COMMERCE & INDUSTRY WEEKLY UPDATE

Saved the economy that was heading towards disaster 5 years ago : PM Modi

Addressing the inaugural session of the 100 years of ASSOCHAM, Hon'ble Prime Minister Shri Narendra Modi said that 5 Trillion Dollar Economy is achievable and country has developed strong fundamentals in the past five years to achieve target. He added that the Government would invest 100 Lakh Crore Rupees in the infrastructural sector & another 25 Lakh Crore Rupees in the Rural Sector in order to provide support to achieve the target.

Govt. believes in root-cause analysis & sustainable solutions for industry issues: Piyush Goyal

Speaking at the 92nd AGM & Annual Business Convention of FICCI, Union Minister for Commerce & Industry and Railways, Piyush Goyal said that a Continuous dialogue between Government & industry is very essential in order to come up with innovative solutions to get over roadblocks and concerns of the industry. He informed that the Govt. has initiated review of the FTAs with countries & the Ministry is examining the non-tariff barriers that countries put in place in order to hinder exports from India.

Govt announces reforms to existing SEZ framework; will attract investments and boost exports

As per the amended provisions, all existing and new SEZs would become multi-sector SEZs thereby enabling coexistence of a SEZ unit from any sector along with any other SEZ unit. Further, the minimum land area required for setting up a multi-product SEZ has been revised from 500 hectares to 50 hectares. Similarly, the minimum built-up area requirements for services have also been significantly reduced.

Gem & Jewellery sector has Huge Potential; Must reach target of USD 75 BN faster : Piyush Goyal

Speaking at the 46th India Gem & Jewellery awards 2019, Union Minister for Commerce & Industry and Railways, Piyush Goyal said that the Indian gem and jewellery sector is the global hub of jewellery and contributes to around 7% of the country's GDP and 15% to India's total merchandise exports. He assured that the Ministry of Commerce & Industry will extend all help to the sector to achieve its target of USD 75 billion.

GeM launches National Outreach Programme - GeM Samvaad

The outreach programme will take place with stakeholders across the country and with local sellers in order to facilitate on-boarding of local sellers on the marketplace while catering to specific requirements and procurement needs of buyers. The outreach programme will take place from December 19, 2019 to February 17, 2020 and will cover all the States and UTs of the country.

Piyush Goyal meets EPCs, FIEO & Commodity Boards : Review of FTP; Performance of EPCs discussed

In a marathon five-hour meeting, Union Minister for Commerce & Industry and Railways, Piyush Goyal reviewed & sought inputs from EPCs for the Foreign Trade Policy and their views on steps that may be taken to boost India's exports. He also suggested that rationalization of EPCs must be taken up in order to avoid duplication of work.

Tripura gets its first SEZ; to open Avenues for Investment and Connectivity

The Ministry of Commerce and Industry has notified the setting up of the first ever Special Economic Zone (SEZ) in Tripura at Paschim Jalefa, Sabroom, South Tripura District. It will be a Sector Specific Economic Zone for Agro-Based Food Processing and the estimated investment in the project will be around 1550 Crore. The SEZ is estimated to generate 12,000 skilled jobs.

Industry must reduce dependence on Imported Goods : Piyush Goyal

Addressing the inaugural session at the CII Exports Summit 2019, Union Minister for Commerce & Industry and Railways Piyush Goyal informed that the Government is stepping up engagement with EU, US, and UK separately, to secure markets for Indian exports even as it withdrew from the RCEP. He hoped that industry will support the Government in its efforts to bring down non-essential imports and reduce its dependence on imported goods and will embrace domestic regulation and step up production by taking advantage of the policies the Government is rolling out.

APEDA setting up Agri Export Hubs in 5 Districts of Uttar Pradesh

Considering the potential of production of fruits and vegetables in Varanasi Region comprising of 5 districts namely, Ghazipur, Jaunpur, Chandauli, Mirzapur & SantRavidas Nagar, APEDA is in the process of setting up Agri export hubs in these 5 districts of the Varanasi region. The first trial shipment of one container of fresh vegetables was sent on December 20, 2019 by sea route from Varanasi to Dubai.

Join us:

PiyushGoyalOfficial

PiyushGoyal

www.PiyushGoyal.in