from September 5. During the visit, Goyal will participate in the two-day ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF) on September 8 and 9 in Los Angeles, the official said. He will meet US Trade Representative Katherine Tai and US Secretary of Commerce Gina M Raimondo on the sidelines of the IPEF ministerial meeting. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 at Tokyo. It seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the region. The 14 members of IPEF are -- Australia, Brune

Piyush Goyal likely to chair Board of Trade meeting next month

Commerce and Industry Minister Piyush Goyal is likely to chair a meeting of the Board of Trade next month to discuss ways to boost the country's exports, an official said. The Board is an advisory body on the foreign trade policy. It is headed by the minister and includes participants from states, Union Territories, and senior officials from public and private sectors, and provides a platform to discuss ways on boosting manufacturing and exports. The board may meet sometime in mid-September, the official said. Last month, the government nominated 29 non-official members from different sectors, including large and small enterprises, to the Board. The new members include Laghu Udyog Bharati executive member Om Prakash Mittal, India Cellular and Electronics Association chairman Pankaj Mahindroo and Amul MD RS Sodhi. Discussions in the meeting are expected to focus on the new Foreign Trade Policy (FTP 2022-27), ways to take forward domestic manufacturing and exports. The platform pr

Department of Commerce to overhaul export scheme for services sector

The scheme is expected to be a part of the new foreign trade policy expected to be rolled out by the Directorate General of Foreign Trade next month, said people in the know

Centre proposes anti-dumping duty on China antibiotic drug ofloxacin

No impact on end consumer as prices are regulated

DGTR hints at anti-dumping duty on Chinese ofloxacin, FinMin to decide

The commerce ministry has recommended imposition of anti-dumping duty on Chinese ofloxacin -- a medicine used to treat certain infections -- for five years to guard domestic players from cheap imports from the neighbouring country. Directorate General of Trade Remedies (DGTR) has recommended the duty on imports of 'ofloxacin' and its intermediates from China after concluding in its probe that the product has been exported at dumped prices into India, which impacted the domestic industry. "The authority considers it necessary and recommends imposition of the anti-dumping duty for a period of 5 years," the directorate has said in a notification. Ofloxacin is used to treat certain infections including bronchitis, pneumonia and infection of skin, bladder, urinary tract and prostate. DGTR had conducted the probe following a complaint from Aarti Drugs Ltd about the dumping and initiation of the investigation. The directorate works under the ministry. The recommended duty ranges between

DPIIT to hire consultants to work towards ease of doing business

The commerce and industry ministry is planning to hire consultants to study business environment and compliances and suggest steps to promote ease of doing business in the country. The Department for Promotion of Industry and Internal Trade (DPIIT) has invited applications from eligible qualified professionals for engagement as senior consultant and consultant for three years for working in the Ease of Doing Business (EoDB) Reform Secretariat. The secretariat has been established in the DPIIT. Interested candidates can apply online by end of this month. The work responsibilities of these consultants include conducting a detailed analysis of existing acts/rules and their provisions; review and analyze the legal and regulatory frameworks dealing in different jurisdictions in India; and devise an action plan with a focused approach on the reforms required towards improving regulations. Further, the consultants should have "an understanding of the business regulations at the state lev

At $4.3 bn, imports from Russia jump nearly 7 times in June: Govt data

Oil makes up 71% of total imports from the country

New law for SEZs: Commerce ministry proposes host of incentives

The official said the commerce ministry has sought views of different ministries, including finance, on the new bill

Commerce ministry recommends anti-dumping duty on Chinese cutting tool

The directorate in its findings has concluded the item is being imported from China into India in significant quantities in both absolute and relative terms

Commerce department recast to bring more focus on trade policy making

The DGFT has been already working on the much-delayed foreign trade policy, which is now expected to be released by the end of September