'Foreign Trade Policy review by July 1 GST rollout'
The Dollar Business Bureau The Commerce Ministry will finish the mid-term review of Foreign Trade Policy (FTP) earlier than expected so that it would coincide with the rollout of Goods and Services Tax (GST) on July 1, said a senior official on Tuesday, while adding that exporters have asked for policy incentives to boost exports. “The objective of the meeting was to seek inputs for the review of FTP to coincide with the launch of GST. Exports have made a revival and they need support so that it continues to grow,” Commerce Secretary Rita Teaotia told reporters on the sidelines of Board of Trade meeting. The second reconstituted Board of Trade meeting was chaired by Commerce and Industry Minister Nirmala Sitharaman. Besides, officials from Revenue and ...
2nd reconstituted Board of Trade meeting chaired by Sitharaman
The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman on Tuesday chaired the second reconstituted Board of Trade (BoT) meeting to have consultations with the industry on mid-term review of Foreign Trade Policy (FTP). While addressing the meet, Sitharaman said that the Government is fully seized with the apprehensions of the exporters’ community and is involved in intensive inter-department discussions with the Department of Revenue and the Ministry of Finance about their concerns with regards to Goods and Services Tax (GST). The Minister also directed the officials in the Department of Revenue, Department of Commerce and Directorate General of Foreign Trade (DGFT) to consider all the matters properly for mid-term review of the FTP. Representatives from Export Promotion Councils, Industry Associations, ...
Nirmala Sitharaman to chair BoT next month
PTI Commerce and Industry Minister Nirmala Sitharaman will chair the meeting of 70-member Board of Trade next month to discuss ways to boost exports, which has been largely languishing in the negative zone. It will be the second meeting of the reconstituted Board of Trade (BoT), an official said.The meeting assumes significance as exports have started showing positive growth since September this year. It grew 2.29 per cent in November. The official said that issues like impact of demonetisation on exporters would figure in the meeting. The objective of the BoT is to have continuous discussion and consultation with trade and industry. BoT is a top advisory body on trade. The BoT advises the government on policy measures relating to foreign trade policy in order to achieve the objective of boosting India's trade. The ...
Com Min to add MSME rep in BoT
The Dollar Business Bureau The Union Ministry for Commerce and Industry has decided to include a representative from the MSME (micro, small and medium enterprises) sector in the Board of Trade (BoT). To offer appropriate representation to the MSME sector, the ministry has decided to include the Laghu Udyog Bharti New Delhi President as ex-officio member of BoT. According to a trade notice issued by the Director General of Foreign Trade (DGFT), the MSME sector contributes around 45% to the overall exports from India. With more than thousands of MSMEs as members, Laghu Udyog Bharti is one among the country’s largest industry networks. It has branches in all states and members in each and every district of the country. The BoT advises the ...
Two institutions proposed to address exporters' grievances: Minister
The Dollar Business Bureau The government has proposed two institutional mechanisms for addressing issues of exporters and for regular communication with stakeholders, said Commerce Minister Nirmala Sitharaman. The minister informed the Lok Sabha on Friday that the ‘Board of Trade’ will have an advisory role and offer a platform for discussions and consultation while the other institution, ‘Council for Trade Development and Promotion’, will act as a body to representatives of the central government and various states and union territories governments. Meanwhile EPCs and other industry bodies like FIEO, etc, will be continued as specialised institutions. “Product/sector specific export promotion councils and various industry and trade bodies will continue to be the specialised institutions available for consultation from time ...
