India to follow WTO rules, resolve issues through talks with US: Prabhu
The Dollar Business Bureau In the wake of increasing trade measures of the US against India and its decision to review eligibility of India for certain products for duty benefits, Commerce and Industry Minister Suresh Prabhu said on Tuesday that in order to resolve all trade issues, Indian government is actively working with the US and is also following Word Trade Organisation (WTO) rules to protect the interests. “I can assure you, the only guiding principle for engagement with the US is to protect India’s commercial interest in its entirety,” Prabhu said while speaking at the launch of a platform - ‘FIEO GlobalLinker’ for micro, small and medium scale exporters (MSME) for digitising their businesses. On April 13, the US announced that ...
India will be a $5 trillion economy: Suresh Prabhu
The Dollar Business Bureau Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Monday that India will become a $5 trillion dollar economy but it is just a matter of time. “Trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy,” Prabhu said, while speaking at an event organised by the Confederation of Indian Industry (CII) in New Delhi. The Minister said that the services sector is also important and will generate jobs. And in this regard, the Government has allocated Rs.5,000 crore toward 12 champion service sectors. While he believes that services exports will be more than the merchandise exports, Prabhu said that for ...
We must bring in transformation in WTO to transform world economy: Prabhu
The Dollar Business Bureau India called for bringing transformation in the intergovernmental body World Trade Organisation (WTO) in order to transform the world economy. Commerce and Industry Minister Suresh Prabhu said on Sunday that the WTO was established on some solid principles such as transparency and democracy and even the smallest nation has a say in this organisation of 164 members. “That is something which is a unique characteristic. Therefore, we must bring in transformation in the WTO itself to transform the world economy. To bring that transformation, we have to put constant efforts,” Prabhu said while speaking at the Partnership Summit organised by Confederation of Indian Industry (CII). Prabhu further said that the world trade has benefitted all the countries in terms of generating jobs and encouraging economic activities. “Now the question is whether ...
Special and differential treatment remains a critical aspect of WTO's framework: Prabhu
The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said that special and differential treatment remains a critical aspect of the WTO’s framework and this is non-negotiable for India. “While some of the new issues being raised by others may also be of relevance to India, existing issues such as agriculture are critical livelihood issues, which are extremely important for India,” the Commerce Ministry said in a statement, while quoting Prabhu, after a two-day brainstorming meeting on WTO in the Post-MC11 (11th Ministerial Conference) Phase was organised by the Department of Commerce and the Centre for WTO Studies on February 19-20. The Commerce Minister stressed on the critical importance of the World Trade Organisation (WTO) and drew attention to Prime Minister Narendra ...
To achieve 5% world share, Indias exports need to grow at 26%: Report
The Dollar Business Bureau India’s exports must grow at an average rate of more than 26% in the next five years, if the country wants to achieve the ambitious target of 5% share in world exports, according to a study. “However, this would require enhancing product competitiveness, which needs that the infrastructure for trade to be improved including ports infrastructure,” suggested a report ‘Port Logistics: Issues and Challenges in India’ by research firm Dun & Bradstreet. This and several other measures, including ensuring transparency in charges collected by shipping lines and creating a common digital platform, in order to strengthen port logistics and improve trade, recommended by Dun & Bradstreet in its study has been handed over to Commerce & Industry Minister Suresh ...
Conducting inter-departmental discussions to address SEZ's woes: Prabhu
Ahmad Shariq Khan Lauding the work of SEZ/EoU fraternity in shoring up India’s exports, Commerce and Industry Minister Suresh Prabhu on Monday assured the sector’s stakeholders that the Government is looking into their concerns, particularly those relating to imposition of alternate minimum tax (MAT), dividend distribution tax (DDT) and introduction of the sunset clause. “Leaving aside some complaints about the misuse of the SEZ policy, the Government still believes that the idea of SEZ holds good for the Indian economy. Therefore, we are conducting interdepartmental discussions with respective ministries, including finance ministry, on how to best to ease the tax pressure on the SEZs/EOUs,” Prabhu said while speaking at Export Awards organised by Export Promotion Council for EOUs & SEZs (EPCES) in New Delhi. Urging the ...
Incentives to exporters under various schemes to touch Rs.1.2 lakh crore: Prabhu
The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhakar Prabhu said on Thursday that financial incentives for exporters through various export promotion schemes such as Merchandise Exports from India Scheme (MEIS) is expected to cross Rs. 1 lakh crore in the fiscal 2017-18. “Incentives to exporters under various schemes like the popular MEIS, SEIS, Advance Authorisation and the Export Promotion Capital Goods (EPCG) would cross Rs.1,00,000 crore and touch Rs.1,20,000 crore or even more depending on the performance of exports in the last two months of the fiscal,” Prabhu said while addressing a press conference. “You heard our Finance Minister say (in his Budget speech) that exports this year could have a growth of 15% over the previous year. A good export performance means ...
Export prospects of Khadi is rest assured: Suresh Prabhu
The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Tuesday that he believes there are good prospects of exports of Khadi from the country as the world shifting towards natural and eco-friendly products, thus creating a demand for eco-friendly products. “The export prospects of Khadi is rest assured with world moving towards natural and eco-friendly products,” Prabhu said at a round table discussion, organised by Indian Institute of Foreign Trade (IIFT) with support from Khadi and Village Industries Commission (KVIC) and UDAAN SKILL. “More and more people are becoming conscious of responsibility towards the environment and ecology and greater demand is being generated for bio-degradable and eco-friendly products,” he added. The Minister further said that it is for this reason the ...
