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 commerce ministry urges rbi to consider all exports under priority sector
commerce ministry urges rbi to consider all exports under priority sector

The Ministry of Commerce and Industry has recommended to the Reserve Bank of India (RBI) to consider the entire export sector under priority sector lending in order to promote exports of goods and services from India, said Union Minister of Commerce and Industry Suresh Prabhu, at the 44th India Gems & Jewellery Award distribution ceremony in Mumbai on Saturday.
Currently, priority sector lending is confined only to specific sectors including agriculture under which banks are required to achieve their annual lending target.
Speaking on the occasion, Prabhu said that it is necessary to consider exports under priority sector lending in the wake of the ongoing global economic environment, adding that the government has plans to raise the economy from current $2.5 trillion, to $5 trillion a

service sector to help boost overall economic growth: suresh prabhu

The government is working on a strategy to promote services exports which have the potential to boost overall foreign shipments and economic growth, Commerce and Industry Minister Suresh Prabhu today said.
"Services exports will boost overall exports in the years to come. Services are going to be a big dominant part of the Indian economy and it will push the economic growth," Prabhu said here at the 52nd convocation of Indian Institute of Foreign Trade (IIFT).
The commerce ministry is working on a strategy to boost share of services in the country's trade.
The government has approved a Rs 5,000 crore plan to promote 12 champion services sectors such as IT, tourism and hospitality.
"More services will be exported from India in the coming years," he added.
Further, he said that cer

high tide for 300 dry ports: commerce ministry plans infra overhaul

India’s 300 dry ports, also known as inland container depots (ICDs), are finally getting the attention they deserve. The first fortnight of January saw the commerce ministry announce that it would overhaul the infrastructure standards in dry ports. A significant part of the exercise would involve a comparative assessment of the laws governing ICDs, their funding patterns and subsidies with international best practices. The move is part of the commerce ministry’s focus on port-led development to boost exports and is expected to complement the Rs 8-trillion Sagarmala ...

commerce ministry to revisit $900 bn exports target by fy20

The Commerce Ministry today said it will revisit the $900 billion exports target by 2019-20 as the country's shipments are not able to show healthy growth rate in the first three years.After holding over three-hour long meeting with exporters, Commerce Secretary Rita Teaotia said that certainly there is a need to revisit the export target because in the external world nobody calculated for the global commodity prices and currency fluctuations."We are certainly not going to aim for the same target because we have not been able to show that growth rate in the first three years," she told reporters here.On April 1, 2015, the government announced a slew of incentives and new institutional mechanisms as part of the new Foreign Trade Policy (2015-2020) to nearly double country's goods and servic

january trade deficit widens to $16.30 bn; exports rise 9%

January trade deficit widened to $16.30 billion as against $9..9 billion in year-ago period, data from Commerce Ministry showed. It was $14.88 bn in the previous month. Merchandise exports for January rose 9.07% from a year ago to $24.38 billion. Goods imports last month were $40.68 billion, a jump of 26.10% from a year ago, data from the Ministry of Commerce and Industry showed.

govt to prepare sectoral action plan within next 2 days to boost exports

Keen to take advantage of growing global demand and forecasts of faster rise in international trade in 2018-19, the government has decided to prepare sectoral action plan within the next two days to boost exports.
On Tuesday, during the first inter-ministerial meeting on sectoral export promotion strategy, Commerce and Industry Minister Suresh Prabhu asked officials from across ministries to prepare separate action plan on boosting exports of products being handled by their respective ministries and send it to the Department of Commerce within the next fortnight. The action plan will focus on short-term targets to boost outbound shipment of products, which are achievable within the next two months.
Apart from the two departments making up the commerce and industry ministry, this will app

services sector package: govt yet to decide what it will spend funds on

While the government has allocated a Rs 50 billion package for the services sector, it is yet to yet to decided as to what the money would be spent on. Last week the Cabinet had declared the financial package to jumpstart growth in 12 sub sectors in the services sector. However, senior government officials have confirmed that the spending pattern of the fund hasn't been completely decided upon and is also not expected soon. The 12 specific sub-sectors such as Information Technology and IT-enabled Services, Tourism, Medical Value Travel, Transport and Logistics Services, among others, have been identified due to their potential to create jobs and stimulate exports. Contributing heavily to the national GDP, reforms in the services sector had been ordered by the Prime Ministers office. Howeve

