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Press releases Nov,2006
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 Press Releases
Nov,
2006
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Press Information Bureau
Government of
India
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Date Tittle
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29th Nov. 2006 |
PACKAGE FOR PROMOTION OF INDUSTRIES IN UTTARANCHAL
New Delhi:
29th November 2006
The government
had announced a package of economic incentives on 7th January, 2003 for
promoting industrialisation in the State of Uttaranchal (Uttarakhand).
Under this package, various incentives like income tax exemption, excise
exemption and Capital Investment Subsidy to New Industrial units and
existing industrial units on their substantial expansion in the identified
locations have been provided. As a result, as per Government of
Uttaranchal, the industrial growth rate which was 1.9% in 2001-2002 has
increased to 18%. 7627 SSI units were established during last two years
and the current year with an investment of Rs.1773.00 crore and 44000
persons have been employed. Besides, 2460 industrial units with an
investment of Rs.21,500.00 crore are in various stages of implementation,
in which employment to about 1,50,000 persons would get generated.
Rs.24.91 crore has been
released in this regard by the central government for the State of
Uttaranchal (Uttarakhand) since 2002-03.
This was stated by Shri
Ashwani Kumar, Minister of State for Industry, in a written reply in the
Rajya Sabha today.
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29th Nov. 2006 |
NO PROPOSAL TO REVIEW FTAs; JAIRAM RAMESH
New Delhi:
29th November 2006
The Free Trade Agreements provide tariff concessions on items not included
in the negative / sensitive lists. Accordingly farmers of other
countries are likely to benefit from the preferential market access made
available on agricultural items, which India has agreed to provide tariff
concessions under the FTAs. However, many agricultural items have been
retained in India’s Negative List with its FTA partners. Free Trade
Agreements are signed for mutual benefits. There is no proposal to
review all these agreements.
This was stated by Shri Jairam Ramesh, Minister of State for
Commerce, in a written reply in the Rajya Sabha today.
***********
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28th Nov. 2006 |
New Delhi: 28th
November 2006
The cumulative value of India’s merchandise exports in the first seven
months (April-October) of the current financial year 2006-07 was US $
69525.63 million (i.e., US $ 69.5 billion) or Rs.319008.94 Crore as
against US $ 51516.87 million (i.e. US $ 51.5 billion) or Rs.225802.14
Crore during the same period last year, indicating a growth of 34.96% over
April-October 2005-06, according to the provisional data available from
the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
Exports during the month of October were valued at US $ 9621.09million
(i.e. US $ 9.6 billion) or Rs.43744.80 crore during the month of October
2006 compared to US $ 8082.70 million or Rs.36225.04 Crore in October,
2005.
The cumulative value of
India’s Imports during April-October, 2006 was US $ 99755.78 million
(Rs.457537.17 Crore) which was higher than imports at US $ 75032.08
million (Rs.328813.00 Crore) during April-October, 2005.
Details of provisional and
provisionally revised figures of imports in $ and Re terms are given in
Annexure. During the month of October, 2006 were valued at US $
15829.02million (Rs.71970.75Crore) compared with US $ 11367.19 million
(Rs.50945.49 Crore) in October, 2005.
Crude Oil
imports were valued at US $ 5346.14 million in October 2006 compared with
US $ 3441.25million in the corresponding period last year thus registering
a growth of 55.35%. Crude Oil imports during April-October 2006 were
valued at US $ 34010.19 million which was 39.45% higher than Crude oil
imports of US $ 24389.6million in the corresponding period last year.
Non-oil imports were
estimated at US $ 10482.88 million during October 2006 which was 28.92%
higher than growth on non-oil imports of US $ 8131.38 million in October
2005. Non-oil imports during April-October, 2006 were valued at US $
65745.59 million which was 13.5% higher than the level of such imports
valued at US $ 57924.82million in April- October 2005.
The trade deficit for
April-October, 2006 was estimated at US $ 30230.14 million which was
higher than the deficit of US $ 23515.21 million during April-October,
2005.
Tables giving trade
data are annexed:
|
DEPARTMENT OF COMMERCE
ECONOMIC DIVISION
|
|
EXPORTS & IMPORTS :
(PROVISIONAL)
(US $ Million) |
|
|
October |
April-October |
|
|
Provisional |
Provisionally Revised** |
Provisional |
Provisionally Revised** |
|
EXPORTS (incl.
re-exports) |
|
|
2005-2006 |
8082.70* |
8640.25 |
51516.87 |
56926.76 |
|
2006-2007 |
9621.09 |
|
69525.63 |
|
|
%Growth
2006-2007/2005-2006 |
19.03 |
11.35 |
34.96 |
|
|
IMPORTS |
|
2005-2006 |
11367.19* |
11572.64 |
75032.08 |
82122.10 |
|
2006-2007 |
15829.02 |
|
99755.78 |
|
|
%Growth
2006-2007/2005-2006 |
39.25 |
36.78 |
32.95 |
|
|
TRADE BALANCE |
|
|
2005-2006 |
-3284.50* |
-2932.38 |
-23515.21 |
-25195.34 |
|
2006-2007 |
-6207.93 |
|
-30230.14 |
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____________________________________________________________________________________________ |
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*Provisional figures
reported in Press Note for October 2005. |
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** Provisionally Revised figures are
the latest available figures of the year unadjusted for the
late returns |
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DEPARTMENT OF COMMERCE
ECONOMIC DIVISION
|
|
EXPORTS & IMPORTS :
(PROVISIONAL)
(Rs. Crores) |
|
|
October |
April-October |
|
|
Provisional |
Provisionally Revised** |
Provisional |
Provisionally Revised** |
|
EXPORTS (incl. re-exports) |
|
|
2005-2006 |
36225.04 |
38723.89 |
225802.14 |
249496.93 |
|
2006-2007 |
43744.80 |
|
319008.94 |
|
|
%Growth 2006-2007/2005-2006 |
20.76 |
12.97 |
41.28 |
27.86 |
|
IMPORTS |
|
2005-2006 |
50945.49 |
51866.24 |
328813.00 |
359812.21 |
|
2006-2007 |
71970.75 |
|
457537.17 |
|
|
%Growth 2006-2007/2005-2006 |
41.27 |
38.76 |
39.15 |
27.16 |
|
TRADE BALANCE |
|
|
2005-2006 |
-14720.45 |
-13142.35 |
-103010.86 |
-110315.28 |
|
2006-2007 |
-28225.95 |
|
-138528.23 |
|
|
____________________________________________________________________________________________ |
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*Provisional figures reported in Press Note for October 2005. |
|
** Provisionally Revised figures are the
latest available figures of the year unadjusted for the late
returns |
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27th Nov. 2006 |
New Delhi:
27 November, 2006
India’s trade with Vietnam has almost doubled in 3 years –
two-way trade between the two countries increased to a level of US $
817.68 million from a meagre US $ 448.65 million in 2003-04.
