“India desires normal relations including on trade with all countries, including Pakistan. Pakistan unilaterally suspended bilateral trade with India in August 2019. It is for Pakistan to review its unilateral measures on trade,” minister of State for commerce and business Hardeep Singh Puri stated in Lok Sabha Wednesday.
“No,” he stated on being requested whether or not the federal government has received any sort of proposal from Pakistan.
There isn’t any proposal to herald modifications in FDI coverage for e-commerce sector in India, presently, Parliament was knowledgeable. Minister of State for commerce and business Som Parkash advised Lok Sabha that the federal government has received representations from merchants’ our bodies/ associations alleging that sure market entities have created advanced possession buildings to circumvent the FDI coverage provisions and are partaking in Inventory-based mannequin of e-commerce by means of managed distributors/most well-liked sellers. Further, there are allegations concerning deep discounting, predatory pricing, unique preparations.
“Does not arise,” he stated on being requested whether or not e-commerce marketplaces might be allowed to have an oblique stake by means of their mother or father corporations, the brand new corporations that are planning to spend money on India might be affected by the proposed modifications in FDI coverage and if the federal government is planning to apply such a coverage to different retail companies.
Reduction of import obligation on rice by Bangladesh is probably going to lead to greater imports of rice and certain to profit India, Parliament was advised.
“Yes, sir,” commerce and business minister Piyush Goyal stated in Lok Sabha replying to a query whether or not discount of import obligation on rice by Bangladesh is probably going to profit India.
“Reduction of import duty on rice by Bangladesh is likely to result in higher imports of rice by that country which may result in higher exports of rice from India to Bangladesh,” he stated, including that as exports are affected by a number of components comparable to demand, provide and relative costs, each home and worldwide prevailing, an estimate of the amount of export of non-basmati rice to Bangladesh and quantity of overseas trade to be earned, probably, is troublesome to make.
The manner ahead on Service Exports from India Scheme (SEIS) for FY20 and extension of SEIS for FY 21 is into consideration, Lok Sabha was knowledgeable.
SEIS has been carried out from FY16 to FY19 for notified providers classes and it was introduced that the service classes eligible beneath the scheme and the charges for eligible providers as rendered in FY20 could be notified individually however these haven’t been notified. It was additionally notified that for the providers rendered with impact from April 1, 2020, choice on continuation of the scheme might be taken subsequently and notified accordingly. No extension of the scheme for FY21 has been notified, the federal government stated.
India’s export of vehicles/automobiles when it comes to amount decreased by 6% throughout 2020-21 (April-January) as in contrast to the corresponding interval of the earlier yr, the federal government advised Parliament.
The causes for the decline in such export are primarily world financial slowdown and provide chain disruptions due to Covid-19 pandemic. Mexico, Nigeria, South Africa and Saudi Arabia are the highest locations for India’s vehicle exports.
25% import discount from $405.3 billion to $304.5 billion has been recorded in 25 of 30 commodity teams throughout from April 2020 to January 2021 over the corresponding interval final yr. These merchandise embody synthetic resins, plastic supplies, gold, leather-based, machine instruments, iron and metal.
The authorities knowledgeable Parliament that the manufacturing of eight Core industries has been adversely affected by the Covid-19 pandemic and related disruptions in demand and provide of products and providers. Some of the demand aspect components answerable for drop in manufacturing are decline in personal ultimate consumption expenditure and gross fastened capital expenditure and uncertainty in enterprise sentiments.
“The imposition of nationwide lockdown to contain the outbreak of Covid-19 pandemic was a major supply side factor responsible for drop in the core sector growth,” Parkash advised Lok Sabha.
The sudden outbreak of Covid-19 has severely impacted among the main economies of the world, viz. USA, European Union, UK and Japan. In India too, varied sectors have been affected due to the nation-wide lockdown. However, after the lockdown was relaxed, enchancment has been witnessed in a number of sectors of the economic system, he stated.
The draft National Logistics Policy is beneath stakeholders dialogue and might be finalized on completion of the consultations, Parliament was knowledgeable. National Logistics Platform might be a unified interface for all logistics providers by built-in digital options developed by completely different ministries, companies and personal entities in logistics sector by means of open Application Programming Interfaces.
The authorities stated that the Regional Comprehensive Economic Partnership (RCEP) was meant to present mutually helpful outcomes for RCEP international locations however the construction of RCEP didn’t adequately tackle the ambitions and considerations of India’s stakeholders.
“In light of these, India decided not to join the RCEP, in its current form and during the 3rd RCEP Leaders’ Summit held on November 4, 2019 in Bangkok, India conveyed its position that current structure of RCEP did not reflect the RCEP Guiding Principles or address the outstanding issues and concerns of India,” Lok Sabha was advised.
The commerce and business ministry additionally stated the fundamental intent of commerce treatment investigations is to get rid of harm precipitated to the home business and create a stage taking part in area of open and truthful competitors within the Indian market.
The work on redevelopment of Pragati Maidan at New Delhi into an built-in Exhibition- cum-Convention Centre is carried out by India Trade Promotion Organisation with a goal completion date of March, 2022, Lok Sabha was knowledgeable.