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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 apparel production has shown a decline of 10.4%, during the period April-January 2017-18, according to the India Industrial Production (IIP) data released by the Ministry of Statistics and Program Implementation. The production of apparels is witnessing a continuous decline since May 2017, on month-on-month basis. From a positive growth of 1.3% in April last year, the production declined by 5% in the month of May. In June, the decline was 3.2% while in July, it recorded a dip of 5.1%. In the months of August, September, October, November and December, the apparel output recorded a drop of 6.4%, 7.2%, 11%, 13.1% and 13.5%, respectively, as per the IIP figures. Commenting on the decline, HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) ...

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 ...

The Dollar Business Bureau During the 59th Annual General Meeting of Export Credit Guarantee Corporation (ECGC) chaired by the  Commerce Secretary Rita Teaotia, it was noted that despite ECGC reducing the premium rates of exporters (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%. ECGC has posted a profit before tax of Rs.407 crores, an increase of 5% over previous year. ECGC’s support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGC’s performance was accounted for by MSMEs that took up 85% of its support. As on 31st March 2017, 12,029 covers ...

The Dollar Business Bureau  The Directorate General of Anti-Dumping and Allied Duties (DGAD), in its final report, has recommended that anti-dumping duty is to be imposed on the imports of truck and bus radial (TBR) tyres from China.   The DGAD has submitted its report to the Ministry of Finance, which will come out with the final decision and issue a notification regarding the same.   After investigations, the Authority has come to a conclusion that TBR has been exported by China to India below the normal prices, causing material injury to the local industry.  There has been substantial rise in the dumped imports of TBR and the landed value of imported products have been considerably lower than the level of cost of selling ...

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 ...

The Dollar Business Bureau The state government of Odisha, which is working on a new state export policy, has set a target of reaching Rs.1 lakh crore of exports by the year 2025. “Odisha has set a target of achieving an export turnover of Rs.1 lakh crore by 2025,” said L N Gupta, Additional Chief Secretary, Micro, Small and Medium Enterprises (MSME) Department on Thursday. The Government is working on a number of enabling factors that would be included into the new export policy in order to give a major boost to the State’s export turnover, he added. “A draft has been prepared for Odisha Export Policy, 2017, which lays emphasis on promoting the exports from traditional as well as non-traditional sectors,” Gupta said while addressing a seminar on export finance in Bhubaneswar. The Odisha Export Policy ...

The Dollar Business Bureau  India and Jordan discussed ways of increasing bilateral trade and deepening their engagements for greater cooperation in investment sector at the 10TH India-Jordan Trade and Economic Joint Committee (TEJC) Meeting on Wednesday. During the TEJC meeting, the two sides also reaffirmed their mutual interest and discussed the roadmap for cooperation in various fields such as Fertilizer Sector, Customs, Double Taxation Avoidance Agreement, Visa and Consular issues, Health and Pharmaceuticals, Micro, Small and Medium Enterprises, Maritime Transport, Rail Transport, and Air Transport, Renewable Energy, Energy Efficiency, and Smart Grid development, Information Technology, Higher Education and Vocational Training, Agriculture sector etc. The government press release said, that the Indian side represented by the Commerce and Industries Minister, Nirmala Sitharaman and Yarub ...