This was indicated at a meeting between Shri Kamal Nath, Union Minister of
Commerce & Industry and Mr. Hoang Trung Hai, Minister of Industry of
Vietnam, when the latter accompanied by a delegation called on Shri Kamal
Nath here this afternoon. Both the Ministers expressed satisfaction at the
significant upward trend in bilateral trade and observed that the volume
of trade would increase further with the conclusion of the Free Trade
Agreement with ASEAN.
During the current year also bilateral trade is progressing well.
During April-July 2006-07, trade between India and Vietnam has been of the
order of US $ 310.69 million, comprising US $ 251.65 million worth of
exports to Vietnam and US $ 59.04 million worth of imports from Vietnam.
Vietnamese Minister also discussed with Shri Kamal Nath the possibilities
of bilateral cooperation in investment, especially in sectors like
information technology, pharmaceuticals etc. Indian investments in
Vietnam are currently valued at US $ 125 million with considerable scope
for increasing it further, both sides noted.
Background:
*
Major items of export to Vietnam during 2005-06
(with percentage share) were oil meals (30.50%); drugs, pharmaceuticals
and fine chemicals (13.17%); primary & semi-finished iron & steel (6.33%);
plastic & linoleum products (5.70%); and inorganic/organic/agro-chemicals
(4.23%).
*
Major items of import from Vietnam during 2005-06
(with percentage share) were other commodities (26.32%), spices (19.63%);
coal, coke & briquettes etc (14.90%), organic chemicals (6.81%),
electrical machinery except electronic (4.97%) etc.
*
Indian investment in Vietnam: Two Indian companies viz.,
the KEC for manufacturing components for transmission towers in Quang Ninh
Province and the Nagarjuna International Sugar Plant in Long AN Province
are in existence in Vietnam. The Oil & Natural Gas Commission of
India was the first foreign company which signed a production sharing
agreement with Petro Vietnam in 1988,
a project through which natural gas reserve of over two trillion cubic
feet have been discovered. Other projects at various stages
where Indian companies such as Godrej, Rajshree and Dhampur Sugar Mills,
Siva Plastics and Sol Pharmaceuticals are involved, relate to development
of rubber plantation, tea processing, mining, fertilisers, packaging,
pharmaceuticals, sugar etc.
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27th Nov. 2006 |
SEZs TO BOOST
EMPLOYMENT: KAMAL NATH
New Delhi:
27 November, 2006
Shri Kamal Nath, Union Minister of Commerce & Industry, has
said that Special Economic Zones (SEZs) will
boost
employment, raise incomes, and allow industry to engage more intensely in
the domestic as well as the global economy.
“One of the major initiatives taken this year has been the facilitation of
the Special Economic Zones. SEZs offer tax incentives for manufacturing
and services export. More important, they provide an enabling environment
for the private sector to develop world-class standards of infrastructure
and facilities, allowing companies operating within the SEZ to compete
globally”, he said in his address at the India Economic Summit at a
session on “India’s Global Growth Agenda”, here this morning.
Pointing
out that India has emerged as a manufacturing hub of the world, especially
in industries like automobiles and auto components, consumer electronics,
drugs and pharmaceuticals, biotechnology, chemicals and petrochemicals,
agro and food-processing and fashion and textiles, the Minister said that
what was important of the fact that the growth was becoming increasingly
inclusive “Rural India today is consuming more TVs, refrigerators,
computers, cars, mobile phones, packaged food and consumer durables today
than ever before. Most Tier II cities are witnessing large mixed-use
projects in housing, retail, entertainment and hotels. Several BPOs are
moving to the smaller towns. Smaller towns provide definite cost
advantages of through lower labour and real estate costs and reduced staff
attrition rates. The boom in the IT and ITES sectors is expected to create
more jobs and expedite economic growth in the tier II and III cities”, he
said.
“This
story of inclusive growth is not just of domestic importance to
us. It is equally important to the foreign investor. It tells us three
things: One - that a society in which the fruits of development are
more evenly spread, in which democracy is more real and palpable to the
mass of the population, makes for a stable social environment that
is attractive and reassuring; Two - that India is an enormous
market, of which you are seeing only the tip of the iceberg; and
Three - the tremendous resilience of India: we survived the
zooming oil prices, the fluctuating dollar and global recession, with
barely a hiccup. The Indian economy is globalized and integrated with the
world, and yet it simultaneously has its own dynamics which cushion global
shocks as in no other country”, the Minister pointed out.
Stating
that he was delighted to share the panel at the session with Mr. Hoan
Trung Hai, the Minister of Industry of Vietnam, Shri Kamal Nath said
Vietnam was a marvelous turnaround story that was grabbing world
attention. “India
and Vietnam have close ancient linkages and common value systems; we must
now together forge ahead on the economic front in the march against
deprivation and poverty”,
the Minister said.
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23rd Nov. 2006 |
INDIA WELCOMES CHINESE INVESTMENT, SAYS KAMAL NATH – PROPOSES
INVESTMENT TARGET OF
US $ 5 BILLION BY 2010
INDIA-CHINA ECONOMIC, TRADE AND INVESTMENT COOPERATION SUMMIT IN MUMBAI
New Delhi:
23 November, 2006
India welcomes Chinese investment, Shri Kamal Nath, Minister of
Commerce and Industry, said in Mumbai today in his address at the
India-China Economic, Trade and Investment Cooperation Summit and CEOs Forum
hosted jointly by FICCI, CII and ASSOCHAM along with their Chinese
counterpart CCPIT in honour of President Hu Jintao of the Peoples Republic
of China. Noting that investment flows between India and China had been
miniscule so far, Shri Kamal Nath also proposed a target of US $ 5 billion
worth of mutual investment
which, he said, should be easily achievable given the synergies and
complementarities of the two economies, additionally bolstered by the
Bilateral Investment and Promotion Agreement signed recently.
Stating that the bilateral trade target of US $ 20 billion by 2008
set by both sides would be achieved in the current year itself, the Minister
underlined the need for diversifying the composition of the trade basket to
sustain the positive momentum in two-way trade.
President Hu in his address said that China-India business ties
had made remarkable progress, becoming a growth engine for bilateral
relations. “Two-way trade, growing at an average annual rate of 32%, rose to
US $ 18.7 billion in 2005 from US $ 1.16 billion in 1995, a jump of 15 times
in ten years. This year, the bilateral trade is expected to exceed US $ 20
billion and will meet ahead of schedule the goal of lifting the bilateral
trade volume of US $ 20 billion in 2008 set by the two countries. China is
now India’s second largest trading partner and India is China’s largest
trading partner in South Asia”, President Hu said.
