Withdrawing a blanket ban on overseas shipments of non-basmati white rice, the government on Saturday imposed a floor price of $490 per tonne and exempted the commodity from export duty. Exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply. "The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) ...is amended from prohibited to free, subject to MEP (minimum export price) of $490 per tonne with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to $45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
INDIA bloc parties are set to raise issues such as the Pahalgam attack, US President Trump's claims of brokering a ceasefire, and concerns over electoral roll revisions in Bihar during the Parliament's Monsoon session.
'The defence forces have come up with certain problems they face in the drone space.' 'Recently we had a meeting at which they presented the problems to many of our start-ups and faculty.' 'Some of the start-ups have started working on the problems.'
The exodus of FPIs from the Indian equity markets continued unabated, as they withdrew over Rs 7,300 crore (about $840 million) in the first week of this month due to global trade tensions, with the US imposing tariffs on countries such as Canada, Mexico, and China. This came following an outflow of Rs 78,027 crore in the entire January. Before that, they invested Rs 15,446 crore in December, data with the depositories showed.
The government has allowed the Enforcement Directorate to share information about economic offenders with 15 more agencies, including SFIO, CCI and NIA, a move that will expedite nailing of law-breakers. The finance ministry notified changes to the Prevention of Money Laundering Act (PMLA), 2002, on November 22. Through the notification, the Enforcement Directorate (ED), which deals primarily with cases of money laundering and violations of foreign exchange laws, would be able to share data with a total of 25 agencies, including the 10 specified earlier.
Pakistan has warned the international community that any military moves by India shall be 'responded to assuredly and decisively... onus of any escalatory spiral and its consequences shall squarely lie with India.' Implicit in the statement is a veiled threat that even a nuclear threshold may be reached if push comes to shove, warns Ambassador M K Bhadrakumar.
'While my generation carries with it the memory of the Chinese perfidy of 1962, this generation will carry the memory of Chinese perfidy in Galwan.'
Foreign investors have pulled out Rs 26,533 crore from the Indian equity market this month so far owing to increasing allocations to China, concerns over muted corporate earnings and elevated valuation of domestic stocks. While the sell-off continues, the quantum of net outflows has significantly reduced compared to October, when Foreign Portfolio Investors (FPI) withdrew Rs 94,017 crore ($11.2 billion) on a net basis.
Foreigners cannot rent a womb in India, the central government told the Supreme Court on Wednesday.
Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields. With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a total outflow of Rs 15,827 crore in 2024 so far. As liquidity tightens, FPI inflows are expected to remain subdued in the short term.
While The Australian and The Sydney Morning Herald said two Indian spies were booted out, the Australian Broadcasting Corporation did not mention any number.
A fresh US executive order (EO) which seeks to bring down prices of prescription drugs in the country by up to 90 per cent -- on par with other developed nations -- will affect innovator companies, while sparing the Indian generic drug makers in the short term. US President Donald Trump signed the EO on Monday, directing the US Trade Representative and the Secretary of Commerce to act against foreign countries that "purposefully and unfairly undercut market prices", driving price hikes in the US.
Tata Sons will likely choose Singapore as a "key partner" for its semiconductor plans, a senior minister from the city-state said on Friday. Speaking to reporters after a meeting with Tata Sons chairman N Chandrasekaran earlier in the day, Singapore's minister for home affairs and law K Shanmugam said semiconductors was a "big discussion" point during the meeting. "If they (Tatas) want to, they can do business with anybody in the world.
The Indian equity market clocked record average daily turnover (ADTV) in both the cash and derivatives segments in February amid a spike in volatility. The ADTV for the cash segment for both the exchanges combined came at Rs 1.27 trillion, while the same for the derivatives or the futures and options (F&O) segment stood at Rs 483 trillion in the previous month. The volumes for both cash and derivatives have almost doubled from a year ago on the back of rising retail participation in the world's fourth largest equity market.
