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India, Netherlands decide to boost ties

May 25, 2018

Prime Minister Narendra Modi today held wide-ranging talks with his Dutch counterpart Mark Rutte during which both sides decided to deepen engagement in a range of areas including trade, investment, energy and agriculture.
 
After the talks, Modi, in his media statement, said his commitment towards economic reforms will remain strong.
 
He said besides bilateral matters, he and Rutte discussed regional and global issues of mutual interest.
 
Modi also hailed the Netherlands for becoming part of the International Solar Alliance today.
 
I had called upon the Netherlands to join the International Solar Alliance and I am happy to tell you that the country has become a member of it today, Modi said.
 
In his comments, Rutte said there was a huge scope for the two countries to deepen cooperation in areas of trade and investment, clean energy, agriculture and smart cities.
 
This is Rutte's second visit to India as prime minister and he is accompanied by a strong business delegation. His last visit to India was in June 2015.
    
Source: Business Standard



Arunachal CM for legalising harvest, trade of medicinal plants

May 25, 2018

Arunachal Pradesh Chief Minister Pema Khandu today stressed the need to legalise harvesting and trade of medicinal plants in the state to save the crops from over-exploitation, an official release said.
 
Chairing a review meeting of the state forest department here, Khandu said, Hundreds of medicinal plants face threats of extinction because of over-harvesting and destructive collection techniques.
 
A mechanism should be devised to facilitate farmers to grow endangered medicinal plants for sustainable income, the chief minister said.
    
Source: Money Control



Govt frees ships from transshipment permits for Indian entities: Gadkari

May 25, 2018

The government has done away with licensing requirement for ships chartered by Indian citizens or companies for transshipment of containers with a view to boosting coastal trade and promoting entrepreneurship, Union Minister Nitin Gadkari said today. The move is aimed at arresting diversion of Indian container cargo to transshipment hubs at foreign ports that has swelled to 33 per cent besides creating employment.
 
The government has done away with licensing requirement for ships chartered by citizens of India or a company incorporated in India or a cooperative society registered in India for transportation of EXIM containers for transshipment purposes, Gadkari, who holds the portfolio of shipping, road, transport and highways, told PTI.
 
The move will not only arrest diversion of Indian container cargo to foreign ports but will prove a milestone in creating entrepreneurship in shipping operations while unfurling huge opportunities for citizens including former army and navy personnel with desired silks and knowledge to charter smaller feeder vessels and participate in the fast growing container trade, Gadkari said.
    
Source: Money Control



EEPC India suggests ways to make India's export more competitive

May 25, 2018

India can make its export promotion schemes WTO- compliant and make the country's exports competitive by allowing the exchange rate to reflect the real value of the rupee , that has only recently shown some parity, helping the exporting community, engineering exporters' body, EEPC India said on Thursday. 
 
Until about a few weeks ago, we had seen and felt the effect of undervalued rupee on our export margins. Keeping the currency a bit muted for export promotion has not been appreciated enough . While , some of the existing schemes may come under the WTO scanner, keeping a close watch on the domestic currency and allowing the benefit for exporters, cannot be treated as an an export subsidy in the WTO norms, as the impact is for the entire economy, in de facto terms . A stable and slightly undervalued currency works both as an export subsidy and an import tariff in a WTO consistent manner, said EEPC India chairman Mr Ravi Sehgal , in a statement . 
 
The EEPC India chief said  In particular, it needs to be seen whether the exporters can be paid (the exchange value) on the basis of RBI’s REER (Real Effective Exchange Rate ) or if that is not possible a thumb rule should followed to ensure that the deviation of the Nominal Exchange Rate should not be more 15% of the RBI’s six country REER  
 
    
Source: The Economic Times



India keen to renew proposed trade deal with European Union

May 25, 2018

India has agreed to a renewed push for the proposed trade deal with the European Union (EU) that has been stuck over key issues. The decision to find a way forward before the 15th India-EU summit, set to be held later this year, came on Thursday, as Prime Minister of the Netherlands, Mark Rutte began his 2-day trip to India.
 
