Page 2 - Commerce Ministry

WPI inflation falls to 4.95% in December from 5.85% in previous month

Inflation in manufactured products was 3.37 per cent during the month

G20 summit great opportunity for India to showcase its strengths: Goyal

The next G20 summit presents a "great opportunity" for India to showcase many of its strengths and provide leadership to several challenges the world is facing, Minister of Commerce and Industry Piyush Goyal has said. Goyal is in the US on an official visit. He co-chaired the India-US Trade Policy Forum meeting with US Trade Representative Katherine Tai on Wednesday. The G-20 is going to be a very exciting opportunity for India to provide leadership to many of the challenges before the world. It is going to be a great opportunity for us to showcase the many strengths of India, he told reporters at a news conference here on Wednesday. India formally assumed the G20 Presidency on December 1. The next G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10 in New Delhi. Prime Minister Narendra Modi has said India will work to further promote oneness, inspired by the theme of One Earth, One Family, One Future and listed terrorism, ...

US Commerce Secretary Raimondo to visit India in March for trade talks

She will be accompanied by a very high-powered delegation of global CEOs of large multinational companies: Piyush Goyal

Limitless opportunities for US investors to grow in India: Piyush Goyal

In a statement issued by the USIBC, Goyal said that "for the US companies looking for 'good times', this is the time, this is the right time, to look at India, and engage more with India

India land of opportunity, trusted partner in global supply chains: Goyal

India today is a land of opportunity and can be a trusted partner for global and American corporations in their supply chains and investment portfolios, Commerce and Industry Minister Piyush Goyal said. He also exuded confidence that the country will soon be the third largest economy in the world, as transformational reforms and a young population drive future growth. I would urge all of you to take this message to the world, to the Americans and American corporations and to the sphere of influence that each one of you has that India is the place to be, India can be your trusted partner in your supply chains, in your investment portfolio, in your business, Goyal said on Sunday as he addressed diaspora and members of the Indian-American community at a reception here. Goyal arrived in New York on Sunday on an official visit till January 11 during which he will also travel to Washington DC. In the first leg of the visit, he will interact with CEOs of multinational enterprises, join ...

India looking at multilateral, equitable agreements for all sides: Goyal

Negotiations for bilateral free trade agreements with several countries are "well on track" and India is also looking at some multilateral pacts that are fair and equitable for all the member countries, Commerce and Industry Minister Piyush Goyal said on Saturday. India has recently implemented a free trade agreement (FTA) with the UAE in May 2022 and on December 29, 2022 with Australia to boost bilateral trade and investments. The country is negotiating FTAs with countries including Canada, European Union and the UK. "We are well on track in discussions with several other countries to look at bilateral trade agreements. We are looking at one or two multilateral trade agreements also where we believe we can get benefit," Goyal said while virtually addressing the 27th Wharton India Economic Forum. In a trade agreement, two or more countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they ease norms to promote

BIS launches portal for mapping of industrial units and laboratories

India must recognise and accept the importance of quality: Piyush Goyal

Wheat exports rise 30% to $1.5 billion in Apr-Nov: Commerce ministry

Wheat exports rose 29.29 per cent to USD 1.50 billion during April-November this fiscal from USD 1.17 billion in the same period the previous year, the commerce ministry said on Friday. Though the government banned wheat exports in May, some shipments are allowed to meet the food security needs of the countries that request it. The ministry said that Basmati rice exports too increased by 39.26 per cent to USD 2.87 billion during April-November 2022, while that of non-basmati rice registered a growth of 5 per to USD 4.2 billion in the same period. "Wheat export has registered an increase of 29.29 per cent in eight months of the current fiscal as its export rose to USD 1508 million in April-November 2022 from USD 1,166 million in April-November 2021," it added. The outbound shipments of agricultural and processed food products rose by 16 per cent in the eight months of the current fiscal to USD 17.43 billion. "For 2022-23, an export target of USD 23.56 billion has been fixed for the

Commerce Ministry seeks cut in gold import duty in Budget to push exports

The commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewellery sector, sources said. In July this year, the centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The basic customs duty on gold is 12.5 per cent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent. "As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports," the sources said. Every year, the gems and jewellery export industry seeks a reduction in import duty. Former chairman Gems and Jewellery Export Promotion Council (GJEPC

Expect to sign at least two more FTAs next year, says Piyush Goyal

Union Commerce Minister Piyush Goyal on Thursday said he expects at least two more free trade agreements to be signed up in 2023. Negotiations are scheduled with the UK, European Union and Canada, Goyal said at an event here, adding that his ministry does not have the bandwidth to tend to requests by smaller trading partners like New Zealand with which the bilateral trade stands at USD 350 million. "India today works from a position of strength, we negotiate with confidence," Goyal said, adding that the country will sign at least two such free trade agreements. Speaking at the event to mark the operationalisation of the India-Australia Economic Cooperation and Trade Agreement signed in April this year, Goyal said January itself is filled with meetings between Indian Commerce Ministry officials and their counterparts abroad. After handing over certificates of origin to the first among the Indian goods being sent to Australia after the agreement, Goyal said the FTA will benefit a sle

