Sitharaman may resign; decision on a 'new' Commerce Minister pending
The Dollar Business Bureau It is being speculated that the Minister of State (Independent Charge) for Commerce & Industry Nirmala Sitharaman has offered to resign from the post. But there are sources who say this may not be altogether true. There's also talk of another official being given the Commerce Ministry's charge. The final announcements are due this coming Sunday. Such reports are now common given the count of resignations that are being handed over at the Union level. A number of Union ministers have resigned on Thursday, indicating a major reshuffle in the Prime Minister Narendra Modi’s cabinet that according to reports could happen on Friday or Saturday, before Modi leaves to attend the BRICS summit in China on September 3. MoS (independent charge) ...
India and Tanzania agreed to enhance sectoral cooperation
The Dollar Business Bureau India and Tanzania on Tuesday agreed to enhance sectoral cooperation at the fourth session of the India-Tanzania Joint Trade Committee meeting held in New Delhi. It was decided that the cooperation would be based on the needs of therespective sides and comparative advantage for mutual benefit. Tanzania is a beneficiary of the Indian Duty Free Tariff Preference Scheme, which has considerably boosted the exports from Tanzania to India in past few years, said an official release from the Ministry of Commerce. At the meeting, Commerce and Industry Minister Nirmala Sitharaman led the Indian delegation and the Tanzanian delegation was led by Charles John Mwijage, Minister for Industry, Trade and Investment of Tanzania. In her address, Sitharaman said, “India and Tanzania enjoy close ...
Barriers that impede India-ASEAN trade must be removed: Sitharaman
The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman said on Thursday that if India and ASEAN (Association of South East Asian Nations) countries were to recognize their full potential for business then they need to fast-track the ‘corridors of connectivity’ to ‘corridors of trade’. “Barriers that impede trade must be removed besides enhanced utilization of the Free Trade Agreement (FTA),” she said while speaking at the ASEAN-India Expo and Forum, being held in Bangkok from August 2-5. Sitharaman said that for trade promotion, the introduction of non-tariff measures such as facilitating customs and operation procedures have to go a long way to ensure smooth movement of goods and services between the partner nations. The Minister termed Act East policy of India as “the pillar of its foreign policy”, ...
Sitharaman in Shanghai to attend BRICS trade ministers meet
The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman reached Shanghai on Monday for attending the two-day meeting of trade ministers of BRICS (Brazil, Russia, India, China, South Africa), starting on Tuesday. During the meeting, it is expected that Sitharaman would raise concerns over the increasing trade deficit of India with its neighbour China. The seventh meeting of five-nation bloc – BRICS, will discuss on expanding cooperation in e-commerce in the forthcoming annual meeting, the Ministry of Commerce (MOC) of China said. Cooperation in e-commerce such as in the fields of payments and logistics, is fast emerging among the BRICS members, with several products of the member-nations gaining traction in China, said Zhang Shaogang, Director at Department of International Trade and Economic Affairs with China’s MOC. “Economic and technological ...
Indias meat export rises to 13.53 lakh tonnes in 2016-17: Sitharaman
The Dollar Business Bureau Meat exports from India rose to 13.53 lakh tonnes in the financial year 2016-17 from 13.36 lakh tonnes a year ago, Commerce and Industry Minister Nirmala Sitharaman informed the Parliament on Wednesday. However, in value terms, exports dropped to Rs.27,184 crore in 2016-17, compared to Rs.27,528 crore in 2015-16. “The Commerce Ministry has received no complaint with regards to the prevention of production of leather and meat, Sitharaman said in a written response to the Rajya Sabha. However, the export of buffalo meat was declined, according to the data, she said. During April-May period of 2016-17, buffalo meat export was $554 million whereas it stood at $530 million during the same period this ...
Startup India hub launched by Sitharaman, promises Startup exchange prog among SAARC countries
The Dollar Business Bureau The Commerce and Industry minister Nirmala Sitharaman, launched the Startup India virtual hub yesterday. This will be a platform for all entrepreneurs to discover, connect and engage with one another. Speaking during the inauguration, the minister said, “Startup India Virtual Hub is an effort to create a marketplace where all the stakeholders can interact, exchange knowledge, and enable each other to grow. It will streamline the lifecycle of existing and potential startups, helping them access the right resources at the right time. She also encouraged all entrepreneurs in India to utilize this portal and all enabling stakeholders to contribute to the platform as much as possible.” She also announced the Startup Exchange programme intended to serve the SAARC countries, ...
Sitharaman offers Rs.1.18 cr to Mangaluru start-up incubator
The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman on Friday announced that she will contribute Rs.1.18 crore to a start-up incubation centre to be established in Mangaluru (Karnataka) from her MP Local Area Development fund. The Kanara Chamber of Commerce and Industry (KCCI) and Dakshina Kannada district administration are planning to establish the incubation centre in order to boost ecosystem for start-ups in Mangaluru. “The first start-up incubation centre for Dakshina Kannada will come up in the next four months,” Sitharaman said while speaking to reporters. The Minister said that the 6,000 sq ft facility at Mangaluru City Corporation (MCC) building in Mallikatta in the city could have accommodation for 60 seats. She further stated that the Central government would provide basic infrastructure ...
Commerce Department pushes for more sops for small exporters
The Dollar Business Bureau Striving to make the life of small exporters easier, the Department of Commerce is likely to push for greater interest subsidy and broader export credit insurance. As part of the review of Foreign Trade Policy (FTP) – 2015-2020, the Commerce Department is seeking to broaden the basket of services and to make it more attractive for foreign nationals to study and get medical treatment in the country. Nirmala Sitharaman, Commerce and Industry Minister, has marked two sections small exporters and services to be added in the review of the FTP, which is expected to be released in June, in time for the roll out of the Goods and Services Tax (GST). According to sources, Rs.1,000 crore has been ...