President Hu outlined a five-point roadmap to advance and deepen
bilateral economic cooperation, namely, 1) expand and upgrade bilateral
trade; 2) strengthen cooperation in key areas, especially in IT, energy
resources, infrastructure, science and technology, and agriculture; 3)
improve environment of trade and investment – “we should take measures to
remove obstacles to trade and investment, promote trade and investment
facilitation and create an enabling business environment”; 4) strengthen
cooperation in multilateral fields and with third countries – “India and
China should strengthen coordination in the World Trade Organisation (WTO)
and other multilateral organizations to jointly uphold the legitimate rights
and interests of developing countries”, he said; and 5) actively explore
trade liberalization. “If India and China work together, the 21st
century will truly be a century of Asia”, President Hu added.
Captains of Indian industry- Shri Saroj K.Poddar, President/FICCI,
Mr. R. Seshasayee, President/CII and Shri Venugopal Dhoot, Senior Vice
President/ASSOCHAM – were all confident that trade between India and China
would cross the target of US $ 40 billion by 2010 and could even reach US $
50 billion.
“It is important to note that while China’s exports to India are fairly
diversified, more than 50 % of India’s exports to China are accounted for
just by iron ore, slag and ash. Therefore, there has to be far greater
exposure of mutual core competencies and opportunities available in each
country if we are to achieve our goals”, Shri Poddar said.
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23rd Nov. 2006 |
INDIA AND CHINA
TO WORK TOGETHER FOR SUCCESSFUL DEVELOPMENT OUTCOME OF DOHA
ROUND
JOINT STATEMENT BY BO XILAI,
MINISTER FOR COMMERCE OF CHINA AND KAMAL NATH,
MINISTER FOR COMMERCE & INDUSTRY OF INDIA
New Delhi :
November 23, 2006
India and China will work together for a successful
development outcome of the current Doha Round of multilateral trade
negotiations of the World Trade Organisation (WTO). This is indicated in a
joint statement by Mr. Bo Xilai, Chinese Commerce Minister, and Shri Kamal
Nath, Union Minister of Commerce & Industry, which was released in Mumbai
today.
The full text of the joint statement issued by the two Ministers
is given below:
“Chinese Commerce Minister, Mr. Bo Xilai,
and Commerce & Industry Minister, Shri Kamal Nath, have called for an early
substantive resumption of and successful conclusion to the Doha Round of
multilateral trade negotiations. The Ministers stated that there was a
lot at stake for the developing countries, especially so as this was a
Development Round. Failure just cannot be countenanced. Both Ministers
observed that inflexible stances had led to the suspension of the talks in
July 2006. Flexibilities must be displayed before negotiations resume to
ensure that success does not remain elusive. The Ministers resolved that
they were willing to engage constructively with other trading partners to
ensure a successful conclusion to the Round. The outcome must expand trade
opportunities for all; but it must also achieve development objectives and
safeguard crucial developing country interests such as livelihood security
which are the avowed objectives of the Round”.
*********
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22nd Nov. 2006 |
New Delhi:
November 22, 2006
Shri Kamal Nath, Commerce & Industry
Minister, has said that exports from
India’s leather sector
are likely to reach US $ 7 billion by 2010-11.
The current export earnings from the leather sector are about US $ 2.7
billion, with a growth of around 8%. Delivering the keynote address at the
India Leather Summit 2006 – Towards Global Dominance, organised by the
Council for Leather Exports (CLE) here today, Shri Kamal Nath said that in
order to raise leather exports to the projected level, annual export growth
rate at an average of 20% must be sustained and additional capacities must
be created with modern and state of the art production technologies.
Indicating that Indian leather products would get
greater market access under the World Trade Organisation (WTO) regime, Shri
Kamal Nath said: “Indian
leather products will not only get greater market access in developed /
industrialized countries in view of tariff elimination and reduction
mechanisms through Free Trade Agreements (FTAs), Regional Trade Agreements (RTAs)
and Preferential Trade Agreements (PTAs) but the cost competitiveness of the
domestic manufacturers will improve further in view of gradual phasing out
of import duties in India on inputs and machinery”.
The
government has been playing a proactive role through appropriate policy
support measures and financial assistance, he said, emphasising that leather
industry had been identified as a thrust sector in view of its potential for
creating huge employment opportunities. Further, an Integrated Leather
Development Programme is being implemented with the central allocation of
Rs.400 crore, focussing on modernisation of manufacturing facilities in all
segments of the leather sector.
Based on further
needs, the programme could be extended during the 11th Plan
period, Shri Kamal Nath said.
While several policy measures have been taken to encourage large domestic
and global investments into the leather industry, Shri Kamal Nath
expressed concern
that there have been hardly any investments in this sector. “So far, the
industry has attracted overseas investments at very abysmal level of less
than 0.15% of total foreign investments inflow into the country. This trend
needs to be reversed through aggressive campaigns, investment promotion
programmes and by creating awareness about investment opportunities
available in the Indian Leather Sector.
The need to carry a comprehensive survey about the domestic market for
leather products should highlight the opportunities for the foreign direct
investors. It is only through such a route, we can attract foreign investors”,
the Minister said.
Underlining the huge opportunities from India, Shri Kamal Nath
pointed out that most manufacturers of leather and leather products from
industrialised countries of the West were looking for shifting their
production base to Eastern countries especially India, owing to rising
labour costs even in China.
“In
view of recent developments in international as well as domestic market,
the Indian Leather Sector has
immense prospects for boosting its performance in the coming years. Indian
Government is keen to ensure that the growth potential is realized. Being a
high volume employment industrial sector, continued thrust will be provided
focusing on additional employment generation”,
he said at the 2-day Summit
which aimed to evolve national consensus on many crucial issues facing the
Indian leather industry, including implications of anti-dumping duties on
China and Vietnam, capacity building, improving design capabilities,
enhancing manufacturing competitiveness, branding of Indian leather etc.
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20th Nov. 2006 |
INDIA’S
MANUFACTURING GROWTH AT RECORD 12 % IN FIRST SIX MONTHS THIS FISCAL
100 % GROWTH IN FDI INFLOWS – IN SEPTEMBER INFLOWS UP BY 225 %
FDI IN MANUFACTURING CONTINUES TO SURGE : KAMAL NATH
New
Delhi:
November 20, 2006
Indicating continuing record
growth in India’s manufacturing sector as well as record inflows of foreign
direct investment (FDI) into the country in the first six months of the
current financial year, Shri Kamal Nath, Commerce and Industry Minister,
announced today that the Manufacturing Sector has shown a vigorous growth of
12.0% in September 2006. It had grown by only 8.9% in September 2005.
During the period April –September 2006 the Manufacturing sector grew by
12.1% compared to 9.5% during the same period of last year, he said.
“Industry and especially manufacturing growth rate in the last two years
exceeded the overall growth rate of the economy. Industry recorded a
growth rate of 8.6% and 8.7% during 2004-05 and 2005-06. Manufacturing
recorded a growth rate of 8.1% and 9% during 2004-05 and 2005-06,
respectively”, he further pointed out, adding that industry and
manufacturing were thus major contributors to the economy having
consistently high GDP growth rate in the last two years making India one of
the fastest growing economies in the world.