exports from state see downward trajectory

Exports from Karnataka have seen a southward trajectory during the first six months of 2017-18, according to data available with the Economic Survey for 2017-18.While total exports from the state declined by 1.8%, the exports of non-petroleum products from the state too declined by 2.4%. The decline in the exports has been led by the electronics and computer software sector, which has long been seen as the backbone of Karnataka's economy, the Survey tabled in the legislature on Friday showed.The share of exports in GSDP, which was 7.36% in 1993-94, has gradually grown to 30.20% in 2016-17. Karnataka's exports, which were pegged at Rs 5.49 lakh crore in 2016-17, constituted 18.78% of the country's total exports that year.At a time when the IT services sector has been gripped by global headw

govt announces rs 50 bn fund to jumpstart growth in 12 key services sectors

The government on Wednesday announced a dedicated fund to the tune of Rs 50 billion to support sustained growth in 12 key services sectors apart from initiating reforms to make them more competitive and export-oriented. The decision to identify 12 specific sub-sectors such as Information Technology and IT-enabled Services, Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, among others, as 'Champion Services' was taken by the Cabinet on Wednesday. Contributing heavily to the national GDP, exports and job creation, reforms in the services sector had been ordered by the Prime Ministers office. Sectoral action plans will be identified by the Commerce Ministry along with other private stakeholders, a senior official said. "Embedded services are a substant

pmo steps in to speed up gst refunds for exporters

Taking note of slowing exports growth, the Prime Minister’s Office (PMO) has called a meeting of key officials from the ministries of finance and commerce to expedite clearance of exporters’ refunds for the goods and services tax (GST).

The Department of Commerce has strongly demanded clearance of exporters’ refunds to address their working capital issue impacting India’s outbound shipments.
“The PMO has finally stepped in to resolve exporters’ concerns under the GST, with the commerce ministry and the finance ministry on different pages on the matter. The exports should not suffer because of administrative loopholes,” said a senior government official.

Exporters claim only 10 per cent of refunds has been made by the government for input tax credit and 30 per cent in case of th

soon, all foreign post office to facilitate e-commerce exports: finmin

The customs department is planning simplified procedures for exports by India Post, including permitting e-commerce shipments through all foreign post offices, the finance ministry said on Saturday.
Since 2016, e-commerce exports had been allowed through Foreign Post Offices (FPOs) under MEIS (Merchandise Export from India Scheme) incentives from the post offices at Chennai, Mumbai & Delhi.
"Now, customs may be leading the reform race by permitting e-commerce exports through all FPOs, though without MEIS benefits for now," an official statement said.
With imports and exports by Post being the sixth highest cited citizen grievances under CPGRAMs, the customs department and Directorate General of Foreign Trade (DGFT) have been working together for last one year to liberalise, reform an

trade: china tariffs target u.s. pork in response to trump

(BEIJING) — China announced a list of U.S. goods including pork, apples and steel pipe on Friday on which it might raise tariffs in an escalating trade dispute with President Donald Trump.The Commerce Ministry called on Washington to negotiate a settlement to the conflict over higher U.S. import duties on steel and aluminum but set no deadline.Beijing’s move appeared to be a calculated step aimed at increasing domestic American pressure on Trump by making clear which exporters, especially farming areas that supported the president in the 2016 election, might be hurt.The dispute has weighed on global financial markets amid concern it could spiral into a damaging round of retaliatory import controls by governments worldwide.The higher American duties on aluminum and steel have little impact

centre seeks to diversify pharma exports, eyes bulk govt orders from abroad

In order to boost pharmaceutical exports, the government is eyeing bulk purchase orders from government procuring bodies and institutions from across the developing world. Pharma exports grew by 2.9 per cent in 2017-18, up from a marginal 0.2 per cent rise the year before. Policy makers want a diversified geographic reach. With this in mind, the government has invited around 100 government procurers, drug regulators and non-government bodies from scores of countries to attend a mega pharma conclave with major domestic players from the industry, beginning Tuesday. This two-day International Exhibition of Pharma and Healthcare is being organised by the Pharmaceuticals Export Promotion Council of India (Pharmexcil) and the commerce ministry. It will have 350 exhibitors and 600 foreign buyers.

