Commerce Ministry

Commerce ministry reviewing India-US trade relations amid Trump statements

The commerce ministry is reviewing various aspects of India-US trade relations focusing on implications of statements made by US President-elect Donald Trump during his election campaign and after the results, an official said. The official added that there are no irritants in the relations between the two countries that can lead to discriminatory tariffs against India. Trump, during his election campaign, has called India an "abuser" of import tariffs, a claim that echoed his October 2020 statement labelling India the "Tariff King". Trump on Saturday also warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. In the wake of such statements, brainstorming is fundamental to discuss the trade relations as the US is the largest trading partner of India. Trade experts have time and again stated that Trump's claim that India is an "abuser" of import tariffs is unfair as many

Confident of achieving $31 bn chemical export target in FY25: CHEMEXCIL

The export target of USD 31 billion for 2024-25 will be achieved, as there is a healthy demand for 'made in India' chemicals in countries like Brazil, the US, Japan and Saudi Arabia, CHEMEXCIL Director General Raghuveer Kini said. The Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL) is set by the commerce ministry to promote exports of these goods. Kini said that the total exports of chemicals during April-September rose by 4.57 per cent to USD 14.1 billion. "So far, we are registering good growth, and we are confident of achieving the USD 31 billion target this fiscal. Last year, it was around USD 30 billion," he added. During the second half of this year, the exports will grow at a faster pace, he noted. "Last year, because of drought in Brazil, which is the key market for us, exports were down. But this year, the situation is good, and we expect high growth," Kini said. India exports these goods worth about USD one billion annually to the South American

DGTR recommends anti-dumping duty on PVC resins of about $339 per tonne

The commerce ministry's investigation arm DGTR has recommended imposition of an anti-dumping duty of up to USD 339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea, with a view to guard domestic producers. In its preliminary findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping. The notification of the directorate said that the imports from these countries - China, Indonesia, Japan, Korea RP, Taiwan, Thailand and the US - have caused material injury to the domestic industry. "Accordingly, the authority recommends imposition of provisional anti-dumping duty on the imports," it has said. The recommended duty ranges between USD 25 per tonne and USD 339 per tonne. The finance ministry takes the final decision to impose duties. The DGTR conducted the probe following applications regarding the same from domestic ..

Focus on quality, export competitiveness won't come from subsidies: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to focus on making high quality products to tap global markets as export competitiveness will not come from government subsidies or support. He also said that the government is putting its effort to nudge industry to get into the manufacturing of high quality products as it is a "tough" task to get industry to accept that they should be making quality goods. Initially, the government faced a huge amount of opposition from the industry on quality control orders. "Our export competitiveness is not going to come from subsidies or government support. It is not going to come from our closing the doors to the rest of the world. If we are looking at self-reliant India, it can only happen when India will be self-confident and that confidence will only come when we all decide that quality is not our job, it is our duty," the minister said. He added that if the Indian industry is not competitive in any product, that

Srinivas gets additional charge as CEO of public procurement portal GeM

The government has given L Satya Srinivas, Additional Secretary in Department of Commerce, the additional charge of CEO of public procurement portal GeM. The additional charge was given as the last CEO of the Government e Marketplace (GeM) P K Singh has been appointed as secretary in the renewable energy ministry. Srinivas is an officer of the 1991 batch of the Indian Revenue Service (Customs & Indirect Taxes). "We are honoured to announce the appointment of Shri L Satya Srinivas, Additional Secretary, Department of Commerce, Government of India, as the Chief Executive Officer (CEO) of Government e Marketplace on additional charge," GeM said in a post on social media platform X. The GeM portal was launched on August 9, 2016, for online purchases of goods and services by all central government ministries and departments.

India, US ink pact to cooperate on critical battery mineral supply chains

Goyal, speaking at Center for Strategic and International Studies in Washington after signing, described the MOU as a multi-dimensional partnership that would include open supply chains for materials

