Union Budget 2017-18 provides renewed impetus to manufacturing and Make in India

New Delhi, 27th February 2017

Commerce and Industry Minister Smt..NirmalaSitharaman has said that trade with the CLMV countries grew from USD 1.5 bn to more than USD 10 bn in the last 10 years and expressed hope that India will be able to partner in more trade initiatives with these countries to develop a strong India-CLMV vertical within the ASEAN market. In her inaugural address at the the 4th India – CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) Business Conclave in Jaipur today she invited both the Government and business community of these countries to actively partner in India’s initiative to strengthen manufacturing capacities, and stated that in India there is a good scope for improving trade in sectors like health and wellbeing, manufacturing, agriculture, fisheries, skilling amongothers. The Minister indicated that there are clear verticals for India to facilitate trade with these countries like, organic agriculture produce from Myanmar, value added products from coffee& pepper produce of Vietnam, two & three wheeler exports to Lao PDR etc. She highlighted that these countries can take advantage of the tremendous scope in India on skill resources across various sectors. Smt. Sitharaman stated that the themes selected for deliberation during this Conclave have been carefully selected to integrate into each other’s economy.

Highlighting India’s strength in health sector, she announced that India is organising a BSM-cum-exhibition in Myanmar during March 28-29, 2017. At the event, India will showcase her strengths in the healthcare verticals, viz. Pharmaceuticals, medical technology and health services. The Minister invited all of them to participate in this event from both Government and business side. She further emphasised India’s abilities in Agriculture, fisheries, aquaculture, skilling, solar and wind energy where India can provide a lead to the region. She urged the business entities from the CLMV region participating in the Conclave to seal some business deals before departing to their country.

Smt. VasundharaRaje, Chief Minister of Rajasthan gave a Special Address in the inaugural session. The country delegations were led at the Ministerial level byH. E. MrChhuonDara,Secretary of State, Ministry of Commerce, Kingdom of Cambodia, H.E Dr. Than Myint, Minister of Commerce, Myanmar and H E Mr. Cao Quoc Hung, Vice Minister, Industry and Trade Vietnam.The delegation fromLao PDR was led by Ambassador,H E Mr.SouthamSakhonninhom. The event also witnessed a wide participation of official and business delegations from these countries.

Cambodia, Lao PDR, Myanmar and Vietnam collectively, is the third largest economy in ASEAN, followed by Indonesia and Thailand. Due to close proximity, India is looking to boost trade and investment with the CLMV region as part of the ‘Act East’ policy announced by the Prime Minister during the 12th India – ASEANSummit in 2013.The CLMV conclave is an annual feature which provides an opportunity for Indian business leaders to interact with government and business stakeholdersrepresenting the four countries.The conclave facilitates to create and provide a platform for the decision makers from CLMV countries to interact with a range of Indian business companies involved in trading, manufacturing, processing, engineering, consultancy, construction etc.

In her special address, the Chief Minister expressed her gratitude to the Central Government for organising such an important international meet in her State and indicated that Rajasthan has tremendous scope for facilitating trade with the CLMV countries. She emphasised the skill in Rajasthan for value addition for gems & precious stone sector, food and spices. Stressing that Rajasthan offers great scope for tourism, she sought bilateral arrangements for tourism with these countries which are also richly acknowledged for their tourism potential.

Mr Naushad Forbes, President CII also acknowledged the initiative of the government in supporting the industry through such business meets. It was indicated that CII has decided to open two offices in the CLMV region i.e Myanmar andVietnam which would further the intra-regional trade. Transportation and connectivity in the region were highlighted as the most important aspects for trade.

In their addresses the Ministers from Cambodia, Vietnam and Myanmar expressed their appreciation of the Indian Governments persistent efforts through such annual events associating these countries. All of them indicated their keenness to receive investment from India and sought more interaction with India for deepening trade as also continuing with the cordial relationship that exists with India.

The inaugural session was followed by sectoral and country sessions which included business to business meetings. The technical sessions slated for the two-day event focusses on sectors such as Manufacturing, Pharma, Healthcare, Agri-business, Food Processing, Infrastructure, Textiles, ,Leather, Renewable Energy, Skills, Education and Engineering.

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New Delhi, 27th February 2017

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New Delhi, 22nd Feb 2017

Commerce and Industry Minister Smt. Nirmala Sitharaman has emphasized the need to focus on Research, Standards and Aggregation to enhance farmers income. Interacting with the members of the ICFA(Indian Council of Food and Agriculture) on the issue of Doubling of Farmers Income through Agro and Food Trade she said Inter –Ministerial discussions are necessary for coordination. The Minister said the government is willing to hear suggestions and respond to all issues pertaining to exports and domestic trade.

Smt. Sitharaman said agricultural research is of paramount importance ,citing example of Tobacco she said till date there has been no research done to find alternative crop for tobacco farmers. Further she highlighted the issue of Onion production where again research is needed to prevent the shortage and glut of production .

