Services Exports Likely To Cross $300 Bn Target For Current Fiscal Year: Piyush Goyal

Goyal said that export services are marking healthy growth on the merchandise front too, despite the world seeing recession, overstocking of multiple commodities and enormous inflationary pressure India’s exports businesses are performing extremely well and noticing the present trend and the outbound shipments would register approx 20 per cent growth in the current financial year and tends to cross the USD 300 billion target despite global economic uncertainties, said Piyush Goyal, Minister of Commerce and Industry in the inaugural session of B20 India Inception Meeting organised by industry chamber CII.…

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Vitamin A Palmitate: India initiates anti-dumping probe into import of vitamin from China, EU, Health News, ET HealthWorld

New Delhi: India has initiated an anti-dumping probe into import of a certain kind of vitamin, used for animal consumption, from China, European Union and Switzerland following a complaint by a domestic player. The commerce ministry‘s investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of ‘Vitamin A Palmitate‘ originating in or exported from these countries. Piramal Pharma Ltd has filed a petition before the DGTR seeking imposition of anti-dumping duty on the imports. The applicant has alleged that dumping of the product is impacting domestic…

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Commerce Ministry Seeks Cut In Gold Import Duty To Escalate Gold Exports

According to the reports of PTI, The commerce ministry has sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the jewellery sector.  The export of gems and jewellery increased by 2 per cent to USD 26.45 billion in April-November while gold has reduced by 18.13 per cent to USD 27.21 billion from April-November this fiscal. In order to deal with the country’s current account deficit and rising import of gold, GoI increased gold import duty by 15 per…

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DESH Bill: Finance Ministry Denies Tax Benefits To SEZ

The finance ministry has also expressed its reservation on a proposal to integrate the hubs with the domestic market, wherein SEZ, the obligations on export have been mentioned The Ministry of Finance has denied the proposal of the commerce ministry about providing tax incentives to units set up in special economic zones (SEZ) as part of the Development of Enterprise and Service Hub (DESH) bill. The ministry has also expressed its reservation on a proposal to integrate the hubs with the domestic market, wherein SEZ, the obligations on export have…

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GoI Mulls Scrapping Bimonthly Release Of Trade Data: Report

The government of India is mulling scrapping its policy of releasing bimonthly trade data due to divergence in final numbers, news agency Bloomberg reported on Tuesday, citing people in the know. The report stated that the government instead plans to release monthly exports and imports data once a month to provide a clearer picture of the country’s trade numbers. The delay in collecting data from special economic zones and ports is also cited as one reason for this change. The report added that in line with the new policy, October’s…

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New Law For SEZs: Commerce Ministry Proposes Several Incentives

The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in ‘Development of Enterprise and Service Hubs’ (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill. After collating…

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New Law For SEZs: Commerce Ministry Proposes Host Of Incentives

The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in ‘Development of Enterprise and Service Hubs’ (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill. After collating…

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Commerce Ministry Looking To Release New FTP Before September: Official

The commerce ministry is working to release the new five-year foreign trade policy (FTP) before September this year and Districts as Export Hubs scheme would be part of that document, which aims at promoting exports and job creation, an official said. The directorate general of foreign trade (DGFT), the commerce ministry’s arm which is formulating the policy, will soon send the proposal to the finance ministry for seeking funds for the scheme. Under the scheme, the aim is to initially focus on 50 districts which have products that are scalable…

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Pharma exports hit Rs 1.83 lakh crore in 2021-22 – ET HealthWorld

Pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14, the commerce ministry said on Sunday. The exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines, it added. “Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 per cent of the world’s vaccines and 20 per cent of generic medicines coming from India,” the ministry said. India ranks third worldwide for production in terms of…

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Commerce Ministry To Extend Foreign Trade Policy For Some More Months

Last year in September, the government extended the Foreign Trade Policy 2015-20 till March 31, 2022, due to the COVID-19 pandemic. The present policy came into force on April 1, 2015 The commerce ministry will extend the existing foreign trade policy (FTP) for some more months beyond March 31, Union minister Piyush Goyal said on Wednesday. Last year in September, the government extended the Foreign Trade Policy 2015-20 till March 31, 2022, due to the COVID-19 pandemic. The present policy came into force on April 1, 2015. The policy provides…

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