Meanwhile,
FDI inflows have registered a consistent growth in the last three years,
Shri Kamal Nath said. During the current financial year
2006-07(April-September 2006) Equity component of FDI inflows was US$ 4.4
billion as compared to US$ 2.2 billion received during the corresponding
period of the previous year viz. 100% growth. For the month of September
2006, the FDI inflows have been US$ 916 million as compared to US$ 282
million received during September 2005 showing a rise of 225%.
Giving details of industrial
production, he said that Industrial Production registered a high growth of
11.4% in September 2006, as compared to the
level in the month of September 2005. Industrial growth during the first
six months (April 2006 to September 2006) of the current financial year is
up by 10.9% as compared to 8.5% registered in the same period last year, as
per the Quick Estimates of Industrial Production released by the Central
Statistical Organization.
FDI INFLOWS REGISTER
IMPRESSIVE GROWTH
FDI inflows have registered a consistent growth in the last
three years, Shri Kamal Nath said. During the current financial year
2006-07(April-September 2006) Equity component of FDI inflows was US$ 4.4
billion as compared to US$ 2.2 billion received during the corresponding
period of the previous year viz. 100% growth. For the month of September
2006, the FDI inflows have been US$ 916 million as compared to US$ 282
million received during September 2005 showing a rise of 225%.
FDI LIBERALIZATION RESULTS IN SURGE IN THE MANUFACTURING
SECTOR
The FDI equity inflows into manufacturing sector during the
last 3 years are as follows:
(Amount in US$ million)
|
Year |
Manufacturing |
Total |
|
2003-04 |
1629.22 (74%) |
2187.49 |
|
2004-05 |
2363.2 (74%) |
3210.10 |
|
2005-06 |
4631.51 (84%) |
5517.41 |
|
2006-07 (April-Sept.2006) |
2685.23(61%) |
4382.23 |
DELHI,
MUMBAI AND CHENNAI REGIONS LEAD IN ATTRACTING FDI
FDI inflows for States is
maintained based on Regional Offices of RBI.
|
Sl. No. |
Regional office of RBI
|
Inflows in US$ million |
Growth (%) compared to
first half 2005-06 |
|
1. |
New Delhi (Delhi & part
of UP and Haryana |
936.5 |
25.12 |
|
2. |
Mumbai(Maharashtra,
Dadra & Nagar Haveli, Daman & Diu) |
867.5 |
190.62 |
|
3. |
Chennai (Tamil Nadu &
Pondicherry) |
437.3 |
226.87 |
|
4. |
Hyderabad (Andhra
Pradesh) |
288.9 |
211.31 |
|
5. |
Ahmedabad (Gujarat) |
256 |
207.66 |
9.
CECA WITH SINGAPORE SHOWING RESULTS
Singapore moves ahead of USA
& UK to better its position from 7th to 2nd.
|
Sl. No. |
Country |
Inflows received in US$
million |
Growth (%) compared to
first half of 2005-06 |
|
1. |
Mauritius |
2545 |
185.49 |
|
2. |
Singapore |
481.7 |
305.16 |
|
3. |
USA |
406.3 |
25.82 |
|
4. |
UK |
113.3 |
(-) 41.39 |
|
5. |
Netherlands |
97.1 |
163.41 |
|
6. |
UAE |
67.6 |
490.74 |
|
7. |
Japan |
39 |
(-)49.61 |
|
8. |
France |
38.9 |
380.96 |
SERVICES
TOPS THE SECTORAL GROWTH IN FDI INFLOWS
Significant growth in the Services, Telecom and Fuels sectors
have led to the overall doubling of FDI inflows in the first half of the
current financial year.
|
Sl.No. |
Sector |
Inflows in US$ million |
Growth (%) compared to
first half of 2005-06 |
|
1. |
Services Sector |
1508.6 |
350.16 |
|
2. |
Electrical equipment |
777.9 |
246.27 |
|
3. |
Telecommunications |
405.2 |
950.39 |
|
4. |
Transportation industry |
258.7 |
124.91 |
|
5. |
Fuels (power & Oil
Refinery) |
138.3 |
677.63 |
INDUSTRIAL PRODUCTION –
ADDITIONAL DATA
MAJOR SECTORS OF GROWTH
(NB:
Manufacturing refers to all industrial activities except power, water supply
and mining).
The industries that have
performed well in September 2006 include ‘Beverages, Tobacco and Related
Products’ (19.8%), ‘Basic Metal and Alloy Industries’ (19.8%), ‘Wood and
Wood Products; Furniture and Fixtures’ (19.6%), ‘Non-Metallic Mineral
Products’ (16.7%), ‘Rubber, Plastic, Petroleum and Coal Products’ (15.3%),
‘Cotton Textiles’ (14.5%), ‘Basic Chemicals and Chemical Products (except
Products of Petroleum and Coal)’ (13.0%), ‘Transport Equipment and Parts’
(11.9%) and ‘Machinery and Equipment other than Transport Equipment’
(11.6%).
(NB: DATA REG MINING &
QUARRYING AND ELECTRICITY SECTORS )
The Mining and Quarrying
Sector has shown a growth of 3.9%, while as the Electricity Sector has
registered a double-digit growth of 11.3% during September 2006 as compared
to September 2005. As compared to April-September 2005 the two sectors grew
by 3.1% and 6.6% respectively, during April-September 2006. Consumer
durables and non-durables have also shown record upward trends. Among
the use-base economic sub-groups, Intermediate Goods have registered an
impressive growth of 14.7% during September 2006 over September 2005. The
Consumer Goods have also recorded a high growth of 12.5% with 12.6% growth
in Consumer Durables and 12.5% growth in Consumer Non-Durables).
*************
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20th Nov. 2006 |
KAMAL NATH
FLAGS 3 FIRSTS IN INDIA’S INDUSTRIAL GROWTH AND FDI
MANUFACTURING GROWTH HITS 12% AHEAD OF 11th PLAN
New
Delhi:
November 20, 2006
Shri Kamal Nath, Union
Minister of Commerce & Industry, today flagged the
3 firsts achieved by
India in industrial growth, manufacturing and foreign direct
investment (FDI) inflows
at a news conference here:
Ţ For
the first time in the last year 10 years, (since financial year 1996), the
six monthly (or in a full year), the industrial growth has exceeded 10%.
Ţ For
the first time ever, the 6-monthly manufacturing rate of growth in India has
exceeded 12% (April-September 2006).
Manufacturing accounts for about 80% of India’s industrial production, while
mining and electricity account for approximately 10% each.
Ţ Foreign
direct investment (FDI) equity inflows during April-September 2006 have
increased by 100% from US $ 2.2 billion to US $ 4.4 billion – this is also
the first time that such an increase has occurred in any six-month duration.
