56 new airports will become functional in few years: Prabhu
The Dollar Business Bureau Citing the importance of efficient logistics for facilitating trade, Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Thursday said that 56 new airports in India would be functional in the coming few years. “Efficient logistics is critical for countries like India to harness trade and facilitate greater and faster integration with both the domestic as well as the world economy,” the Minister said while speaking at the two-day Global Logistics Summit, jointly organised by Ministry of Commerce, FICCI and World Bank Group. Keeping this in mind, 56 new airports will become functional in the next few years which will enhance connectivity in the country,” he added. While urging all the stakeholders to churn new ideas for enhancing India’s logistics efficiency, Prabhu said, “There ...
Govt is drafting an agriculture export policy: Suresh Prabhu
The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Sunday that the Central government is drafting an agriculture export policy that would also help in doubling the farmers’ income. “The Centre is of the view that the woes of the farmers in the country can only be eased through exports,” Prabhu said while speaking at an industry interaction organised by the Confederation of Indian Industry (CII) in Pune. The Minister further said that the Government is also taking several measures, such as researching new products and special studies, in order to enhance export potential of the country. “India is at a great advantage, because we have 35 agro-climatic zones. We produce everything that is possible to be produced. The Prime Minister's ...
Prabhu visits Cuba to explore trade, investment opportunities
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 ...
India rejects Apples offer to sell reused iPhones
The Dollar Business Bureau After the Ministry of Finance rejected the waiver of compulsory local sourcing regulations for Apple Inc to establish single-brand outlets in India, the Ministry of Commerce on Monday said it will put forward the iPhone maker’s case again and a decision based on the consensus will be taken soon. The Commerce Minister Nirmala Sitharaman, at the same time, said the ministry is not in the favour of the phone maker’s proposal to import refurbished iPhones and sell in the country. She also said that the ministry has made it clear that the 30 percent domestic sourcing requirements can be put aside only for high-end technology products. While briefing the journalists, Sitharaman said, “Now the ...
New Foreign Trade Policy to expand the reach of Focus Market Scheme
The Dollar Business Bureau The Government of India is all set to announce its much-awaited Foreign Trade Policy (FTP) 2015-20, on April 1, 2015. The information on unveiling of the FTP 2015-20, was given by the Union Commerce Minister, Nirmala Sitharaman in a Twitter post. The new FTP, which was expected to be announced in 2014 could not take form then, however, governmental initiatives like ‘Make in India’ and ‘Digital India’ have stepped up the need for the new FTP that will facilitate ‘ease of doing business’. The new FTP, is expected to offer sops for the sectors facing weak global demand and also for the sectors exhibiting robust performance at the global level, which includes textiles, electronics ...
India willing to pursue FTA with European Union: Minister
Sai Nikesh | The Dollar Business The Union Ministry of Commerce & Industry, on Monday, expressed the Government of India’s (GoI) willingness to go ahead for Free Trade Agreement (FTA) with the European Union (EU). To this effect, the Union Commerce Minister, Nirmala Sitharaman said that New Delhi was ready for talks with the EU over the trade facilitation agreement, which has been pending since a long time. Referring to EU countries as India’s long-standing traditional trade partners, the Minister further informed that the EU ambassador and ambassadors of the individual EU countries were also given assurance in this regard. The Ambassador of the EU community was also said to have raised concerns about this long-pending issue and has ...
Time to grab opportunities in exports & imports: Sitharaman
The Dollar Business Bureau The Union Commerce Minister, Nirmala Sitharaman on Wednesday, said ‘the Government of India is not of the view that the China’s economy is in receding position,’ expressing views over the effect of receding China’s economy on Indian global market. In this regard, she said, “It is up to the businessmen and industrialists of the country to grab opportunities and increase their market share in their respective sectors by manufacturing and supplying quality products at competitive market prices in the global markets.” Pointing out to the exports-imports profile analysis of India-China trade, the Union Minister emphasized on sectors like Pharmaceuticals, Information Technology (IT), IT-Enabled Services (ITES), Auto Components, Agro Products, Tourism, Film & Entertainment, as India’s ...
