The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
India has set an ambitious target to quadruple annual information technology exports to $50 billion by 2010 from $12.5 billion at present.
The government has approved a Rs 675 crore (Rs 6.75 Special Economic Zone by Finnish telecom major Nokia near Chennai.
Existing units stay operational; those approved may not be notified, land could be used for other purposes
India's exports contracted 12.2 per cent to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $23.76 billion during the same period, according to official data released on Monday. Imports in December 2022 also declined 3.5 per cent to $58.24 billion as against $60.33 billion in the year-ago period. In December 2021, exports stood at $39.27 billion and the trade deficit was at $21.06 billion.
Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows.
Pakistan, "for the time being", does not want to import diesel from India either through land or sea route, owing mainly to its "higher rates".
Government has initiated an anti-dumping investigation against imports of Titanium Dioxide from China.
The government is all set to liberalise the promotional Market Access Initiative scheme to enable exporters penetrate new markets, as it targets to achieve $120 billion in exports this fiscal.
The USTR has placed India on its "priority watch" list for two years in a row, saying the country's patent laws unfairly favour local drug makers.
Exporters can make payment of fees through debit/credit cards.
'For the first time, all major countries are discovering India's indispensability to their own foreign policy interests.'
Total foreign direct investment into India rose 2 per cent to the "highest ever" $83.57 billion in 2021-22 on account of various measures like policy reforms and ease of doing business taken by the government, the commerce and industry ministry said on Friday. Total FDI comprises equity inflows, reinvested earnings and other capital. In 2020-21, the inflow stood at $81.97 billion. It was $74.39 billion in 2019-20 and $62 billion in 2018-19. "India has recorded the highest ever annual FDI inflow of $83.57 billion in 2021-22," the ministry noted in a statement.
Joshi's decision to step down comes a couple of days after Home Secretary L C Goyal sought early retirement, 17 months before his term was to lapse
Gadkari said that the MSME sector contributes significantly in pushing the country's economic growth and creating employment.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
Last year, the commerce ministry announced that Status holders (ie recognised export houses, trading houses etc), who achieved a minimum annual export growth of 25 per cent (a minimum of Rs 25 crore) could earn Duty Free Import Entitlement Certificat
Stressing that while framing any policy, there is a need to look at it from India's strategic point of view, Modi said there were instances when notes from the national security council were not given due importance.
It was expected that supplies from China will be back to normal by end-June as their factories are now operating at nearly 90 per cent of normal capacity. But the recent issue with shipments has placed an obstacle that manufacturers can't bypass.
As a prelude to the proposed Free Trade Agreement, India and Bangladesh have agreed on a revised draft of bilateral trade agreement signed in 1980.
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST. "The meeting is being chaired by Hon'ble Union Minister of Finance @nsitharaman and many important decisions are expected to be taken at the meet," PIB Chandigarh tweeted.
Singapore-based e-commerce platform Shopee - that launched in India only in December 2021 - has decided to close operations in the country. The official reason given by Shopee, which is controlled by NYSE-listed Sea Ltd, is changing global sentiments. In a statement, it said, "In view of the global market uncertainties, we have decided to close risks of our early-stage Shopee India initiative." The e-commerce platform has been hit by growing opposition from trade associations led by Praveen Khandelwal as well as homegrown social commerce start-ups.
Sentiment took a hit after the country's trade deficit soared to a near five-year high of $18 billion in July.
The Central Consumer Protection Authority (CCPA) has issued notices to five e-commerce entities, including Amazon, Flipkart and PaytmMall, as well as various sellers for offering pressure cookers that are non-compliant with BIS norms. The notices were issued on November 18 to Flipkart, Amazon, Snapdeal, Shopclues and PaytmMall, and the sellers. As part of celebrations of 75 years of Independence - 'Azadi ka Amrit Mahotsav', CCPA has initiated a country-wide campaign to prevent sale of spurious and counterfeit goods that violate Quality Control Orders published by the Centre, the government said in a statement on Monday.
With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country in FY23 until February 21. Though the industry may miss the 1-million target, sales in FY23 are already up 146 per cent from 249,621 units sold in FY22.
India's tea exports are set to be on target in the year to March 2003 while coffee shipments would surpass the projection and hold steady at the previous year's level, officials said on Friday.
Medical tourism in India alone is estimated at $3 billion and projected to grow to $7-8 billion by 2020
The Union home ministry on May 13 had declared that these canteens will only sell indigenous or "swadeshi" products from June 1 in a bid to give fillip to domestic industries.
The wholesale price-based inflation eased for the eighth consecutive month to 4.73 per cent in January on easing prices of manufactured items, fuel and power. The wholesale price-index (WPI) based inflation rate was 4.95 per cent in December 2022 and 13.68 per cent in January 2022. Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December, 2022.
The Ministry of Finance or Commerce would certainly need a larger hospitality budget than the Ministry of Agriculture.
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