India's exports in January rose 25.28 per cent to $34.50 billion on account of healthy performance by mainly engineering, petroleum and gems and jewellery sectors, even as trade deficit widened to 17.43 billion, according to data released by the commerce ministry on Tuesday. Imports grew by 23.54 per cent to $51.93 billion during the month under review. Trade deficit, difference between imports and exports, stood at $14.50 bn in January 2021.
The country's exports rose by 47.34 per cent to $32.46 billion in June on account of healthy growth in sectors such as engineering, gems and jewellery and petroleum products, even as trade deficit aggregated at $9.4 billion during the month, according to the data released by the commerce ministry on Friday. Exports in June last year stood at $22 billion and $25 billion in June 2019. In May 2021, the outward shipment was worth $32.27 billion, while in April this year, it was $31 billion. Imports in June 2021 grew by 96.33 per cent to $41.86 billion, from $21.32 billion in June last year. In June 2019, imports stood at $41 billion.
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Says Indian Patent Law conforms fully with global obligations under the WTO IPR pact-TRIPS.
Without making big-ticket changes in the economic ministries, Prime Minister Manmohan Singh on Tuesday shifted Law Minister M Veerappa Moily to the ministry of corporate affairs and inducted young Milind Deora in his council of ministers.
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
Senior officials from different ministries, including finance, home affairs and defence, would be attending the meeting. The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
rediffGURU Geeta Ratra offers expert advice on international courses, student visas and immigration processes.
The Commerce Ministry wants the Reserve Bank to reduce interest rate for dollar credit in its forthcoming monetary policy to help sustain the fledgling recovery in the exports sector.
Wholesale inflation rate eased to 34-month low of (-) 0.92 per cent in April on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation has been on a declining trend for 11 months in a row and entered the negative zone in April. In June 2020 WPI was at (-) 1.81 per cent.
The finance ministry is considering a suggestion by the Commerce Ministry to enhance duty neutralisation rates to make up for revenue lost by exporters due to sharp appreciation in the rupee.
The action comes two days after Congress president Sonia Gandhi held a key meeting and broke the ice by starting dialogue with some of the prominent 'letter-writers', who had earlier written to her demanding an overhaul of the party and an effective leadership.
Under the scheme, also called the Export Credit Insurance Scheme, the insurance guaranteed could cover up to 90 per cent of the principal and interest.
Trade deficit with China has risen to $40 billion, a cause for worry.
The recent Foreign Trade Policy announcement to waive service tax for exporters had the backing of the Prime Minister, Commerce Ministry sources said on Tuesday.
Paytm plans to induct 5,000 manufacturers and sellers; has started programmes to identify and train new sellers.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
The apex body for liquor firms Confederation of Indian Alcoholic Beverage Companies has urged the government to gradually reduce customs duties on British alcoholic beverages under the proposed India-UK free trade agreement to support domestic players. India and the UK have formally launched negotiations for an FTA, under which duties would be reduced or eliminated on several goods traded between the two countries. The Confederation of Indian Alcoholic Beverage Companies (CIABC) has also suggested the government to ensure that the UK allows the selling of domestic whiskies as 'Indian Whisky', irrespective of whether they are made from malt, grain spirits or molasses-based spirits.
Batting for exporters hit hard by global downturn, Commerce and Industry Minister Anand Sharma on Monday met Finance Minister Pranab Mukherjee and made out a strong case for fiscal relief for the export sector in the Budget next month.
The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
The MFN status, which means that Pakistan will give trade treatment to India at par with its other partners, is likely to boost bilateral economic ties.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
The Department of Industrial Policy and Promotion under the commerce ministry has floated a draft Cabinet note for inter-ministerial discussions on foreign direct investment in aviation.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
Commerce Minister Kamal Nath on Monday ruled out any differences with the finance ministry on certain provisions of the Foreign Trade Policy and said the Policy will be announced before April 10.
A panel led by the secretaries of the DEA and the DIPP would conduct a quarterly review on the pending proposals.
The government has been gearing up to place tighter restrictions on the import of 371 items - ranging from toys and plastic goods to sports items, and furniture worth $127 billion.
There is a significant difference of opinion within the government on the draft e-commerce rules put out by the consumer affairs ministry, a top government official said on Wednesday and flagged concerns that continuous change of the policy causes a great deal of uncertainty. The official said that unnecessary fear is created that the government's current e-commerce policy is hurting small traders. "There is a significant difference of opinion within the government on the draft Consumer Protection (e-commerce) Rules put out by the consumer affairs ministry... Continuous change of the policy causes a great deal of uncertainty," the official said on the condition of anonymity.
India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
The sops, to be given under different schemes like 'Focus Market' and 'Focus Products' from January to December 2011, were unveiled here by Commerce and Industry Minister Anand Sharma.
The Union ministry of food and consumer affairs proposes to insert a new clause in the fresh discussion note for the Cabinet on allowing foreign direct investment (FDI) in multi-brand retail.
The ministry also expects the pace of job losses in export-oriented units to slow down in the coming months.
The aviation minister, Ajit Singh, on Tata-Air Asia joint venture
Development commissioners have been asked to forward proposals regarding SEZs along with their comments at the earliest so that they could be deliberated over at the meeting, it said.
Argentina has assured India that it will resolve the issue of restrictions on import of Indian drugs to the Latin American country.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
Major portfolios like home, finance and education were on Tuesday allocated to People's Democratic Party ministers by Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed who will himself hold the charge of home ministry.
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