Washington, July 9 (IANS) The Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the United States to abandon its proposed across-the-board tariff on Indian imports, arguing that a targeted, evidence-based approach would be far more effective in addressing forced labour concerns than blanket duties covering all sectors. Presenting Indian industry’s position before a US Trade Representative (USTR) Section 301 hearing on Wednesday (local time), FICCI representative Poornima S…
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Washington, July 9 (IANS) India has mounted a broad defence of its legal, regulatory and corporate safeguards against forced labour, telling the US Trade Representative (USTR) that the country already has the institutions, laws and industry compliance systems needed to achieve the very objectives Washington is seeking through its proposed Section 301 tariff action. Appearing before the USTR’s public hearing on Wednesday (local time), representatives of the Ministry of Commerce and Industry, the …
Washington, July 8 (IANS) India on Wednesday strongly opposed the proposed 12.5 per cent additional US tariff on its exports during a US Trade Representative (USTR) Section 301 hearing, arguing that the investigation lacks a legal and factual basis and warning that the proposed action would disrupt supply chains without advancing efforts to eliminate forced labour.Appearing before the USTR hearing panel, Dr Brij Mohan of the Ministry of Commerce and Industry said India objected to the proposed c…
Mumbai, July 7 (IANS) The National Financial Reporting Authority (NFRA) has initiated its investigation into the alleged financial misstatement case involving Rajesh Exports, with Chairman Nitin Gupta confirming that the audit regulator has begun its process following a referral from the Securities and Exchange Board of India (SEBI).Speaking on the sidelines of a conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in Mumbai on Tuesday, Gupta said the regula…
New Delhi, July 7 (IANS) Secretary, Technology Development Board (TDB) Rajesh Kumar Pathak on Tuesday said central government plans to boost research and development spending to about 2 per cent of GDP and invited private sector to tap Rs 1 lakh crore Research, Development & Innovation Fund (RDIF) that can underwrite up to half of project costs.“The objective of the RDIF is to encourage the private sector to scale-up R&D spending, currently at around 0.65 per cent of GDP. The role of t…
New Delhi, July 3 (IANS) Seven Indian startups — selected under the Department for Promotion of Industry and Internal Trade (DPIIT)-backed FICCI Mercedes-Benz Bharat Innovation & Business Ideas Challenge Programme — will receive structured post-funding mentoring and handholding support to accelerate their growth and improve investment readiness, the Ministry of Commerce & Industry said on Friday.Each of the seven startups has been awarded funding of Rs 30 lakh after emerging successful…
Washington, July 2 (IANS) India will mount a coordinated challenge next week to a proposed US tariff on its exports, with government officials and leading industry bodies arguing that Washington’s findings on forced labour are legally flawed, unsupported by evidence and could disrupt supply chains linking the world’s largest and fifth-largest economies.The challenge will be presented before the Office of the US Trade Representative’s (USTR) Section 301 Committee on July 8.Poornima Shenoy of the …
New Delhi, June 27 (IANS) Union Commerce and Industry Minister Piyush Goyal has urged Indian companies to deepen engagement with their UK counterparts and translate opportunities under the India-UK Comprehensive Economic and Trade Agreement (CETA) into sustained business growth, it was announced on Saturday.Addressing the India-UK: Partners in Progress Business Plenary in London, Goyal said the landmark trade pact offers significant opportunities to strengthen bilateral trade, investment, techno…
London, June 26 (IANS) Commerce and Industry Piyush Goyal on Friday announced the deployment of 1,000 advisory personnel across India and the upgradation of the trade portal to help businesses maximise the benefits of the India-UK free trade agreement, which will come into effect on July 15 and is projected to increase bilateral trade by 25.5 billion pounds annually.Goyal participated in a series of high-level engagements during the 10th Annual UK-India Week here on Friday, highlighting the oppo…
New Delhi, June 23 (IANS) India needs 7 to 8 per cent growth to become Viksit Bharat by 2047, which needs more investment from the private sector as well as strong export growth, Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), said on Tuesday.Speaking to reporters on the sidelines of a FICCI India event here, he said that “private sector investment is equally important and also export growth important. Prime Minister Narendra Modi has mentioned about ‘…