The country's goods and services exports have crossed $820 billion in 2024-25, marking a nearly 6 per cent increase over the previous fiscal year despite global economic uncertainties, the commerce ministry said on Wednesday. The exports stood at $778 billion in 2023-24.
The commerce ministry has endorsed India Inc's stand against signing a free trade agreement (FTA) with China until it becomes a market economy that follows transparent pricing of manufactured goods and services.
Secretaries' panel fails to arrive at a decision. Sources told Business Standard the commerce ministry felt that the delay would add to the cost for the government as more and more factories could shut shop.
Finance Minister Nirmala Sitharaman stated that it is premature to comment on the tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the situation.
India's exports recorded a 13.78 per cent increase to USD 43.56 billion in April, marking the highest monthly outbound shipments in over four years, primarily driven by petroleum products. However, the trade deficit widened to a three-month high of USD 28.38 billion due to a 10 per cent rise in imports.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
While the formulation is being worked out by the commerce ministry, the industry and export community is also in touch with senior functionaries in the finance ministry.
Unlike the finance ministry which takes a larger view, the commerce ministry only looks at exporters' interests.
Even as record foreign fund flows lifted the rupee to 39.43 against the US dollar today, the highest since 1999, the commerce ministry has started telling exporters to prepare for the rupee rising even further to 38 against the US dollar by December. The strong rupee is already hurting India's exporters, with companies cutting jobs and scaling back expansion. A further appreciation may have even worse consequences for sectors like textiles, infotech and automobiles.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
An Indian-flagged commercial vessel was attacked off the coast of Oman, but all crew members are safe, according to the Ministry of External Affairs.
US President Donald Trump will visit China from May 13 to 15 at the invitation of President Xi Jinping. The visit occurs amidst global tensions, including the war in West Asia and trade disputes between the US and China. Discussions are expected to cover China-US relations, world peace, and economic issues.
Enthused by 174 per cent growth in services trade this year, India is readying to make an aggressive offer in the WTO negotiations on services.
Piyush Goyal on Friday rejected reports suggesting that India is planning to hold off trade deal with the United States for several months.
Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
China has emerged as India's largest trading partner in 2025-26, with bilateral trade reaching USD 151.1 billion, while India's trade deficit with Beijing widened to an all-time high of USD 112.6 billion.
'Every day the meter is ticking. Like a time bomb.' Shipping giants are billing Indian exporters up to $3,000 per container in war surcharges -- on cargo that sailed before the war began -- as the Strait of Hormuz shuts down.
The Indian government has issued an updated Standard Operating Procedure (SOP) for processing Foreign Direct Investment (FDI) applications, aiming to clear all proposals within 12 weeks, a two-week extension from the previous 10-week target, to ensure a fully paperless and transparent process.
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
Commerce ministry has written to finance ministry to retain all the fiscal incentives for the special economic zones in the new direct tax code.
India and the US have reported positive progress in recent trade talks in Washington, agreeing to maintain engagement to finalise a bilateral trade agreement, which now requires recalibration following new US tariffs.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
The commerce ministry went into a huddle following UPA chairperson Sonia Gandhi's letter to Prime Minister Singh advising caution on allowing FDI in retail.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
India has welcomed the ceasefire between the US and Iran, advocating for de-escalation, dialogue, and diplomacy to secure lasting peace in West Asia.
According to a senior commerce ministry official, the Budget sought to withdraw some significant stimulus measures "in a clandestine manner", which would affect exports and lead to impediments in efforts to achieve $450 billion worth of exports by 2013-14, from around $250 billion at present.
The BRICS foreign ministers' meeting in New Delhi concluded without a joint statement due to disagreements over the West Asia conflict, with Iran blaming the UAE for the lack of consensus. India, as the host, issued a chair's statement highlighting the differing views.
India has expressed strong concern over the targeting of commercial shipping in the Strait of Hormuz during the West Asia conflict, urging for the restoration of unimpeded navigation and global commerce.
'General Subramani's appointment as military adviser in the NSCS has given him insight into decision-making at the apex level prior to formally taking over as CDS.'
The commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
The finance ministry has turned down a proposal for shifting the exporters' tax refund plan to the commerce ministry, which has been lobbying hard to take charge of the duty entitlement pass book scheme.
US President Donald Trump said the United States faces a stark choice in its approach to Iran, either to pursue a negotiated settlement or escalate militarily, as tensions continue to rise in the West Asia region.
India and the US have decided to reschedule their meeting to finalize the interim trade pact due to recent developments and implications, including changes in US tariffs.
Despite the controversy over the entry of foreign retail giants, the government has cleared foreign direct investment worth only $3.1 million in retail between February 2006 and May 2007.
India has initiated a probe into imports of subsidised paperboard from China and Indonesia following complaints from domestic manufacturers. The investigation will assess the impact of these imports on the Indian paper industry and determine if anti-subsidy duties are warranted.
India has initiated a probe into imports of subsidised paperboard from China and Indonesia following complaints from domestic manufacturers. The investigation will assess the impact of these imports on the Indian paper industry and determine if anti-subsidy duties are warranted.
Chief negotiators from India and the US are set to begin three-day talks in Washington to recalibrate the bilateral trade agreement (BTA) framework, following significant changes in the US tariff landscape, including a new 10 per cent tariff imposed on all countries.
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
India has voiced its deep concern over reports of increasing civilian casualties in Lebanon due to Israeli strikes, emphasising the protection of civilians and the importance of international law.
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