Commerce Ministry Panel

'Huge potential': Piyush Goyal asks Swiss firms to invest in India

Commerce and Industry Minister Piyush Goyal has asked Swiss companies to invest in India as several sectors hold huge potential, an official statement said on Tuesday. The minister was on an official visit to Switzerland at the invitation of his Swiss counterpart Federal Councillor Guy Parmelin. "The two ministers had engaging and fruitful discussions with prominent Swiss and Indian captains of industry over the breakfast meeting on July 15," the commerce ministry said. He encouraged Swiss companies to become part of India's growth story and invest in its growing and dynamic market. A 12-member Indian business delegation also had networking opportunities with Swiss entrepreneurs. The key objectives of the visit were to discuss next steps for the implementation of the historic India-EFTA Trade and Economic Partnership Agreement (TEPA) which was signed on March 10. Switzerland ranks as India's 20th largest trading partner globally with bilateral trade of USD 21 billion in 2023. It

PESO to draft safety norms for petrol pumps near habitation, says Goyal

Commerce and industry minister Piyush Goyal has directed PESO to formulate template of safety measures to allow petrol pumps to operate in areas with habitation within 30-50 metres. Petroleum and Explosives Safety Organisation (PESO), a subordinate office under DPIIT, plays a pivotal role in administering regulatory frameworks established under the Explosives Act, 1884 and Petroleum Act, 1934. The minister also announced 80 per cent concession for women entrepreneurs and 50 per cent for MSMEs in licensing fees for licences granted by PESO. On Wednesday, Goyal had chaired a stakeholder consultation meeting to solicit insights and feedback from petroleum, explosives, fireworks and other related industry leaders, aimed at enhancing efficiency in the functioning of PESO. "He (Goyal) directed PESO to formulate guidelines in consultation with the Central Pollution Control Board (CPCB) and Ministry of Petroleum and Natural Gas (MoPNG) for creating a template of safety measures allowing ..

Reforms in customs duties, GST, commerce to push India's growth: GTRI

Implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth, GTRI said on Thursday. Economic think tank Global Trade Research Initiative (GTRI) also said that India is standing on the cusp of a transformative era and there is an urgent need for comprehensive economic reforms. "From simplifying the convoluted customs duty structure to pioneering regulatory sandboxes for cryptocurrencies, and from boosting the MSME sector through GST (Goods and Services Tax) reforms to fortifying our energy security, this agenda lays the foundation for a robust, resilient, and globally competitive India," it said. It said that the current basic customs duty structure, which affects USD 680 billion worth of imports, has not been reviewed in 20 years, leading to over 27 different duty rates and over 100 specific or mixed duty slabs. Currentl

Trade deal talks on: Faster services trade data compilation in the works

The Department of Commerce, that is in charge of international trade, mostly relies on the central bank's data for services trade data

Commerce ministry to launch portal to provide info to aspiring exporters

The commerce ministry will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements. Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

Govt considering anti-dumping duty on circuit boards imported from China

The commerce ministry's arm DGTR has recommended imposition of anti-dumping duty on imports of printed circuit boards imported from China, Hong Kong for five years to protect the domestic industry from cheap inbound shipments. The Directorate General of Trade Remedies (DGTR) has recommended the duty after conducting an investigation on the dumped imports of these boards from these two countries. The PCBs (printed circuit boards) are assembled with electronic components like transistors, resistors, and capacitors. It is used in cars, telephones, ovens, toys, televisions, computers, and lighting solutions. "The authority recommends imposition of anti-dumping duty on the imports of the subject goods originating in or exported from China and Hong Kong for a period of five years...," the DGTR's notification has said. It added that imposition of the duty would not affect the availability of the product to the customers. The Indian Printed Circuit Association has filed an application for

Commerce ministry proposes new bye-laws for election of EPCs, FIEO

The commerce ministry has proposed revised election bye-laws for all export promotion councils (EPCs) including apex exporters' body FIEO, under which a chairman will hold office for two years and will not be eligible for the immediate next election. The revised model articles of associations/bye-laws for EPCs and Federation of Indian Export Organisations (FIEO) are required to be adopted by these bodies and conduct elections of their office-bearers. The model bye-laws have already been circulated to all these councils and organisations for adoption. This was proposed by a three-member panel set up by the ministry in May to review the eligibility criteria for the election to make them more inclusive and representative. It was reviewing the eligibility criteria for the election of office bearers of EPCs and FIEO. The panel reviewed the existing guidelines and made suitable recommendations about representation of different stakeholders in the managing committee and other posts. Afte

India seeks to provide MSMEs access to govt buying of different countries

India is looking at ways such as free trade agreements to enable domestic MSMEs to participate in public procurement of different countries, Commerce Secretary Sunil Barthwal said on Monday. He said that 10-15 per cent of the GDP of any country accounts for public procurement, which could be around USD 10-15 trillion in value terms. Several countries give preference to micro, small and medium enterprises (MSMEs) in their public procurement. "In fact, there are various ways by which countries promote MSMEs, we also promote them in India in the sense that we give them special purchase preference. "As more and more FTAs (free trade agreements) are getting signed...we are also looking at...how MSMEs...can have access to public procurement of different countries, so (that) Indian companies may get an opportunity... MSMEs from other countries can get access to our portal," Barthwal said here at an event. Under the India-UAE free trade pact, government procurement contracts worth over Rs

Commerce ministry panel suggests change in SEZ rules

Under the existing SEZ rules, the BoA has no power to relax any rule