The just-concluded financial year, 2023-24, saw India's exports soaring to unprecedented heights, surging past the remarkable milestone of USD 778 billion. The surge in exports reflects the concerted efforts of various stakeholders, including government initiatives and proactive policy reforms.
The India Investment Centre, it said, will serve as the centre for Government-to-Business (G2B) and Business-to-Business (B2B) networking, hosting roundtables and sessions.
The Ministry underscored that the development will facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the UAE's digitisation agenda, increase alternate payment options, reduce the cost of payments, and enhance the UAE's competitiveness.
The Ministry of Commerce on Monday refuted reports of the DPIIT website being hacked. The clarification came after several reports claimed that the website became a victim of a phishing attack, and that site showed a Chinese letter showing on its screen that seemed to mean "meditation".
The Directorate General of Foreign Trade (DGFT), which is under the Commerce ministry, has put Bharti Airtel under entry list which is commonly known as blacklist for non-fulfilment of export obligation in respect of certain EPCG authorisation issued to them. Following the move, the company will not be able to avail any export benefit or licence from the DGFT.
Indian airports are likely to incur a revenue loss of Rs 650 crore per annum and could potentially turn defaulters if the commerce ministry's proposals on the sale of liquor and cigarette at duty-free shops are accepted, an industry body warned on Tuesday.
The commerce ministry has sought reduction in the import duty on gold in the forthcoming budget with a view to pushing exports and manufacturing of the gems and jewellery sector, a source said.
Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India.
Commerce Ministry's investigation arm DGTR has begun the investigation after finding sufficient evidence of dumping of the product from Iran, Malaysia, Singapore, Chinese Taipei, UAE and the US.
"It has been decided to revise the current foreign trade policy (2015-20). Therefore, suggestions/inputs are hereby invited from all the stakeholders for framing the proposed new FTP," the directorate general of foreign trade (DGFT) has said in a notice.
"We do not agree with that at all. Our tariffs (import duties) are very consistent with the bound rates that we are entitled to in the WTO," Commerce Secretary Anup Wadhawan told reporters here.
To protect domestic players from cheap imports, India has imposed anti-dumping duty on as many as 99 Chinese products as on January 28 this year, Parliament was informed on Monday.
The ministry has suggested states to set up a nodal agency dedicated for the implementation of the agriculture export policy.
Import too rose by 18.09 per cent to USD 37.6 billion in September from USD 31.83 billion in the year-ago month, according to the data released by the commerce ministry.
India's imports also increased by 21.02 per cent to $35.46 billion from $29.30 billion in August last year.
The Ministry of Commerce and Industry has circulated a cabinet note proposing the setting up of a ‘formal institutional mechanism’ to determine the right value of the rupee.
New Delhi: To seek more clarity, the Commerce Ministry will discuss the issue of exempting Apple from local sourcing norms with the Finance Ministry, which has rejected the proposal, even as the former is against
New Delhi: The government is examining the need to import more lentils to boost domestic supply even as it keeps a tab on imported pulses lying idle at ports and prices continue to rule at
New Delhi: The Commerce Ministry today launched the facility for online payment of application fees through credit or debit cards and other electronic fund transfers.The move is aimed at improving ease of doing business for
New Delhi: The government expects significant increase in share of services in India's total goods and services exports in the next five years, the target for which has been set at USD 900 billion in
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