General / PIB Releases

Parliamentary Consultative Committee meeting of Commerce and Industry on “New Foreign Trade Policy 2021-26” held

12.1.21; New Delhi

Meeting of the Parliamentary Consultative Committee of the Ministry of Commerce and Industry was held today on the subject “New Foreign Trade Policy 2021-26”. The meeting was chaired by the Minister of State for Commerce and Industry Shri Hardeep Singh Puri, and attended by Hon’ble Members of Parliament and senior officers of the Ministry.

India’s response to S 301 Report of U.S. on Equalisation Levy

New Delhi; 7.01.2021

The U.S.  administration had announced initiation of investigation under section 301 of the U.S. Trade Act, 1974 against the taxation on digital services adopted or under consideration by countries, including the Equalisation Levy applied by India. Other counties under investigation include Italy, Turkey, and United Kingdom.

Seventh Trade Policy Review of India at the WTO begins

Members commended steps taken by India to improve trade and economic policies in a more inclusive and sustainable manner

New Delhi; 7.01.2021

India’s seventh Trade Policy Review (TPR) began on Wednesday, 6th January 2021, at the World Trade Organization in Geneva. The TPR is an important mechanism under the WTO’s monitoring function, and involves a comprehensive peer-review of the Member’s national trade policies. India’s last TPR took place in 2015.

INDIA’S MERCHANDISE TRADE Preliminary Data for December 2020

India’s merchandise exports in December 2020 was USD 26.89 billion, as compared to USD 27.11 billion in December 2019 a marginal fall of 0.80%

India’s merchandise imports in December 2020 was USD 42.60 billion, as compared to USD 39.59 billion in December 2019 an increment of 7.6%

India is a net importer in December 2020, with a trade deficit of USD 15.71 billion as compared to trade deficit of USD 12.49 billion in December 2019