The FDI inflow between April-September 2006 of US $ 4.4 billion is higher
than the total yearly inflow in any period prior to 2005-06 (only in
2005-06, we had a higher FDI inflow of US $ 5.5 billion).
The National
Manufacturing Initiative proposed by the National Manufacturing
Competitiveness Council (NMCC) has envisaged stepping up of the
manufacturing sector growth from 9 to 10% to 12 to 14% in the 11th
Plan period. “However, we have already achieved the 12% growth for
manufacturing sector in the last year of the 10th Plan itself”,
Shri Kamal Nath said.
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16th Nov. 2006 |
SEZs FUTURE VEHICLE OF
ECONOMIC ACTIVITY, SAYS KAMAL NATH
INDIA EMERGES AS FAVOURITE FDI DESTINATION
ERNST & YOUNG
ENTREPRENEUR OF THE YEAR AWARDS
New Delhi:
November 16, 2006
Shri Kamal
Nath, Union Minister of Commerce & Industry, has said that Special
Economic Zones (SEZs) are the future vehicle of economic activities.
Addressing the 8th Ernst & Young Entrepreneur of the Year Awards function
in Mumbai this evening, he said: “41 SEZs are already operational, while
approvals have been given for more than 237 SEZs and about 244 proposals
are before us. We are also conceptualizing very large regions termed
Investment Regions for manufacturing which will provide world class
infrastructure and give benefits, sizes and costing to units”.
He also said that
India’s trade – both exports and imports – had been steadily rising and
the country was fast emerging as a favourite destination for foreign
direct investment (FDI). Such public felicitations of entrepreneurial
excellence are important as they help in changing our perception and
outlook, in recognizing the wide gamut of opportunities available outside
the government sector in a fast growing India, he said.
Paying a big tribute to the private sector, Shri Kamal Nath said: “At the
centre of this success story have been our entrepreneurs who have been
injecting verve and creativity into Indian industry as they focus
increasingly on competing in global markets. Let us take civil aviation.
Today, more than 65% of the passengers are carried by private airlines as
against none in 1991. Similarly, in the telecommunication sector, the
major communication traffic is carried out by private entrepreneurs.
Construction is another example. In fact, most of the service sector
growth, which forms 50% of our GDP, is due to the private sector. The
success of entrepreneurs in services, in BPO, IT, Drugs and
Pharmaceuticals, Films, Advertising, Education, Health, Tourism and other
knowledge base sectors in India is only due to private entrepreneurs”.
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15th Nov. 2006 |
INDIA TO
REITERATE ITS REQUEST FOR DISPUTE PANEL ON EXPORT OF SEAFOOD TO
USA – MINISTRY CLARIFIES
New Delhi: November 15, 2006
A news item had appeared in a section of the
press on 03.11.2006 titled “US scuttles an Indian plea for WTO panel on
exports of frozen and canned warm water shrimps”. The item dwelt on the
issue of a US customs bond directive on the export of marine products by
India and stated that the US had blocked the first time plea of India for
the establishment of a panel in the World Trade Organization (WTO). It was
stated that this put paid to the hopes of the domestic marine product
export industry for getting their grievances readdressed against the
customs bond directive of the US.
The Government of India have made a request for
the WTO Panel and as per WTO Rules, the respondent party has a right to
delay the establishment of a Panel only for one time. Since the Government
of India would be reiterating its request for the WTO Panel at the next
meeting of the Dispute Settlement Body on 21st November, 2006,
the US would not be able to delay the establishment of the Panel.
Since the article appears to give an impression
that the request of the Government of India for setting up the panel has
been scuttled, this classification is being issued for setting the record
straight.
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14th Nov. 2006 |
ANDHRA
PRADESH AND MADHYA PRADESH FOCUS STATES AT IITF’06: KAMAL NATH
New Delhi:
November 14, 2006
India International Trade Fair 2006, organised by the India Trade
Promotion Organisation (ITPO), inaugurated here this morning, as Andhra
Pradesh as the Partner State and Madhya Pradesh as the Focus State, Shri
Kamal Nath, Union Minister of Commerce & Industry, said while attending
the inaugural function.
“The
annual IITF event is also an occasion for us to introspect on our path
towards self-reliance. The foundation stone of this demarche was laid by
Pt. Jawaharlal Nehru, on whose birthday we inaugurate the fair every year.
From being an agro-based economy in 1947 we are today what we proudly
proclaim – the world’s fastest growing free market democracy. India is
growing today at 8 per cent, and this pace has been maintained for the
last three or four years. This has been possible because of our reforms
initiated 15 years ago. Today we are in the second stage of our
calibrated comprehensive programme of economic liberalization, which has
enabled our industry to take advantage of the tremendous opportunities
thrown up by the process of globalization”, Shri Kamal Nath said.
“We
are making sure that this economic liberalisation is not limited to urban
India alone. Prosperity is growing and expanding across India, prompted by
the rise in disposable incomes, increasing number of dual income nuclear
families and changing attitude towards consumption”, the Minister
said.
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9th Nov. 2006 |
28 PRODUCTS
REGISTERED AS GEOGRAPHICAL INDICATIONS
New
Delhi:
November 09, 2006
Darjeeling tea is among the 28 Indian products
registered with the Geographical Indications (GI) Registry. (Darjeeling
tea has been registered twice in the GI Registry).
The other products
are: Pochampally Ikat (Andhra Pradesh); Chanderi saree (Guna,
Madhya Pradesh); Kotpad Handloom fabric (Koraput, Orissa); Kota
Doria (Kota, Rajasthan); Kancheepuram silk (Tamil Nadu);
Bhavani Jamakkalam (Erode, Tamil Nadu); Mysore Agarbathi (Mysore,
Karnataka); Aranmula Kannadi (Kerala); Salem fabric (Tamil
Nadu); Solapur terry towel (Maharashtra); Mysore silk
(Karnataka); Kullu shawl (Himachal Pradesh); Madurai Sungudi
(Tamil Nadu); Kangra tea (Himachal Pradesh); Coorg Orange
(Karnataka); Mysore betel leaf (Karnataka); Nanjanagud banana
(Karnataka); Mysore sandalwood oil (Karnataka); Mysore sandal soap
(Karnataka); Bidriware (Karnataka); Channapatna toys & dolls
(Karnataka); Coimbatore wet grinder (Tamil Nadu); Mysore rosewood
inlay (Karnataka); Kasuti embroidery (Karnataka); Mysore
traditional paintings (Karnataka) and Orissa Ikat (Orissa).
A Geographical Indications Registry with all
India jurisdiction operates in Chennai, as per the Geographical Indication
of Goods (Registration and Protection) Act 1999.
Under the Act, agricultural, natural or manufactured goods originating or
manufactured in the territory of a country, or a region or locality in that
territory, where a given quality, reputation or other characteristic of such
goods is essentially attributable to its geographical origin and in
cases where such goods are manufactured goods, one of the activities of
either production or of processing or preparation of the goods concerned
takes place in such territory, region or locality, are registrable as
Geographical Indications. Whether a particular product is registrable or
not is determined by the Registrar of Geographical Indications, on receipt
of the application.
