The department of industrial policy and promotion (DIPP) is set to overhaul its Rs10,000 crore start-up funding scheme by allowing venture capital (VC) funds to invest half of the corpus in start-ups and the rest of it in firms at a more mature stage to reduce capital risk. The VC funds that mana…
Tag: Nirmala Sitharaman
Commerce Ministry starts review of Foreign Trade Policy, says Nirmala Sitharaman
The commerce Ministry has started the review of the foreign trade policy by consulting all stakeholders to see whether any support is required for certain sectors to further boost exports. Commerce and Industry Minister Nirmala Sitharaman said the foreign trade policy (FTP) is in the process of a…
Centre, state go all out to make Vibrant Gujarat Summit a success
Ahmedabad: The Centre is leaving no stone unturned to make the biennial Vibrant Gujarat Global Summit a success. The five-day event is scheduled to kick off at Mahatma Mandir in Gandhinagar. Prime Minister Narendra Modi, it is learnt, is personally monitoring arrangements for the summit. This apa…
GST: Relief for exporters, Govt says refunds to be given within 7 days
In a major relief to exporters, the government has agreed to refund as much as 90% of their duty claims just within a week under the new goods and services tax (GST) regime, Commerce and Industry Minister Nirmala Sitharaman said on January 5. The revenue department of the finance ministry has agr…
Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman
Commerce and Industry Ministry asked the GST Council to grant ab-initio exemption to exporters from the Goods and Services Tax and keep the labour-intensive sectors like leather and plantation completely out of the tax net or put them in lowest slab. Commerce and Industry Minister Nirmala Sithara…
Demonetisation Effect | Exports may hit slowdown, says Rita Teaotia
The country’s exports will likely face a temporary “slowdown” due to the cash crunch following the announcement of demonetisation on November 8, according to Commerce Secretary Rita Teaotia. Already, merchandise exports witnessed a rise in only three of the past 23 months through October. Small a…
Gem & Jewellery sector has direct impact on job creation: Nirmala Sitharaman
Union Commerce and Industry Minister Nirmala Sitharaman has said that unlike other sectors, Gem and Jewellery sector has direct impact on job creation. Speaking at the foundation stone laying ceremony of Indian Institute of Gem and Jewellery (IIGJ) Varanasi Extension Campus , she said this is one…
Trade restrictions imposed on China need to be WTO compliant: Sitharaman
India’s trade deficit with China rose to $52.69 billion in 2015-16, from $48.48 billion in the year before, Parliament was informed on November 28. Commerce Minister Nirmala Sitharaman told the Lok Sabha in a written reply that during the April-September period of the current fiscal, the de…
Flush with funds, lenders must rethink SMEs’ credit support: Sitharaman
In an interview, Commerce Minister Nirmala Sitharaman said that even though micro, small and medium enterprises (MSMEs) are facing problems due to demonetisation, they will be the ones getting a better access to capital later as the banks are flushed with money now with high number of deposits in…
Currency Switch Impact | Now, Demonetisation set to cost 400,000 jobs
Industry is staring at temporary job losses due to demonetisation, as production gets hit, especially in labour-intensive sectors like textiles, garments, leather and jewellery. As many as 4 lakh people, mostly daily wagers, may have either lost their jobs or shunned work temporarily due to the l…