Commerce Ministry

Cases under probe for fraud not to be covered under FTP's amnesty scheme

Cases under investigation for fraud, and misdeclaration of capital goods will be excluded from the coverage of the amnesty scheme announced under the new foreign trade policy (FTP), according to the commerce ministry. The government announced the new FTP on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorizations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. However, no interest is payable on the portion of additional customs duty and special additional customs duty. All those authorization holders who are interested to avail of the scheme will have to register themselves with the DGFT

India on track to achieve $2 trillion exports by 2030: Piyush Goyal

Commerce and Industry Piyush Goyal on Friday exuded confidence that India's merchandise and services exports will cross USD 2 trillion by 2030 from the current level of USD 765 billion, as he unveiled a "dynamic and responsive" foreign trade policy. He said that goods exports have witnessed good growth considering the current global scenario while services exports may see a quantum jump in the current fiscal. "We have to meet our exports targets going forward," said the minister, adding that "we will need to work a bit harder" on goods exports. "It shouldn't be that by 2030, services exports cross USD 1 trillion while you (merchandise exports) lag behind. I am confident that we will cross USD 2 trillion by 2030," Goyal said. The minister said he has asked the Department of Commerce to undertake a "massive focused concentrated" outreach globally in the next 4-5 months sectorally as well as country-wise through Indian missions abroad with special focus on trade, technology, tourism a

Indian exports dip for third consecutive month by 8.8% to $33.88 bn in Feb

India's exports dipped in February for the third consecutive month by 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion recorded in the corresponding month last year. The country's trade deficit in February stood at USD 17.43 billion. During April-February this fiscal, however, the country's overall merchandise exports rose by 7.5 per cent to USD 405.94 billion. Imports during the period increased by 18.82 per cent to USD 653.47 billion.

Exports in FY23 to reach about $770 billion: Commerce and industry ministry

India's merchandise and services exports combined in the current financial year ending March will be close to USD 760-770 billion, Union Minister for State for Commerce and Industry Anupriya Patel said on Thursday. The country's merchandise and services exports stood at USD 672 billion in the last fiscal. "We are focusing in every possible way on how we can export more and more because today India's share in global merchandise trade is close to 1.8 per cent. As far as services trade is concerned, it is just 4 per cent. We want to take it to 10 per cent," Patel said at the Sourcex India event here. India's merchandise and services exports in the current financial year ending March will be close to USD 760-770 billion, she noted. The minister also mentioned that the Indian economy is one of the fastest-growing economies in the world, and with the increasing globalisation of trade, there is immense potential for Indian businesses, particularly brands to expand their footprint in the .

ONDC to support small retailers against large tech-based e-com firms: Goyal

The Open Network for Digital Commerce (ONDC), a unified payments interface-type protocol, will help small retailers survive the onslaught of large tech-based e-commerce companies, Commerce and Industry Minister Piyush Goyal said on Monday. ONDC is an initiative of the ministry to help small retailers expand their business and reduce the dominance of e-commerce giants. It aims to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform. It offers small retailers an opportunity to provide their services, and goods to buyers across the country through an e-commerce system, where buyers will be able to purchase the products, which are sold on any platform. "ONDC will help our small retail survive the onslaught of large tech-based e-commerce companies," Goyal said here at an event on the retail sector. He said that the effort is to encourage small companies, and startups to integrate into the e-commerce ...

Upcoming retail trade policy to help brick and mortar traders: Centre

The Centre plans to come out with a retail trade policy which would provide more credit and better infrastructure to brick and mortar traders

Taking several steps to create global brand for Indian tea: Comm Min

India has taken several steps to boost tea output, create a niche brand for the Indian tea and ensure the welfare of families associated with this industry, the commerce ministry said on Thursday. India is the second largest tea producer and the largest black tea producer and is self-sufficient in meeting domestic requirements and export obligations. It said the Indian tea is exported to various destinations and is the fourth largest tea exporter besides catering to a large number of domestic consumers. The industry is employing 1.16 million workers directly and an equal number are associated with it indirectly. "Government through the Tea Board had helped in the formation of 352 Self Help Groups , 440 Farmer Producer Organisations and 17 Farmer Producer Companies. Assistance has been provided towards procurement of pruning machines and mechanical harvesters," it said. Other measures include setting up of mini tea factories to encourage entrepreneurs; development of mobile app 'Ch

Business leaders must focus on sustainability, respect nature: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday urged business leaders to focus on sustainability and ensure all their actions respect nature. He said that India is committed to ensuring that sustainability and inclusive growth are going to be the defining features of its growth story. "I urge all business leaders to focus on sustainability and ensure all our actions respect nature," he said while addressing the CII's India Europe Business and Sustainability Conclave. The minister said that India's partnership with the UK and the European Union are two significant elements in the global effort to make the world a better place to live in. "Technology and finance are going to play an important role in a sustainable lifestyle. I urge the world leaders to recognise that we all have to contribute our fair share to energy efficiency to make the world a better place to live in," Goyal said. He added that developed and developing countries need to have different goals and ...