The Minister said the issues pertaining to international standards will be taken up appropriately. She said preserving the interests of the farmers has to be the core of all discussions in which both the central and state governments have to come together.

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New delhi,21st Feb 2017

Commerce and Industry Minister Smt. Nirmala Sitharaman has said that sustainability of initiatives and programmes for empowerment of women is the biggest challenge. At the India Launch of the UN report on Women’s Economic Empowerment in New Delhi today she said that momentum is built up and then it quietly drops.

The minister said that programmes like ‘Beti Bachao Beti Padhao’, Stand up Start up ‘ and Mudra have all contributed towards bringing about a difference and contributing towards economic empowerment. Smt. Sitharaman said Ujjwala Yojna has helped in improving the health of women by providing smoke free chullahs.

She said with Jan Dhan Yojna and Direct Benefit transfer government is looking at financial inclusion for economic growth. The Minister also underlined the need for non economic initiatives like the women safety and legal issues which have to be concurrently taken for empowerment.

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New Delhi, 15TH February, 2017
Agreement between the Government of the Republic of India and the Government of the Republic of Croatia on Economic Cooperation was signed by Commerce and Industry Minister Smt. Nirmala Sitharaman, Government of India and Ms. Martina Dalic, Deputy Prime Minister and Minister of the Economy, Government of the Republic of Croatia on 14th February, 2017 in Zagreb, Croatia.

India and Croatia had earlier signed an Agreement on Trade and Economic Cooperation in September, 1994 with an aim to promote and develop bilateral trade and economic relations. The present Agreement between India and Croatia would be a step in continuity as the last one expired in November, 2009.

India’s bilateral trade with the Republic of Croatia during 2013-14, 2014-15 and 2015-16 were US$ 148.86 million, US$ 205.04 million and US$ 148.44 million respectively. The bilateral trade during the last three years has remained stable despite global slowdown.

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New Delhi,1st February 2017

Commerce and Industry Minister Smt. Nirmala Sitharaman has welcomed the Union Budget 2017-18 presented by Finance Minister Shri Arun Jaitley which provides renewed impetus to manufacturing and Make in India, export infrastructure and Government e-marketplace.

Several measures have been announced in the Budget 2017-18 to provide impetus to commerce and industry . The key initiatives include

been selected as one of the winners of the South Asia Procurement Innovation Awards of the World Bank.
A Special Scheme for creating employment in leather and footwear industries is proposed to be implemented, on the lines of the scheme in textile and apparel sector.
The long standing demand of startups has been accepted and the profit (linked deduction) exemption available to them for 3 years out of 5 years is changed to 3 years out of 7 years. For the purpose of carry forward of losses in respect of start-ups, the condition of continuous holding of 51% of voting rights has been relaxed subject to the condition that the holding of the original promoter/promoters continues.
Further liberalisation of FDI policy is under consideration and the Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18.
In order to make MSME companies more viable, income tax for companies with annual turnover uptoRs. 50 crore is reduced to 25%. About 96% of companies will get this benefit of lower taxation. This will make our MSME sector more competitive as compared to large companies.
MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years at present.
For creating an eco-system to make India a global hub for electronics manufacturing a provision of Rs. 745 crores in 2017-18 in incentive schemes like M-SIPS and EDF. The incentives and allocation has been exponentially increased following the increase in number of investment proposals.
Inverted duty has been rectified in several products in the chemicals & petrochemicals, textiles, metals, renewable energy sectors. Duty changes to improve domestic manufacturing of medical devices, those used for digital transactions and capital goods have also been announced.
Infrastructure – a key pillar under the Make in India programme has been strengthened with a large budgetary allocation. The total allocation for infrastructure development in 2017-18 stands at
Rs. 3,96,135 crores. A specific programme for development of multi-modal logistics parks, together with multi modal transport facilities, to be drawn up and implemented.
Tourism is a big employment generator and has a multiplier impact on the economy. Incredible India 2.0 is proposed to be launched to promote tourism and employment. Five Special Tourism Zone, anchored on SPVs in partnership with the States would be set up.
Modernisation and upgradation of identified corridor, railway lines of 3,500 kms will be commissioned, 25 stations are expected to be awarded for station redevelopment and 500 stations will be made differently abled friendly by providing lifts and escalatorsduring 2017-18. These provide large opportunities under the Make in India initiative
Initiatives in Skill Development provide essential support for the Make in India sectors to thrive. Launch of SANKALP scheme to provide market relevant training to 3.5 crore youth and STRIVE scheme to improve the quality and market relevance of vocational training.
A new and restructured Central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18.
The Government e-market place which is now functional for procurement of goods and services, has

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Government of India

Ministry of Commerce and Industry

DEPARTMENT OF COMMERCE

Government of India

Ministry of Commerce and Industry

DEPARTMENT OF COMMERCE