Ministry of Commerce and Industry Current Affairs - 2019

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World Customs Organization recognised HS Code for India’s Signature Fabrics-A Boost for Khadi Exports

The Ministry of Commerce and Industry has allocated separate HS code for signature fabric of India. HS stands for Harmonized System and was developed by the World Customs Organization (WCO). The code is used by customs officers to clear commodities entering or crossing international border.

HS Code

It is a multi purpose International Nomenclature that describes type of goods being shipped. The code follows Kyoto Convention of 1974. It is being used by more than 200 countries. The code aids countries in collection of international trade statistics and forms a basis for customs tariffs. This helps in better reach of the product and increases its global popularity.

World Customs Organization

The WCO is an inter governmental organization headquartered in Brussels, Belgium. It was founded in 1952. It administers the technical aspects of WTO, agreements on customs valuation and rules of origin. It works towards the development of international conventions, rules of origin, supply chain security, IPRs, customs reforms and modernization, etc.

India’s Signature Fabric

Khadi is the term used for fabrics that are hand spun and hand woven. It is recognized as signature fabric of India. It gained its importance since the freedom movement of boycott.

According to Indian Flag Code, Khadi is the only material allowed to be used for the flag. If flying flag is made with any other material the offense is punishable by law with imprisonment up to 3 years and fine.

 

Rising Himachal Global Investors’ Meet 2019

The State Government of Himachal Pradesh is organizing Rising Himachal Global Investors’ Meet 2019, a flagship business event, at Dharamshala on 7 -8 November 2019. The event will be attended by diplomats, leaders from senior policy makers, corporate sector development agencies and investors from across the globe. The event will also be attended by Union Commerce and Industry and Railway Minister, Piyush Goyal, who will highlight about government investment and policies for promoting investment in Himachal Pradesh and hill states of India.

About Rising Himachal Global Investors’ Meet 2019

The Global Meet will showcase investment opportunities and policy & regulatory environment in 8 focus sectors for boosting manufacturing and employment generation in Himalayan State. These 8 focus sectors include- (1) agri-business and post-harvest technology, (2) housing and urban development, (3) manufacturing and pharmaceuticals, (4) civil aviation, hydro and renewable energy, (5) wellness, tourism and hospitality, (6) healthcare and AYUSH, (7)  IT-ITeS and electronics, (8) education and skill development.

The Rising Himachal Summit is promoted by Invest India, the National Investment Promotion and Facilitation Agency through the India Investment Grid (IIG), a Union government’s initiative to showcase investment opportunities across states and sectors in India on a single interactive platform. Invest India under the Union Ministry of Commerce and Industry, helps investors looking for options and investment opportunities in India.

During the two days Global Investors’ Meet there will also be a session on ‘Growing economic ties between Invest India and United Arab Emirates (UAE)’.