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Insurance facility for traders in Haryana: CM

Chandigarh, July 16 (KNN) Haryana Chief Minister Manohar Lal said that insurance facility has been started for traders in the state and its tender will soon be floated.

While interacting with the media, he said that the traders will get benefit of the insurance facility as per taxation. The genuine demands of the traders in the state will be fulfilled and training camps will also be organized for them as per requirement

He stated that the State Government is committed to make every section of the state prosperous. Special rounds of meetings are going on with all sections of society, so that the problems and demands of the concerned can be fulfilled, he said.

Minister said that after August 15 Jan Ashirwad Rally will be organized in the state.

The Minister said that water crisis is a big issue which the Centre and the State Governments are considering seriously. Awareness is being raised to tackle the water crisis so that the water is used properly. Concerted efforts should be made to raise the ground water level.

The message of ‘Jal Hai To Kal Hai’ was given in the Rahagiri program organized at Hisar, he said.

Plantation drive is also being carried out for water conservation. Prime Minister Narendra Modi has also called upon to take care after planting of trees. School students have also been encouraged for this, under which plantation scheme has been started for the students of class 6th to 12th standard, he said.

After six months, the plant will be reviewed and on that basis, prize money of Rs. 50 each will be provided to the students, he added.

The party is ready for Haryana Assembly Elections, which will be held after three months. In its election manifesto, the resolution would be made to remove every difficulty of every section of the state, for which the government is taking effective steps from now onwards, he added.

The Chief Minister said that successful Rozgar Melas have been organized for unemployed youth. The State Government is committed to provide employment to every youth, in which the Government's Skill Development Program will play a major role.

Employment will provided to every young person whether in sector government, private sector or self-employment, he added.

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Web-based application system introduced by SIDBI for contribution from Fund of Funds for Startups

New Delhi, July 16 (KNN) With an aim to improve the turnaround time and increase transparency, Small Industries Development Bank of India (SIDBI), has introduced web-based application system for contribution from the Fund of Funds for Startups (FFS).

Applications for contribution from various Alternative Investment Funds (AIFs) will now be accepted online and the status of the same shall be accessible to applicants, said the official release.

To begin with the application process, the AIF should create an account, fill in the details and submit the application form online along with the required supporting documents, it added.

The provision of submission of online application shall be on the home page of SIDBI (https://www.sidbi.in/).

 Chairman and Managing Director of SIDBI, Mohammad Mustafa said, "With this introduction, a lot of administrative work is expected to be reduced and it will smoothen the entire process. SIDBI is the implementing agency for FFS with a corpus of RsAnchor 10,000 crore on behalf of Government of India”.

 SIDBI has also undertaken various development initiatives to build a vibrant startups ecosystem. Next month SIDBI will be celebrating Investors Day to support startups seeking funding via venture capital route.

While FFS would address these issues and enable the flow of assistance to innovative startups through their journey to be fully-fledged business entities. Contribution of Government to the target corpus of the individual fund as an investor would encourage greater participation of private capital and thus help leverage mobilization of larger resources.

The Union Cabinet, led by the Prime Minister Narendra Modi, has approved the establishment of FFS at SIDBI. This was introduced With the Startup India Action Plan unveiled by Government in January 2016.

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India is working for a fair deal on RCEP that does not allow unfair market access: Goyal

New Delhi, July 16 (KNN) On proposed free trade pact, Regional Comprehensive Economic Partnership (RCEP), India is working for a fair deal which protects the country’s interests and does not allow unfair market access, said Piyush Goyal, Union Minister of Commerce & Industry and Railways.

From now no agreement or trade pact on commerce will be at the cost of India's interests, the country’s sovereign requirements and interests of the citizens, he added.

He made the above remarks while interacting with the Indian diaspora in London.

During his hour-long interaction with the Indian Diaspora the Commerce Minister explained the strategy and focus of the newly elected Government.

He said that Indian government is looking for ideas from all sides to strengthen and to give confidence to international investors, with the best of technologies, to come to India and invest.

Speaking on trade with the UK and the US, the Minister said that there are obviously some red lines, which each side may find very difficult to compromise. Until we can respect that, as one would do in a business transaction or while negotiating a good deal, it will not be impossible to resolve it. Every country has to protect its national interest, legal sovereignty and the interests of its citizens added the Minister.

Goyal further said that the FTAs entered into by India in 2009-10 had not been good deals and some of them are causing agony which is why India is looking at the United States to put that baggage behind and move forward.

Commerce & Industry Minister informed that the Ministry is now trying to speed up the entire process and streamline the patent office. There was a 7-year backlog in 2014.

