US Committee says Indian policies are discriminating against US exports and investments
The Dollar Business Bureau The influential House Appropriations Committee in its report accompanying the annual Appropriations Bill 2018, said that several policies adopted by the Indian government to boost its economic growth, protect domestic manufacturing, actually discriminated against US exports and investments. 'India, while striving to improve its economic growth, has been enacting a series of policies to increase domestic manufacturing and protect domestic industries and agricultural production that discriminate against US exports and investment,' the Committee said. The report was prepared in conjunction with the US Commerce, Justice, Science and Related Agencies Appropriations Subcommittee that has several agencies under its control that combat gangs, drug trafficking, violent crime, terrorism espionage, financial fraud; enforcing trade laws; exploring science, space; managing fisheries etc. The Appropriations ...
CAIT urges Govt to exempt food items with registered trademark from GST
The Dollar Business Bureau Traders' body Confederation of All India Traders (CAIT) on Tuesday urged the Government for exempting branded as well as non-branded food commodities with registered trade mark, from the Goods and Services Tax (GST). The traders' body reasoned that the differentiation made by the GST Council for levying 5% tax on branded food items with a registered trademark will promote adulteration and result in lower remunerative prices for farmers even for high quality produce. In a letter to Finance Minister Arun Jaitley, CAIT said, “Under the pretext of 'branded' products, these items have been made taxable at 5% which will prove to be detrimental and in contradiction of the intention of the government.” CAIT further said that small firms who are manufacturing food grains, pulses and other ...
Reduction in insurance cost for exporters, ECGC
The Dollar Business Bureau In a much-needed relief to the exporters, the Export Credit Guarantee Corporation (ECGC) in its 60th year of operation has taken a customer friendly step by reducing the premium rate by an average of 17% for its whole turnover policy covers. This has reduced the transaction costs for short term business exporters from Rs.28.19 to Rs 25.46 per Rs 100 during FY 2016-17. The premier Export Credit Agency has also initiated several customer friendly steps to boost exports. In its press release on May 31st, the agency has listed out the initiatives taken during FY 2016-17. The agency has taken steps to make Export Factoring Scheme, cheaper for MSMEs. To give a fillip to the Medium & Long Term (MLT) ...
Bilateral forum to discuss issues of Indias textile, agri, pharma exports to US
The Dollar Business Bureau India has asked the United States to set up a separate working group to discuss non-tariff barriers faced by certain Indian textile products and issues of market access for pharmaceuticals and agricultural products in the US. Commerce Secretary Rita Teaotia raised these issues during her meeting with US Deputy USTR Ambassador Robert Holleyman on Tuesday. The meeting was held in New Delhi to deliberate on the agenda setting, modalities and dates for convening the 9th round of the ministerial level meeting of the Trade Policy Forum (TPF) – a bilateral forum to enhance economic partnership between the two countries. The ministerial level meeting of the forum is likely to be held in the US by the ...
Govt to focus on value-added products, new markets to improve agricultural exports
Himanshu Vatsa | The Dollar Business The government is working on a strategy to improve India’s agricultural exports which have seen sharp fall in the past one year. Agricultural exports contribute more than 10% of the country’s total export. But the government data says that the annual exports of six key agricultural items saw negative growth during the last financial year. Among the six major items, the export of oil meals reduced to $1.32 billion, more than 52% lower than that of previous year. The annual export value of cereals fell by 27% while the shipment of tea, fruits and vegetables declined by around 16% and 9% respectively. Besides, export of tobacco and spices also decreased last year. Now, the government ...
'India-China trade deficit needs to be addressed pro-actively'
The Dollar Business Bureau India can reduce its trade deficit with China by ensuring better market access for Indian IT and agricultural products, said V K Singh, Minister of State for External Affairs. Expressing concern over the widening trade gap between the two countries, Singh said the imbalanced trade was “not in the long-term interest of either country” and it needs to be addressed “pro-actively”. “Both governments are committed to taking imaginative measures and rigorous effort in tackling this issue,” Singh was reported to have said at the India-China Economic and Tourism Cooperation Forum held at the sidelines of the ongoing China-South Asia Expo in China’s Kunming city. He said that improving market access for Indian products like IT and services, pharmaceuticals, ...
