A decision to tap the 30 countries for exporting wheat was taken at a meeting of the commerce ministry on Thursday.
India's exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48 per cent to $53.10 billion.
President Kovind, who arrived in Dhaka earlier in the day on his maiden State visit at the invitation of his counterpart M Abdul Hamid to attend the golden jubilee celebrations of Bangladesh's independence from Pakistan in 1971, held delegation-level talks with him which was followed by a banquet.
A new passenger train connecting Dhaka and New Jalpaiguri on the Indian side was inaugurated jointly by Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina via a video conference.
The agreement once signed can be worth over $359 million per year, according to international cotton prices that fell to $500.4 per candy (355 kilograms) as of May 11, 2012.
A high-powered inter-ministerial committee was expected to finalise the list based on the suggestions and recommendations from different chambers, business houses and trade experts, the Daily Star newspaper reported.
Exports are slowing and economic growth in major markets for Indian goods has taken a hit.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
The country's exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry's data released on Wednesday. The merchandise exports rose by by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21. Previously, the outbound shipments had touched a record of $330.07 billion in 2018-19.
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Prime Minister Narendra D Modi's itinerary for his June 21-24 US visit could include an address to a fledgling business advocacy group, the US-India Strategic Partnership Forum.
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
The compulsions of domestic politics notwithstanding, India and Bangladesh script a new story in bilateral relations, say Nayanima Basu and Aditi Phadnis
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
Demand will boom in the US and China, but exporters say it will be difficult for India to tap these markets.
The tourism industry expects a short-term impact, as it is counting on the state's proven expertise in managing such crises.
The move comes amid sharp increase in retail prices of onion since August despite the government's several measures to boost the supply and contain prise rise.
India's exports contracted 12.2 per cent to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $23.76 billion during the same period, according to official data released on Monday. Imports in December 2022 also declined 3.5 per cent to $58.24 billion as against $60.33 billion in the year-ago period. In December 2021, exports stood at $39.27 billion and the trade deficit was at $21.06 billion.
Despite being a neighbour, Pakistan has never accounted for more than 2 per cent of India's total exports, and its share in India's total imports is less than 1 per cent. On the other hand, bilateral trade between India and Bangladesh has increased five times.
'The Arunachal border is not demarcated in that way, so there can be differing perceptions (between two sides)'
The approvals would be handled independently by administrative ministries of different sectors.
The Bangladeshi prime minister said that India's sudden decision to stop onion exports has led to a bit of difficulty for her countrymen.
Irani said: "Everyone should work within the ambit of law. If somebody flouts laws unconstitutionally they will not get support from the BJP."
Not many people in Bangladesh are talking about the Teesta issue.
Currently, India imposes 30-45 per cent duty on textile products from Pakistan.
'As much as $4 billion in India's start-up companies has come from Chinese funds.' 'Government policy must not remain indifferent to the problems India's start-up ventures are likely to face after the change in FDI rules,' says A K Bhattacharya.
India Inc had cheered Donald Trump's decision to scrap TPP, but now there is a growing sense that it won't really lead to positive growth in trade with the US. Subhayan Chakraborty reports.
Imports too tumbled by 58.65 per cent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
'The Israeli government is saying, "OK, leave northern Gaza, because we're going to fight Hamas there".' 'But Hamas is not stupid. They are going to put militants in southern Gaza too. And then what's Israel going to do?' 'At some point are they going to say, 'Leave southern Gaza too because we want to fight Hamas there? Go across the border to Egypt"'? 'That's what people are worried about. Because they fear that once they cross the border into Egypt there will be no coming back.'
The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments.
Speaking at a seminar in New Delhi, Madhav stressed that culture and religion have been the major aspect of ties between India and Southeast Asia
While India ranks 60, Switzerland, Sweden, the Netherlands, the US and UK retained their top spots as the most-innovative countries. China is at 22nd spot.
'India has an advantage because we produce more cotton and we have more workforce.'
With EU, it is part of the FTA that we will need to negotiate.
After assuming power in 2014 with a full majority of its own, the BJP-led NDA government started an ambitious process of reforming labour laws in the form of codes aimed at making the framework less cumbersome with a variety of alterations. It had planned four codes each for industrial relations, wages, social security and welfare, and occupational safety, health and working conditions. To this end, 35 central labour laws were to be converted into four codes that would have had the virtue of streamlining labour relations. But none of the proposed code Bills could be converted into a law principally because neither trade unions nor industry representatives came on board. They hold the key to India's low-growth-high unemployment paradigm but the government may struggle to push them through this time as well. Somesh Jha explains why
A punitive majoritarian State can make an example of individuals who raise their voice in criticism of the prime minister and divisive politics, warns Sunil Sethi.
Prime Minister Narendra Modi and leaders of other South Asian Association for Regional Cooperation countries will meet in Kathmandu on Wednesday with an aim to revitalise the regional grouping and make it a major platform to fuel economic growth through liberalised trade and combat challenges of terrorism and climate change effectively.
