Amid heightened tensions of a trade war between the US and China, China on Monday promised India to address the high trade imbalance between the two countries. Chinese Minister Zhong Shan welcomed Indian investment in China and promised to address the trade deficit between the two countries, commerce and industry ministry said in a statement on Monday. Shan, who is China’s minister of commerce, co-chaired the 11th meeting of India-China Joint Group on Economic Relations, Trade, Science and Technology here with commerce and industry minister Suresh Prabhu. Shan’s statement […]
Read MoreThe government has expedited the provision of water in rain-fed areas to boost agricultural productivity and raise farmers’ incomes. This was stated by Nitin Gadkari, minister for roads, transport and highways, shipping and water resources, river development and Ganga rejuvenation, at a conference on the role of water in doubling farmers’ incomes, which was organised on World Water Day 2018 by the Federation of Indian Chambers of Commerce and Industry (FICCI). He added that his ministry had taken on hand projects to link river basins with world-class technology. Instead […]
Read MoreThe Haryana government has made arrangements for the procurement of 80 lakh tonnes of wheat in the current Rabi season, a senior officer said on Monday. The wheat will be procured at the minimum support price (MSP) of Rs 1,735 per quintal. The procurement target is set higher than the 74.25 lakh quintal tonnes of wheat procured in the season last year. The Agriculture Department has estimated the production of wheat at about 117.80 lakh tonnes this time. Additional Chief Secretary, Food, Civil Supplies and Consumer Affairs Department Ram Niwas […]
Read MoreMinister of State for Finance Shiv Pratap Shukla on Thursday gave clarification on e-way bill regarding movement of goods from dry-ports to sea ports and from SEZs within the zone. The minister said that the government has received various representations from Association of Exporters as well as Corporate Bodies seeking clarity on issues relating to exemption for export consignments during custom bonded movement from one airport to another; movement from SEZ/FTWZ (Free Trade Warehousing Zone) to port and vice versa; and parity in movement of export cargo with import cargo. […]
Read MoreFSSAI has notified the food standards and additives regulations, revising the existing and adding new standards relating to the fruit and vegetable categories. The apex regulator has instructed stakeholders to submit their comments and suggestions within a month’s time. As per the draft, these standards have been proposed in context of harmonisation with those of Codex for better trade practices as well as to effectively regulate specified food commodities for their quality and safety. The draft standards shall be reviewed based on the comments received for stakeholders and revised, if […]
Read MoreIndia will make a case for an eight-year transition period to phase out its export subsidies at the consultations sought by the US at the World Trade Organisation questioning the validity of the country’s export promotion schemes. We are clear that an eight-year transition is needed for developing countries to change their export subsidy regime, Commerce Secretary Rita Teaotia said at a press conference indicating India’s response to the US move. Washington dragged India to the WTO on Wednesday stating that a number of export subsidy schemes in India seemed […]
Read MoreThe sugar industry in Tamil Nadu is relieved with the State government formally announcing a shift to revenue-sharing formula for sugarcane pricing. O Panneerselvam, Deputy Chief Minister and Finance Minister, announced in the Budget today that the State government will no longer announce a State Advised Price for sugarcane from the current season. Major sugar producing States like Maharashtra and Karnataka have migrated to the progressive revenue-sharing formula based on the Rangarajan Committee’s recommendations, he said. Tamil Nadu too will switch to the revenue-sharing model from the current season under […]
Read MoreBritain’s increased export opportunity to India, if it is outside the European Union, will be $3.2 billion, according to the Standard Chartered Trade Performance Index, which was released on March 13. The United Kingdom’s current exports to India are worth $5.5 billion. The predicted figure for exports if Britain remains in the European Union is $9.1 billion, while it stands at $12.3 billion if the country is outside the EU, giving rise to an increased export opportunity” of $3.2 billion, according to the analysis of Notional Post-Brexit UK Exports. The […]
Read MoreThe 26 th meeting meeting of the GST Council held Saturday decided to extend the available tax exemptions on imported goods for a further 6 months beyond March 31. As per the decision, exporters presently availing various export promotion schemes can now continue to avail such exemptions on their imports up to October 1, , by which time an e-Wallet scheme is expected to be in place to continue the benefits in future. In a related development which would benefit the exporters, the Council reviewed the progress in grant of […]
Read MoreGovernment think tank NITI Aayog today said it will work out a mechanism for implementation of the Minimum Support Price (MSP) for different crops in the country. In light of the Finance Minister’s budget announcement that NITI Aayog will develop and put in place a fool-proof mechanism, its vice chairman Rajiv Kumar presided over a consultation meeting today on mechanism for MSP implementation for different crops, the Aayog said in a statement. Source: The Economic Times
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