India will be a $5 trillion economy: Suresh Prabhu
The Dollar Business Bureau Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Monday that India will become a $5 trillion dollar economy but it is just a matter of time. “Trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy,” Prabhu said, while speaking at an event organised by the Confederation of Indian Industry (CII) in New Delhi. The Minister said that the services sector is also important and will generate jobs. And in this regard, the Government has allocated Rs.5,000 crore toward 12 champion service sectors. While he believes that services exports will be more than the merchandise exports, Prabhu said that for ...
Exports from SEZs grew 21% in December: EPCES
The Dollar Business Bureau Exports from special economic zones (SEZs) recorded a growth of 21% in the month of December 2017 as compared to the same period a year ago, according to a report by Export Promotion Council for EOUs & SEZs (EPCES). The SEZ sector registered a 21% growth in exports in the month of December 2017 vis-a-vis the same period in 2016, EPCES said a statement. “For financial year 2017-18 till December, the sector registered a growth of 15% over the preceding year,” it added. During the period April-December 2017, the major sectors that has recorded the highest growth in exports include non-conventional energy (82%), trading and services (24%), computer/electronic software (18%), engineering (17%), electronics and hardware (15%), plastics and rubber (14%) ...
Services exports grew at 16.2% during Apr-Sept: Economic Survey
The Dollar Business Bureau India’s services sector registered a robust export growth of 16.2% during the first six months of the current fiscal while the import of services into the country were increased by 17.4% during the period, according to the Economic Survey 2017-18. “During the period April-September 2017-18, growth in services exports and services imports were robust at 16.2% and 17.4%, respectively, said the Survey tabled in the Parliament on Monday by Finance Minister Arun Jaitley. In 2016-17, the exports from the sector recorded a growth of 5.7%. “India remained the eighth largest exporter in commercial services in the world in 2016 with a share of 3.4%. This is double the share of India’s merchandise exports in the world at 1.7%, the Survey ...
Indias overseas investment declines 58% in Oct: RBI
The Dollar Business Bureau The overseas investments by Indian companies declined by around 58% to $1.35 billion in the month of October on year-on-year basis, according to the data by Reserve Bank of India (RBI). In October last year, the total overseas foreign direct investment (FDI) by Indian firms was $3.2 billion. The investments were also recorded a decline on monthly basis, down from $2.65 billion in the month of September this year. The major Indian investors include Ceres Estate, Indian Designs Exports, CG Power and Industrial Solutions, ONGC Videsh, OIL India, Gail (India), Cadila Pharmaceuticals, Cipla, Wipro Enterprises, Ramco Systems and Piramal Enterprises. The country’s exports remained flat at $13.73 billion in the month of September compared to same month last year, while the imports into the ...
Indias services PMI drops to 4-year low due to GST
The Dollar Business Bureau India’s services sector activities declined in July to a four-year low due to the disruptions caused by the implementation of Goods and Services Tax (GST), according to a private survey. However, the sector is confident of a speedy revival as the new indirect tax regime settle down. The Nikkei India Services PMI Business Activity Index dropped from the eight-month high of 53.1 in June to 45.9 in July, the lowest since September 2013. A reading over the level of 50 on the index indicates expansion whereas a reading below the halfway level shows contraction. “PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pickup in ...
Commerce Department pushes for more sops for small exporters
The Dollar Business Bureau Striving to make the life of small exporters easier, the Department of Commerce is likely to push for greater interest subsidy and broader export credit insurance. As part of the review of Foreign Trade Policy (FTP) – 2015-2020, the Commerce Department is seeking to broaden the basket of services and to make it more attractive for foreign nationals to study and get medical treatment in the country. Nirmala Sitharaman, Commerce and Industry Minister, has marked two sections small exporters and services to be added in the review of the FTP, which is expected to be released in June, in time for the roll out of the Goods and Services Tax (GST). According to sources, Rs.1,000 crore has been ...
Mid-term review of FTP would be completed early to synchronise its roll out with GST, Sitharaman
Press Information Bureau Commerce and Industry Minister Nirmala Sitharaman has said that the revised Foreign Trade Policy (FTP) would be released early to synchronise the same with the roll out of GST. The core focus of the revised FTP would be promoting exports from the SMEs and high employment potential sectors. Nirmala Sitharaman was chairing a meeting on the mid-term review of the Foreign Trade Policy 2015-20 organised jointly by Department of Commerce and Research and Information System for the Developing Countries (RIS) . Commerce Secretary Rita Teaotia, Chairman RIS Hardeep Singh Puri and DGFT Ajay Bhalla also participated in discussions. The event was attended by the trade policy experts from the industry, academia, research and Government. Major suggestions discussed during the deliberations ...
Govt extends services export period under SEIS upto Mar 31, 2017
The Dollar Business Bureau The government has extended the period of services export for rewards under the Services Exports from India Scheme (SEIS) upto March 31, 2017. Currently, the services and rates of rewards were applicable only for services exports made between April 1, 2015 and March 31 2016. “The earlier notified period of services export rendered between 1-4-2015 to 31-03-2016, as per the list comprising rates and conditions for rewards under the SEIS notified vide Public Notice No.3/2015-20 dated April 1, 2015 as amended vide Public Notice no.42/2015-20 dated 26.10.2015, is extended upto 31.03.2017,” the Directorate General of Foreign Trade (DGFT) said in a notification on Friday. The list of services/rate is subject to review with effect from April 1, 2017, the notification ...