Commerce ministry working on over 200 quality control orders: DPIIT Secy

The commerce and industry ministry is working on bringing quality control orders (QCOs) for about 200 products, a top government official said on Wednesday. Products under the quality orders cannot be produced, traded or imported without conforming with the Bureau of Indian Standards quality norms and bearing a BIS mark. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said that QCOs have worked successfully for products like toys. "We are working on more than 200 QCOs," he told reporters here. The department is continuously engaged with BIS (Bureau of Indian Standards) and concerned stakeholders for the identification of products for which these orders could be issued. The DPIIT has already sought views of stakeholders on 16 products for issuance of these quality norms. These products include aluminium and aluminium alloy products; bolts, nuts and fasteners; ceiling fan regulator; conduits and fittings for electrical installations; c

Govt approved 98 FDI proposals from nations sharing border since April 2020

The government has approved 98 foreign direct investment (FDI) proposals from countries sharing land border with India since April 2020 out of 423 received from sectors including trading and electronics, Parliament was informed on Wednesday. Many of these proposals are from China, either directly or indirectly, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. "Since April 2020, 98 FDI proposals from countries sharing land border with India were approved by various administrative ministries/departments," he said, adding since April 2020, 423 FDI proposals from countries sharing land border with India were received. Majority of the proposals received are in trading, technology, electronics, automobiles, renewable energy, financial services, pharmaceuticals and chemicals sectors, he added. In April 2020, the government had made its prior approval mandatory for foreign investments from countries that share land border with India to curb

Commerce ministry may rework draft Bills on tea, coffee with NITI Aayog

The commerce ministry is likely to engage with Niti Aayog to rework the five draft bills pertaining to cash crops tea, coffee, spices, rubber, and tobacco, an official said. Earlier this year, the ministry proposed the repeal and updation of decades-old laws on these sectors and to introduce new legislation with a view to promoting their growth and creating a conducive environment for businesses. "Niti Aayog has raised certain objections with the ministry on these five bills. The issues were recently discussed in a meeting between senior officials. Niti Aayog suggested a relook and the ministry has sought its help on that," the official said. Niti Aayog has given its views on the drafts of Spices (Promotion and Development) Bill, 2022; Rubber (Promotion and Development) Bill, 2022; Coffee (Promotion and Development) Bill, 2022; Tea (Promotion and Development) Bill, 2022 and Tobacco Board (Amendment) Bill, 2022. The ministry had earlier also conducted stakeholder consultations on th

Crude oil imports up 52.58% to $146.57 bn in Apr-Nov: Comm min data

The country's imports of Crude oil rose by 52.58 per cent to USD 146.57 billion during April-November period this fiscal, according to the data of the commerce ministry. Coal and coke imports have increased by 97.66 per cent to USD 37.25 billion during April-November period this fiscal, the data showed. Gold imports, however, dipped by 18.13 per cent to USD 27.21 billion during the eight-month period of this fiscal. The other products which recorded double digit growth in imports include electronics, chemicals, transport equipment and vegetable oil. Vegetable oil imports rose by 16.71 per cent to USD 14.28 billion during the period under review. In exports, sectors which recorded negative growth during the period include engineering goods (-2 per cent), cotton yarn/fabrics/madeups (-25.79 per cent) and plastic (-9.66 per cent). Petroleum exports grew by 58.88 per cent to USD 62.65 billion, while gems and jewellery shipments increased by 2 per cent to USD 26.45 billion during the

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Centre extends RoDTEP to more sectors, but refund woes remain

Exports under advance authorisation scheme and by export-oriented units, units in special economic zones and manufacturing goods in bonded warehouses are excluded from the scheme

FinMin, commerce ministry seized of issue of duty structure: Suman Bery

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner. Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1. Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing "some internal work" on the issue of inverted duty structures. Also, both the finance ministry and the commerce ministry are seized of the issue, he added. "But you know, since we are approaching budget time, I don't want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back," the Niti Aayog Vice Chairperson said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that .

Commerce ministry shares Russia's list of goods for imports with exporters

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said. Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals. "Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said. According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia. "Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are

We must look for newer markets for Indian millets: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday called for looking at newer markets for Indian millets to push exports. He also said that there is a need for more research and focus on standards for the sector. "We must look for newer markets and destinations. Research is required to see newer varieties," he said here at an international buyer-seller meet on millets. The minister also called for greater participation of industry besides focusing on boosting productivity of millets. Millets help in reducing carbon emission besides promoting growth of agriculture. "Let's become the global capital of millets," he added. Speaking at the event, Commerce Secretary Sunil Barthwal said that there is a huge scope to boost millet exports from India. "We can achieve the target of USD 100 billion in 2-3 years from USD 15 million, he said. He said that the ministry will be organising several such buyer-seller meets in India and abroad to promote millets. "I am sure the culture of gro

DESH & 'videsh'

The proposed Bill will create asymmetries