Search Result for : Fieo

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 ...

The Dollar Business Bureau India’s exports witnessed a growth of 9% in January this year, supported by a positive growth in the outbound shipments of petroleum, chemicals and engineering goods, even as the trade deficit shot up to a three-year high. The trade deficit widened to $16.3 billion in January due to 26.1% growth in imports on account of increased inbound shipments of crude oil, according to the data released by the Ministry of Commerce. The trade deficit, gap between imports over exports, had reached $16.86 billion in the month of November 2014. In January 2017, the country’s trade deficit was $9.9 billion. “Exports during January 2018 have exhibited positive growth of 9.07% in dollar terms vis-à-vis January 2017. Exports have been on a ...

Aamir H Kaki Industry players have welcomed and appreciated the Union Budget 2018-19 and called it a balancing act aimed at inclusive growth for boosting the country’s economy. Focused on strengthening agriculture, rural economy, infrastructure, MSME and exports, the Budget for fiscal 2018-19 was presented by Finance Minister Arun Jaitley on Thursday. Welcoming the Budget, Federation of Indian Export Organisation (FIEO) said that it’s a balanced Budget for the country aiming at inclusive growth and transforming rural India.  FIEO President Ganesh Kumar Gupta said that the target to take agri-exports from $30 billion to $100 billion is very encouraging as agri-exports would be instrumental in doubling farmers’ income. A stable Agri Export Policy based on digitalised current stock position, scientific forecasting of ...

Ahmad Shariq Khan Apart from doing justice to its given mandate of earning precious foreign exchange for the country, the units in SEZs and the EOUs are playing a critical role not just in economic development of the country but also in nation building, and with a little push the sector can do wonders for the country’s economy, said Vinay Sharma, Acting Chairman, Export Promotion Council for EOUs and SEZs (EPCES). According to Sharma, unlike many Govt projects that have so far made not much progress including the recently announced manufacturing hubs that have long gestation periods and the coastal manufacturing hubs that are yet to see the light of the day, SEZs offer ease of doing business (EODB) in the true ...

The Dollar Business Bureau India’s merchandise exports during December last year recorded a positive growth of 12.36% year-on-year, on the back of a sharper increase in the shipments of engineering goods and petroleum products. Over the last 17 months, exports from the country have been on a positive trajectory, with a decline of just 1.1% in October 2017. However, imports recorded a sharp increase of 21.12% to $41.91 billion during the month on the back of rise in inward shipments of gold, silver, precious stones, petroleum and electronic goods. Due to this, the trade deficit has widened to $14.88 billion in the month of December, as compared to $10.54 billion over a year ago. Industry is hopeful that exports are expected to reach the ...

The Dollar Business Bureau The industry has welcomed the initiatives taken in the mid-term review of Foreign Trade Policy (FTP) – 2015-20, specifically the 2% increase in rates under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), as well as the raising of validity period of duty credit scrips from 18 to 24 months. Welcoming the FTP’s mid-term review, Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that the 2% increase in the MEIS rates for labour intensive sectors such as leather, carpets, handicrafts, tools, marine, medical & scientific products and services such as accountancy, architecture, legal, education, hotel and restaurant will provide much needed respite to these sectors which are facing huge ...

The Dollar Business Bureau The industry has welcomed the initiatives taken in the mid-term review of Foreign Trade Policy (FTP) – 2015-20, specifically the 2% increase in rates under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), as well as the raising of validity period of duty credit scrips from 18 to 24 months. Welcoming the FTP’s mid-term review, Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that the 2% increase in the MEIS rates for labour intensive sectors such as leather, carpets, handicrafts, tools, marine, medical & scientific products and services such as accountancy, architecture, legal, education, hotel and restaurant will provide much needed respite to these sectors which are facing huge ...

The Dollar Business Bureau In order to explore opportunities for bilateral trade and investment in the Latin American (Latam) and Caribbean regions, Commerce and Industry Minister Suresh Prabhu visited Cuba from October 28 to 31. “The Minister for Commerce and Industry Suresh Prabhu visited Cuba from October 28 to 31 to explore opportunities to tap the huge untapped potential, for not only bilateral trade but also investment in the Latin American and Caribbean regions,” the Commerce Ministry said in a statement on Wednesday. “It has been the strategy to pursue new markets to expand India's trade footprint and targets to double trade with the Latam and Caricom region in the next 4 to 5 years,” it said. India’s bilateral trade with the Caribbean region ...