Geographical Indications registration gives to the
registered proprietor and its authorised users, the legal right to the
exclusive use of the GI and also the right to obtain relief in case of its
infringement. Exclusion of unauthorized persons from misusing GI would
ensure that genuine products of the rightful producers are marketed.
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9th Nov. 2006 |
KAMAL NATH CALLS ON THE
PRESIDENT OF ITALY
INDO-ITALIAN JOINT WORKING GROUP ON INFRASTRUCTURE CONSTITUTED
New Delhi:
November 09, 2006
Shri Kamal Nath, Minister of Commerce and Industry,
who is on an official visit to Italy from 5-8 November 2006, called on the
President of Italy, Mr.
Giorgio
Napolitano, on Tuesday, in Rome.
The Italian Minister for International Trade Mrs. Emma Bonino and the
President of the Confederation of Italian Industry (Confindustria) Mr. Luca
Cordeo di Montezemolo were present at the meeting. 10 CEOs of top Indian
companies were also present at the meeting.
President Napolitano spoke fondly of bilateral relations that are extremely
warm. Shri Kamal Nath briefed the Italian Head of State about the positive
economic scenario in India and opportunities for deepening bilateral
economic engagement between India and Italy. The scope for investments in
Small and Medium Enterprises (SMEs) was specially emphasized.
Meanwhile, in a major initiative, the 17th
session of the India-Italy Joint Commission for Economic Cooperation,
co-chaired by Shri Kamal Nath and his Italian counterpart Ms. Bonino on
Monday, 6th November, 2006
agreed to
focus efforts at building stronger commercial links in the textiles,
garments, leather goods, auto components, gems & jewellery sectors,
combining Italian strengths in design and technology with India’s
manufacturing competencies and human resource skills.
India
and Italy have also decided to set up a Joint Working Group (JWG) on
Infrastructure
which would provide necessary structure for enhanced cooperation and
building business ties in this sector. The idea
is to spur Italian investments that would also bring Italian technology for
India’s infrastructure. The first meeting of the JWG will
be held in New Delhi in January 2007. It has also been decided to intensify
cooperation in the food processing sector.
The Italian
Prime Minister Prodi, accompanied by large business delegation, is scheduled
to visit India in February 2007.
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9th Nov. 2006 |
INDIA’S ECONOMIC ENGAGEMENT
WITH THE WORLD TO EXCEED
US $ 450 BILLION THIS FISCAL: KAMAL NATH
INDIA’S EXPORTS MAY CROSS US $ 125 BILLION IN 06-07
New Delhi:
November 09, 2006
India’s economic engagement with the world
during the current financial year 2006-07 will exceed US $ 450 billion, if
export and import of goods as well as services are combined, Shri Kamal
Nath, Minister of Commerce & Industry, indicated in his inaugural address at
Conference in Brussels last evening. “Exports are growing
at a healthy growth averaging 25% per annum over the last three years.
We crossed the $ 100 billion threshold last year, and during the current
year we are poised to export 125 billion dollars worth of goods and 75
billion dollars worth of Services. Our imports too have risen
commensurately”, he said.
Underlining to India’s position as the newly
emerging power both in services and manufacturing, Shri Kamal Nath pointed
out that while in India’s strengths in services was long proven,
the resurgence of
India’s
manufacturing sector has now been established.
“The service sector – which now makes up 54 per cent of the economy,
contributed more than half the total growth in the economy in the 1990s. But
we are also now among the world’s most competitive producers of steel,
automotive components, pharmaceuticals and chemicals offering an unbeatable
combination of low cost and high value. India is now emerging as a hub
for mission-critical R&D for a range of industries – from life sciences to
hardware and engineering”, he stressed.
India and the European Union (EU), he said, were today in a
deep and abiding partnership, with trade and economic relations
providing the solid foundation on which this partnership stands.
In this context, he sought
to dispel the impression in
Europe that
India was relatively closed to European products. “This is quite far from
the truth. In fact, most imports from Europe into India are at tariff rates
much below the usual.
We believe that there are complementarities in our export baskets.
Last year, for example, the European exports to India grew by nearly 24
percent, which are several times higher than Europe’s export to the rest of
the world”, the Minister said.
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8th Nov. 2006 |
US CAN BE A
MAJOR SOURCE OF FDI AND TECHNOLOGY TRANSFER TO INDIA: ASHWANI KUMAR
New Delhi:
November 08, 2006
Mr. William S. Cohen who served as the US
Secretary of Defence in the Clinton Administration from January 1997 to
January 2001 called on Dr. Ashwani Kumar, Minister of State (Industry) here
today.
During his discussions with
Dr. Kumar, Secretary Cohen emphasized the need to further strengthen the
Indo-US bilateral relations in the context of major initiatives taken by
President Bush and Prime Minister Dr. Manmohan Singh to establish a
strategic partnership between the two countries.
Dr. Kumar emphasized the
importance of endorsement of the Indo-US Civil Nuclear deal, which he felt
would alter the paradigm of the Indo-US relationship.
Dr. Kumar told Secretary Cohen that considerable progress had been made in
identifying major areas of economic cooperation in the recently held meeting
of the CEO’s Forum constituted by Prime Minister Dr. Manmohan Singh and
President Bush. Dr. Kumar said that over US $ 150
billion of FDI was required to compliment domestic investments in the
infrastructure sector so as to ensure double digit GDP growth. United States
could then be a major source of FDI and technology transfer to India. Dr.
Kumar identified Advanced Electronic Technology, power, bio-technology, food
processing, engineering and the automobile sectors as some of the thrust
areas for Indo-US economic cooperation.
Secretary Cohen informed Dr.
Kumar that strengthening of Indo-US relationship in all its manifestations
continues to be a major priority of the US Administration and that there was
wide ranging partisan support for the Indo-US Civil Nuclear deal. Mr. Cohen
emphasized upon the immense possibilities in the field of defence
cooperation and technology transfer in various sectors.
Both felt that acts of terrorism had vitiated peace and harmonious
co-existence amongst people in various parts of the world and that there was
need for united global action against international terrorism
Secretary Cohen has been a three-term United States Senator and is a
recognized expert on defence, international and economic matters including
government procurement. He has also served in the US House of
Representatives for three terms (1973 -79). While in Congress, he served on
the House Judiciary Committee during the Impeachment Proceedings in 1974 and
the Iran-Contra Committee in 1987. Secretary Cohen is also a Senior
Counsellor at the Center for Strategic and International Studies (CSIS).
Secretary Cohen is currently the Chairman and CEO of the Cohen
Group – a Strategic Business Advisory Firm based in Washington DC. Mr.
Cohen also serves on the Corporate Board of Viacom, AIG, and on the Advisory
Boards of Harmony Airways and Intel Corporation.
