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 ieport Home : ieport Daily News Home : November 2006
Opposition to introduction of genetically modified (GM) crops into the country has so far been confined mostly to green groups and assorted farmer organisations. But now, the Rs 7,000 crore-plus rice exporting industry has joined the `no-to-GM' bandwagon.Tuesday... (Read Article)
The Reserve Bank of India (RBI) has proposed greater flexibility to project and service exporters in their overseas transactions.The central bank has proposed that large project and service exporters, with satisfactory track record, may operate one foreign... (Read Article)
The State Trading Corporation of India Ltd (STC) has crossed the Rs 5,000-crore turnover during the first half of the current fiscal and posted a 48 per cent in its net profit after tax (PAT) at Rs 29 crore.According to a company statement issued here, the... (Read Article)
Outward remittance cap raised to $50,000 a yearAll exporters can now retain 100 per cent of their earnings in Exchange Earner's Foreign Currency (EEFC) accounts.At present, export-oriented units, individual professionals (scientists, economists and lawyers),... (Read Article)
After wheat, it is sugar that is emerging as a flashpoint between the Finance and Agriculture/Food Ministries. If the dispute was over minimum support price (MSP) for this year's crop in the case of wheat, in sugar it is over lifting of ban on exports.While... (Read Article)
Sovereignty is more important than foreign fund flowsR. VAIDYANATHANIndia needs to develop a global strategy encompassing investments and politics. It is time the government looked at security, foreign flows and foreign affairs in an integral fashion and constituted... (Read Article)
Even as experts around the world are still grappling to pinpoint James Hilton's idyllic Himalayan kingdom of Shangri-La (in the novel Lost Horizon, penned in 1933) somewhere within Tibet's rugged topography, for any Indian who sets foot on the 14,950 ft ice-laden... (Read Article)
After basmati, it is the newly created market for non-basmati rice in Europe that is exciting the country's Rs 7,000 crore-plus rice exporting industry. This follows a virtual ban on imports of rice from the US by the European Union and Japan since late August,... (Read Article)
The Salim Group of Indonesia is keen to invest in a fish farm-cum-export project in West Bengal. The proposed fish farm is likely to be spread over 10,000 hectares and is estimated to entail an investment of $2 million, according to the West Bengal's Minister... (Read Article)
The US has succeeded in blocking the first-time plea of India for a panel in the World Trade Organisation (WTO) to examine the US customs bond directive on imports of certain frozen and canned warm water shrimp from India and five other countries.This puts... (Read Article)
Jayant Jain, Associate Director and Dharmesh Panchal, Principal Consultant, PricewaterhouseCoopers (PwC) discuss the benefits and disadvantages of the Indian taxation system in context of the pharma industry. The Indian pharma industry is at an inflexion point.... (Read Article)
The cost of exporting and importing goods is higher in Bangladesh than other countries in South Asia as it entails an expenditure of about US$1,100 to bring a standard 20-foot container."It costs less than $400 in the People's Republic of China (PRC) and less... (Read Article)
NEW DELHI: The Chairman of Tata Ryerson Ltd. (TRL) and the former Managing Director of Tata Steel, J. J. Irani, on Monday denounced exports of high-grade iron ore and termed such sales to foreign buyers as "suicidal'' for the domestic steel industry.Interacting... (Read Article)
Wheat futures have seen a rising trend, particularly after Union Agriculture Minister Sharad Pawar’s statement at the Economic Editors’ Conference of not allowing private traders to import wheat at zero duty beyond December. In September, private traders were... (Read Article)
Dhaka: Traffic to and from India through Benapole land-port has been halted by the Awami League’s nationwide siege programme that started yesterday.The port authority shut all gates on the main land route to India and did not allow anybody to enter the port.A... (Read Article)
The Confederation of Indian Industry has identified a five-pronged strategy to improve Indian exports to China.The strategy, which is part of the 'Analysis on India-China Trade' that was released by Minister of State for Industry Ashwini Kumar on Monday, is... (Read Article)
Kochi port users, trade unions and State government representatives have together succeeded in fighting the unlawful extortion that rendered Kochi a high-cost port.KOCHI PORT users, trade unions and government representatives have together succeeded in fighting... (Read Article)
The Indian Vanaspati Producers' Association (IVPA) has demanded that duty-free imports of vanaspati from Nepal be canalised through the National Agricultural Cooperative Marketing Federation of India (Nafed).In a pre-Budget memorandum submitted to the Finance... (Read Article)
Even as India ran a trade deficit of close to $40 billion in 2005, it showed a modest surplus in trade in commercial services of $4 billion and moved up to the11th and 13th slots among the leading exporters and importers in that sphere.Merchandise tradeIn its... (Read Article)
Burma, Bangladesh and seven other countries will get two more years for singing the Intergovernmental Agreement on the Trans-Asian Railway Network (TAR), initiated by the UN Economic and Social Commission for Asia and the Pacific (UNESCAP).According to the... (Read Article)
