Search Result for : Commerce Secretary

The Dollar Business Bureau During the 59th Annual General Meeting of Export Credit Guarantee Corporation (ECGC) chaired by the  Commerce Secretary Rita Teaotia, it was noted that despite ECGC reducing the premium rates of exporters (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%. ECGC has posted a profit before tax of Rs.407 crores, an increase of 5% over previous year. ECGC’s support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGC’s performance was accounted for by MSMEs that took up 85% of its support. As on 31st March 2017, 12,029 covers ...

The Dollar Business Bureau Commerce Ministry said on Monday that the recent round of discussions in Hyderabad for the Regional Comprehensive Economic Partnership (RCEP) would provide a push to the negotiations. Around 700 officials representing 16 nations including Australia and China, gathered in the city during July 17-28 to negotiate the mega trade deal RCEP. It is vital that the RCEP provides a forward looking and positive alternative with regards to rising protectionism across the world, Commerce Secretary Rita Teaotia said in a statement. “India is constructively engaged in RCEP and hopes that the 19th RCEP Round in Hyderabad would find innovative ways to provide impetus to the negotiations,” Teaotia said. The Commerce Secretary further said that the real success of RCEP will be assessed ...

The Dollar Business Bureau Alok Vardhan Chaturvedi (IAS), Additional Secretary in the Department of Commerce, Ministry of Commerce and Industry, has taken the additional charge of the Directorate General of Foreign Trade (DGFT), after Ajay Kumar Bhalla was assigned to the Ministry of Power on June 30. “The new name for the post of DGFT has not yet been decided but Alok Vardhan Chaturvedi has taken the additional charge of DGFT,” sources from DGFT office told The Dollar Business. Bhalla, who had served as DGFT since October 2016, took over as the new Power Secretary on June 30. Chaturvedi, a 1986 batch IAS officer of Bihar cadre, has been serving as Additional Secretary, in the Commerce Department since July 2016. Bhalla was the fourth DGFT to leave the post in less than ...

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 ...

The Dollar Business Bureau  With India’s exports witnessing a continuous growth, the exporters’ body Federation of Indian Export Organisations (FIEO) expects that the merchandise shipments from the country would touch $325 billion in the current fiscal. “Indian exports have been on an upward trend in last few months with export of $275 billion in last fiscal and a target of $325 billion to achieve in 2017-18,” the exporters’ body said in a statement. While the country is witnessing a positive trend since the past nine months on exports, there is concern in the business fraternity with regards to the Goods and Services Tax (GST), said FIEO President Ganesh Kumar Gupta. While India’s share in global exports has risen from 1.6% to 1.64% last year, this year it is 1.84% with a target of 2.4% in world trade as ...

The Dollar Business Bureau  The Commerce Ministry on Tuesday said the bilateral trade was a "win-win" situation for both US and India though the balance of trade was not in America's favour.  Speaking to the media, Commerce Secretary Rita Teaotia said, “The US had started a review of its trade policy with countries with which it has adverse trade balance.”  "India is 9th on that list... but we are confident that Indian exports to the US are a win-win for both the countries," she said.  "Our products are cheaper, while the Indian information technology supports the American industry to be much more competitive," she added.  The Commerce secretary said that where the US government procurement rules required so, Indian companies, like in the pharmaceuticals sector, ...

The Dollar Business Bureau Commerce Secretary, Rita Teaotia had led an official and a business delegation to Ecuador and Colombia from 16th to 19th May. The Commerce Secy’s visit to Ecuador could in many ways reveal India’s keenness to further its interests in the country. The Indian side had representatives from Pharma, IT, Auto, Mining & Construction, Bio Fuels, Agro-Chemicals, Iron & Steel and Textiles and representatives from FICCI accompanying the Secretary. Ecuador though a tiny country holds many promises through its natural resources. It has gold reserves of 2,25,000 tons, silver reserves of 12,500 tons and as per an OPEC official release, its total share of OPEC production in crude is 1.7% and as per Jan 2017 stats, has produced 536.00K barrels ...

The Dollar Business Bureau Commerce Secretary, Rita Teaotia had led an official and a business delegation to Ecuador and Colombia from 16th to 19th May. The Commerce Secy’s visit to Ecuador could in many ways reveal India’s keenness to further its interests in the country. The Indian side had representatives from Pharma, IT, Auto, Mining & Construction, Bio Fuels, Agro-Chemicals, Iron & Steel and Textiles and representatives from FICCI accompanying the Secretary. Ecuador though a tiny country holds many promises through its natural resources. It has gold reserves of 2,25,000 tons, silver reserves of 12,500 tons and as per an OPEC official release, its total share of OPEC production in crude is 1.7% and as per Jan 2017 stats, has produced 536.00K barrels ...