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8th Nov. 2006 |
KAMAL NATH CALLS ON THE
ITALIAN PRESIDENT
New Delhi:
November 08, 2006
Shri Kamal Nath, Minister of Commerce and Industry,
who is on an official visit to Italy from 5-8 November 2006, called on the
President of Italy, Mr.
Giorgio
Napolitano, last evening (7th November) in Rome.
The Italian Minister for International Trade Mrs. Emma Bonino and the
President of the Confederation of Italian Industry (Confindustria) Mr. Luca
Cordeo di Montezemolo were present at the meeting. 10 CEOs of top Indian
companies were also present at the meeting.
President Napolitano spoke fondly of bilateral relations that are extremely
warm. Shri Kamal Nath briefed the Italian Head of State about the positive
economic scenario in India and opportunities for deepening bilateral
economic engagement between India and Italy. The scope for investments in
Small and Medium Enterprises (SMEs) was specially emphasized.
Meanwhile, in a major initiative, the 17th session of the
India-Italy Joint Commission for Economic Cooperation, co-chaired by Shri
Kamal Nath and his Italian counterpart Ms. Bonino on Monday, 6th
November, 2006
agreed to focus efforts at building
stronger commercial links in the textiles, garments, leather goods, auto
components, gems & jewellery sectors, combining Italian strengths in
design and technology with
India’s
manufacturing competencies and human resource skills.
India and Italy have also decided to set up a Joint
Working Group (JWG) on Infrastructure
which would provide necessary structure for enhanced cooperation and
building business ties in this sector. The idea
is to spur Italian investments that would also bring Italian technology for
India’s infrastructure. The first meeting of the JWG will
be held in New Delhi in January 2007. It has also been decided to intensify
cooperation in the food processing sector.
The Italian
Prime Minister Prodi, accompanied by large business delegation, is scheduled
to visit India in February 2007.
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7th Nov. 2006 |
INDIA,
ITALY TO BOOST BILATERAL TRADE AND INVESTMENT
SETTING UP OF INDO-ITALIAN JOINT WORKING GROUP ON
INFRASTRUCTURE ANNOUNCED
MAJOR OUTCOME OF 17TH SESSION OF INDIA-ITALY JOINT COMMISSION
IN ROME
New Delhi:
November 07, 2006
The
17th Session of the India-Italy Joint Commission for Economic
Cooperation, which met in Rome yesterday, 6th November, 2006
under the co-chairmanship of Shri Kamal Nath, Union Minister of Commerce and
Industry, and his counterpart, Ms. Emma Bonino, the Italian Minister of
International Trade, has decided to step up efforts to boost bilateral trade
and investment.
Both
sides have agreed to focus efforts at building stronger commercial links
in the textiles, garments, leather goods, auto components, gems &
jewellery sectors, combining Italian strengths in design and technology
with
India’s manufacturing
competencies and human resource skills.
India and Italy have decided to set up a Joint Working Group (JWG) on
Infrastructure which would provided necessary structure for enhanced
cooperation and building business ties in this sector. The idea is to
spur Italian investments that would also bring Italian technology for
India’s infrastructure. The first meeting of the JWG will
be held in New Delhi in January 2007.
The
other major outcomes of Joint Commission includes:
I.
Increased importance to small & medium enterprise (SME) linkages,
which would
enlarge the scope of the business-to-business engagement between the two
countries and widen and deepen the trade basket.
II.
The
Italian government has decided to designate India as the Focus Country for
the year 2007.
Tourism will foster people to people contact as well as cultural and
business exchange. This is a timely initiative that will only add to the
exciting phase that the Indo-Italian relationship is entering.
III.
Stronger business-to-business ties. The Destination
India event, the
visit by CEOs to selected sectoral industrial clusters in leather goods
(Florence), auto components (Turin), food processing (Parma), textiles and
jewellery sectors (Vicenza) have revived business ties and provided a
commercial mould to shape Indo-Italian ties.
IV.
Thrust to cooperation in the food-processing sector.
The Joint Commission decided to intensify cooperation in the food-processing
sector.
The visits of Minister Bonino and Prime Minister Prodi to
India in
2007
will accelerate the pace of economic integration and engagement. Minister
Bonino will visit in January 2007. Prime Minister Prodi will visit in
February 2007 and will be accompanied by a large business delegation
including many prominent CEOs.
“There are clear signs of a sea change.
Hitherto the Joint Commission used to meet once every 2-3 years. Times have
changed: regular annual meetings since 2005 signal the commitment of both
sides and the renewed interest in India. The Destination India event was
also a huge success, underscoring the importance both sides attach to
enriching and deepening economic ties at business to business and
government to government levels”, Shri Kamal Nath said.
The next
meeting of the Joint Commission shall be held in New Delhi in 2007.
During his
visit, Shri Kamal Nath would be calling on the Italian President on
7 November 2006.
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6th Nov. 2006 |
INDO-GERMAN
TRADE UP BY 35%
GERMAN WORK PERMIT WITHIN FOUR WEEKS
MAYOR OF COLOGNE CALLS ON Dr. ASHWANI KUMAR
New
Delhi: November 06, 2006
During the
first seven months of the current financial year (April-October 2006),
two-way trade between
India and Germany has registered a record
growth of over 35% compared to the same period of last year. Earlier,
bilateral trade between the two countries during 2005-06 crossed Euros 7.5
billion registering an increase of 22% over the previous year 2004-05,
reflecting the growing trade and economic relations between India and
Germany. This was indicated by Dr. Ashwani Kumar, Minister of State for
Industry, when Mr. Fritz Schrammma, Lord Mayor of the city of Cologne along
with business delegation representing German companies, called on him here
this evening.
During the
meeting, Dr. Kumar said that this year has been of particular significance
for the Indo-German economic relationship. Prime Minister Dr. Manmohan
Singh visited Germany in April 2006 to inaugurate the Hannover Trade Fair in
which India was the Partner Country and India was also the Guest of Honour
country at the Frankfurt Book Fair 2006. India
will be the partner country at the International Tourism Bourse in Berlin in
March 2007, he said, stressing that this indicates the deepening of
Indo-German engagement in recent years.
Lord Mayor assured
Dr. Kumar that the German work permit in favour of Indian companies and
their employees and other Indians having an offer of employment in Cologne
shall be issued within four weeks of their application. Dr. Kumar thanked
Lord mayor for this very important decision. Lord Mayor also invited Dr.
Kumar to Cologne, next summer. Dr. Kumar accepted the invitation
Foreign Direct
Investment (FDI) from Germany in the recent years has registered a
substantial increase making
Germany the sixth largest investor in India
with a cumulative investment of US $ 1.58 billion.