Goyal urges to use made in India goods to cut imports, boost manufacturing

Commerce and Industry Piyush Goyal on Saturday called for increased usage of made-in-India goods in order to promote domestic manufacturing and cut the country's imports. Speaking at the UP International Trade Show at Greater Noida, Goyal also said that out of the 20 approved industrial townships, one is coming up at Greater Noida and in that, the first phase is already sold out. For next phase, talks are on with the state. "Manufacturing and selling of made-in-India products within the country and abroad will reduce imports, boost MSMEs, help 'One District One Product' scheme to grow," he said. Last month, the Union Cabinet approved setting up of 12 industrial smart cities including in Uttar Pradesh and Bihar, with an overall investment of Rs 28,602 crore. Goyal also said that India's intellectual property rights (IPR) regime has improved so much so that in 2014, only 6,000 patents were granted in 2014 but last year, the number has jumped to one lakh patents. Noting that India's

Next meeting of IPEF's Supply Chain Council in Dec: Commerce ministry

The next meeting of the Supply Chain Council, set up under an agreement of the 14-member IPEF, will be held in December, the commerce ministry said on Monday. The IPEF (Indo-Pacific Economic Framework for Prosperity) bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the pillars except the trade. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc. The Supply Chain Resilience Agreement came into effect on February 24. It seeks to strengthen supply chains through engagement among the partner countries. Under this agreement, three institutional bodies have be

India prioritises review of Asean trade pact for simpler business terms

ASEAN comprises Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam

Modi 3.0 100 days: Commerce ministry takes steps to support MSME exporters

The commerce ministry has taken a host of steps during the 100 days of the Modi 3.0 government for MSME exporters who are facing global challenges due to geo-political tensions. The measures included launching of 'Trade Connect e-Platform' to empower SMEs by giving them access to information and guidance on trade, the commerce ministry said on Tuesday. This platform will connect these enterprises to over six lakh IEC (import-export code) holders, 185 Indian Mission officials and over 600 Export Promotion Council members with the Department of Commerce. Briefing the media, Commerce Secretary Sunil Barthwal said that in the first 100 days, the ministry held meetings with exporters to understand their problems and find ways to resolve those issues. "This e-connect portal will provide all sorts of information to an exporter," he said adding for MSME and other exporters, this portal will become a single point by which they can explore new geographies for shipments. The secretary said t

Defence production dept authorised to issue licenses for munitions export

The commerce ministry's arm DGFT on Tuesday said the Department of Defence Production has been authorised as the licensing authority for export of all items falling under the munitions category for military end-use. The Directorate General of Foreign Trade (DGFT) has notified the updated SCOMET (Special Chemicals Organisms Materials Equipment and Technologies) list for 2024. It said that India's export control list (SCOMET) has been updated, incorporating the recent changes in the control lists of the multilateral export control regimes, and certain policy amendments on the basis of inputs from relevant government organisations and stakeholders. "With the recent update, DGFT has also authorised the Department of Defence Production (DDP), Ministry of Defence, to be the licensing authority for export of all items falling under Category 6 of SCOMET for military end use," it said in a statement. Category 6 list includes munitions such as weapons, rifles and magazines. India is a membe

Piyush Goyal to chair meet with states on Sept 5, discuss industrial growth

Commerce and Industry Minister Piyush Goyal would chair a meeting of state industry ministers on September 5 to discuss ways to promote industrial growth of the country, an official said. As industry is a state subject, they are key stakeholders in promoting the sector, the official said. "Issues like ways to promote manufacturing, promotion of industries and state issues may come up for deliberations on September 5 here," the official added. The Centre is already taking a number of measures in this direction and that includes reducing compliance burden, promoting ease of doing business and setting up of industrial townships. Recently, the Government of India approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. These industrial areas will be in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Ag

Senior IAS Amardeep Singh Bhatia takes charge as new DPIIT secretary

Senior IAS officer Amardeep Singh Bhatia has assumed the charge of Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), an official statement said on Wednesday. He has replaced Rajesh Kumar Singh, who has been appointed as Officer on Special Duty, Department of Defence. Prior to this, Bhatia, a 1993 Batch from Nagaland cadre, was serving as Additional Secretary in the Department of Commerce and was involved in trade policies and free trade agreement negotiations. In the central government, he has held many important positions in the Ministries of Corporate Affairs and Health and Family Welfare. In the state government, the new DPIIT secretary has handled Departments of Planning and Coordination, Health and Family Welfare, Environment and Forest, Municipalities and Local Self Government and Home, among others. DPIIT, under the commerce and industry ministry, looks after foreign direct investment (FDI) policy, startups, ease of doing business, promoting

Govt looking at revising FDI policy, says commerce secretary Barthwal

Currently, the share of FDI equity inflows is a mere 0.01 per cent of the total inflows

