&w=3840&q=100)
India-EFTA trade pact likely to be implemented in coming months: Goyal
The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties.
"I think it should come into effect, I believe in the next couple of months," Goyal said here at an event of SGS India.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Talking about the government's initiative to promote manufacturing of quality products in the country, Goyal said in the last 10 years, 156 quality control orders (QCOs) covering 672 products have been issued to cut import of sub-standard goods into the country.
Till 2014, only 14 such orders covering 156 products were issued.
He added that huge opportunities are there for testing, inspection and certification business in India.
"We focused on high quality product manufacturing and it will help capture global markets," he said, adding India's exports growth demonstrates the country's good quality of goods and services that India offers to the rest of the world.
He also said that the government is gradually promoting third-party certification.
Goyal suggested the industry identify areas where testing is required so that the government can set up more testing labs and appealed to larger industry bodies to support MSMEs in upgrading the quality of their products.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
37 minutes ago
- India Gazette
Pharma firms likely to post 11% growth in sales, EBITDA in Q1FY26: Report
New Delhi [India], July 6 (ANI): Pharmaceutical firms are expected to post 11 per cent year-on-year growth in both sales and EBITDA for the first quarter of Financial Year 2026 (Q1FY26), driven by sustained momentum across most markets, according to a report by Kotak Institutional Equities. However, the report added that the muted domestic demand in April and March may slightly offset gains. The hospitals segment is projected to see robust 17 per cent year-on-year growth in both sales and EBITDA, supported by increased footfalls, new bed additions, and a modest rise in ARPOB. In diagnostics, volume growth, better mix, and M&A activity are expected to contribute to a 14 per cent YoY sales increase across the coverage. 'For pharma companies, we expect continued traction across most markets to drive 11%/11% yoy growth in overall sales/EBITDA in 1QFY26,' the report added. India's pharmaceutical market for FY 2023-24 is valued at USD 50 billion with domestic consumption valued at USD 23.5 billion and export valued at USD 26.5 billion. The domestic pharma industry is considered to be the world's third largest by volume and 14th in terms of value of production. With an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics, the Indian pharmaceutical industry has a strong presence at the global level. According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry i.e. Pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs 1,75,583 crores. As per government data 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23. Research & Development (R&D) and innovation in Pharma Sector is done by number of institutions and organizations under various scientific Ministries/Departments. The Department of Pharmaceuticals has set up seven National Institutes of Pharmaceutical Education & Research (NIPERs) as institutes of national importance, which besides imparting postgraduate and doctorate education, conduct high end research in various pharma specializations. Further, Department has framed a 'National Policy on Research & Development and Innovation in Pharma-MedTech Sector in India' to encourage R&D in pharmaceuticals and medical devices. The policy also creates an ecosystem for innovation in the sector in order for India to become leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment to build a robust ecosystem to ensure the holistic development of R&D and Innovation. (ANI)
India Gazette
38 minutes ago
- India Gazette
India's forex reserves rebound by $4.8 bn to $702.78 bn after previous week's dip
New Delhi [India], July 6 (ANI): India's foreign exchange reserves (forex) witnessed an uptick of USD 4.8 billion to USD 702.78 billion for the week ending June 27, after a decline in the previous week, official data released by the Reserve Bank of India showed. In the week ending 20 June, forex stood at USD 697.93 billion, down by USD 1.02 billion from the previous week. In the week ending June 27, the major component of the forex reserves, the foreign currency assets, increased by USD 5.75 billion to USD 594.82 billion, the RBI data shows. The Gold reserves, however, witnessed a dip of USD 1.23 billion, standing at USD 84.5 billion, the weekly data revealed. Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion, touching an all-time high of USD 704.885 billion in end-September 2024. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Stable policy framework essential for growth, says Stellantis India CEO
European auto major Stellantis believes a long-term stable policy framework and its uniform roll-out across different states in India is critical for automakers to execute business plans on a long-term basis. Stellantis, which has presence in India through brands like Jeep and Citroen, feels that policy framework should work informally across the nation so that the industry is able to execute long-term business strategies. In an interaction with PTI here, Stellantis India CEO and MD Shailesh Hazela said that any investor who comes to India would like to see a little longer horizon in terms of policies. "So our wishlist for the government is that whatever they decide to put across, it should be for a longer period," Hazela stated when asked about government actions which could propel growth of Indian auto industry. It would be great if there could be uniformity in policies across the country in terms of EVs (electric vehicles) and taxation so that companies could plan nationally and not state wise, he noted. "If the government could bring uniformity, which they can, it would really enable the industry to plan in a unified and concise way," Hazela said. He cited the example of different states rolling out separate policies for electric vehicles. Hazela noted that in the past few years, the Stellantis group has created supporting infrastructure, and now it plans to scale up its presence especially for the Citroen brand. Hazela said a plan is already underway to scale up the brand's presence in the country with bolstering of sales network and new product introductions. The French automaker currently sells the C3 hatchback, the Aircross SUV, the Basalt coupe-SUV, and the electric e-C3 in the Indian market. He noted that Citroen will almost double its sales touchpoints in the next one year from around 80 to over 150, sharpening its focus on the smaller towns and semi-urban areas. "We are not sticking to one kind of format (sales touchpoints). We will have a mix of small and large ones," Hazela said. The company plans to focus on Tier III and even Tier IV markets, strategically chosen for their proximity to Tier I and Tier II cities and their potential for substantial growth. On market share aspirations, Hazela said: "We aspire to at least double our share from the last year to this year or in next 12 months, and then take it to the next number." Citroen launched its first model in India, the C5 Aircross SUV, in early 2021 and remains a small player in the over 40 lakh annual passenger vehicle market. Hazela said the brand has capability to roll out products based on multiple energy platforms and would introduce such models basis market demand. "We will continue to explore for CNG, because that's the available fuel in a sustainable way, we have our EV which will continue to grow," he added. Last year in January, Stellantis announced an additional investment of ₹2,000 crore under the Citroen brand in Tiruvallur district, Tamil Nadu. This investment will be made over a period of the next 6 years and will take the total investment in the state to Rs 3,250 crore. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
