Page 8 - Commerce Ministry

We are worried about the ongoing Red Sea crisis, says Piyush Goyal

Exporters are now able to stand up on their feet and we have been able to move away from the mindset of export incentives, said Union Minister Piyush Goyal

Core sector growth hits 14-month low of 3.8% in Dec due to high base

Only fertilisers and cement sectors see acceleration in output

Interim Budget 2024: Commerce department seeks 10% hike in Rodtep

For the current financial year, the finance ministry had allocated Rs 15,069 crore towards the scheme. A 10 per cent jump will make the allocation for the scheme Rs 16,575.9 crore

Govt working on reforms for Special Economic Zones: Commerce secretary

The government is working on reforms in the Special Economic Zone (SEZ) domain so that movement of goods between domestic tariff area (DTA) and SEZ space is carried out smoothly without affecting the competitiveness of goods in the export markets, Commerce Secretary Sunil Barthwal said on Saturday. During the pandemic two years ago, many office spaces in the SEZ areas had been vacated due to 'work from home' practice initiated by the occupants. Barthwal said this had led to the demarcation of SEZs into SEZ and DTA spaces. "Scale economies have become very important nowadays. Reforms in the SEZ are in the offing so that movement of goods from SEZ to DTA and vice-versa are not affected rendering goods produced become less competitive", Barthwal said at a symposium organised by the Bharat Chamber of Commerce. The official said that the foreign trade policy (FTP) of the government had been framed keeping in mind the global value chain. "Our FTP has been designed for exporters to take

As many as 75,000 patents granted in last 10 months, says Piyush Goyal

The Indian Patent Office has granted a "record" 75,000 patents in the last 10 months and it reflects India's ability to innovate, Commerce and Industry Minister Piyush Goyal said on Friday. Interacting with innovators and entrepreneurs on the eve of the 75th Republic Day here, the minister also said that 40,000 compliances have either been eliminated or simplified to ease the burden on entrepreneurs. "The Indian Patent Office has granted a record 75,000 patents in the last 10 months," he said, adding the government is making it easier to do business and make it less burdensome to meet the requirements of the law and comply with rules and procedures. There has been a significant push to reduce the burden of criminalisation of many laws regarding business in India and the Jan Vishwas law was the first step in that direction and gave the comfort to people and businessmen that the government trusts them, he said. "If you make a small mistake, you do not have to worry about criminal ...

PM GatiShakti spurs planning, implementation of Ayodhya bypass: Govt

The 67.57-Km Ayodhya bypass project in Uttar Pradesh was planned and implemented under the PM GatiShakti initiative, the commerce and industry ministry said on Friday. It said that the project would facilitate uninterrupted freight flows and decongest Ayodhya. It "will cover key districts such as Lucknow, Basti, and Gonda. This project will facilitate improvement in connectivity to economic, social and logistics nodes, including tourist and pilgrim sites, across these three districts," the ministry said in a statement. Ayodhya is situated between two economic hubs (Lucknow and Gorakhpur) and major commodities such as leather, engineering goods, building materials, iron and steel, pass through the city therefore the construction of this bypass route will facilitate uninterrupted freight flows and decongest the city. An idol of the new Ram Lalla was consecrated at the Ayodhya temple on January 22, a landmark event led by Prime Minister Narendra Modi who also gave a clarion call to go

Commerce ministry backs import tax cuts on gold bars: Govt officials

"India's customs duty on gold is among the highest globally," said Vipul Shah, chairman of the GJEPC

Budget 2024: MSMEs expect special package from FM Sitharaman on Feb 1

The MSME sector wants Finance Minister Nirmala Sitharaman to come out with a special package for small and medium enterprises to ensure greater availability of institutional credit at competitive rates to enable it to play a bigger role as India moves closer to becoming a USD 5 trillion economy. Sitharaman is scheduled to present the interim Budget 2023-24 in the Lok Sabha on February 1. This will be the last major economic document of the government before the next general elections. The share of MSME (Micro, Small & Medium Enterprises) sector in the country's Gross Domestic Product (GDP) in 2021-22 was 29.15 per cent. On expectations from the Budget, Federation of Indian Micro and Small & Medium Enterprises (FISME) said the relationship between banks and MSME is an uneven one with the balance of power heavily tilted in favour of the lenders. "Lack of competition in the banking sector (75 per cent of banks being public sector) and weak regulatory institutions, which have not .

Commerce and industry ministry requests unicorns to mentor startups

The commerce and industry ministry has urged the unicorn startups to mentor budding entrepreneurs through government-backed MAARG portal, an official said. The MAARG (Mentorship, Advisory, Assistance, Resilience, and Growth) platform was launched in January last year to facilitate mentorship for startups across diverse sectors, and geographies. It was suggested during a meeting between Commerce and Industry Minister Piyush Goyal and senior representatives of 40 unicorn startups like Lenskart, Zerodha, and Boat here on January 17. On the other hand, the companies asked for a better funding mechanism and lower rates of interest to increase their growth prospects. Issues which figure in the meeting included sustainable growth, India's positioning in the global startup landscape and mobilisation of domestic capital for the larger startup ecosystem. It was suggested to them to provide at least 30 minutes of mentorship to budding startups, the official said. Startup firms valued over U

Commerce ministry to launch portal to provide info to aspiring exporters

The commerce ministry will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements. Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

Red Sea crisis: Comm dept asks FinMin to maintain credit flow to exporters

Shipping ministry asked to monitor trade volume at major ports in India

India reinforces status as preferred investment destination at Davos: Govt

The Commerce and Industry Ministry on Tuesday said India is reinforcing its status as a resilient global economy and a preferred investment destination at the World Economic Forum in Davos. India's presence is marked by securing four distinct spaces at WEF, each dedicated to showcasing the India opportunity and its growth story to global investors, it added. The four spaces are - India Engagement Centre, Experience India Centre, India Investment Centre, and We Lead Lounge, the ministry said in a statement. The India Investment Centre, it said, will serve as the centre for Government-to-Business (G2B) and Business-to-Business (B2B) networking, hosting roundtables and sessions. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh is participating in the meeting. "At WEF, a total of 21 sessions will be held over the span of 5 days. India will be showcasing its opportunity and opening doors for discussion on manufacturing, technology, ...

