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The Dollar Business Bureau Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Monday that India will become a $5 trillion dollar economy but it is just a matter of time. “Trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy,” Prabhu said, while speaking at an event organised by the Confederation of Indian Industry (CII) in New Delhi. The Minister said that the services sector is also important and will generate jobs. And in this regard, the Government has allocated Rs.5,000 crore toward 12 champion service sectors. While he believes that services exports will be more than the merchandise exports, Prabhu said that for ...

The Dollar Business Bureau President of Vietnam, Tran Dai Quang extended invite to business communities in India to invest in Vietnam and said that his country offers conducive environment and sustainable development. “India continues to be among Vietnam’s top ten trading partners as the bilateral trade turnover has increased 16% per annum on average in the past decade,” the Vietnamese President said while addressing a business meeting jointly organised by ASSOCHAM, CII and FICCI in New Delhi on Saturday. “India has given priority to Vietnam in development cooperation and education and training, and paid attention to promoting bilateral cooperation in science and technology, information and communication, energy, oil and gas, agriculture and tourism,” he said. “India has actively supported Vietnam in training, capacity building, ...

The Dollar Business Bureau India called for bringing transformation in the intergovernmental body World Trade Organisation (WTO) in order to transform the world economy. Commerce and Industry Minister Suresh Prabhu said on Sunday that the WTO was established on some solid principles such as transparency and democracy and even the smallest nation has a say in this organisation of 164 members. “That is something which is a unique characteristic. Therefore, we must bring in transformation in the WTO itself to transform the world economy. To bring that transformation, we have to put constant efforts,” Prabhu said while speaking at the Partnership Summit organised by Confederation of Indian Industry (CII). Prabhu further said that the world trade has benefitted all the countries in terms of generating jobs and encouraging economic activities. “Now the question is whether ...

The Dollar Business Bureau Finance and Corporate Affairs Minister Arun Jaitley said on Wednesday India and ASEAN nations represent an aspirational world in the times when the world is looking inwards. “One of our greatest challenges today is that the world has increasingly started looking inwards,” Finance Minister said while speaking at the ASEAN-India Business Meet and Expo organised by Confederation of Indian Industry (CII) in cooperation with the Finance Ministry and External Affairs Ministry. “In such protectionist times, India and the ASEAN nations represent an aspirational world which represents about 2 billion people,” he added. Jaitley pointed out that India as well as ASEAN were growing fast at a time when the world was slowing down. The two regions represent areas which were ...

The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Sunday that the Central government is drafting an agriculture export policy that would also help in doubling the farmers’ income. “The Centre is of the view that the woes of the farmers in the country can only be eased through exports,” Prabhu said while speaking at an industry interaction organised by the Confederation of Indian Industry (CII) in Pune. The Minister further said that the Government is also taking several measures, such as researching new products and special studies, in order to enhance export potential of the country. “India is at a great advantage, because we have 35 agro-climatic zones. We produce everything that is possible to be produced. The Prime Minister's ...

The Dollar Business Bureau The Confederation of Indian Industry recently said that most traders and businesses in India are ready for GST implementation from July 1. Most of them approve the Government’s decision of GST as it would contribute significantly towards economic growth, trade expansion and increase in employment in the country. Speaking to the media, CII Director General, Chandrajit Banerjee said, "GST has been finalised after a collaborative and consultative approach and we look forward to its introduction. It is the most significant indirect tax reform introduced in the country since Independence.” CII has been organising over 100 workshops across the country to enable traders and businesses to comply with the new regulations. A helpline has been established where participants can request for ...

The Dollar Business Bureau A seven-member Indonesian team led by Consul General Saut Siringoringo is in Kerala, looking to explore the possibility of collaborating with the Kerala government in trade, healthcare, tourism and education. The team will also interact with the Kerala chapter of CII and with the Trivandrum Chamber of Commerce (TCCI). The Indonesian team has another agenda- to attract Kerala businesses, investors, traders and buyers to attend the 32nd edition of the four-day Trade Expo Indonesia (TEI) being organised by the Indonesia Ministry of Trade in ICE-BSD City - Banten from October 11. In the previous edition of TEI, around 150 buyers from Kerala, Tamilnadu, Maharashtra, Karnataka and Gujarat had clocked the maximum transactions. Indian buyers topped the list and Indonesia ...

Neha Dewan  It was a full house listening with rapt attention as Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh, addressed the gathering at CII’s Annual Session 2017. Chouhan spoke on Madhya Pradesh’s transformational journey, illustrating how the state had come a long way to evolve into one which now has 7 cities under the National Smart Cities Mission owing to the progressive policies adopted by the state. The state, he said, has improved power and road connectivity. “We are now a power surplus state. There have been miracles in water resources as well. 11 years back, irrigated land was 7.5 hectares but now it has increased to 40 lakh hectares! Irrigation projects which would take decades for completion earlier are now finishing ...