Engineering exports likely to see a new high this financial year: Teaotia
The Dollar Business Bureau Commerce Secretary Rita Teaotia said on Thursday that engineering exports from India, which have already on a healthy growth trajectory, are likely to witness a ‘new high’ in the ongoing fiscal. Exports from the engineering sector have reached $62 billion, recording a growth of around 22% during the period April-January of 2017-18. “We are confident that, the exports will see a new high this financial year,” Teaotia said, while speaking at the inauguration of India Engineering Sourcing Show (IESS) organised by Engineering Export Promotion Council (EEPC) of India in Chennai. Commerce Secretary said the shipments to developed nations are increasing at a rapid pace. Exports to Europe and North America account for around 40% of the overall exports from engineering sector. The initiatives ...
Teaotia releases MIS report on export promotion schemes
The Dollar Business Bureau As a part of evaluation and monitoring of the Foreign Trade Policy (FTP) 2015-20, Commerce Secretary Rita Teaotia on Thursday released the “MIS Report on Export promotion Schemes 2017” of the Statistics Division of Directorate General of Foreign Trade (DGFT). The Report was released by Teaotia in the presence of DGFT and other senior officials of the Department of Commerce, on the occasion of the 11th ‘Statistics Day’ celebration to commemorate the birth anniversary of the Father of Indian Statistics - Professor Prasanta Chandra Mahalanobis. “The Report is an initiative taken by Statistics Division of DGFT as part of the monitoring and evaluation of the Foreign Trade Policy (2015-20),” said an official statement. The publication consists of latest information ...
Mid-term review of FTP would be completed early to synchronise its roll out with GST, Sitharaman
Press Information Bureau Commerce and Industry Minister Nirmala Sitharaman has said that the revised Foreign Trade Policy (FTP) would be released early to synchronise the same with the roll out of GST. The core focus of the revised FTP would be promoting exports from the SMEs and high employment potential sectors. Nirmala Sitharaman was chairing a meeting on the mid-term review of the Foreign Trade Policy 2015-20 organised jointly by Department of Commerce and Research and Information System for the Developing Countries (RIS) . Commerce Secretary Rita Teaotia, Chairman RIS Hardeep Singh Puri and DGFT Ajay Bhalla also participated in discussions. The event was attended by the trade policy experts from the industry, academia, research and Government. Major suggestions discussed during the deliberations ...
Exporters to get refund within 7 days under GST
The Dollar Business Bureau Indian exporters get a major relief as their tax claims will be refunded by the government within a week under the proposed Goods and Services Tax (GST) regime. “Department of Revenue (DoR) to refund 90% of the duty claims of exporters only within seven days under the new GST regime,” said Commerce Minister Nirmala Sitharaman on Thursday. Exporters would also get interest if the refund is delayed for more than two weeks, she added. At the Council for Trade Development and Promotion’s meeting on Thursday, exporters were given assurance “that on 90% of the amount (of refund), within seven days, the refund will be made and if there is an undue delay, interest will be paid on the amount due,” the ...
India, Mexico frame strategic guidelines to promote trade
The Dollar Business Bureau India and Mexico have formulated strategic protocols to promote bilateral trade and investments.A committee comprising high-level members deliberated on investments, trade and economic cooperation, in the 4th meeting in Mexico, and framed the guidelines for promotion of trade. The agenda of the meet included areas like environment and intellectual property.An official release stated that the aim of the high level group is to observe and draft conditions in an effort to increase trade and investments and boost economic ties of Mexico and India.The meeting, which was held on 13th and 14th of July, was chaired by Rita Teaotia, Commerce Secretary, and Francisco de Rosenzweig, the Undersecretary of Mexico’s Foreign Trade.Besides working on ways to boost bilateral ties ...
Govt pushes for greater trade with Myanmar via land
The Dollar Business Bureau To boost trade with Myanmar, the government is pushing for more trade between the two countries through the shared land boundary, stated Commerce Secretary Rita Teaotia. “Greater trade through land border will positively affect the economy of the country’s North Eastern region, and also enhance people-to-people contact,” Teaotia said on Wednesday while speaking at the launch of a study on ‘Enhancing India-Myanmar Border Trade: Policy and Implementation Measures’ jointly brought out by Ministry of Commerce and RIS. The study provides an in-depth analysis for increasing trade between India and Myanmar through land borders. It also proposes policy measures to achieve the goal as well as provide a framework of relevant implementation measures. Teaotia said that India and Myanmar not only share borders but ...
Indias pharma exports increase by 9.7% in 2015-16
The Dollar Business Bureau Union Commerce Secretary Rita Teaotia said that India’s pharmaceutical exports have increased by 9.7 percent in the last fiscal, whereas the country’s exports to the US grew to 33 percent. In 2014-15, the country’s pharmaceutical exports were around Rs.96,000 crore. “The country’s pharmaceutical exports are one of the best stories of Indian exports. We have registered 9.7 percent jump and 33 percent growth in exports to the US market. We see a lot of growth potential of pharma exports in coming years,” said Rita Teaotia, Union Commerce Secretary. “Visits of regulatory officials would help to provide better insights into the drug regulatory framework and to understand each other’s benchmark of standards and quality compliances,” she said. Teaotia said that the companies ...
Government to set up Trade Facilitation Council to promote exports
Source: PTI Concerned over declining exports, the government will soon set up a Trade Facilitation Council comprising members of Centre and states to promote India's overseas shipments. The council will be chaired by Commerce and Industry Minister Nirmala Sitharaman and secretaries of key ministries and state ministers will be the members. The main objective of the council will be facilitating trade from states in a bid to boost the country's exports. "The real work happens in states. We are setting up this council. We will also ask and encourage them to formulate their own State Trade Policy," an official said. To discuss the issue, Commerce Secretary Rita Teaotia will hold meetings with officials from the states tomorrow. The other issues which ...
