Reconstitution of Board of Trade under Foreign Trade Policy establishes a consultative advisory body for trade policy.
Reconstitution of the Board of Trade under the Foreign Trade Policy creates a consultative advisory body to provide continuous discussion with trade and industry and advise the Government on policy measures to boost trade. The Board comprises non official industry and academic members, ex officio heads of trade associations, and senior government and public sector officials; the terms of reference and full member list are publicly available.

Tax reform and simplification: VAT and administrative measures to boost compliance and finance expanded public services.
The budget presents fiscal estimates financed mainly from tax revenue and central transfers, and advances taxation principles of distributive character, simplification, minimising arbitrage and voluntary compliance. It proposes specific VAT rate reductions and rationalisations, administrative digitisation and public reward schemes to augment compliance, and legislative and online reforms in excise, stamp duty and registration to plug revenue leakages while allocating significant plan outlays to education, health, water, public transport, urban development and social welfare.

Wheat production reporting: misinformation can pressure import duty changes and may lower domestic prices harming farmers.
The Minister rejected a report of a large wheat production shortfall, stating production estimates remain near prior levels and central pool stocks exceed stocking norms; he asserted the report seeks to force a reduction in import duty, which would lower domestic prices and harm farmers, and emphasised ongoing procurement, open market sales and price monitoring to protect farmers and food price stability.

Exchange rate notification sets conversion rates for specified foreign currencies for import and export goods effective immediately.
Determination under section 14 of the Customs Act fixes the rate of exchange between specified foreign currencies and Indian rupees for imported and export goods, superseding an earlier notification while preserving prior actions. Rates are set in two annexed schedules: Schedule I lists per unit currency rates with separate columns for imported and export goods; Schedule II lists rates per one hundred units for certain currencies, also with distinct imported and export figures. The determination is effective from the date specified in the notification and establishes the official conversion benchmarks for customs purposes.

Foreign Direct Investment approvals under approval and automatic routes affect regional inflow reporting and state allocation.
FDI applications under the approval route and corresponding sanctioned amounts for 2014-15 and 2015-16 (upto Jan 2016) are reported, while most sectors allow up to 100% FDI under the automatic route. RBI regional office-wise equity inflows for April 2014-December 2015 are provided as aggregates, but regional coverage and company reporting practices mean these figures cannot be used to allocate investment exclusively to individual states.

Import safeguards and trade remedies restrict below-cost steel imports through duties and minimum import prices.
Protection of the domestic steel sector is effected via Quality Control Orders, tariff increases and targeted trade remedies: imposition of Anti Dumping Duty on certain stainless hot rolled flat products, a provisional Safeguard Duty on hot rolled non alloy and other alloy flat products, and a Minimum Import Price on 173 steel items prohibiting imports below notified prices.

Trade deficit narrows as exports and imports fall, reflecting contraction in merchandise and services trade.
Merchandise exports and non-petroleum exports declined in February 2016 and cumulatively for April-February 2015-16; imports also fell in dollar terms with oil imports markedly lower and non-oil imports showing modest reductions. Services receipts turned negative month-on-month for January 2016 and cumulative services exports were lower year-on-year. Provisional tables present exports, imports and trade balances in US dollars and rupees, and the combined merchandise and services accounts show a narrower overall trade deficit for the period compared with the prior year.

Maritime tax incentives: zero rating of export shipping and CENVAT credit availability to reduce shipping costs and boost competitiveness.
Indirect tax amendments permit CENVAT credit and reclassify key shipping services: import cargo freight is excluded from the Negative List enabling CENVAT credit; transportation of goods by Indian ships to destinations outside India is proposed to be zero rated with CENVAT credit; coastal shipping freight receives an abated service tax rate while allowing CENVAT credit. Central excise duty on goods for repair of ocean going vessels is reduced and ship repair capital goods are permitted at NIL duty, collectively lowering domestic repair and transport costs.

Pricing freedom for deepwater gas allowed, capped by a landed-price ceiling and revised semiannually under PPAC notification.
Granting marketing including pricing freedom for gas from HPHT, Deepwater and Ultra Deepwater discoveries, subject to a ceiling equal to the lowest of fuel oil landed price, a weighted substitute-fuels landed price (0.3 coal + 0.4 fuel oil + 0.3 naphtha), and LNG landed price. Applicable to future discoveries and existing discoveries not in commercial production as of 1.1.2016, with pending pricing litigation/arbitration delaying applicability until resolution. Ceiling calculated from trailing four quarters with one-quarter lag, revised semiannually and notified by the Director General, PPAC.

Foreign direct investment liberalisation expands automatic route access and simplifies approval, ownership and sectoral conditions for investors.
The document summarises liberalisation measures under the Make in India initiative to expand the automatic route and relax sectoral caps for FDI across multiple sectors, introduce fungibility of foreign investments under composite caps, and enable certain investor classes to invest up to revised limits without change of control. It records procedural reforms deeming certain NRI investments as domestic, extending NRI dispensations to foreign incorporated entities owned by NRIs, permitting manufacturer retail including e commerce, relaxing single brand retail sourcing norms, simplifying construction development conditions on area and capitalization, and raising the inter ministerial approval threshold to accelerate approvals.

Export subsidy elimination protects developing countries' flexibility for marketing support and preserves food security safeguards in trade rules
The Nairobi decisions require phased elimination of export subsidies under the WTO Agriculture Agreement, with developed Members removing most subsidies immediately and developing Members allowed longer timeframes; developing Members retain flexibility to support marketing and transport costs for agricultural exports until a later cutoff and the poorest and food importing developing countries receive additional time. The decisions also recognise public stockholding for food security and establish a Special Safeguard Mechanism to address developing countries' needs to protect farmers' livelihoods and food security.

Promotion of electronics hardware manufacturing through incentives and infrastructure support to boost domestic production and innovation.
Promotion of electronics hardware manufacturing is supported by capital subsidy incentives under M SIPS, project assistance for Greenfield and Brownfield Electronics Manufacturing Clusters, tariff rationalisation and duty exemptions under the Electronics Hardware Technology Park scheme, together with automatic-route FDI approvals to attract investment and administrative engagement at the state level to expand domestic production and infrastructure.

Economic relief to industry: tax incentives and targeted measures expand incentives and exemptions for manufacturing and exporters.
Economic relief to industry and commerce is implemented through a package of tax incentives and sectoral duty relief including special tax rates, exemptions, rebates, deductions, deferrals and credits; targeted measures such as accelerated depreciation, weighted deductions for research, incentives for infrastructure, SEZs, telecom, power, mineral oil and gas production, housing, cold chain and food processing, rural hospitals, waste processing, employment of new workmen and offshore banking units; and area-based relief for industrially backward regions.