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.
At the heart of the decision is concern over the survival of Meghalaya's neighbourhood retailers.
The Indian government has permitted Foreign Direct Investment (FDI) in an inventory-based e-commerce model exclusively for the export of domestically manufactured or produced goods, aiming to boost outbound shipments without affecting small local retailers.
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.
India has strongly refuted claims by the United States Trade Representative (USTR) regarding excess capacity in its steel and textile sectors, arguing that the nation's significantly low per capita consumption of these products contradicts such assertions, according to Amitabh Kumar, Additional Secretary in the Ministry of Commerce.
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.
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.
An Indian-flagged merchant vessel, MSV Faize Noore Oliya, with 13 Indian nationals aboard, was attacked off the coast of Yemen in the Red Sea. All 13 Indian crew members have been successfully rescued, and India has condemned the attack, calling for an end to targeting commercial shipping in the region.
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.
'Tariff action relating to the excess-capacity investigation will be even more susceptible to judicial overturn.'
An Indian national was tragically killed in an attack on the commercial vessel MV OMORFI on July 18 while it was reportedly transiting Russian territorial waters in the Black Sea, the Ministry of External Affairs (MEA) confirmed, condemning the incident and calling for upholding international obligations for maritime safety.
A Parliamentary Standing Committee on Commerce has urged the Indian government to swiftly conclude the proposed India-US Bilateral Trade Agreement (BTA), while ensuring India's interests are protected, recommending complete exemption for key export products like generic medicines and smartphones from future US tariff increases.
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.
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.
Commerce Minister Piyush Goyal announced that the legal scrubbing of the India-EU Free Trade Agreement (FTA) text is expected to be completed within 10-12 days, with the final deal anticipated to be signed by December 31.
"Indian Railways is now the world's second-largest cargo carrier by volume, up from fourth, even as its share of the country's total freight movement remains well below potential.'
Commerce ministry has written to finance ministry to retain all the fiscal incentives for the special economic zones in the new direct tax code.
Prime Minister Narendra Modi on Thursday discussed with a group of senior ministers the prevailing global security situation and how to maintain supply chain uninterrupted despite conflicts in different zones, including the Strait of Hormuz, the Black Sea, the Red Sea, and the Gulf of Aden.
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.
Guests at President Droupadi Murmu's Independence Day 'At Home' reception will be welcomed with handwoven Maheshwari stoles, celebrating the vibrant art traditions of Chhattisgarh, Goa, Madhya Pradesh, and Maharashtra, alongside an invitation package highlighting sustainable environmental practices.
Four Indian nationals have been killed in an attack on the vessel MV Golden Leo during departure from the port of Odesa in Ukraine on Sunday evening, while one is critically injured.
India has lodged a strong protest with Russia following the killing of four Indian seafarers aboard a Guinea Bissau-flagged merchant vessel off the coast of Ukraine. The Ministry of External Affairs condemned the attack on the civilian ship, MV Golden Leo, which also left one Indian national critically injured.
India has launched anti-dumping investigations into imports of thermal paper, Biaxially Oriented Polyamide (BOPA) Film, and certain antioxidants from China, following complaints from domestic manufacturers alleging material injury due to cheap imports.
India has reiterated its support for freedom of navigation and unimpeded commerce in the South China Sea, backing a 2016 international arbitral tribunal ruling that rejected China's extensive territorial claims. This stance aligns with a recent joint statement by the US, UK, and other nations, emphasising peaceful resolution of maritime disputes under UNCLOS.
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.
Prime Minister Narendra Modi announced that the India-UK Comprehensive Economic and Trade Agreement (CETA) will come into effect on July 15, 2026, anticipating a significant boost to bilateral trade and investment.
It is plain to see that the US senate bill's real objective is to derail India's time-tested strategic partnership with Russia, points out Ambassador M K Bhadrakumar.
'We can integrate AI and tech into education, but that is just a means and not an end.' 'Ultimately, we need to control what happens in a classroom and we need to let teachers innovate their teaching style to suit the needs of Gen Z and beyond.'
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.
India may press for an automatic review mechanism in its proposed interim trade deal with the United States (US), mirroring a sunset clause introduced by the European Parliament in its trade agreement with Washington, people aware of the negotiations said. The European Parliament last week approved the EU-US trade deal but inserted a sunset clause requiring the arrangement to expire on December 31, 2029, unless both sides agree to extend it.
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.
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 has condemned an attack on a Cyprus-flagged commercial vessel off the coast of Oman, which resulted in one Indian crew member going missing. The incident occurred amidst escalating hostilities between Iran and the US in West Asia, prompting India to call for immediate de-escalation and an end to targeting commercial shipping in the region.
The National Financial Reporting Authority (NFRA) has commenced an investigation into Rajesh Exports concerning a 15.15 trillion financial misstatement, following a referral from market regulator Sebi.
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 and the United States have reviewed progress on a proposed interim bilateral trade agreement, discussing market access, digital trade, and non-tariff barriers, as they race to finalise a deal before a temporary 10 per cent US tariff regime expires on July 24.
Industry bodies representing alcoholic beverage manufacturers have welcomed the India-UK Free Trade Agreement (FTA), which will see tariffs on UK whisky and gin reduced, boosting bilateral trade and supporting premiumisation. However, domestic manufacturers are calling for state governments to withdraw concessions currently enjoyed by imported liquor brands.