He informed that from now on all patent applications will be in the public domain and transparency will be maintained.

Speaking on IPR enforcement, Goyal said that India has a long way to go as the process itself is very slow at the moment. The entire framework around IPR has to be strengthened in order to give confidence to international investors, with best of technologies, to come to India and invest.

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Registration for the next batch of GSPs has now been opened

New Delhi, July 16 (KNN) Goods and Service Tax Network (GSTN) has published a form for registration of the next batch of GST Suvidha Providers (GSPs) on its website.

Applicants who wish to register for partnering with GSTN as a GSP may submit their details on www.gstn.org/ecosytem/index.php latest by August 7, 2019.

The GSPs are envisaged to provide innovative and convenient methods to taxpayers and other stakeholders in interacting with the GST Systems from registration of entity to uploading of invoice details to filing of returns.

IT/ITES/BFSI Company registered in India for at least 2 years; any department of the Government of India and Public Sector Undertakings under Government of India as well as those of the States are eligible for registering under GSP.

Those desirous of enrolling as GSP may visit www.gntn.org.in/ecosyetm for full details on GSP ecosystem.

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NSDC partners with betterU to bridge skill gap in India

New Delhi, July 16 (KNN) National Skill Development Corporation (NSDC) has partnered with Canada based betterU for providing opportunities to the Indian youth to gain access to learning at affordable prices.

Global education-to-employment platform in conjunction with NSIC will work to integrate NSDC’s current solutions and technologies and will also collaborate with its partners to strengthen current systems.

The collaborative model has been designed to continually add global content and methods of delivery to support different types of learning mechanisms for freshers, experienced employees and corporates amongst others, the official release said.

Commenting on the association, MD & CEO, NSDC, Dr. Manish Kumar said, “NSDC is focused towards developing solutions that add value to skill development programs and invigorates vocational training across the country. We believe that this partnership would significantly contribute towards our common objectives of providing high quality learning to Indian youth”.

About the partnership, President and CEO, better, Brad Loiselle, explained, “We believe that education is the foundation for growth, which then increases the household income and supports the economy. We are delighted to partner with NSDC, because our joint vision and business model is to support all skills, and, if we do not have the right content, our business model is to find it and make it available.”

The overall challenge is that most educators are focused on specific type of learners, type of content and type of target audience. Millions of people’s variables cannot be supported by individual educators. betterU’s goal is to provide education support for everyone, he added.

Our partnership with NSDC will help us achieve positive results reaching wider youth population and help in bridging the skills gap, Loiselle added.

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Chevella MP urges Centre to accord permission for HNIC; says proposed corridor to facilitate MSMEs

Hyderabad, July 16 (KNN) The Member of Parliament from Chevella district in Hyderabad, G Ranjith Reddy, requested the Union Minister of Commerce and Industry Piyush Goel to ensure that the Union Cabinet accords permission for the proposed Hyderabad-Nagpur Industrial Corridor (HNIC).

The proposed HNIC would help the industrialists to set up oil refineries, textiles, handlooms, handicrafts, paper industries, mining activity, engineering, cattle rearing, poultry and other industries. Thus, it would help in generating employment opportunities and also development of Micro Small and Medium Enterprise (MSME) sector, said Reddy.

Reddy satted that the Union Cabinet should accord permission for the HNIC for which the Detailed Project Report (DPR) was submitted to the Union government.

Reddy asked the Central government to provide free gas stove to those who get new domestic gas connections.

He told the Union Minister that the Telangana State government submitted the DPR for the HNIC. The Union Commerce Ministry accorded in-principle approval for the DPR in 2016 itself, the Chevella MP pointed out.

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Indian Trade & Commerce will be leveraged with National Retail Policy

New Delhi, July 16 (KNN) The Confederation of All India Traders (CAIT) has complimented Prime Minister Narendra Modi and Commerce Minister Piyush Goyal for speeding up the draft of first National Retail Policy which is about to be released by Department for Promotion of Industry and Internal Trade (DPIIT) very soon.

The policy will encourage structured growth of trade & commerce in India which has a huge potential to grow and there is a need to just exploit the resources of domestic trade, said CAIT.

CAIT National President B.C.Bhartia & Secretary General Praveen Khandelwal said that business community across the country is eagerly awaiting the draft of National Retail Policy which is certainly going to provide much desired support to domestic trade.

They said that since independence domestic trade was never on priority of any government and as such it has grown in the country on its own. The retail trade in India generates an annual turnover of Rs 650 billion dollars that is approximately Rs 45 lakh crore per year.

