Page 10 - Dpiit

Hardening interest rates, geo-political risks impacting FDI inflows: DPIIT

Hardening interest rates globally and worsening geo-political situation have impacted the foreign direct investment (FDI) inflows into India in 2022-23, a top government official said on Tuesday. Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the department would analyse the reasons for the contraction in FDI in five important sectors like computer hardware and software; construction, education, automobiles and metallurgical industries. "I cannot think of any other reason. It is not as if our FDI policies have become protectionist. On the contrary, we have kept it very very liberal ... The decline is combination of hardening of interest rates along with geo-political risks going up around the world. In general the appetite may be less," Singh told PTI in an interview. These five sectors had a share of USD 30 billion in India's total FDI in 2021-22 and in the last fiscal year, overseas inflows have almost halved. "Why ..

FDI equity inflow contracts 22% to $46 billion in FY23: Govt data

The trading sector amassed $4.79 billion in FDI but contracted YoY

DPIIT takes up startup taxation issue with finance ministry: Secretary

The Department for Promotion of Industry and Internal Trade (DPIIT) has taken up the taxation issue of startups with the finance ministry, a top government official has said. "Startup India does provide such policy advocacy, particularly on the taxation issue. We have been taking that particular issue that many startups are worried about funding from non-residents...and the initial valuation of the startup, how that tax is calculated. We have taken it up," DPIIT Secretary Rajesh Kumar Singh said here at an industry interaction. Post the amendments proposed in the Finance Bill, concerns have been raised over the methodology of calculation of fair market value under the two different laws. The Finance Act, 2023, has amended Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The Income Tax department is expected to soon come out with certain draft rules to specify the class o

DPIIT seeks GST rate reduction for certain segments of leather sector

Leather products exporters have also expressed resentment over the hike in the GST from 5 per cent to 12 per cent on finished leather

Considering more initiatives to promote growth of leather sector: DPIIT

The commerce and industry ministry is considering extending some initiatives to the leather and footwear sector to further promote the growth of this labour-intensive segment, a senior official said on Tuesday. Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajiv Singh Thakur said that those measures are still at a discussion stage. When asked if the government is looking at extending financial incentives under the PLI (production linked incentive) scheme to the sector, he said "all these things are being considered, but as of now no decision" has been taken. "We are trying to bring in some more initiatives which are under the pipeline," he told reporters here. The department, he said, is trying to create schemes through which availability of raw material can be enhanced to the industry. They are also looking at ways to monitor the imports and there are suggestions for imposing minimum import price (MIP). "All suggestions need to be lo

We are not trying to put anybody out of business through ONDC: DPIIT Secy

The government wants all e-commerce players to become part of the Open Network for Digital Commerce (ONDC) and this initiative is not trying to put anybody out of business, a top official said on Thursday. Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the idea is to democratise the e-commerce for MSMEs and smaller producers in the remote parts of the country and provide them a level playing field. It's not that we are trying to put anybody out of business, or we are an upfront competitor to any particular portal or any particular e-commerce provider. We are actually inclusive, we want all e-commerce players to be part of this network, Singh told reporters here. The statement assumes significance as there were certain reports that prices of certain food products are much cheaper at the seller apps on-boarded the ONDC initiative as compared to the renowned food delivery services players' prices. Singh said that in the lo

Govt close to finalising e-commerce policy: DPIIT secy Rajesh Kumar Singh

"E-commerce rules and e-commerce policy will be congruent with each other... That exercise is at a fairly advanced stage," Singh told reporters

ONDC records 500-fold rise in transactions to over 25,000 orders since Jan

ONDC has also expanded its geographic footprint from 85 cities at the start of the year to over 230 now.

DPIIT undertaking third-party assessment of Startup India seed fund scheme

The Department for Promotion of Industry and Internal Trade (DPIIT) is undertaking a third-party assessment of Startup India Seed Fund Scheme to see its impact on the ground, a senior government official said on Tuesday. The Rs 945-crore scheme was launched in April 2021. It aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation. The fund was divided into four years for providing seed funding to eligible startups through eligible incubators across India. Joint Secretary in DPIIT Manmeet Nanda said that the scheme has benefited the startup community. "A third-party impact assessment of the startup India seed fund scheme is underway. It is being done by NIFM. They will do an independent review of how the scheme is actually benefited. They will evaluate the performance of the startups, incubators and see how this funding... led to greater opportunities and will also give us feedback on how we can

