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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  Japanese auto major Honda Cars India Ltd (HCIL) is keen on sharpening its strategy and strengthening its brand as a ‘premium player’ across various segments prior to the expansion of automobile market it is expecting from 2020. “It is important to grow volumes. However, the priority is to reinforce the brand. While the current market volume and growth is good, we believe real motorisation or real expansion of the market will be seen in the middle of 2020-2030,” Yoichiro Ueno, President and CEO, HCIL said on Friday.  “Establishing the foundation for that period is more important than just chasing volumes,” he added. Though the Japanese auto major is working towards establishing a 'premium' brand, it wants to retain its position ...

PTI South Korea's new President Moon Jae-In was sworn in Wednesday, just a day after a landslide election victory, and immediately declared his willingness to visit Pyongyang amid high tensions with the nuclear-armed North. Left-leaning Moon, a former human rights lawyer, backs engagement with Pyongyang in the quest for peace -- in contrast to the threatening rhetoric from the Trump administration in recent weeks. “If needed I will fly to Washington immediately,” Moon told lawmakers after taking the oath of office in Seoul's National Assembly building. "I will also go to Beijing and Tokyo and even Pyongyang in the right circumstances."  Moon will have a difficult diplomatic path to tread in his approach to the North, which ...

The Dollar Business Bureau Exchange-traded funds (ETFs) and offshore funds in India recorded a net inflow of $2 billion in the first quarter of this year compared to a huge outflow of $1.3 billion in the same period a year-ago. An offshore fund is referred to a collective investment scheme that is not domiciled in the country but primarily invests in its markets. As per a report by Morningstar, offshore funds focused on India witnessed an inflow of $1.46 billion, whereas ETFs registered an inflow of $509 million, making the total at $2 billion. During the quarter of October-December last year, this category had registered a net inflow of $449 million. The category saw net inflows of $196 million during the quarter July-September 2016. However, ...

The Dollar Business Bureau The Government has procured 3,273 tonnes of moong from farmers at the minimum support price (MSP) and bonus rate to protect their interest. "Since the start of arrival of new crop in the market, the Government agencies have procured 3273.16 MT Moong as on Sept 19, 2016 benefiting 330 farmers," said the food ministry in a statement. The Government agencies –Food Corporation of India (FCI), National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) and Small Farmers' Agribusiness Consortium (SFAC) have established about 200 procurement centres to procure Moong from farmers at (MSP) i.e Rs. 4,800 and bonus Rs. 425 during kharif 2016-17 season. Usually the kharif season begins from October. However, the new moong crop has already hit ...

The Dollar Business Bureau The deadline of closing the negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP) by December this year would be missed, said Commerce and Industry Minister Nirmala Sitharaman on Wednesday.  The members of RCEP wanted to finish the discussions by December 2016. However, this seems not possible. The negotiations might go into 2017,” the minister told reporters. The next meeting of ministers for progress review of the negotiations is going to be held in November. The trade ministers of RCEP including India, Japan and China had a meeting in Laos on August 5 to end the deadlock and sort out the issues which are holding back the negotiations. There are various complex issues, such as from the services sector, which are holding ...

Source: PTI UAE-based Abu Dhabi Ports has offered world-class infrastructure and dedicated investor support to Indian industrialists in a bid to help them expand their businesses in the Gulf region and boost trade ties. Abu Dhabi Ports – the master developer, operator and manager of ports and industrial zones in the emirate – has offered facilities of its Khalifa Industrial Zone Abu Dhabi, Kizad, and Khalifa Port, to Indian businessmen. “As Indian businesses based in the UAE and India are keen to expand their business, we are happy to introduce the unique offerings of Kizad and Khalifa Port to them,” said Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports. “Kizad's outstanding access to markets, world-class infrastructure and dedicated investor support ...

PIB, Government of India The Union Cabinet chaired by Prime Minister Narendra Modi has approved the MoU between the India-Taipei Association (ITA) in Taipei and Taipei Economic and Cultural Center (TECC) in India. The MoU is on cooperation in the field of Micro, Small and Medium Enterprises. The objective of the MoU is to promote the cooperation between the Micro, Small & Medium Enterprises between the two parties. It provides a structured framework and enabling environment to the MSME sector of the two parties to understand each other's strengths, markets, technologies, policies etc. It also contains an agreement between the two parties to enable their respective MSMEs to participate in each other's trade fairs/exhibitions and to exchange business delegations with the ...