Page 4 - Commerce Ministry

Fast-track mechanism on the cards to help Indian investors in UAE

The mechanism will also assist Indian companies to foray into the UAE market and expand

Goyal asks industry to follow quality standards to help build 'Brand India'

Union minister Piyush Goyal on Thursday asked the industry to ensure their products meet international quality standards and help build a 'Brand India' as the country aims to become a developed nation by 2047. Addressing an event organised by the Quality Council of India (QCI), Commerce and Industry Minister Goyal also called for convergence of various quality certification related organisations whether it is FSSAI, the BIS, the Rail or Defense establishments. "I would urge the ministry as well as QCI to work to bring in convergence...so that the investment environment that we have created can go from strength to strength and can help India achieve our mission of becoming a developed nation by 2047," he said, and added quality will define 'Brand India'. Speaking at another event organised by the Institute of Chartered Accountants of India (ICAI) earlier in the day, the minister stressed that more women should take up the profession of chartered accountancy. He called upon Chartered

Govt considering forming units to build expertise in Free Trade Agreements

The objective of building dedicated units in the FTA areas is to enable India to negotiate deals with other nations at the World Trade Organization from a position of strength

Finance ministry rejects 15% benign corporate tax in DESH Bill

Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it

Commerce ministry says no export ban on rice, traders to pay 20% duty

The commerce ministry on Tuesday clarified that there is no export ban on rice and traders can ship the commodity after paying 20 per cent duty. On September 8, the government banned exports of broken rice. In a trade notice, the directorate general of foreign trade said it has received representations regarding rice (5 per cent and 25 per cent broken) where irrevocable letter of credit has been issued before September 8 is also being stopped at the ports. "It is clarified in respect of normal rice that rice (5 per cent and 25 per cent) is already exempted as it is not broken rice but normal rice with permissible limits of broken rice as per standards. However, it will carry 20 per cent duty," it said.

FTP extension gives time to rethink present policies

The commerce ministry should rethink its strategy of walking away from multilateral/regional trade negotiations and getting into more and more bilateral trade agreements

ONDC framing rules on personal info protection, grievance resolution

The government's entity ONDC (Open Network for Digital Commerce) is in the process of framing rules with regard to protection of personal information and grievance resolution for buyers, sellers and gateways operating through its network. A set of rules on protection of personal information and setting up of grievance resolution mechanisms would be part of the comprehensive ONDC network policy, according to a consultation paper released by ONDC on Thursday. The policy, which includes different chapters, has already framed rules on issues like branding guidelines, code of conduct and ethics, business rules, and onboarding and certification requirements. "Chapters which are under development" in the policy include issue and grievance management policy, network governance data policy, network technology governance, and termination and suspension policy. The chapter on network data governance policy would lay "down the obligations of network participants with respect to protection of .

Commerce ministry's initiative ONDC to be open for public on Friday

The commerce and industry ministry's initiative to help small retailers and reduce the dominance of e-commerce giants, Open Network for Digital Commerce will be opened to the public in Bengaluru from Friday as part of its beta testing process. "Bengaluru consumers to get a whole new shopping experience! Beta testing of the Govt's revolutionary Open Network For Digital Commerce to begin from tomorrow. It is democratic, cost-effective and empowers buyers and small businesses," commerce and industry minister Piyush Goyal said in a tweet. The ministry in April launched the pilot phase of the open network for digital commerce, a UPI-type protocol, in five cities Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore. People were allowed to do transactions in these cities. As many as 20 organisations of national repute have confirmed investments of Rs 255 crore into ONDC. Lenders such as State Bank of India, UCO Bank, HDFC Bank, ICICI Bank, and Bank of Baroda have already committed ...

Invest in India story, MSME sector must be promoted: Goyal to industry

Goyal's comments come after Union Finance Minister, Nirmala Sitharaman, recently asked India Inc what is stopping them from investing

Commerce min for imposing anti-dumping duty on Chinese steel tubes, pipes

The commerce ministry has recommended imposition of anti-dumping duty on Chinese steel tubes and pipes for five years to guard domestic players from cheap imports from the neighbouring country. The Directorate General of Trade Remedies (DGTR) has recommended the duty on imports of 'stainless-steel seamless tubes and pipes' from China after concluding in its probe that the product has been exported at dumped prices into India, which impacted the domestic industry. "Definitive anti-dumping duty...is recommended to be imposed for five years," the directorate has said in a notification. Stainless-steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. It is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators, including nuclear and thermal power. DGTR had conducted the probe following a complaint from Chandan Steel Ltd, Tubacex Prakash India Pvt Ltd, and Welspun Specialty Solutions Ltd abo

Hold talks to extend TRIPS waiver to Covid diagnostics: Piyush Goyal to G20

Goyal said if multilateralism was imperilled, the world will not be left with many fora to promote dialogue and diplomacy

What should India's FTA agenda be?