Industry players said the sharp sell-off in February forced many companies to put off their listing plans
After heavy selling in the past two months, foreign investors have staged a strong comeback to Indian equities with a net investment of Rs 24,454 crore in the first week of December amid stabilising global conditions and expectations of potential US Federal Reserve rate cuts. This revival follows significant outflows in the preceding months, with foreign portfolio investors (FPIs) pulling out a net Rs 21,612 crore in November and a massive Rs 94,017 crore in October - the worst monthly outflow on record.
President Trump with his MAWA has unwittingly provided us this opportunity. Will PM Modi grasp this and leave a legacy of an ushered in scientific and technological revolution in India, asks Colonel Anil A Athale (retd).
India was looking at tapping new markets for import of edible oils, following the conflict between Ukraine and Russia, Union Finance Minister Nirmala Sitharaman said on Tuesday. According to her, the country was facing various hurdles on import of edible oils due to the conflict. "Everyone knows there is a war going on between Russia and Ukraine. There are various hurdles in terms of importing oils.
'Modi's intention was to create goodwill that will allow India to be seen by Trump as more than just a bad tariff problem.' 'He succeeded brilliantly on that count but none of these wins are unfortunately permanent.' 'Modi will have to do this again and again if Trump's grievances are to be durably assuaged.'
The US has sanctioned an Indian national based in the United Arab Emirates and two India-based entities for operating as part of Iran's shadow fleet and involved in shipping Iranian oil. The US Department of the Treasury said Jugwinder Singh Brar, who owns multiple shipping companies, operates as part of Iran's shadow fleet, which the US said is used to evade sanctions and transport Iranian oil. Brar also owns or controls India-based shipping company Global Tankers Private Limited and petrochemical sales company B and P Solutions Private Limited. The sanctions come as part of a US campaign of maximum pressure on Iran and target the country's petroleum and petrochemical sectors.
'But he was very quick and did a very stylish adab.' 'Of course, I didn't expect him to hug.'
The government has banned exports of onion till March next year with a view to increase domestic availability and to keep prices in check. "Export policy of onions... is amended from free to prohibited till March 31, 2024," the Directorate General of Foreign Trade (DGFT) said in a notification. Local vendors in the national capital are selling onions at Rs 70-Rs 80 per kg.
The government on Friday deferred the implementation of the import restriction order on laptops and computers (including tablet computers) by about three months till October 31, a move that gives more time to electronic companies to import these devices without a licence. Nw, these companies would need to take a licence from the government to import these devices from November 1. On August 3, the government put the import of these devices under a licence regime with immediate effect.
The government on Thursday imposed import restrictions on laptops, tablets, all-in-one personal computers, ultra small form factor computers, and servers with immediate effect. The Directorate General of Foreign Trade (DGFT) in a notification said exemption from import licensing is provided up to 20 items per consignment for R&D, testing, benchmarking and evaluation, repair and return and product development purposes.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
The ideal time to invest in sector funds, is during a downturn so that investors can capitalise on a turnaround in 1.5 to 2 years.
'It was inspired by the Hamas attack and was like their attack -- well planned and well executed.'
After imposing 20 per cent export duty on non-basmati rice, the government has banned the export of broken rice with an aim to increase domestic availability, according to a government notification.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
Here is an explainer on the functioning of the seven-year-old body.
India needs to make use of this opportunity to significantly enhance its exports especially in information and communications technology and the automotive sector.
In the national capital, onion prices were ruling at around Rs 40 per kilogram.
Younger investors with long investment horizons may continue their SIPs.
The investigation wing of the Competition Commission of India (CCI) has cleared nine foreign airlines of cartelisation and abuse of dominant position charges, pressed by the Travel Agents Association of India (TAAI).
Announced in January 2024, the BPGPA MBA is a blended (hybrid) programme that combines on-campus, in-person sessions and live interactive online sessions.
India's import trade is regulated by the office of the Director General of Foreign Trade and its regional offices functioning under the Ministry of Commerce.
Imports also declined by 13.46 per cent to $35.37 billion, leaving a trade deficit of $10.30 billion, according to the Director General of Foreign Trade A Pujari.
