The Australian Parliament gave its assent to a free trade agreement with India, and amended the Double Taxation Avoidance Agreement. Let's understand how it will benefit India's foreign trade
The export commissioners will be expected to operate under clear targets to expand exports from their states
Following the US Fed's monetary policy lead is not in the interest of emerging economies
DGFT makes key amendments to foreign trade policy
With the amendment to the Foreign Trade Policy, invoicing, payment, and settlement of trade can now take place in Indian rupee
Union Minister for Commerce and Industry Piyush Goyal said here on Friday that foreign trade would become a truly defining feature that would help India become a USD 30 trillion economy in the Amrit Kaal. "We have reached that inflection point, we are at the cusp, where we are going to take off. If we have the ambition to be at least ten times in the next 25 years...we are looking to cross the USD 30 trillion economy with a per capita GDP of 15,000 dollar," Goyal said. Speaking as the guest of honour after inaugurating the third campus of the Indian Institute of Foreign Trade-Kakinada, along with Union Finance Minister Nirmala Sitharaman, Goyal noted that foreign trade would become a truly defining feature in the years to come "as we work in the Amrit Kaal in the next 25 years and progress towards a developed India." "Amrit Kaal, leading to the 100 years of Indian Independence, will determine the future of our children and generations to come. You are the main stakeholders in this .
The development comes in the backdrop of India's merchandise exports witnessing 4.8 per cent year-on-year rise to $35.45 billion in September
The commerce ministry should rethink its strategy of walking away from multilateral/regional trade negotiations and getting into more and more bilateral trade agreements
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India's trade policy needs to expand on what 'self-reliance' means
An FTP is an elaborate policy guideline and a strategy to promote export of goods and services
The government has decided to postpone the release of the new Foreign Trade Policy (FTP) and extend the existing one by six months on account of global uncertainties and currency fluctuations. The government was scheduled to announce the new FTP by the end of September. The current policy was to end on September 30. Additional Secretary in the Department of Commerce, Amit Yadav, said there were demands from different quarters, including industry associations and export promotion councils, to extend the policy and not introduce the new one at this time. They have stated that currently there are challenges like global uncertainties and currency fluctuations. There was also a view to align the rollout of the new policy with the new financial year. A notification in this regard will be issued by the Directorate General of Foreign Trade (DGFT). "We will have to defer the release of the new policy. The existing policy will be continued," Yadav told reporters here on Monday. He added
The commerce ministry on Friday allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP. DGFT is an arm of the ministry which deals with export and import related matters. "Para 2.52 (d) is notified to permit invoicing, payment and settlement of exports and imports in INR (Indian rupee) in sync with RBI's ...circular dated July 11, 2022. This shall come into force with immediate effect," DGFT said in a notification. Accordingly, it said, settlement of trade transactions in INR may also take place through special
The move is expected to create employment opportunities in small cities and increase the export of services
Asserts Indian exports not impacted by GSP, says India looking to have very contemporary and modern digital laws, while maintaining high levels of data privacy
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The policy could throw light on how India may want to be integrated into the global value chain, for which realignment has started, and factors that have affected the integration
The DGFT has been already working on the much-delayed foreign trade policy, which is now expected to be released by the end of September
Adani Enterprises (AEL) is pegged to replace Kolkata-based Shree Cement in the Nifty 50 index, a gauge for the performance of India's capital market
The new policy is much-awaited, following the extension of the existing policy for more than two years