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The Dollar Business Bureau  NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said on Thursday that the strong push by the Government towards e-mobility is targeted towards making India an export hub for electric vehicles. “The vehicle penetration in the country is the lowest among the developing countries. At present, India has 20 cars per 1,000 people whereas the US has 800 cars,” Kant said while addressing the 57th Annual Convention of SIAM in New Delhi. “Other countries will have the problem to make the switch to electric but India has the advantage to become the leader because of its low penetration levels. We must make India the export hub for electric vehicles,” he said. He also said that the country may be slow ...

The Dollar Business Bureau  India and Italy on Friday conducted talks to find ways to boost trade and economic relations by enabling discussions and enhancing collaboration on a range of issues of joint interest. The issues related to trade were discussed during the 19th session of India-Italy Joint Commission for Economic Cooperation (JCEC), which was held in Rome on May 11-12. The joint commission was co-chaired by India’s Minister of Commerce and Industry Nirmala Sitharaman and Carlo Calenda, Italian Minister of Economic Development. “Both sides reiterated the importance of JCEC towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest,” the Ministry of Commerce said in a statement.  Despite global slowdown, the bilateral trade ...

The Dollar Business Bureau  According to information released by the Ministry of Shipping, the government-managed ports have outperformed the private ones with respect to growth in the volume of cargo handled during FY 2016-17. While the private ports registered a growth rate of 4%, the public ports grew by 6.79% annually, as against 4.32% in the previous year. Collectively, the twelve ports managed by the Ministry of Shipping handled 647.43 MT (million tonnes) of traffic during the year.  Individually, Kandla Port handled 105.44 Million Tonnes of cargo, securing the position of the largest volume handler and growing at 5.39%. Paradip Port stood second with 88.95 Million Tonnes of volume, registering a high growth rate of 16.45%. Growing at 3.17%, the Mumbai port bagged the third place with 63.05 Million Tonnes of cargo handled.  The Jawaharlal Nehru Port (JNPT), India's largest container port ...

The Dollar Business BureauAmid India’s unimpressive exports growth for the last couple of years, consulting firm Frost & Sullivan has conducted an in-depth analysis and has come out with key suggestions to revamp the Directorate General of Foreign Trade (DGFT), an attached office under the Ministry of Commerce and Industry. The consulting firm has suggested greater autonomy for DGFT, a body currently functional under the Ministry of Commerce. So far, DGFT has served as a facilitator instead of enforcer, a factor proving a hindrance to the country’s exports-oriented initiatives. “We have conducted an in-depth analysis on the scope and nature of the functions and operational tasks undertaken by DGFT. In light of the key underlying policy objectives and regulatory concerns, we had ...

The Dollar Business Bureau The Minister of Commerce and Industry, Nirmala Sitaraman, launched the Trade Infrastructure for Export Scheme (TIES) on March 15, 2017. Through this scheme, the government intends to plug gaps in trade infrastructure and facilitate forward and backward linkages for traders. Spearheaded by the Commerce Secretary, the committee, appointed to oversee sanctioning of projects under the scheme, comprises of officials from among other ministries as well. Senior members from DGFT, DIPP, NITI Aayog, Ministry of Home Affairs and Ministry of Development of North-East Region will form the 10-member committee. This new initiative, which will commence on April 1 2017, proposes to ease the burden of traders who bear unnecessary costs due to lack of infrastructure in areas ...

The Dollar Business Bureau SEZ (special economic zone) units and developers are not likely to get respite from the minimum alternate tax (MAT) in the upcoming Union Budget though the Min of Comm has been strongly pitching for its exclusion official sources said on Wednesday. The revival of SEZ units, which were once engines of growth for exports, were among the major steps recommended last year by the Board of Trade (BoT), chaired by the Commerce and Industry Minister Nirmala Sitharaman, in order to help reverse the sluggishness in India’s exports. The Board could once more suggest measures to boost SEZs in its meeting later this month, an official said. Presently, MAT is imposed at a rate of 18.5% on a firm’s book ...

The Dollar Business Bureau The upcoming India-Arab Partnership Conference will give India and the Arab members’ opportunities to boost their economic ties and business-to-business links. The 5th Conference, to be held in Muscat and Oman on December 14, will be organised by the Oman Foreign Ministry, Arab League Secretariat in association with the Indian Ministry of External Affairs. The Federation of Arab Businessmen (FAB) and the General Union of Arab Chambers of Commerce and Industry and Agriculture (GUCCIA) will also participate in the meeting. "The most important part of the partnership conference is economic cooperation and to build business to business links," said Sanjay Bhattacharyya, India’s Ambassador to Cairo. The conference this year is themed on building partnership innovation and cooperation in information technology sector. According to ...

The Dollar Business Bureau India-Morocco Chamber of Commerce and Industry (IMCCI) was jointly inaugurated by Vice President of India Hamid Ansari and Prime Minister of Morocco Abdelilah Benkirane. The new chamber is established to boost the trade between India and Morocco. It would also help in strengthening the economic development of both the countries. Hamid Ansari said that a chamber was not established till now, as the countries had taken things for granted. But, the world is transforming into globalisation these days. Countries need industry bodies like the IMCCI. The IMCCI acts as a testimony to the rising significance of the commercial ties between the two countries. It should focus on the trade requirements of both the countries, he added. According to an official ...