A 50-year-old dream to forge a railway version of the famed Silk Road of old moved a step closer to realization today at a regional United Nations transport conference with the signing of an agreement to create an 81,000-kilometre network originating on the... (Read Article)
India has offered further pruning of its negative list of 560 items for Association of South East Asian Nations (Asean) on which there will be no duty cuts. This is aimed at early conclusion of the negotiations for a free trade agreement with the regional block.... (Read Article)
Nov 21 (LBO) - India on Tuesday lifted controversial controls on duty free imports of vanaspati oil from Sri Lanka, which had caused the shutdown of all local factories since June this year.An Indian gazette notice revoked controls that said all Sri Lankan... (Read Article)
SINGAPORE (Reuters) - India will likely impose a ban on corn exports soon and could waive an import duty of 15 percent, an industry source told Reuters on Wednesday."The ban on exports was supposed to have come last Friday. It could be announced as early as... (Read Article)
Source: IRIS (22 November 2006) Indian leather exports is likely to reach USD 7 billion by 2010-11, said Commerce & Industry Minister, Kamal Nath, while addressing the India Leather Summit 2006 - Towards Global Dominance, organised by the council for leather... (Read Article)
NEW DELHI (Reuters) - Heavy congestion at key Indian ports that has led to delays in delivering imported wheat to markets is easing gradually, a senior government official said on Wednesday, but traders insisted major bottlenecks remain.The import of hundreds... (Read Article)
India and China should explore the possibility of increasing trade in agriculture products. The main products in which there is a scope for increased volume of trade from India are sugar, tobacco and cotton besides horticultural products. The prospect of increasing... (Read Article)
NEW DELHI, NOV 21: Domestic industry bodies have demanded that the list of items in India’s exports to China be expanded and number of value-added items be increased even though iron ore exports to the communist country are increasing and India is also witnessing,... (Read Article)
Commerce and Industry Minister Kamal Nath said on Monday that India was willing to bring down tariffs on industrial goods further but would do so only if other members of the World Trade Organisation (WTO) reciprocated appropriately. "I am ready to do that... (Read Article)
The Convention on Pharmaceutical Ingredients (CPhI), an international convention organised by CMP, with the Indian Pharmaceutical Congress (IPC), will be held here from December 1-3."The uniqueness of CPhI this year is that it has been clubbed together with... (Read Article)
Even as India's engagement with the global economy has intensified, the Union Commerce and Industry Minister, Mr Kamal Nath, on Monday voiced concern over the developed countries' attempts to raise non-tariff barriers on services exports from the country.Speaking... (Read Article)
Trade apart, there is hardly any other aspect of India-China relations where there has been substantive progress, let alone a "qualititative and quantum improvement."The Chinese President, Mr Hu Jintao, has come and gone, and it is perhaps time to take stock... (Read Article)
Assocham has urged the Government to do away with import duty on all capital goods equipment and Customs tariff on all goods used for telecom equipment manufacture, telecom shelter, power conditioner and sheet metal from the current level of 12.5 per cent.In... (Read Article)
India’s trade with Vietnam has almost doubled in 3 years - two-way trade between the two countries increased to a level of US $ 817.68 million from a meagre US $ 448.65 million in 2003-04. This was indicated at a meeting between Shri Kamal Nath, Union Minister... (Read Article)
New Delhi, Nov 28: At least 12 places across the country have been declared as towns of export excellence, a step which ensures certain benefits including priority for aid under assistance to states for infrastructure development for exports (ASIDE) scheme,... (Read Article)
Existing mechanism of refund of input-stage VAT is fraught with delays --------------------------------------------------------------------------------DisappointmentVAT provision that prohibits refund of input-stage VAT in cases where the final product is... (Read Article)
April-Oct growth cruises higher at 35 pc --------------------------------------------------------------------------------The Commerce Ministry officials say the contributions of traditional and unconventional export items would continue to buoy the trends... (Read Article)
Coimbatore , Nov. 29, The Confederation of Indian Textile Industry (CITI), has asked the Finance Ministry to extend the `optional' excise duty scheme to all textile producers including the man-made fibre consuming industry. To facilitate this, it has wanted... (Read Article)
--------------------------------------------------------------------------------ControversyIndian units have to import crude palm oil at 78.2 per cent duty. Units producing from Sri Lanka have to pay a nominal $25 per tonne. Cost difference on the final product... (Read Article)
The duo was held for exporting consignments worth Rs1.9 crore The Customs Department busted an alleged racket of fake exports through fraudulent means forging signature of the Clearing House Agent (CHA) on the annexure and packing list. Two persons were arrested... (Read Article)
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