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Discussions on bilateral trade and commercial relations during Suresh Prabhu’s USA visit on 10-12 June 2018

Jun 15, 2018

Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu visited USA on 10-12 June 2018. During his visit he held discussions with the US Trade Representative Robert E. Lighthizer, Secretary of Commerce Wilbur L.
Ross and Secretary of Agriculture Sonny Perdue. He also had a joint meeting with the India Caucus Co-chairs Senator Mark Robert Warner and Senator John Cornyn. The meetings were held in a friendly and cordial atmosphere,
with appreciation for each other's points of view. Discussions centered around bilateral trade and commercial relations between the two countries and focused on finding the way forward to address concerns of both sides. 
 
    
Source: writereaddata



IP regime may be tweaked to boost Artificial Intelligence research

Jun 15, 2018

The government is looking to tweak the existing intellectual property regime to make it more flexible and widen its scope to encourage research and innovation in artificial intelligence (AI). A high-level task force will soon be set up to examine and issue appropriate modifications to the existing intellectual property regulatory regime pertaining to AI. The government has chalked out a plan to use AI to improve India’s social indicators. 
 
The proposed task force will have representatives from stakeholder ministries and departments like information and technology, company affairs, Department of Industrial Policy and Promotion and the Niti Aayog. The current IP regime with its stringent and narrowly focussed patent laws is posing a challenge to AI applications given the unique nature of AI solution development a senior government official told ET. 
 
    
Source: Economictimes.indiatimes



Challenging year ahead for Indian economy, as trade deficit set to spiral despite healthy exports growth

Jun 15, 2018

India’s trade deficit will continue to increase in 2018-19 despite faster exports growth, as imports are expected to increase at a much higher rate, believe the country’s top business leaders. As much as 61 per cent of the participants of a recent CII CEOs Opinion Poll believe that trade deficit will rise in 2018-19, with a substantial 63 per cent of the participating chief executives expecting imports to grow faster in 2018-19 than the rate of 21.2 per cent in 2017-18.
 
Compared to the 63 per cent CEOs expecting imports to rise, 55 per cent believed that exports growth will pick up in 2018-19 over the pace of 9.9 per cent in 2017-18, showed the poll organised by the Confederation of Indian Industry (CII). According to RBI’s recent balance of payments data, India’s current account deficit for the full year 2017-18 increased to 1.9 per cent of gross domestic product (GDP) in 2017-18 from 0.6 per cent in 2016-17 on the back of a widening of the trade deficit. In the fourth quarter of 2017-18, India’s trade deficit increased to US$ 160 billion from US$ 112.4 billion in 2016-17.
 
Exports registered 10 per cent growth over 2017-18 as the global economy is recovering and we expect the momentum to pick over the current year, said Rakesh Bharti Mittal, President of CII. Going forward, we must leverage stronger overseas demand and shifting global value chains through trade facilitation and competitive products, Mittal said. Earlier in the month, the Federation of Indian Exports Organisation had said that Indian exports — which hovered around $300 billion — should exhibit 15-20 per cent growth so as to reach around $350 billion during FY19.
    
Source: Financial Express



Madhya Pradesh to get board to help farmers export: Shivraj Singh Chouhan

Jun 15, 2018

MAKING YET another pro-farmer announcement in election year, Chief Minister Shivraj Singh Chouhan on Sunday said a board on the lines of APEDA (Agricultural and Processed Food Products Export Development Authority) will be set up in Madhya Pradesh to help farmers export and get remunerative price for their produce.
 
A Union government undertaking, APEDA functions under the Ministry of Commerce and Industry and is mandated with the responsibility of export promotion and development of fruits and vegetables, cereal, poultry and meat among others.
 
Chouhan did not elaborate on the contours of the proposed board but said exports will ensure that farmers get better price for their product. He said this at a Kisan Maha Sammelan at Jabalpur when he electronically transferred Rs 2,245 crore incentive to the bank accounts of 10.8 lakh farmers from whom wheat was procured in the rabi season. MP has given incentive of Rs 265 over and above the Minimum Support Price (MSP) of Rs 1,735 per quintal.
    