It is for the first time that the Modi government has realized the important role of trading community in economy and as a result of which the National Retail Policy is about to be rolled out. The CAIT has in forefront since last five years stressing the need of such policy to strengthen retail trade of India.

Also they said that major contours of the policy could be support policies for self-sustained growth of retail trade, up gradation and modernization of retail trade, one license instead of numerous licenses, district level Committees with officials and trade representatives for smooth conduct of business activities etc.

The Retail policy will prove to be a game changer setting out certain parameters and modalities under which retail trade in the Country will operate. About about 7 crore traders in the country are part and parcel of domestic trade and rendering magnificent contribution to national exchequer.

The retail sector has so far managed itself and if this sector is given a policy, it will have unprecedented growth. The retail sector has mainly four verticals small retail, corporate retail, e-commerce and direct selling.

The policy will be a bridge between these four verticals and will lead to comprehensive growth and will also promote exports by SME sector which will be a gain for balance of trade in the country, they added.

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Decline in exports reflects worsening global economic conditions: FIEO

New Delhi, July 16 (KNN) A de-growth in exports is a reflection of sluggish global demand and rising tariff war, said Federation of Indian Export Organization (FEIO).

Reacting to the sliding merchandise exports growth during June, 2019, FIEO President, Sharad Kumar Saraf, said the softening of crude and steel prices also pulled down exports.

He is of the view that the US-China Trade war and developments in Iran further aggravated the problem of the world economy. The uncertainty attached to it will also affect the flow of investment and add to currency volatility.

Only 9 out of 30 major product groups were in positive territory during June 2019 including some plantation and agriculture sector, iron ore, ceramic products & glassware, drugs & pharma, electronic goods and jute manufacturing including floor covering, he pointed.

Rest all major sector of exports including almost all labour-intensive sector exports besides petroleum for first time in recent times were in the negative with such a decelerating trend, Saraf mentioned.

He said that domestic issues including access to credit, cost of credit especially for merchant exporters, interest equalization support to all agriculture exports, benefits on sales to foreign tourists and quick refund of GST should be seriously looked into.

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India’s exports exhibit negative growth of 9.71% in June 2019

New Delhi, July 16 (KNN) India’s exports in June 2019 were USD 25.01 billion, as compared to USD 27.70 billion in June 2018, exhibiting a negative growth of 9.71 per cent.

As per the figures revealed by the Commerce Department, non-petroleum and non-Gems and Jewellery exports in June 2019 were USD 19.15 billion, as compared to USD 20.13 billion in June 2018, exhibiting a negative growth of 4.86 per cent.

Non-petroleum and Non Gems and Jewellery exports in April-June 2019-20 were USD 60.10 billion, as compared to USD 59.86 billion for the corresponding period in 2018-19, an increase of 0.40per cent.

Petroleum imports recorded a fall of 13.33 per cent to $11.03 billion in June as global Brent price decreased by 15.81 per cent during the month.

Among other major items, exports of gems and jewellery (10.7%), readymade garments (-9.18%), chemicals (-8.17%) and engineering goods (-2.65%) also contracted.

Imports declined 9.06 per cent during the month to $40.29 billion, which resulted in trade deficit shrinking 7.98 per cent to $15.28 billion, as per figures released by the Commerce Department.

The decline in exports in June 2019 is due to a number of factors, including a high base effect of an extraordinarily good month in June 2018, the projected weakening of global trade growth to 2.6 per cent in 2019 and many major economies, including the US, Japan, China and the EU, showing negative exports,” said Anup Wadhawan, Commerce Secretary at a press conference.

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KVIC installs bee boxes with bee colonies at SPG Campus in Dwarka

New Delhi, July 15 (KNN) The Khadi and Village Industries Commission (KVIC) has installed Bee-Boxes with bee colonies at the headquarters of Special Protection Group (SPG) in Dwarka in southwest Delhi.

Besides production of honey, this will also promote growth of flora in and around the campus since bees bring about cross-pollination.

The advice for this was given by Prime Minister Narendra Modi during his recent visit to the SPG Headquarters.

According to KVIC Chairman, Vinai Kumar Saxena, three SPG gardeners were provided practical training for examination of honeybee colonies, acquaintance with apicultural equipments, identification and management of bee enemies and diseases, honey extraction and wax purification and management of bee colonies in spring, summer, monsoon, autumn and winter seasons in KVICs training centre.

The bee-boxes were then installed in presence of the SPG officials.

He said that KVIC has distributed over 1.10 lakh bee-boxes across India in last one and half years. This has created over 11,000 new jobs for the farmers, unemployed youths and tribal people; 430 metric tonnes of honey worth Rs 4 crore has been extracted through these bee-boxes only.

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