Monitoring situation in Bangladesh, taking steps to improve trade: Govt

India is monitoring the situation in Bangladesh and taking steps to improve the cross-border trade between the two nations, Commerce Secretary Sunil Barthwal said on Wednesday. Domestic exporters have expressed concerns over the political crisis in Bangladesh and said developments in the neighbouring country would have implications on bilateral trade. Barthwal said that the situation in Bangladesh is improving fast and "we are monitoring the trade which is happening across the borders and what we feel that is whatever disruptions were there, they have been largely addressed". "We also believe that between India and Bangladesh, there should be improvement in trade. So we feel that whatever best efforts, we can make for improving the trade, we should do that and we are doing that". On August 8, Nobel laureate Muhammad Yunus returned to Bangladesh from Paris to take oath as the head of Bangladesh's interim government, three days after Sheikh Hasina resigned as Prime Minister and fled

Goyal states restoring Diamond Imprest Licence for gems, jewellery sector

Commerce and Industry Piyush Goyal on Saturday announced restoration of Diamond Imprest Licence, which allows import duty exemption on cut and polished diamonds up to a specified limit. The gems and jewellery exporters were demanding for this licence. In the absence of this licence, the cut and polished diamonds were getting imported in Dubai and getting assorted there and re-exported, impacting India's exports and jobs in the sector. The minister announced the restoration of the licence during a session at the India International Jewellery Show (IIJS) 2024 here. It was organised by the Gem and Jewellery Export Promotion Council (GJEPC). "Shri Piyush Goyal, Minister of Commerce and Industry announced the introduction of the Diamond Imprest Licence," the GJEPC said in a statement. The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds. Exporters can import diamonds up to 5 per cent of their average turnover

India's toy exports dip to $152 million in FY24 due to global headwinds

Union Minister Jitin Prasada informed Rajya Sabha that India's toy imports were recorded at $65 million in 2023-24

Commerce ministry developing e-platform to connect exporters, MSMEs, govt

The government on Tuesday said it is developing a trade connect e-platform to connect exporters, MSMEs and entrepreneurs with various stakeholders including Indian missions abroad, export promotion councils, and other partner government agencies. Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha that the platform will provide information on trade events taking place in different parts of the world, benefits available due to India's free trade agreements (FTAs) and other international trade-related information and data. "The government has initiated the creation of a trade connect e-platform to connect Indian exporters, MSMEs and entrepreneurs with various stakeholders including Indian Missions Abroad, Export Promotion Councils, and other partner government agencies," he said. Replying to a separate question, Prasada said that the major districts which are recording healthy export growth include Jamnagar, Kanchipuram, Mumbai, Pune, ..

Goyal shows hope, says right steps would make India $55 trn economy by 2047

Commerce and Industry Minister Piyush Goyal on Wednesday expressed hope that steps such as focus on self-sufficiency, technology, stronger currency and fundamentals would help India become a USD 55-trillion economy by 2047. He said that the government is also focusing on areas such as moving from oil to electric vehicles and bringing quality in the manufacturing. He was replying to a question about feasibility to reach USD 55 trillion economy by 2047, which is the theme of K V Subramanian's book Bharat@100: Envisioning Tomorrow's Economic Powerhouse. "All this will collectively help us and a stronger currency...stronger fundamentals of economy from where we are today and hopefully will help us to (reach) USD 55 trillion economy," he said. Goyal added that EV focus, and reduction in imports of goods, oil seeds, rubber and pulses would help further strengthen the domestic currency.

DPIIT working on proposal to further tighten FDI rules in tobacco sector

The Commerce and Industry Ministry is working on a proposal to further tighten the foreign direct investment norms in the tobacco sector to check promotional activities and curb smuggling in the segment as firms are trying to circumvent norms, an official said. At present, foreign direct investment (FDI) is prohibited in the manufacturing of cigars, cheroots, cigarillos and cigarettes of tobacco or its substitutes. However, it is permitted in technology collaboration in any form, including licensing for franchise, trademark, brand name and management contracts in the tobacco sector. "FDI in tobacco is prohibited, and there is a need to control the sectors' promotional activities also. By doing promotion of those products, some companies try to create a system where smuggling increases," the official said. The Department for Promotion of Industry and Internal Trade (DPIIT) has circulated a draft note seeking the views of different ministries on the issue. The official added that ..