Beginning in 2013, the proposed trade deal had completed 16 rounds of talks but negotiations had broken down in 2016 over India's position on a separate bilateral investment pact. This happened, even as both parties were unable to bridge the gap on crucial issues such as India's demand for a liberal visa regime and the EU remaining staunch on stricter intellectual property rights regulations as well as a duty cut for European automobile and wine exports.
 
They leaders expressed support to the efforts of both sides to re-engage actively towards timely relaunching of negotiations for a comprehensive and mutually beneficial EU-India Broad Based Trade and Investment Agreement (BTIA) and agreed to explore opportunities for further cooperation that will be generated by the next EU-India Summit. the official joint statement released on Thursday after Rutte met Prime Minster Narendra Modi, said.
 
The negotiations had received a firm push during the visit of European Commission president Jean-Claude Juncker to India back in October, last year.
    
Source: Business Standard



Nepal, India aim to better trade ties through Vizag port

May 25, 2018

A delegation from Nepal today visited the port here and was briefed on its infrastructure and cargo-handling capacity to transport containers to its neighbour. The delegation, according to a press release, was apprised on ways to reduce overall end-to-end logistics cost and improving supplies to Nepal, by the Chairman of the Visakhapatnam port trust M T Krishna Babu.

    
Source: Money Control



To push Make in India, CVC asks depts to ensure non-discriminative clauses for suppliers of goods and services

May 25, 2018

 In order to promote the ambitious Make in India programme, the Central Vigilance Commission (CVC) has asked departments to ensure non-restrictive and non-discriminative clauses for suppliers providing goods and services to central government organisations. 
 
The probity watchdog has asked Chief Vigilance Officers (CVOs), who act as distant arm of the CVC to check corruption, to exercise oversight in all contracts worth over Rs five crore. 
 
The move comes following a request from the Department of Industrial Policy and Promotion (DIPP) to push the Make in India initiative. 
 
As per Public Procurement (Preference to Make in India) or PPP-MII Order, 2017, restrictive and discriminatory clauses cannot be included in procurement by central government agencies against domestic suppliers, an order issued recently by the CVC said. 
 
    
Source: The Economic Times



Litchis find buyers in Belgium and Bahrain

May 25, 2018

Export of litchi from the state is expected to see consider-able growth in the current year after receiving tremendous response from international buyers at the second Reverse Buyer Seller Meet which was held in Mumbai on 15 and 16 May. 
 
The pulpy fruit, which has been a big draw at the two-day meet, has found two new markets including Belgium and Bahrain, informed Mr R KMondal, DGM, Agricultural and Processed Food Products Export Development Authority (APEDA). 
 
    
Source: Statesman News Service



Govt hikes import duty on Walnut, almond, 3 more items

May 25, 2018

The government today raised import duties up to 100 per cent on five products, including wheat, shelled almond, walnut, and protein concentrate, which are imported from the US and other developed nations. 
 
Invoking emergency powers to increase import duties under Section 8A of the Customs Act, the Finance Ministry increased basic customs duty on walnut in shell from 30 per cent to 100 per cent. 
 
The duty on shelled almond was hiked to Rs 100/kg from Rs 65/kg, while that on wheat, the basic customs duty has been increased to 30 per cent from 20 per cent. 
 
Import of protein concentrate will now be subject to 40 per cent duty, up from 10 per cent. However, the duty on protein concentrate and textured protein substance has been raised to 40 per cent, from 30 per cent, according to notifications issued by the Central Board of Indirect Taxes and Customs (CBIC). 
 
    
Source: The Economic Times



India, Netherlands to firm up cooperation in farm sector

May 25, 2018

India and the Netherlands are keen to further cooperate in the field of agriculture and allied sectors, an official statement said today.
 
Dutch deputy prime minister and farm minister Carola Schouten today called on India's agriculture minister Radha Mohan Singh and discussed ways to strengthen bilateral cooperation in the field.
 
In the meeting, the two ministers discussed the work accomplished so far under the Indo-Dutch collaboration and expressed their desire to strengthen it further, it said.
    
Source: Money Control



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