Page 9 - Commerce Ministry

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

Inter-ministerial meet next week over issues on trade from Red Sea crisis

The commerce ministry has called a high-level inter-ministerial meet next week to discuss ways to insulate India's trade from the ongoing problems in the Red Sea, a senior official said on Thursday. Senior officials from five ministries -- external affairs, defence, shipping and finance 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 to deal with them. "The idea of the inter-ministerial meeting is to see how we can strategise our trade so that it gets least affected in such a situation," 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 militants. Due to these attacks, the shippers are taking ...

DPIIT to announce ranking of states, UTs on startup initiatives on Jan 16

The commerce and industry ministry's arm DPIIT on January 16 will announce ranking of states and union territories for 2022 based on initiatives taken for startups, an official said. The exercise aims to evaluate measures taken by states/UTs to boost the startup ecosystem during a specified period. It also aimed at supporting states and Union territories (UTs) in developing their startup ecosystem and learning from each other's best practices. "The ranking is a periodic capacity building exercise developed and released by DPIIT that evaluates states and UTs on their efforts to build an ecosystem conducive to growth of startups," the official said. The major objectives of the ranking exercise are - facilitating states and UTs to identify, learn and replace good practices, highlighting the policy intervention by States and UTs for promoting startup ecosystem and fostering competitiveness among states. The last ranking was released on July 4, 2022 in which Gujarat, and Karnataka were

Commerce ministry sets up task force to resolve trade issues for exporters

The commerce ministry has set up a task force to identify and resolve trade barriers being faced by exporters in other countries, a move which would help provide greater market access to domestic goods, an official said. The development assumes significance as many times India's exports suffer from these barriers such as time taking prior registration requirements and unreasonable domestic standards/rules in many countries. "We have constituted a task force within the ministry where we will be looking at the trade barriers, and technical barriers. The ministry has been focusing on how to improve systems, and improve standards," the official said. The ministry is also looking at improving mutual recognition agreements (MRAs) with different countries so that product standards are as per the requirements of the importing countries. Standards for goods and services should help in promoting global trade and not act as non-tariff barriers, the official added. According to a report of th

UK looks for greater share in India auto sector under FTA: Official

Countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country's fast-growing automobile sector, Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain. The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. "When we look at our present strength and the future potential in India, I think it is going to be huge. "In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK...saying that this much of market share should be available to th

Govt considering anti-dumping duty on circuit boards imported from China

The commerce ministry's arm DGTR has recommended imposition of anti-dumping duty on imports of printed circuit boards imported from China, Hong Kong for five years to protect the domestic industry from cheap inbound shipments. The Directorate General of Trade Remedies (DGTR) has recommended the duty after conducting an investigation on the dumped imports of these boards from these two countries. The PCBs (printed circuit boards) are assembled with electronic components like transistors, resistors, and capacitors. It is used in cars, telephones, ovens, toys, televisions, computers, and lighting solutions. "The authority recommends imposition of anti-dumping duty on the imports of the subject goods originating in or exported from China and Hong Kong for a period of five years...," the DGTR's notification has said. It added that imposition of the duty would not affect the availability of the product to the customers. The Indian Printed Circuit Association has filed an application for

52% drop in toy imports in 8 years, 239% jump in exports: Commerce Ministry

The report stated that India is emerging as a top exporting nation due to the country's integration into the global toy value chain

Govt has strictly no plans to put MEP on all agri commodities: Comm Min

The government on Friday said there are "strictly" no plans to impose the minimum export price (MEP) on all agricultural products. Additional Secretary in the Department of Commerce Rajesh Agrawal said that there is no such intention of the government to look into exports of all agri products. "Just want to clarify that the government has no intention to put in MEP on all agri products or review all agri products from the export perspective. There is no such decision. The government has strictly no such plans," he told reporters here. An inter-ministerial committee, which looks into MEP on onion, has recently decided on basmati rice. He said that the committee getting a wider mandate does not mean that "the committee is there to look into each agri product and start recommending MEP for that". He informed that despite banning exports of non-basmati white rice, India has allocated 13 lakh tonnes of rice for exports to over 14 countries for their food security issues.