"We are well on track in discussions with several other countries to look at bilateral trade agreements. We are looking at one or two multilateral trade agreements also where we believe we can get benefit," Goyal said while virtually addressing the 27th Wharton India Economic Forum.
The PM Street Vendor's Atma Nirbhar Nidhi (SVANidhi) Scheme was launched in June 2020 as a Micro-Credit facility which aims to empower street vendors to recover losses incurred as a result of the COVID-19 pandemic.
Union Budget 2023: The multiple initiatives announced clearly reflect the government’s intent to address the malaise. However, on-the-ground experience shows that the implementation of these initiatives needs greater attention for them to be more effective. With 5.6% of India’s GDP amounting to about INR10.6 trillion stuck in income tax disputes at the end of FY 2020-21, there is an urgent need to improve the mechanisms for avoiding and solving tax disputes.
Both RBI and the International Monetary Fund (IMF) have forecast 6.8% growth in FY23 while the World Bank has pegged it at 6.9%. Gross domestic product (GDP) had grown 8.7% in FY22, boosted by the pandemic-induced low base of FY21.
The wholesale price of wheat has for the past one month been firm at around Rs 28.50 a kilogram, 40% above the minimum support price, as stockists prefer to hold on to their stocks expecting further increase.
Sayeh said India needs to leverage its existing strength in services exports and extend it to job-rich manufacturing exports by deepening its global value chain participation and complementary structural reforms that can boost productivity, formal employment and exports.
The minister said along with the old tax regime, the government has come up with a parallel system which has no exemptions, but with simpler and more favourable tax rates.
Consumer Affairs Secretary Rohit Kumar Singh said the government plans to bring more products under the mandatory quality control order (QCOs) to make India a quality-conscious nation. The government has identified several products to bring under the QCO. The consultation process is underway to bring more chemicals and textile products under the QCO in the immediate future, he said.
According to AISTA, the sugar production of Maharashtra in ongoing 2022-23 season will be 12.4 million tonnes against 13.7 million tonnes in the previous year. Sugar production of second largest producer Uttar Pradesh has been pegged at 10.5 million tonnes against 10.2 million tonnes in the previous year.