govt working on new schemes for next foreign trade policy to boost exports

foreign tradeThe Commerce Ministry is working on new schemes for the next foreign trade policy (FTP), to be released in 2019-20, with a view to boost exports, a senior government official said. The ministry has asked all the commodity boards and the concerned ministries to identify those "support" structures, which are compliant to global trade rules. "These support measures could be some schemes or some incentives or it could be infrastructure related. These measures should benefit maximum number of industries," the official said. The ministry has recently released the mid-term review of the current foreign trade policy. "We have started the work now, so that by the time we have to come with the new FTP, we would be ready with the final blueprint as we have to consult finally with the fin

us-china trade war: can it help india surmount its own trade deficit?

India’s trade deficit with China increased more than two-fold (219%) from $16 billion in 2007-08 to $51 billion in 2016-17, according to commerce ministry data. India’s imports ($61 billion) from China were six times its exports ($10 billion) in 2016-17, making rising trade imbalance a major concern.“Increasing trade deficit with China can be attributed primarily to the fact that Chinese exports to India rely strongly on manufactured items to meet the demand of fast expanding sectors like telecom and power, while India’s exports to China are characterized by primary and intermediate products,” C. R Chaudhary, minister of state in the commerce ministry, said in a reply to the Lok Sabha (parliament’s lower house) on December 18, 2017.The recent trade war between the United States of America

will soon come out with a review of foreign trade policy: prabhu at iitf

The mid-term review of the foreign trade policy (FTP), aimed at promoting exports, will be released soon, Commerce and Industry Minister Suresh Prabhu said today.He said the commerce ministry is working on a country-specific strategy for exports."Very soon, we will come out with a mid-term review of our foreign trade policy," he said here at the inauguration of 37th India International Trade Fair (IITF).He said promotion of international trade would help boost the country's economic growth."We would like to increase our exports but also would not discourage imports. We will like to have an international trade as a thrust for developing India's GDP and economy," he added.The five-year foreign trade policy (2015-20) provides a framework for boosting exports of goods and services besides crea

govt expects 'indus food' fair to generate up to $2 bn worth of business

The government expects Indus Food — an international food and beverage trade show —starting Thursday to generate $1.5-$2 billion worth of business, help in doubling farmers income by 2022 and generating captive markets for Indian food exports. More than 400 overseas buyers from 45 nations are expected to attend the show in Greater Noida where Indian businesses would have the opportunity of canvassing their products to an international audience. The interest areas range from processed foods and seafood to commodities like spices. Also, government bodies and representatives from 30 nations, including Vietnam, Iran, Oman, Bahrain, Russia, UAE, Philippines are expected to come with roughly 9,000 business meeting planned. "We have till now focused on exploring markets for exports overseas by ta

commerce ministry mulls higher 5% rate for interest equalisation scheme

Less than a week after the Budget spoke of leveraging India’s small- and medium-scale industry, the commerce ministry has suggested improvement in an export promotion scheme.Commerce and Industry Minister Suresh Prabhu on Thursday said the cost of export incentives might lie somewhere between Rs 700 billion and Rs 1 trillion in 2018-19. The commerce ministry has proposed to its finance counterpart that the prescribed rates under the interest equalisation scheme be revised upwards from 3 per cent to 5 per cent. The scheme allows small and medium exporters in labour-intensive sectors to avail loans from banks at a lower rate of 3 per cent. Originally announced as a measure to boost exports for five years, the interest equalisation scheme on pre- and post-shipment rupee export credit was revi