Private sector likely to get limited access to Gati Shakti portal

DPIIT prepares draft framework for data sharing

Razorpay joins hands with ONDC to offer payment reconciliation service

With this, the Tiger Global-backed firm has become the first payment gateway to launch a Payment Reconciliation Service for Network Participants like buyers, sellers, and logistic partners on ONDC

Govt has taken several steps to ease intellectual property rights process

The government has taken several steps for filing of applications and reducing the pendency related to intellectual property rights (IPRs), a senior official said on Wednesday. Sumita Dawra, Special Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) also said innovation helps in promoting growth of a country. She urged the industry to fund the girl child for their education and higher studies and to go for Phd in other countries like Japan, Korea, the US and the UK. She also called for increasing collaboration between academia and industry to promote innovation. "The government has taken several steps to reduce pendency of IPR applications. Online processes have been introduced," Dawra said here at CII's convention on IPR.

Rajesh Kumar Singh takes charge as new DPIIT secy, replaces Anurag Jain

Senior IAS officer Rajesh Kumar Singh on Monday assumed the charge of secretary in the Department for Promotion of Industry and Internal Trade (DPIIT). Singh has replaced Anurag Jain, who was appointed as secretary in the Ministry of Road Transport and Highways. Before DPIIT, Singh was serving as Secretary in the Department of Animal Husbandry and Dairying. Singh is an Indian Administrative Service officer of 1989 Batch from Kerala cadre, the commerce and industry ministry said in a statement. "He has held many important positions in the Union Government as Commissioner - DDA, Joint Secretary - Ministry of Petroleum and Natural Gas, Joint Secretary - Department of Agriculture, Cooperation and Farmers Welfare and Chief Vigilance Officer Food Corporation of India," the statement said. Singh is assuming charge at a time when the ministry is taking a series of steps to promote foreign investments into the country and boost domestic manufacturing. Foreign direct investment into the ..

Projects worth Rs 5.14 trillion approved by NPG under PM Gati Shakti

Dawra said that states are also planning their infrastructure on the PM Gati Shakti Master Plan and the state master plan

Top global firms approaching Indian toy makers for sourcing goods: Official

Top global retailers from the US and Europe have shown keen interest in sourcing goods from Indian toy manufacturers and hand-hold them to meet their compliance requirements, a government official said. The official said these retail giants are looking to procure toys from India at a good scale. The Department for Promotion of Industry and Internal Trade (DPIIT), which is taking a series of steps to promote domestic manufacturing of toys, is also helping the Indian manufacturers tie up with the global players to meet their compliance provisions and increase exports from India. When asked about the issue, Manu Gupta, promotor of Playgro Toys India and Chairman of Toy Association of India, said a US-based retailer has approached the industry to procure toys in three main categories including ride-on and outdoor toys and mechanical and electrical toys - worth USD 400 million. He said DPIIT officials are helping the industry engage with these world players and get orders. These firms

DPIIT to raise startups' concerns on 'fair market value' with FinMin

Startups have raised concerns with the industry department that the calculation of the startups' fair market value done internationally is different from the income tax department

IBA reaching out to start-ups for funding needs, says DPIIT official

Only DPIIT-registered start-ups are eligible for funding under various support schemes of the industry department

Centre nudges state govts to speed up PM GatiShakti scheme adoption

The GatiShakti NMP was announced by Prime Minister Narendra Modi one-and-a-half years ago

Over 1,000 ODOP products identified as across all districts: DPIIT

Last year, the Centre had asked states to onboard a large number of products from various emporiums and artisans on the government's public procurement portal Government e-Marketplace

DPIIT to set up task force for formulating logistics cost framework

A task force will be set up for formulating a framework to determine logistics costs in the country, the commerce and industry ministry has said. It was decided in a workshop organised by Department for Promotion of Industry and Internal Trade (DPIIT) on the subject, on Monday. The task force members would include representatives from NITI Aayog, Ministry of Statistics and Programme Implementation (MOSPI), National Council of Applied Economic Research (NCAER), academic experts and other stakeholders. It "will be established for formulating a logistics cost framework in a time-bound fashion," it said. The workshop on logistics cost framework was organised in partnership with Asian Development Bank (ADB). Speaking at the workshop, Commerce and Industry Minister Piyush Goyal suggested taking note of India's geography, terrain, size and complexities, trade volume and value etc while calculating the logistics cost. He said e-commerce, smarter free trade agreements, adopting internatio