India's exports grew by 67.39 per cent to $32.21 billion in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according government data released on Wednesday. Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion, the commerce ministry's preliminary data showed. Imports in May rose by 68.54 per cent to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $46.68 billion.
Exports stood at $23.6 billion in April last year, according to data released by the Commerce Ministry in New Delhi on Friday.
Cumulative exports during April-August of 2017-18 rose by 8.57 per cent to $118.57 billion
In September, 2010, the country's outbound shipments were valued at $18.2 billion.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
Telecom firms earning foreign exchange on incoming overseas calls, Internet services and rentals from cable networks are not entitled to duty sops under an export promotion scheme, says the government.
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
The items prohibited for import into India from the neighbouring country would include chocolate and chocolate products, candies, confectioneries and food preparations with milk as an ingredient.
The government will announce the annual Foreign Trade Policy on April 8, which will aim at giving a boost to exports of pharmaceutical, auto components and services.
The government has constituted a high-powered committee, headed by Planning Commission Member NK Singh, to set new guidelines for regulating film financing.
Imports grew at a faster rate of 20.25 per cent to $40.1 billion.
The commerce ministry has mandated bar coding on all medicine packs meant for exports from July 1, to trace and track these medicines to its source of origin. The move is in response to quality concerns raised against Indian drugs by some African countries.
Breaking its silence on reports that Chinese telecom equipment makers are being banned in India on security reasons, Beijing on Monday urged New Delhi to remove restrictions and said such curbs amount to discrimination.
The next Budget is likely to see significant changes in the duty structure for the gems and jewellery sector
There was a wide fluctuation in the growth rate for exports when the basis of comparison was changed from provisional-to-provisional to provisional-to-provisionally revised or final.
For the purpose the ministry will rope in the private sector companies to give a boost to Indian tea abroad.
In a statement, the state government alleged 'malicious attempts' to discourage the use of products lacking a halal certificate not only seek 'unfair financial benefits' but also form part of a 'pre-planned strategy to sow class hatred, create divisions in society, and weaken the country' by "anti-national elements".
The broader NSE Nifty too advanced 50.70 points, or 0.43 per cent, to close at 11,941.30.
Scores of leading SEZ promoters, including Infosys Technologies, CMC Ltd, Hindalco Industries, NIIT Technologies, HCL Technologies, Orient Craft Infrastructure, L&T Phoenix Infoparks and K Raheja Corp, have sought more time from the Board of Approval, which is meeting in New Delhi on June 2.
According to industry experts, there are more than 10,000 drug manufacturers in the country and most of them are small-sector units operating in the generic segment. With a large number of drugs going off-patent in developed markets like the US and Europe, Indian companies are expected to garner a lion's share in the segment.
Is Guar the next commodity that is likely to be banned by the Forward Markets Commission?
China which recently emerged as the world's second largest economy has now become the fifth biggest global investor even as Foreign Direct Investment into the country is set to cross $100 billion this year.
The Department of Industrial Policy and Promotion in the commerce ministry has asked state governments and central ministries to re-examine and streamline existing procedures, so as to provide a hassle-free environment for business.
With the abolition of the Foreign Investment Promotion Board (FIPB), Amazon's proposal will now be vetted by the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry.
The economy clocked a robust 7.9 per cent growth in the second quarter, catapulted by a stimulus packages-powered strong industrial growth. And, manufacturing grew by 9.2 per cent against 5.1 per cent in the year-ago quarter.
India's exports are growing at 20 per cent an year and will cross the target of $92 billion set for 2005-06, according to the annual report of the commerce ministry released on Thursday.
The Directorate General of Foreign Trade said in a directive that telecom operators will have to refund the duty sops availed under the commerce ministry's export promotion scheme for services -- Served From India Scheme.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
India on Tuesday banned exports and imports of all items from North Korea that can be used in nuclear or ballistic missile plans. The Commerce Ministry imposed a blanket ban on "all items, materials, equipment, goods and technologies which could contribute to the Democratic People's Republic of Korea's nuclear-related, ballistic missile-related and other weapons of mass destruction-related programmes".
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