govt to prepare research report to boost exports in 10 geographies

The commerce ministry would prepare a detailed report based on market research to promote exports to ten geographies, including East Africa and Latin America, a senior official said.
The issue was discussed during a meeting between Commerce and Industry Minister Suresh Prabhu and senior Exim Bank officials.
"What we are doing is preparing a complete detail market research. Exim Bank itself will not do," the ministry official said.
The Export-Import Bank of India (Exim Bank) would do the macro analysis and specifics will be done by some expert consultants.
Recently, Prabhu made a case for treating support measures to promote exports as an investment and not subsidies, arguing that outbound shipments contribute in a big way to boosting growth.Exports in October had entered the negati

presstv-iran reports increase in oil exports to india

Iran says its exports of crude oil to India have increased by 16 percent over the past month in what the country says is a fresh sign that speculations over the decline of exports to one of its largest Asian buyers are inaccurate. Figures released by the Ministry of Petroleum show that Iran’s oil exports in July stood at an average of 502,000 barrels per day (bpd). This was higher than June by 83,000 bpd.The Ministry in a statement as reported by IRNA news agency further added that Iran’s oil exports to India in 2015 and 2016 respectively stood at an average of 189,000 bpd and 451,000 bpd – what it said indicated a steady increase.Exports over the past nine months since the start of 2017 also stood at an average of 438,000 bpd, promising a collective increase over 2016 once more exports ar

india might lose us trade dispute in wto on export subsidy: commerce secy

Commerce Secretary Rita Teaotia on Thursday said there was a "real" possibility that India could lose the trade dispute that the US had filed in the WTO on export subsidies.
This, she said, was because income levels in India had crossed the threshold for exports to be subsidised.
"There is a real possibility that India will lose the trade dispute with the US at WTO over subsidising exports," she said at an ICC interaction here.
However, India has been responding "very strongly" to the US allegations, Teaotia said.
She said while direct subsidy to exports cannot be given, the government can legitimately support regulatory compliances required in other countries.
"Benefits to services exports will remain untouched, and GST refunds to exporters will continue as well," she said.
Su

despite global economy revival, india's net exports not doing well: debroy

India's net exports are not doing well even as the global economy is on the recovery path, Bibek Debroy, the head of Economic Advisory Council to the Prime Minister (EAC-PM) and Niti Aayog Member, said on Monday.
Debroy further highlighted that India is facing a dilemma from the point of view of pushing exports, as exporters would like exchange rate to depreciate, however, exchange rate might not depreciate as much as exporters want because of capital inflows.
"Net exports is not doing well. During high growth years, net exports performed much better ... That world economy has not been doing that bad," he said at an event organised by industry body FICCI.
Debroy also noted that ideally the central bank should intervene in the market but intervention by the RBI in the market is not wi

presstv-iran to strengthen petrochemical sector

Amir Mehdi KazemiPress TV, AsaluyehIran plans to launch several projects in the fields of gas and petrochemistry aimed at diminishing the country’s reliance on crude oil exports. The Iranian Oil Ministry has announced the country’s petrochemical sector is projected to reach a total production of 72 million metric tons in 2017 given the appropriate infrastructure and adequate feedstock.

exports jump 12.3% to $27 bn in december; imports rise 21.1% to $41.9 bn

India's exports rose 12.36% in December from a year ago, data released by the commerce department showed, while imports were up 21.12% in the month. In dollar terms the value of exports was $27.03 billion against imports of $41.91 billion, yielding a trade gap of $14.88 billion.

strong orders to push up exports of shrimps

Aided by strong order books, exports of shrimps are likely to grow by about 30 per cent this financial year from 0.43 million tonnes exported in FY17. The exports are likely to surpass 0.55 million tonnes in FY18.
“Following 19 per cent volume growth registered during FY17, the trend continued in the first half of FY18 with volumes growing 33.6 per cent year-on-year (y-o-y). India currently accounts for 35 per cent of the global frozen shrimp exports,” said rating agency Icra in a report.
Icra expects shrimp exports during FY18 to grow 25-30 per cent, led by order visibility for Indian exporters and continued demand from main importers such as the US, said Pavethra Ponniah, vice-president and sector head (corporate sector ratings) of Icra.
During FY17, frozen shrimp exports from Indi

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