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India's Foreign Trade: March 2021

India’s overall exports (Merchandise and Services combined) in April-March2020-21* are estimated to be USD 493.19 Billion, exhibiting a negative growth of (-)6.66per cent over the same period last year. Overall imports in April-March 2020-21* are estimated to be USD 505.94 Billion, exhibiting a negative growth of (-)16.53per cent over the same period last year. *Note: i) The latest data for services sector released by RBI is for February 2021. The data for March 2021 is an estimatio..

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CCI approves acquisition of 89.6% of equity shareholding of Gangavaram Port Limited

The Competition Commission of India (CCI) approves acquisition of 89.6% of equity shareholding of Gangavaram Port Limited (“GPL”) by Adani Ports and Special Economic Zones Limited (“APSEZ”) under Section 31(1) of the Competition Act, 2002, on 13th April 2021. The proposed combination relates to the acquisition of 89.6% of the shareholding in GPL (i.e., the entity operating Gangavaram port) by APSEZ. APSEZ is an integrated port infrastructure services provi..

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Shri Piyush Goyal virtually inaugurated e-SANTA providing a platform to connect aqua farmers & buyers

Shri Piyush Goyal inaugurates e-SANTA, an electronic marketplace providing a platform to connect aqua farmers and the buyers. Shri Goyal said it will raise income, lifestyle, self-reliance, quality levels, traceability and provide new options for our aqua farmers Our Government is committed towards the welfare of farmers: Shri Goyal Union Commerce and Industry Minister Shri Piyush Goyal today virtually inaugurated e-SANTA, an electronic marketplace providing a platform to connect a..

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CCI to review the extant Confidentiality Regime as provided in Regulation 35 of the CCI (General) Regulations, 2009

In light of experience gained and difficulties faced in enforcement of the present Confidentiality Regime as provided in Regulation 35 of the Competition Commission of India (General) Regulations, 2009, the Competition Commission of India (CCI) has decided to review the extant mechanism.   Accordingly, a detailed draft proposal for introducing setting up of a Confidentiality Ring for public consultation along with a draft of the revised Regulation 35 of the General Regulations is put ..

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GoI announces auction for Sale (Re-issue) of GS 2022 / 2030 / 2061

The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘3.96% Government Security, 2022’ for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) ‘5.85% Government Security, 2030’ for a notified amount of Rs 14,000 crore (nominal) through price based auction, and (iii) ‘6.76% GS 2061’ for a notified amount of Rs 9,000 crore (nominal) through price based auction. GoI will ha..

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CCI approves acquisition of shareholding in Magma Fincorp Limited

CCI approves acquisition of shareholding in Magma Fincorp Limited by Rising Sun Holdings Private Limited and Mr Sanjay Chamria and Mr Mayank Poddar The Competition Commission of India (CCI) approves acquisition of shareholding in Magma Fincorp Limited by Rising Sun Holdings Private Limited and Mr Sanjay Chamria and Mr Mayank Poddar. The proposed combination envisages acquisition of stake in Magma Fincorp Limited (Magma Fincorp) by Rising Sun Holdings Private Limited (Rising Sun) and Mr San..

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Status of Production-Linked Incentive Schemes

Minimum production in India as a result of PLI Schemes is expected to be over US$ 500 billion in 5 years; Nine PLI schemes have been approved by the cabinet so far In the Union Budget 2021-22, presented on 1st February 2021, the Finance Minister announced an outlay of INR 1.97 Lakh Crores for the Production-Linked Incentive (PLI) Schemes for 13 key sectors, to create national manufacturing champions and generate employment opportunities for the country’s youth. This means that minim..

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Union Cabinet approves Production Linked Incentive Scheme for White Goods

Union Cabinet approves Production Linked Incentive (PLI) Scheme for White Goods (Air Conditioners and LED Lights) Incentives worth Rs. 6,238 Crore to be provided over five years for manufacturing of these products in India Production Worth Rs. 1.68 Lakh Crore and Exports Worth Rs. 64,400 Crore Estimated in Five Years Will help facilitate additional investments of Rs. 7,920 Crore, Generate Direct and indirect Revenues of - Rs. 49,300 Crore and create four Lakh Jobs in Five Years Takin..

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CCI approves proposed combination by Sundaram Asset Management Company Limited

CCI approves proposed combination relating to acquisition of Principal Asset Management Private Limited, Principal Trustee Company Private Limited and Principal Retirement Advisors Private Limited by Sundaram Asset Management Company Limited The Competition Commission of India (CCI) approves the proposed combination relating to acquisition of Principal Asset Management Private Limited, Principal Trustee Company Private Limited and Principal Retirement Advisors Private Limited by Sundaram Asse..

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GoI announces auction for Sale (Issue / Re-issue) of different government securities

Auction for Sale (Issue/Re-Issue) of (i) 'New GS 2026', (ii) 'GoI Floating Rate Bond 2033', (iii) 'New GS 2035', and (iv) '6.67% GS 2050' The Government of India (GoI) has announced the Sale (Issue/Re-issue) of (i) 'New Government Security, 2026' for a notified amount of Rs 11,000 crore (nominal) through yield based auction, (ii) 'GoI Floating Rate Bonds, 2033' for a notified amount of Rs 4,000 crore (nominal) through price based auction, (iii) ..

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GoI and Islamic Republic of Iran sign agreement for double taxation and prevention of fiscal evasion w.r.t taxes on income

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st April, 2021 (Income-tax) S.O. 1442(E).—Whereas, an Agreement between the Government of the Republic of India and the Government of the Islamic Republic of Iran for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 17th February, 2018 as set out in the Annexure to this notification (hereinafter referred to as the "Agreement‟);..

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First time ever in a month, Indian exports crossed US$ 34 billion in March 2021

FIRST TIME EVER IN A MONTH, INDIAN EXPORTS CROSSED US$ 34 BILLION IN MARCH 2021; INDIA’S MERCHANDISE TRADE: Preliminary Data for March 2021 released; India’s merchandise exports in March 2021 were USD 34.0 billionas compared to USD 21.49 billion in March 2020, anincrease of 58.23%; India’s merchandise imports in March 2021 were USD 48.12 billion as compared to USD 31.47 billion in March 2020an increase of 52.89%; India is a net importer in March 2021 with a trade de..

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