No country is better placed than India to take advantage of the China+1 strategy. But first industry must believe in itself, then trade can drive the future

Govt working on PLI schemes for more products to boost manufacturing: Goyal

The government had rolled out PLI schemes for 15 key sectors, including technology, textile, automobile, pharmaceutical drugs, speciality steel, electronics, among others

India, ASEAN endorse scope of review of trade pact: Commerce Ministry

Trade ministers of India and 10-nation bloc ASEAN have endorsed the scope of review of the trade pact to make the agreement more industry friendly, the commerce ministry said on Friday. The issue was discussed during the 19th ASEAN-India Economic Ministers' meeting in Siem Reap City, Cambodia. The review would make the agreement modern with contemporary trade facilitative practices, and streamlined customs and regulatory procedures. "The ministers endorsed the scope of the review of the ASEAN-India trade in goods agreement to make it more user-friendly, simple, and trade facilitative for businesses, as well as responsive to the current global and regional challenges including supply chain disruptions,' it said. The ministers also activated a joint committee to undertake the review of the agreement expeditiously. The Association of Southeast Asian Nations (ASEAN)-India trade in goods agreement was signed on August 13, 2009 and came into force on January 1, 2010. Ten ASEAN countrie

UK trade deal, geopolitical risks: Tasks cut out for commerce secretary

After the UK deal, the next in line will be a deal with Canada that both nations aim to finalise by December

Centre considering 100% WFH across all SEZ units, says Piyush Goyal

The move is expected to create employment opportunities in small cities and increase the export of services

Rupee shown more resilience than other currencies in recent years: Goyal

Indian rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014, commerce and industry minister Piyush Goyal has said. He also said that exporters should not be dependent on a depreciating rupee and they should stand on their own based on the quality of products and ability to serve the needs of customers in the global markets. "I do not think there is any comfortable or uncomfortable level for the rupee. Rupee finds its own place. It's a function of several natural factors -- a function of inflation, capital flows and the risk-reward ratio in each country. I am happy that the Indian rupee has shown more resilience than most of the currencies in recent years," Goyal said in a media interaction. To a query on what could be the comfortable level of the rupee where it does not hurt imports, and make exports competitive, the minister said: "If you look at the Indian rupee ...

Report to restructure commerce ministry under study: Piyush Goyal

The commerce ministry is in the process of studying in greater detail the report on its restructuring and there is a plan to set up a trade promotion body, Union minister Piyush Goyal said on Sunday. The ministry is working to redesign the Department of Commerce as India is targeting exports of goods and services to USD 2 trillion by 2030. The restructuring rests on pillars like increasing India's share in global trade, assuming leadership roles in multilateral organisations, creating 100 Indian brands as global champions, and setting up economic zones in India to strengthen the manufacturing base and attract greater investments. "We are in the process in the commerce ministry to redesign the structure of the ministry. And one of the ideas before us is to set up a trade promotion body, similar to Invest India, which will promote trade from India, for India," he told reporters here. Invest India, under the ministry, is an agency which facilitates investments into the country. He ad

Export momentum dissipating but new opportunities opening up

Speculation on what the new Foreign Trade Policy, to be unveiled this month-end, may contain has engaged the attention of exporters and importers

India to take decisions on IPEF aspects based on national interest: Goyal

India will take decisions on different aspects of the Indo-Pacific Economic Framework (IPEF) based on its national interest, Commerce and Industry Minister Piyush Goyal has said. Earlier, he attended the first in-person ministerial meeting of the IPEF here. Interacting with media on the sidelines of the meeting, he said that there have been useful engagements with the 14 members of the IPEF and the officials from member nations had worked hard to prepare a ground for such fruitful interactions. He expressed hope that in a day's time, IPEF would finalize a framework within which member nations could interact on different areas of mutual interest. The minister assured that "India will take decisions on different aspects of the frameworks of IPEF based on our national interest". The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. It seeks to strengthen economic partnership among participating countries with the objective