A government official said India and the US are exploring an interim trade deal within 90 days.
India's fresh restrictions on limiting access to Bangladeshi exports appear to be in response to Dhaka denying certain value-added items from the Northeast to enter that country through the land transit points.
India's fair trade regulator Competition Commission of India (CCI) has launched a formal investigation against India's biggest paints firm, Asian Paints, for alleged abuse of its dominant position in the organised decorative paints market, following a complaint by Aditya Birla group's Grasim Industries' Birla Opus Paints division.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
Pakistan Prime Minister Shehbaz Sharif met with Turkish President Recep Tayyip Erdogan to review bilateral relations and reaffirm their commitment to strengthening their strategic partnership. The two leaders discussed joint ventures and enhanced bilateral investment in key sectors, aiming to achieve a $5 billion annual bilateral trade target. They also expressed gratitude for mutual support during recent tensions with India. The meeting was described as "warm and most cordial," highlighting the deep-rooted historical ties between Pakistan and Turkey.
He then went on to say that, however, he won't get a Nobel Peace Prize for any of his efforts.
'Trump has personally weighed in to overcome doubts and reservations about Pakistan among his top advisors.'
With United States President Donald Trump reiterating his claims of brokering a ceasefire between India and Pakistan, the Congress on Wednesday asked what do the 'typically loquacious' Prime Minister Narendra Modi and External Affairs Minister S Jaishankar have to say about this revelation and did they 'mortgage' India's security interests in the face of US 'pressure'.
India is preparing to resume the Kailash Mansarovar Yatra, a pilgrimage to Mount Kailash in Tibet, after a three-year hiatus. The decision comes as part of efforts to improve relations between India and China, which have been strained since a military standoff in 2020. The two countries have also agreed in principle to resume flight services between them.
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
The ministry of external affairs also seemed to reject Trump's forceful comments that Washington brokered the understanding between India and Pakistan on ending their four-day military conflict.
India's trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
Congress president Mallikarjun Kharge on Saturday accused the government of misleading the nation on the India-Pakistan conflict and demanded holding a special session of Parliament immediately, following Chief of Defence Staff General Anil Chauhan's acknowledgement of aircraft loss in the hostilities.
He went on to say that even though this has not been discussed, he is going to 'increase trade substantially with both of these great Nations.'
As the Union government explores ways to restrict import of laptops and other electronic devices starting with a 5 per cent reduction from the current level, it is working to ensure that there's no supply disruption in India even if an import cap is introduced, it is learnt. The caveat assumes significance in the context of the government's announcement of its plan in August 2023 to issue licences for import of select IT hardware products to reduce the country's dependence on China.
The government on Friday scrapped a minimum price threshold that it had set previously for exports of onion as it looked to pass on the benefit of international glut to Indian farmers. The government had previously fixed a $550 per tonne as the minimum export price (MEP), which essentially meant farmers could not sell their produce overseas at lower than this rate.
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.
The decline in exports is mainly on account of poor demand in India's key destinations -- the Europe and the US -- and it may take some more months for the situation to improve. The demand scenario is "not looking very good as far as Europe is concerned, and the US also we have seen a decline in demand. "For the next 2-3 months, I think the demand scenario does not look very optimistic," DGFT (Director General of Foreign Trade) Santosh Kumar Sarangi told reporters.
This decision is based on the precedent in the case of Iran where DGFT last week allowed export proceeds realised even in Indian rupees to be made eligible for export benefits and incentives under India's foreign trade policy.
The government on Saturday lifted the ban on onion exports but imposed a minimum export price (MEP) of $550 per tonne, amid ongoing Lok Sabha elections in the country. Last night, the government imposed a 40 per cent duty on export of onions. In August last year, India had imposed a 40 per cent export duty on onions up to December 31, 2023.
To set up a future-ready administration geared towards the target of $2 trillion exports by 2030, the Department of Commerce has decided to set up a dedicated trade promotion body to drive overall promotion strategy, export targets, and execution as part of a restructuring exercise. The trade promotion body will formulate and drive overall trade promotion strategy; create and drive India's branding across focus markets and sectors; drive coordinated action across missions, states and export promotion councils; strategic initiatives, including advisory and buyer-seller meet; and develop digital platforms for exporters and buyers. Based on a 14-volume 'restructuring dossier' by the Boston Consulting Group, the commerce department has already implemented some of the recommendations.
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.
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.
India's trade deficit will widen till March 2011 and is likely to be between $115 billion and 125 billion, a top DGFT official said.
The Government of India is in constant touch with its counterpart in Myanmar for opening a trade route to link the land locked North-East Indian states to markets in ASEAN countries, through Myanmar. The Director General of Foreign Trade (DGFT), R S Gujral, had disclosed that discussion with the Myanmar government was on regarding opening of the trade route through that country. He hoped that it would come through for the benefit of exporters from the landlocked North East.
'It was inspired by the Hamas attack and was like their attack -- well planned and well executed.'
The other new items include edible oil, electrical appliances, steel products, medicines, tea, beverages, motor cycles and spare parts, semi precious stone, sewing machines and three wheelers/cars below 100cc.
India will export anti-malarial drug hydroxychloroquine, high in demand globally, only to foreign governments and not to private companies, as the product is under prohibited or banned category of exports, sources said. Although exports of this medicine is completely banned, India has decided to export this anti-malarial drug in sync with its global commitment to deal with the coronavirus pandemic.
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 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.
The latest extension will allow Bhalla to stay in the post during the general elections due early next year.
'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.'
India's share in international trade would cross the target of one per cent much ahead of scheduled 2007, Director General of Foreign Trade Lalit Mansingh said on Friday.
Ahead of the opening of the Nathu La pass later this month, the government has finalised the list of items for trade with China from the border point between Sikkim and Tibet.
Director General of Foreign Trade said on Thursday that India will have to double its exports to $80 billion while maintaining a growth rate of 12 per cent in order to increase its share of global trade to one per cent by 2007.
India is all set to achieve the target of one per cent share of the world trade in exports well ahead of schedule, Director General of Foreign Trade L Mansingh asserted on Tuesday.
While The Australian and The Sydney Morning Herald said two Indian spies were booted out, the Australian Broadcasting Corporation did not mention any number.
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