Issues related to the proposed free trade agreement (FTA) and bilateral investment treaty between India and the UK are expected to figure during the three-day visit of Finance Minister Nirmala Sitharaman to London from April 8-10, official sources said. The minister will attend a host of meetings, including the India-United Kingdom Economic and Financial Dialogue, in London.
Raheja's IT SEZ planned at Verna industrial estate had faced stern opposition from the locals and the state government even after it was notified by the Union commerce ministry's board of approval. The state government has written to the Union commerce ministry seeking to denotify Raheja's SEZ along with two others.
The annual Sino-India border trade at Nathu La, which was to be reopened for the traders of the two countries on Thursday, has been postponed following the Union Commerce ministry's communique to the Sikkim government authorities, official sources said. Meanwhile, the Chinese authorities have cited the occurrence of landslides in several areas in the Tibet Autonomous Region disrupting the movement of people and goods as the reason behind postponement.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange.
Financial details of the project, awarded by the department of industrial policy and promotion, were not disclosed. The eBiz Project announced on Tuesday is among the 27 central, state and integrated mission mode projects under the National e-Governance Plan of the Department of Information Technology. Under it, Infosys will also do training, workshops, promotion and awareness campaigns.
The Board of approval had given more time for Raheja's to develop their project in the state. The project is one amongst the three SEZs recommended to be denotified by the state government. Goa's Rajya Sabha member Shantaram Naik said he would meet new Union Commerce ministry Anand Sharma and brief him on the issue.
Goa has scrapped 12 SEZs, including the seven, which were approved by the state government. But the government is struggling over denotification of three industrial enclaves, which has now rushed to the High Court against government's intention to scrap them.
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
For the purpose the ministry will rope in the private sector companies to give a boost to Indian tea abroad.
Unlike the finance ministry which takes a larger view, the commerce ministry only looks at exporters' interests.
The Spices Board will take part in 13 global fairs during the current financial year.
The long awaited-resumption of border trade between India and China through the Nathu La pass in Sikkim has been finally set for June 30.
Union commerce ministry will make efforts to remove hurdles at the Indo-Pakistan border in the way of tea trade, a top government official said in Coonoor on Saturday.
IT major Wipro has proposed to establish a software economic zone in Kolkata, according to a top government official.
Despite being a neighbour, Pakistan has never accounted for more than 2 per cent of India's total exports, and its share in India's total imports is less than 1 per cent. On the other hand, bilateral trade between India and Bangladesh has increased five times.
The only category of pharmaceuticals that showed a negative growth in exports this time was herbal products, exports of which stood at $299 million as compared to $ 312 million in the previous year.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
India has exported passenger vehicles worth $268 million to the US in three months ended June
Out of the 745 gardens in Assam, which accounts for over 55 per cent of total tea production, an alert has been sounded for 88 gardens, while for West Bengal, out of the 377 gardens, 65 have been cautioned.
Indian two-wheeler majors Hero MotoCorp and Bajaj Auto are the biggest beneficiaries of this surge and, between the two, they are estimated to control about half of the local market there
Iran is India's largest importer of tea in value terms while in terms of volume, it is the second largest after Russia
For growth in export, continuous gain in productivity is essential.
Policy discussions now should urgently focus on the road map for serious economic and institutional reforms to put India on a sustained high growth trajectory like the Chinese economy, says Jayanta Roy.
Commerce ministry monitoring remedial measures to promote exports in key markets.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
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