In the first quarter of 2006, approved investment from Germany in India has
increased to Euro 211 million as compared to Euro 72 million in 2005 and
Euro 160 million in 2004. Companies such as Siemens and Bosch plan to
expand their existing capacities in the country. Siemens has plans to
invest Euro 600 million in the next three to four years. It has bagged
orders to modernise the hot rolling plant at the Bokaro Steel Plant and to
build a power plant for the torrent Group. Siemens
India has also received an order from the
Bangalore International Airport for equipping the planned airport with
technical system. Companies like SAP AG and BMW have planned to expand
their business interests in India.
BMW’s investment in its Chennai plant is expected to generate massive
employment.
The Lord Mayor
invited Indian IT and Bio-tech firms to
Cologne and also to develop greater
linkages with small and medium enterprises in India. He also expressed
interest to have one of the private airlines such as Jet Airlines or
Kingfisher to consider Cologne as a base for their operation in Europe.
Dr. Kumar assured Lord Mayor of Cologne of his full
support to German and Indian companies in order to further deepen
Indo-German economic relationship.
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2nd Nov. 2006 |
KAMAL NATH CALLS FOR STRENGTHENING INDIA’S MANUFACTURING BASE
IN ELECTRONICS
ELECTRONICS AND HARDWARE MANUFACTURING IDENTIFIED AS THRUST AREAS – BIGGER
PACKAGE OF INCENTIVES ON THE ANVIL
27TH ANNUAL FUNCTION OF CETMA
New Delhi: November 03, 2006
Shri Kamal Nath, Union Minister
of Commerce & Industry, today called for strengthening India’s manufacturing
base in electronics so that the country could excel in both electronics
hardware and software sectors. The
Consumer Electronic Sector, which is the main stay of the Indian electronics
industry, contributes about 35% of the total electronic hardware production
in India and colour TVs are the largest contributor to this sector. This
Sector is also currently undergoing technological revolution.
Addressing the
27th annual function of the Consumer Electronics and TV Manufacturers
Association (CETMA) here this evening, Shri Kamal Nath emphasised the
importance of electronics and hardware manufacturing as a thrust area, and
indicated that the government was considering a bigger package of fiscal and
other incentives for electronics and IT hardware manufacturing sector with
the following main objectives viz., to make the industry globally
competitive; to attract more FDI in the industry; to bring down the prices
of the end products; to reduce production cost; to step up volumes to take
advantage of economies and efficiencies of scale; to increase the demand; to
compensate for disabilities until the basic infrastructure constraints are
removed; and to move towards much lower taxation levels in the next 3-5
years.
The Indian
electronic sector faces stiff challenges in the international market, as it
has to overcome infrastructural constraints leading to high operational
costs. There is also a need for forward and backward integration of
hardware and software sectors to take advantage of India’s burgeoning
software sector, the Minister stressed, adding that India had been meeting
more than half of its electronics hardware requirements through imports.
“In view of the
special characteristics of Electronics/IT Hardware sector, the challenge
posed by the WTO stipulation for elimination of duties in this segment and
India entering into FTAs/PTAs with a number of countries/trading blocks,
this sector needs a special sectoral treatment rather than being governed by
general policy framework. As a result of the efforts taken by the
Department, India has become a major destination for FDI investments in
Information Communication Technology Sector”, he said.
He also mentioned that the
Electronics Hardware Technology Parks (EHTP) and the Special Economic Zones
(SEZs) were tailored to boost manufacturing in the country. “SEZ policy
provides appropriate environment for setting up of Information Technology /
Information Technology Enabled Services SEZ including SEZs for Electronics
Hardware manufacturing”, he added.
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2nd Nov. 2006 |
KAMAL
NATH INVITES NORWAY TO INVEST IN SEZs
New Delhi: November 2, 2006
Addressing a
Seminar on “India-Norway Business Cooperation” organised jointly here today
by Assocham, CII and FICCI, Shri Kamal Nath, Union Minister of Commerce &
Industry, invited Norway to invest in India’s upcoming Special Economic
Zones (SEZs) which were particularly suitable for small & medium enterprises
(SMEs). Referring to the recent major policy initiatives in the form of the
SEZ Act providing a stable policy framework conducive to investments, Shri
Kamal Nath said: “The concept of SEZ is universal. However, the Indian
version of SEZ incorporates facilities and liberal incentives of the best
type to the developers. The uniqueness of SEZ is its suitability for SMEs,
single product single unit and all clearances in one place. I recommend
investors to have a serious look on this route of investment”.
Noting that Norway has transformed itself into a knowledge
society equipped to develop cost-effective, environmentally sound and
technologically advanced solutions in order to increase industrial
productivity and enhance efficiency, Shri Kamal Nath pointed out that Indian
market was also opening for such products and services especially those
linked to deep off-shore, shipping, hydro electricity, metallurgy,
telecommunications equipment and select areas of IT and BT. “We recognize
the core competence of Norwegian companies in high-tech areas such as deep
off-shore, specialized ship-building, fish-farming, hydroelectricity,
geo-physical studies and some niche sectors of IT & BT. I am confident that
this visit will provide for the right opportunity to your delegation in
familiarizing themselves with the highly attractive investment
possibilities that India’s economy is going to offer”, he said.
Referring to
the two-way trade between India and Norway, the Minister observed that it
had so far been very insignificant with bilateral trade going up from a
meagre US $ 102 million in 2001 to only US $ 419 million in 2005. “The
traditional basket of Indian exports to Norway mainly consists of textiles
and garments; this must change to reflect the emerging areas of cooperation
in several other sectors like pharma, light engineering goods,
handicraft and food items, etc.”, he said.
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1st Nov. 2006 |
TRADE AND INVESTMENT AGREEMENT BETWEEN INDIA AND EU – EUROPEAN
PARLIAMENT FRIENDS OF INDIA GROUP CALLS ON KAMAL NATH
New Delhi: November 1, 2006
A 5-member delegation from the European Parliament
Friends of India (EPFIN) Group, led by Dr. Charles Tannock and Mr. Jo Leinen,
Co-Presidents of the Group, called on Shri Kamal Nath,
Union Minister of
Commerce & Industry, here last evening. The visit of the delegation takes
place barely two weeks after the successful 7th India-EU Summit at Helsinki,
which agreed to launch negotiations for a broad-based agreement on trade and
investment between India and the EU. The visit also comes only a month
after the visit of the President of the European Parliament to India.
It was indicated that during the discussions that
the High Level Group on Trade, co-chaired by the Commerce Secretary from the
Indian side and his EU counterpart was likely to meet sometime in December
for preliminary discussions on the proposed Agreement on Trade & Investment,
preceding the expected launch of the negotiations in March 2007.
Welcoming the delegation, Shri Kamal Nath expressed appreciation of the
useful and constructive role that the Friends of India Group plays in the
European Parliament on issues of importance to India and said he look
forward to their suggestions on what more could be done to intensify India-EU
interactions. “India and the EU have much to contribute towards fostering
a rule-based international order – be it through the United Nations or the
WTO. Both also have much in common on many of the challenges that face us
today – globalisation, terrorism, energy security and environment”, he
said.
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