Govt may consider cash refunds to exporters to improve cash flow: GTRI

The government can consider giving refunds to exporters in cash instead of scrips for tax remission schemes, as it would immediately improve cash flow for them, economic think tank GTRI said on Tuesday. At present, the refund under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Taxes and Levies (RoSCTL) scheme is issued as a scrip, which can be used to pay basic customs duties at the time of import. The scrip can be sold to other importers, who can later use the scrip instead of cash for payment of basic customs duty. These schemes refund select central and state levies to Indian exporters. "Refund RODTEP and ROSCTL dues to exporters in cash and not in the form of scrips. This will immediately improve the cash flow of thousands of exporters facing a weak export outlook for 2024," the Global Trade Research Initiative (GTRI) said. The RoSCTL refunds taxes for apparel and made-up sectors. RoDTEP covers most of the remaining

Ram temple consecration to generate Rs 1 trillion worth of business: CAIT

Business worth Rs 1 lakh crore is expected to be generated with the consecration ceremony of Ram temple in Ayodhya on January 22, traders' body CAIT said on Monday. The Confederation of All India Traders (CAIT) based its estimate on feedback received from trade associations of 30 cities across different states. "This event not only resonates with religious sentiments but also brings a surge in economic activities. The faith and trust of people are leading to the creation of many new businesses based on the country's traditional economic system," Praveen Khandelwal, National Secretary General of CAIT, stated. He said that approximately 30,000 different programmes by trade associations are being organised across the country in view of the Ram temple consecration. These include market processions, Shri Ram Chowki, Shri Ram rallies, Shri Ram Pad Yatra, scooter and car rallies, and Shri Ram assemblies. Markets are witnessing a high demand for Shri Ram flags, banners, caps, t-shirts, and

Commerce ministry calls stakeholders' meet on WTO issues on January 20

The commerce ministry has called a meeting of all stakeholders, including government officials and trade sector experts, on January 20 to discuss issues which are likely to figure in the WTO meeting, an official said. The 13th Ministerial Conference (MC) of World Trade Organization (WTO) is scheduled from February 26-29 in Abu Dhabi, the UAE. MC is the highest decision-making body of the 164-member WTO, which monitors global exports and imports besides adjudicating disputes between member countries. India is the member of the organisation since 1995. The issues which would figure in the MC 13 include agriculture, food security, dispute settlement reform, e-commerce moratorium, and fisheries subsidies. "We are meeting all the stakeholders on January 20," the official said. On the food security issue, India has called for finding a permanent solution to the issue of public stockholding for food security in the ministerial-level meeting. It has dismissed arguments for alternative fo

No plans to import wheat, likely to harvest a bumper crop: Piyush Goyal

The country's wheat stocks at state warehouses stood at 16.47 million metric tons as of Jan. 1, the lowest since 2017

Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17

The commerce ministry has called a high-level inter-ministerial meeting on January 17 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, a senior official said on Saturday. Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive. "This Wednesday, we are holding an inter-ministerial consultation. We will be discussing the way forward," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi ...

Centre reviews progress of PLI schemes in all 14 sectors: Govt official

The government on Friday reviewed the progress of the production-linked incentive (PLI) schemes for all the 14 sectors, an official said. The meeting assumes significance as the government has disbursed Rs 2,900 crore till March 2023 under the scheme. The empowered committee in PLI has also approved Rs 1,000 crore disbursal to beneficiary firms of the electronics sector. The scheme was announced in 2021 for 14 sectors like telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore. Senior officers from different ministries, including the commerce and industry ministry and heavy industries ministry, participated in the review, the official said. The purpose of the schemes is to attract investments in key sectors and cutting-edge technology; ensure efficiency and bring economies of size and scale in

ODOP achieves milestone, enlists 50 Aggregators to promote 'Brand India'

The 50th aggregator is Ayurvedic wellness company Forest Essentials, presenting beauty and wellness ODOP-identified value-added products to a global stage

India to seek greater market access for mangoes in TPF meet with US on Fri

India will raise a number of issues with the US such as inking social security pact, and greater market access for mangoes in America during the Trade Policy Forum (TPF) meet here on Friday, an official said. The official said India will also raise issues pertaining to delay in visa; increasing exports of table grapes, pharma goods, and marine products like wild caught fish and shrimp; reinstating the Generalized System of Preferences (GSP) status to India; and export control regulations for high-tech products and technologies. The 14th TPF meet will be co-chaired by US Trade Representative Katherine Tai and Commerce and Industry Minister Piyush Goyal here. Social security, or totalisation agreement, is a long-pending demand of the country, as it will provide social security to Indian professionals in America. This would eliminate dual social security deduction, both in the home country and in the nation where an employee works. Under this, an expatriate in either country need not