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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 ...

By Ahmad Shariq Khan Hyderabad has been chosen to be the venue for the Global Entrepreneurship Summit 2017 (28-30 November) at a time when US-India entrepreneurial bonds have been growing stronger. This is the first time that the GES will be hosted in South Asia, and the event is aimed at highlighting India’s rapidly evolving environment for innovation and entrepreneurship. In a run up to the marquee event, The Dollar Business spoke to Katherine B. Hadda, the US Consul General in Hyderabad on a wide range of topics – from the GES 2017 to strengthening Indo-US ties. TDB: How would you define current status of US-India ties? Katherine B. Hadda (KBH): During his recent visit to New Delhi, US Secretary of State Rex Tillerson described ...

The Dollar Business Bureau India ranked 100th in 'ease of doing business', according to the World Bank's Doing Business Report 2018, jumping 30 places from its position last year. This is the first time that India has entered into top 100 countries. The Doing Business Report is an assessment by World Bank of 190 nations on 10 indicators which covers the lifecycle of a business. India’s rank has been improved in 6 of the 10 indicators and it has moved nearer to the international best practices.  “It is one of the top 10 improvers in this year's assessment, having implemented reforms in 8 out of 10 'doing business' indicators,” the World Bank said. India, which was ranked 130th last year, is the only ...

The Dollar Business Bureau The National Civil Aviation Policy, 2016 has envisaged growth of cargo volumes to 10 million tonnes by 2027. As per data maintained by the Airports Authority of India (AAI), air freight handled at Indian airports grew by more than 20 times from 0.08 million metric tonnes in 1972-73 to 2.5 million metric tonnes in 2014-15, and its compound annual growth rate (CAGR) was 8.8% during 2013-14 to 2016-17. Measured in million tonne-kilometers, the data maintained by the World Bank also shows that air freight transported by India went up from 96.3 million tonne-kilometers in 1970 to 1,833.8 million tonne-kilometers in 2015. As per data maintained by the Airports Authority of India (AAI), air freight handled at Indian airports ...

The Dollar Business Bureau The trade policy of India on agriculture has a pro-customer prejudice which indirectly taxes farmers by putting export curbs on different crops, according to a study. The domestic prices of major agricultural items were below that of export prices in most of the years during the period 2004-2014, a joint study by The World Bank and Indian Council for Research on International Economic Relations (ICRIER) on Tuesday revealed. Policy makers have used preventive trade policies to maintain the domestic prices low in most of the years, the study found after an analysis of domestic prices deviation from global prices. The study on ‘Price Distortions in Indian Agriculture’, analysed global and domestic prices of 15 agri commodities for a 10-year period between ...

The Dollar Business Bureau Subhash Chandra Garg, a senior bureaucrat on Wednesday took charge as the new Secretary of Department of Economic Affairs (DEA), Ministry of Finance. Garg succeeds Shaktikanta Das, who had retired on May 31 after an extended term. Tapan Ray, Corporate Affairs Secretary, was handling the additional charge of Economic Affairs Secretary after the exit of Das. “Subhash Chandra Garg assumed charge as full-time Secretary, Department of Economic Affairs, said an official statement on Wednesday. In his immediate preceding posting, Garg has served as the Executive Director, World Bank for India, Bhutan, Bangladesh and Sri Lanka. He is a 1983 batch IAS officer, from Rajasthan cadre and has worked in various capacities with the central government. “Garg has widespread administrative experience ...

The Dollar Business Bureau An international body for financial system, The Financial Stability Board (FSB), has given a good status report, terming India to be ‘compliant or largely compliant’. The report was submitted ahead of the G20 Summit to be held in Germany. The FSB was established in 2009 as a successor to the Financial Stability Forum (FSF). It is a not for profit association functioning under the Swiss law with its seat in Basel, Switzerland. This comes as a good news to India as PM Modi is likely to attend the G20 Summit and the report listed India as  a ‘compliant’ jurisdiction with regard to Basel III reforms in risk-based capital  and  also termed it as ‘largely compliant’ with regard to the ...

The Dollar Business Bureau  Ajay Kumar Bhalla, the Director General of Foreign Trade will be leaving the charge of Directorate General of Foreign Trade (DGFT) on June 30.  Bhalla, a 1984 batch IAS officer of the Assam-Meghalaya cadre who earlier served as the Additional Secretary in the Ministry of Commerce, will be joining as the new Power Secretary. He will take over the new charge from Power Secretary P K Pujari, who is retiring on June 30.  “The new name for the post of DGFT has not yet been decided. It will be decided within a day or two,” sources in DGFT office told The Dollar Business.  Bhalla, who had taken the charge in October 2016, is the fourth DGFT to leave the post ...