Commerce Department to open process to avail aid for chip manufacturing

The Commerce Department is opening the application process for computer chip manufacturers to access USD 39 billion in government support to build new factories and expand production. The funding is part of the CHIPS and Science Act, which President Joe Biden signed into law last August. Grants, loans and loan guarantees are meant to revive domestic production of computer chips. The effort is designed to sharpen the US edge in military technology and manufacturing while minimising the kinds of supply disruptions that occurred in 2021, after the start of the coronavirus pandemic, when a shortage of chips shut down factory assembly lines and fuelled inflation. This is fundamentally a national security initiative, Commerce Secretary Gina Raimondo said as the application process began Tuesday. We are not writing blank checks to any company that asks. The money is meant to support private investment in new factories and can be clawed back if companies use it on stock buybacks instead. .

No ban on onion exports; $523 mln exported during Apr-Dec 2022: Govt

There is no ban on exports of onion and India has shipped the commodity worth USD 523.8 million during April-December 2022, the commerce ministry said on Sunday. It said that only the export of onion seed is restricted. "Government has not restricted or prohibited the export of onions," the ministry said in a statement. In December 2022, onion exports rose by about 50 per cent to USD 52.1 million. During April-December this fiscal, the exports rose by 16.3 per cent to USD 523.8 million. Commerce and industry minister Piyush Goyal in a tweet on Saturday stated that there is no ban on onion exports from India to any country and misleading statements suggesting the contrary is unfortunate. The statement came after a tweet by NCP leader Supriya Sule on February 25 on onion exports.

Electrical industry must work towards big export targets, says Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday asked the electrical industry to set and work towards a big exports target as the sector holds huge potential for growth. The sector has touched export of USD 10 billion and is targeting to increase it to USD 25 billion in the next five years. "But I am extremely happy by this performance and sad as well. 'Ye Dil Mange More'...The electrical industry makes India proud globally. Time has come that the world becomes our stage. We should not just have exhibitions in developing countries but also in the developed part of the world," Goyal said at an event of the electrical industry. He suggested the industry to organise exhibitions in Europe and the US along with other countries. "We should go straight into the big markets and showcase our presence and world-class quality standards globally...We need to show the world that India can be a reliable and trusted partner in all their energy needs," he said. The minister also said quali

PM GatiShakti platform, a transformative approach: DPIIT Official

The workshop will feature discussions on use cases of NMP adoption by central Ministries and State Departments

We should target $1 bn organic product export by 2030: Piyush Goyal

The Union minister also called on the local youth to work at design and packaging facilities as well

Piyush Goyal bats for promoting local products to make India self-reliant

Union Commerce Minister Piyush Goyal on Saturday emphasised on the importance of promoting local products to make India self-reliant. Addressing a session in which of founders different start-ups from the Northeast participated, he said the quality of manufacturing must be maintained as it impacts the business. "The quality will play a key role and help companies deliver products and services that exceed expectations, helping them expand their markets," Goyal said. He said innovators, startups and students have a big role to play in shaping the future of India, and urged them to keep contributing to the development of the nation. He said six lakh LED bulbs are sold in India every day, helping to reduce energy consumption and create job opportunities. He also stressed on the importance of mentorship programs for entrepreneurs in the state. The minister is on a three-day visit to Sikkim, which started on Friday.

Working to support plans to promote a free open Indo-Pacific region: USIBC

A top American business advocacy group has said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. During an ongoing meeting with stakeholders of the Indo-Pacific Economic Framework (IPEF), the US India Business Council (USIBC) also focused on building resilient supply chains for the biopharmaceutical sector as well as for critical minerals essential to the energy transition, a media release here said. The framework is being hosted by the Indian Ministry of Commerce and Industry in Delhi from February 8 to 11. On Thursday, the USIBC said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. The Indo-Pacific is a biogeographic region, comprising the Indian Ocean and the western and central Pacific Ocean, including the South China Sea. The US, India and several other world powers have been talking about the need to ensure a free, open and thriving Indo-Pacific in the backdrop of China's rising .

Student visas were never part of FTA discussions with UK, says Piyush Goyal

Goyal said sensitive issues will not be allowed to scuttle the FTA talks with UK and they will focus on what is acceptable to both countries

Apple targeting to raise India production share to 25%: Piyush Goyal

'They are already at about 5-7% of their manufacturing in India. If I am not mistaken, they are targeting to go up to 25% of their manufacturing'

Commerce Ministry relaxes EPCG norms to promote ease of doing biz

The latest relaxation will be available for hotel, healthcare, and educational sectors, the commerce ministry said

Union Minister Piyush Goyal pitches for startup database in country

Commerce and Industry Minister Piyush Goyal on Monday called for making a strong database of all startups in the country as it would belp both public and private sectors

Indian exports decline 12.22% YoY to $34.48 billion in December: Govt data

The data, released by the commerce ministry, also showed that the country's imports in December 2022 dropped to $58.24 billion as against $60.33 billion in the same month the previous year