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Feb 2020

Jan 13, 2021

New Foreign Trade Policy 2021-2026

  • Union Ministry of Commerce and Industry said that India's new Foreign Trade Policy 2021-2026, under formulation, will come into effect from April 1, 2021, for five years and will strive to make the country a leader in international trade.
  • The Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting on the subject ''New Foreign Trade Policy 2021-26''.
  • It was chaired by the Minister of State for Commerce and Industry Hardeep Singh Puri, and attended by Members of Parliament (MPs) and senior officers of the ministry.
  • The Department of Commerce through the Regional Authorities of Directorate General of Foreign Trade (DGFT) has engaged with state/Union Territory governments to take forward this initiative in the districts and enable its implementation in a phased manner, with the objective of mobilizing the potential of each district of the country to achieve its potential as an export hub.

Jan 12, 2021

Punjab Cabinet Approves One-time Settlement Scheme for Traders

  • The Punjab cabinet approved a one-time settlement scheme for traders to clear their pending arrears. The scheme will be implemented across the state from February 1 and the state exchequer would bear a financial burden of Rs. 121.06 crore.
  • All dealers whose assessments have been framed up to December 31, 2020 could apply for the benefit under the scheme till April 30.
  • Various trade associations had urged the state government to introduce a one-time scheme (OTS) for the clearance and settlement of outstanding arrears under the Punjab Value Added tax Act, 2005 and Central Sales tax Act, 1956. 

Jan 11, 2021

Gujarat's Amendment to Industrial Disputes Act Gets Presidential Nod

  • Gujarat's amendment to the Industrial Disputes Act that seeks to increase ease of business by reducing the compliance burden on industries in terms of lay-offs, retrenchment and compensation has received the assent of President Ram Nath Kovind.
  • The Industrial Disputes (Gujarat Amendment) Bill, 2020, which was passed in the state Assembly in September 2020.
  • Vipul Mittra, Additional Chief Secretary, state Labour and Employment department, said the amendment aims at reforms to increase ease of doing business, and was carried out on the instructions of Chief Minister Vijay Rupani as per the vision of Prime Minister Narendra Modi.

Jan 10, 2021

Refer Pesticide Bill to Select House Panel

  • Pesticide manufacturers want the government to refer the Pesticide Management Bill, 2020, pending in the Rajya Sabha, to a select committee of Parliament for wider consultations.
  • They are of the view that the Bill is fraught with infirmities and will impact farm and pesticide manufacturing sectors.
  • Introduced in the Rajya Sabha on March 23 last year, it is likely to be taken up for consideration during the upcoming session of Parliament for enactment into a law.
  • It seeks to replac the present Insecticide Act, which currently governs the registration, manufacturing, exports and use of pesticides in India.

Jan 09, 2021

NHAI Readies Launch of First Government-Sponsored InvIT

  • India's first government-sponsored Infrastructure Investment Trust (InvIT) could be operationalised by March this year.
  • Around six road assets worth Rs 5,000 crore have been given in-principle approval for transfer to the InvIT.
  • The National Highways Authority of India (NHAI), which received approval from the Union cabinet to float the InvIT in December 2019, is in the process of legal vetting of the financing instrument.
  • NHAI has been actively working on setting up an InvIT to monetise its completed and operational national highways projects with the objective of mobilising additional resources through capital markets.
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