Page 9 - Commerce Ministry

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.

'Govt to increase exports of 10-11 sectors from $160 bn to $500 bn by 2030'

The government is working on boosting domestic manufacturing and increasing exports to USD 500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices and chemicals, a senior official said on Thursday. These issues were discussed during a meeting called by the Commerce and Industry Ministry on Thursday. The meeting was convened by the Department of Promotion of Industry and Internal Trade (DPIIT) in collaboration with Invest India and SCALE (Steering Committee for Advancing Local Value-Add and Exports) Committee to unveil outcomes and recommendations made during the Chintan Shivir for Manufacturing, held on October 12 at Bharat Mandapam here. The 11 sectors are auto components, automobiles (including EVs), capital goods, chemicals, drones, medical devices, aerospace and defence, leather and footwear, textiles, and space. "We are looking at investments in these sectors. We will drill down to each of the areas to see how to promote manufacturing

Commerce ministry proposes new bye-laws for election of EPCs, FIEO

The commerce ministry has proposed revised election bye-laws for all export promotion councils (EPCs) including apex exporters' body FIEO, under which a chairman will hold office for two years and will not be eligible for the immediate next election. The revised model articles of associations/bye-laws for EPCs and Federation of Indian Export Organisations (FIEO) are required to be adopted by these bodies and conduct elections of their office-bearers. The model bye-laws have already been circulated to all these councils and organisations for adoption. This was proposed by a three-member panel set up by the ministry in May to review the eligibility criteria for the election to make them more inclusive and representative. It was reviewing the eligibility criteria for the election of office bearers of EPCs and FIEO. The panel reviewed the existing guidelines and made suitable recommendations about representation of different stakeholders in the managing committee and other posts. Afte

PLI schemes attracted over Rs 95,000 cr investment till Sep 2023: Centre

The production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 95,000 crore in investment till September this year, an official statement said on Tuesday. According to the Commerce and Industry Ministry, as many as 746 applications have been approved till November 2023 under these schemes. In the Union Budget 2021-22, the government announced an outlay of Rs 1.97 lakh crore for the schemes. The sectors included electronics, telecommunication, pharma, white goods (AC and LED light components), and textiles. The aim is to enhance India's manufacturing capabilities and exports. "746 applications have been approved till November 2023. PLI units are established in more than 150 districts (24 states). Over Rs 95,000 crore of investment reported till September, which has led to production/sales of Rs 7.80 lakh crore and employment generation (direct & indirect) of over 6.4 lakh," the ministry said. It added that incentives worth around Rs 2,900 crore have been ...

Govt took many pro-active steps to control prices of food items: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Sunday noted that the Centre has taken many pro-active steps in last few years to control retail prices of food items and said the government will keep inflation under control while ensuring country's economic growth. He was addressing an event, organised by the ministry here, to celebrate National Consumers Day. "Today, India has become the fastest growing large economy. Going forward, we will keep inflation under check and also ensure economic growth," Goyal said. Retail inflation inched up to a three-month high of 5.55 per cent in November driven by higher food prices, according to latest official data. The retail inflation based on the Consumer Price Index (CPI) was at 4.87 per cent in October. Inflation had been declining since August when it touched 6.83 per cent. On steps taken by the central government, Goyal highlighted that 140 new price monitoring centres have been set up to keep a close watch on wholesale and retail

India strongly objects to pushing talks on investment facilitation at WTO

India has strongly objected to efforts of certain countries to push a proposal on investment facilitation at the WTO, saying the agenda falls outside the mandate of the global trade body and cannot be deliberated in formal meetings. According to the statement of the Indian delegation in a meeting of the General Council of the World Trade Organisation (WTO), held during December 13-15, negotiation on investment does not belong to the WTO. "I would like to reiterate that Investment Facilitation for Development (IFD), which supposedly facilitated investment, did not pertain to multilateral trade relations. Investment per se is not trade," the statement said. It added that investment covers a wide range of assets or enterprises subject to a separate universe of obligations. "The negative mandate did not allow the Members, desirous of IFD, to pursue it in a multilateral forum upon a consensus," the statement said. It added that certain members began an informal process that did not hav

