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TREND | 14 Aug 2024

Commerce Ministry Pushes For Continuation Of Interest Equalisation Scheme

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Currently set to expire this month, the scheme is critical for exporters, particularly during global economic challenges.

Trade and Commerce

TREND | 13 Aug 2024

NIRF ranking 2024: Commerce ministry's IIFT moves up twelve place to 15th

Business Standard

The commerce ministry's Indian Institute of Foreign Trade (IIFT) has moved up twelve place to 15th rank under the management category in the NIRF ranking 2024. The ranking under the National Institutional Ranking Framework (NIRF) was released by the HRD ministry on August 12. In the last year's ranking, IIFT was at 27th spot as against 24th in 2022. It was 25th in 2021, 26th in 2020 and 31st in 2019. The institute was ranked at 23rd rank in 2018, 30th in 2017 and 81st in 2016. NIRF was launched in 2015 to rank higher educational institutions in the country based on objective criteria to promote competitive excellence in such institutions. IIFT was established in 1963 as an autonomous body under the ministry to contribute in the skill building for the external trade sector of India.

Trade and Commerce

TREND | 12 Aug 2024

Domestic API Sector Expected To Grow 7-8% Annually By 2029: ICRA

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In fiscal 2023-24, India imported APIs and bulk drugs worth Rs 37,700 crore, meeting 35% of its total API needs, with imports from China constituting 70%, ICRA stated.

Trade and Commerce

TREND | 12 Aug 2024

BIMSTEC can finalise regional FTA in phases to promote investment & jobs

Economic Times

Recommendations for taking forward the BIMSTEC grouping with the engagement of businesses of the member states include Finalising a regional FTA in phases, which would lead to quicker implementation and promote investment, job creation, technology partnerships, and services; Industry Partnerships for Deepening Regional Economic Engagement

Trade and Commerce

TREND | 10 Aug 2024

Goyal states restoring Diamond Imprest Licence for gems, jewellery sector

Business Standard

Commerce and Industry Piyush Goyal on Saturday announced restoration of Diamond Imprest Licence, which allows import duty exemption on cut and polished diamonds up to a specified limit. The gems and jewellery exporters were demanding for this licence. In the absence of this licence, the cut and polished diamonds were getting imported in Dubai and getting assorted there and re-exported, impacting India's exports and jobs in the sector. The minister announced the restoration of the licence during a session at the India International Jewellery Show (IIJS) 2024 here. It was organised by the Gem and Jewellery Export Promotion Council (GJEPC). "Shri Piyush Goyal, Minister of Commerce and Industry announced the introduction of the Diamond Imprest Licence," the GJEPC said in a statement. The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds. Exporters can import diamonds up to 5 per cent of their average turnover

Trade and Commerce

TREND | 07 Aug 2024

Piyush Goyal suggests Bimstec group members to relook proposed FTA

Business Standard

Commerce and Industry Minister Piyush Goyal on Wednesday suggested the seven member countries of the BIMSTEC bloc to relook at the progress of Free Trade Agreement talks which are moving at a very slow pace. He said that the members can think of negotiating a preferential trade agreement instead of a full-fledged free trade pact. BIMSTEC stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. Its seven members are five South Asian countries (Bangladesh, Bhutan, Nepal, India, and Sri Lanka) and two Southeast Asian countries (Myanmar and Thailand). The bloc has been negotiating a proposed Free Trade Agreement (FTA) since 2004. So far over 20 rounds of talks have been held. The last one was held in 2018. "I would like to raise a few fundamental issues about where we stand and what are the possibilities of making this FTA a reality," Goyal said here at CIIs BIMSTEC Business Summit 2024. He said that so far 22 rounds of talks have been held for t

Goyal moots BIMSTEC preferential trade pact ahead of FTA

Business Line | 07 Aug 2024 2 more

Trade and Commerce

TREND | 07 Aug 2024

Indian steel prices plunge to lowest level in over three years: BigMint

Business Standard

Increased imports from China and Vietnam into India, alongside Chinese supply in overseas markets, have made Indian exports uncompetitive in many regions, putting downward pressure on domestic prices

Trade and Commerce

TREND | 06 Aug 2024

India needs capacity to deal with non-trade issues in FTA talks: Barthwal

Business Standard

India needs to develop capacity to deal with non-trade issues during free trade agreement (FTA) negotiations, Commerce Secretary Sunil Barthwal has said. He said that non-trade issues have increasingly been emerging in trade negotiations. Barthawal was speaking at a function of the Centre for Trade and Investment Law (CTIL) last week. "The secretary observed that non-trade issues have increasingly been emerging in trade negotiations, raising the need for cross-disciplinary capacity building in FTA negotiations for India and other developing countries," the commerce ministry said. It added that the Centre is aiming to create a dedicated pool of legal experts who could provide technical inputs for enhancing India's participation in international trade and investment negotiations and dispute settlement. It is also aiming to become a thought leader in the various domains of international economic law such as WTO (World Trade Organisation) law, international investment law and legal is

Commerce ministry developing e-platform to connect exporters, MSMEs, govt

Business Standard | 06 Aug 2024 2 more

Trade and Commerce

TREND | 06 Aug 2024

Trade via Bengal land ports disrupted amid political unrest in Bangladesh

Business Standard

India-Bangladesh trade, which was disrupted in the wake of the unrest in the neighbouring country and the resignation of embattled prime minister Sheikh Hasina, remained stalled on Tuesday, traders said. West Bengal Exporters Coordination Committee secretary Ujjal Saha said trade through land ports in the state has been halted due to "non-clearance of goods by Bangladesh customs, resulting in hundreds of trucks being lined up in parking lots". Trade between the two countries through land ports at Petrapole, Gojadanga, Mahadipur, and Fulbari in West Bengal has been affected, while some passenger movement has been reported but turnout remains low, sources said. Saha noted that a Bangladesh government notification issued on Sunday declared a three-day holiday till Wednesday, except for essential services. Trade through Petrapole in North 24 Parganas district, the largest land port, remains halted as the Benapole customs in Bangladesh remained non-functional. Security at the land port

Trade and Commerce

TREND | 05 Aug 2024

US Embassy Sopkesperson Reaffirms India-US Ties

NDTV Profit

Stating that the two countries have resolved all outstanding disputes at WTO during the visit of Prime Minister Narendra Modi, he said regardless of who becomes the next US President, "we want to seek better and close ties with India".