Source: Indian Express



India will be $10 trillion economy in 10-15 years: Suresh Prabhu

Jun 15, 2018

Suresh Prabhu, minister of Commerce and Industry, Civil Aviation, on Tuesday took to his twitter account to say that India would be a $10 trillion economy in 10-15 years. Prabhu further said that the investment led growth, consumption, technology and total output would lead to  growth in manufacturing, services and agriculture sectors. 

    
Source: Dna India



Cotton exports likely to jump 43% in 2018-19

Jun 15, 2018

India's cotton exports are expected to jump 43 per cent to 10 million bales (of 170 kg each) in the 2018-19 marketing year on strong overseas demand, especially from China, according to industry body CIA. 
 
Overall cotton shipments are likely to cross 7 million bales in the ongoing 2017-18 marketing year (October-September). Already 6.2 million bales have been exported till May 2018, it said. 
 
The demand for Indian cotton is high as prices are almost 10 per cent lower than the international prices, Cotton Association of India (CAI) President Atul Ganatra told PTI.
    
Source: Economictimes.indiatimes



View: With 'Make in India', India also needs a ‘Trade with India’ programme

Jun 15, 2018

As growing protectionist tendencies continue to imperil the current global economic upswing, the world is on the lookout for a new champion of world trade. Under President Donald Trump, the US has abdicated. Europe is preoccupied and, perhaps, hesitant to fill the gap. China may be keen. 
 
 
However, while President Xi Jinping explores how, and to what extent, China might assume this new role, India is facing a historic opportunity to, at the very least, complement China’s leadership. But 27 years after economic reforms began to open up India to trade, foreign capital and competition, rising to the moment will once more require a paradigm shift in economic policy. 
 
Make and Trade 
Indias government needs to complement its emphasis on manufacturing with a commitment to growth in exports. Make in India was a step in the right direction. Now, it should be wedded to a parallel Trade with India programme. 
 
    
Source: Economictimes.indiatimes



Government relaxes compliance with packaged commodities rules

Jun 15, 2018

The government has allowed industries to use old packaging material that does not comply with the Legal Metrology Rules 2017 till July, providing fourth such extension to comply with the said rules which came into effect from January 1st this year. 
 
 
The amended Legal Metrology (Packaged commodities) rules seek to regulate pre-packaged commodities, making declarations about date of manufacture, quantity, expiry date, manufacturer’s details, mandatory among other details about the product. 
 
On representations received, manufacturers/ packers/importers are allowed for putting stickers/ tags/ online printing, etc. up to 31.07.2018 for making the mandatory declarations required under the Legal Metrology (Packaged Commodities) Amendment Rules, 2017, a letter sent to State Legal metrology departments said. 
 
    
Source: Economictimes.indiatimes



In a breather, GST refund to exporter to double this week

Jun 15, 2018

The refund fortnight window to clear the backlog of exporters’ claims under the goods and services tax (GST) regime could see close to Rs 14,000-15,000 crore of the pending amount being sanctioned by June 16.
 
However, exporters and Federation of Indian Exporters Organisation (FIEO) feel that this 15-day window may not see the over Rs 20,000-crore refund – for which claims have been filed – sanctioned as there were issues that still remain unresolved.
 
Ganesh Kumar Gupta, president of FIEO, told DNA Money that the fortnight refund – May 31 to June 14 – was moving satisfactorily till now and could see a record clearance of about Rs 14,000-15000 crore.
 
Overall (refund fortnight has been) satisfactory. By the end of it, the refund clearance figure will be around Rs 14,000-15,000 crore because they (Central Board of Indirect Taxes and Customs) are aggressively refunding the IGST (interstate GST) claims. We will know the exact figure soon (Friday), said Gupta.  
    
Source: Dna India



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