Paytm Mall to pump in $35 million in logistics
The Dollar Business Bureau Paytm Mall, the unit of e-commerce player Paytm said on Tuesday that it is planning to invest $35 million (around Rs.225 crore) to expand its logistics business. The company also plans to cut short the delivery time and is investing in technology and infrastructure for enhancing its logistics support by meeting the demand of customers intending to service deliveries on the same-day and the next-day. Paytm Mall that partners with offline traders for selling products, will start providing one-day and two-day deliveries for appliances and electronics products across 25 cities all over India in the first phase. The delivery service will soon be increased to over 100 cities and additional product categories. Currently, the company is working with three courier firms - Delhivery, Xpressbees and Bluedart, delivering packages to over 17,000 ...
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 ...
Govt clears Amazons $500-mn FDI proposal in food retail
The Dollar Business Bureau In a move to attract major foreign investment, the Government on Monday approved an investment of around $500 million proposed by e-commerce giant Amazon for opening retail food stores in India. This is the first proposal for foreign direct investment (FDI) in food retail that got the government’s approval. This is also the first FDI case that gets an in-principle approval after the recent shut down of the Foreign Investment Promotion Board (FIPB). This proposal was pending with the FIPB. Therefore, the Department of Industrial Policy and Promotion (DIPP) has given its nod to the proposal. According to the proposal, the American ecommerce major will open a fully-owned arm in India for carrying out the business of storing food products and sell them online. Presently, the Government allows 100% ...
'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 ...
India, Latin America hold a business conclave to boost trade
The Dollar Business Bureau India and Latin America organised a business networking seminar on Thursday in Mumbai in order to boost trade and investment between the two regions. The International Conclave on India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment was jointly organised by the Group of Latin America and Caribbean countries (GRULAC) in India, the All India Association of Industries (AIAI) and World Trade Centre Mumbai. The conclave, which was organised for the first time in the commercial hub of Mumbai, was attended by nearly 40 Heads of Missions, overseas experts, investment and trade promotion agencies from LAC, and senior government officials from India and LAC. Trade between India and LAC is expected to reach $100 billion from the current $46 ...
Achieving $1 trillion digital economy is not a tall claim. Why wait for 7 years? Can we do it in 3-4 yrs? Prasad
The Dollar Business Bureau The IT industry should help India build a $1 trillion digital economy within four years by creating affordable technology and an inclusive environment, Union Minister Ravi Shankar Prasad said today at the High Level Round Table with Pioneers of Industry for developing the roadmap for ‘One Trillion Dollar Digital Economy of India’, organised by MeITY, in New Delhi. Highlighting multi-billion dollar opportunities that exist in areas like IT and IT enabled services, e-commerce, electronics manufacturing, digital payments and cyber security, he said that achieving $ 1 trillion digital economy is not a "tall claim". "I don't have any doubt that it will become $1 trillion in 7 years. My humble request is why wait for 7 ...
Food diplomacy to bridge all barriers, says Harsimrat Kaur Badal
The Dollar Business Bureau The Minister of Food Processing Industries Harsimrat Kaur Badal addressed a Joint Press Conference with the organizers of ANUGA - an international business platform for Food Industry to be held in Cologne, Germany. She also signed the Memorandum of Understanding for Participation in the ANUGA (Allgemeine Nahrungs Und Genußmittel Ausstellung- translated into English- General Food and Non essential Provisions Exhibition) Exhibition with Katharina C Hamma, Chief Operating Officer, Koelnmesse GmBH (the Organizers of ANUGA). The Minister said that it was an honour for India to be a co-partner country in such a prestigious international event. “It gives us the opportunity to showcase our strengths and opportunities to an international audience”. The Minister also said that Food Processing Sector ...