India looks for greater mkt access for alcoholic beverages in FTA: Official

India looks for greater market access on a reciprocal basis for its alcoholic beverages while negotiating free trade agreements (FTAs), a senior government official said on Thursday. Additional Secretary in the Commerce Ministry, Rajesh Agrawal, said that demand for Indian spirits is growing in the world. "On the market access point of view, it is on a reciprocal basis. If we are opening up our market in any way...we also try to look for market access in other countries," he told reporters here. The remarks assume significance as India is negotiating a free trade agreement with the UK and the European Union (EU). Cutting customs duties in the sector is one of the key demands of these countries. "This is one of the areas (where) we are trying to negotiate upon and...we are trying to see that the duty concessions that are required in various destinations, we get (that)," he said. He added that the condition that for a product to qualify as a whisky, it must be matured for a period n

Commerce ministry-promoted ONDC operational in over 500 cities, towns

The government-promoted Open Network for Digital Commerce (ONDC) is at present operational in over 500 cities and towns across India, Parliament was informed on Wednesday. ONDC is an initiative of the Commerce and Industry Ministry to create a facilitative model to help small retailers take advantage of digital commerce. It is not an application, platform, intermediary or software but a set of specifications designed to foster open, unbundled, and interoperable open networks. "ONDC is currently operational in more than 500 cities and towns across India," Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. All existing laws and regulations of India, related to e-commerce, are applicable to ONDC and the network participants on the ONDC network. Replying to a separate question, he said to safeguard consumers from unfair trade practices in e-commerce, the Department of Consumer Affairs has also notified the Consumer Protection (E-commerce)

Tamil Nadu retains 'achiever' status in logistics infra rankings of states

State credits 'progressive approach towards logistics improvement' for top ranking in central government report

Negotiating trade pact with EU, UK, Sri Lanka, Peru: Commerce ministry

India is negotiating free trade agreements with the European Union (EU), the UK, Sri Lanka, and Peru, according to a year-end review statement of the commerce ministry. India-European Union (EU) free trade agreement negotiations were formally re-launched on June 17 2022. "Negotiations cover 23 policy areas/chapters. Six rounds of negotiations have been held till October 2023," the ministry said. With the UK, 13 rounds of talks have been completed and the next round will take place in January 2024. "India-Sri Lanka Economic and Technology Cooperation Agreement (ECTA) negotiations are ongoing with the 12th round of negotiations conducted from 30th October to 1st November 2023 in Colombo," it said. It added that both sides also agreed to continue discussions on matters, including apparel quotas and pharmaceutical procurement. With Peru, it said discussions on various chapters, including rules of origin, trade in goods, trade facilitation, sanitary, and phytosanitary measures were ..

Govt to help exporters maintain documentation to deal with US duty cases

The commerce ministry has started an exercise to help Indian exporters keep proper documentation to deal with US countervailing duty cases on domestic products, an official said. As part of the exercise, teams of the directorate general of foreign trade (DGTR) and directorate general of trade remedies (DGTR) are working on a roadmap to work on the kind of documentation that needs to be maintained by Indian exporters. Before imposing countervailing or anti-subsidy duty (CVD), a country carries out detailed investigations on products which it believes that its trading partner is subsidising for export purposes. Subsidising exports is a kind of unfair trade practice. Countervailing duties can only be imposed if the investigating agency of the importing country determines that the imports of the product in question are subsidized and are injuring a domestic industry. Imposition of this duty does not prohibit or restrict imports. World Trade Organisation (WTO) allows its member countrie

India's trade deficit fell to $20.58 billion in Nov as imports shrank 4.3%

Trade deficit: The exports, however, fell less sharply by 2.8% in November to $33.90 billion from $34.89 billion a year ago

Union minister Piyush Goyal to chair Board of Trade meeting on Dec 17

Commerce and Industry Minister Piyush Goyal will chair a meeting of the Board of Trade on December 17 to discuss ways to boost exports, an official said. Headed by the minister, the board includes participants from various states, union territories, and senior officials from public and private sectors. The official said that representatives of export promotion councils will present their views on the exports, besides the team of Government e-marketplace (GeM) will give a detailed presentation about the public procurement portal. The procurement of goods and services from the government portal has crossed Rs 2 lakh crore in November due to higher buying activities by different ministries and departments. The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures related to FTP to achieve the objective of boosting India's trade. It also provides a platform for state governments and union ...

Govt working to ensure export sector becomes self-sustaining: Piyush Goyal

India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. "During the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role," he said. He said India's target of crossing a $1 trillion economy