Goods from sectors, including agriculture, precious stones, chemicals, pharma, medical devices, electricals, and machinery may get impacted if the US will go ahead with imposing reciprocal tariffs on Indian products, according to experts. They said that these sectors could face additional customs duties from the Trump administration because of the high tariff differential or gap, which is the difference between the import duties imposed by the US and India on a product.
The official said there are both challenges and opportunities for India as many of its competitor countries in exports, such as China Vietnam, Bangladesh, Cambodia and Thailand, face higher duties.
The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing.
India has lost almost the entire buffalo meat export market to Brazil, Australia and the US.
A closer look at the data reveals that a lot of the items are not part of this calculation. The notable ones include buffalo meat, marine exports, raw cotton, and plantation crops such as tea, coffee, rubber, etc.
India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
Domestic exporters may soon start shipments of mangoes, such as 'Dasheri' and 'Langda', to the US as America will start accepting testing certificates of specified agencies of India, a senior government official said on Tuesday. India has not exported mangoes to the US for the last two years. The set protocol involves the arrival of the US phytosanitary inspector, who monitors the process, which is called pre-clearance operations before exports. They have not visited India during the summer of 2020 and 2021.
He said he would offer worship at the Ram temple only when the "shikhar" (topmost part) of the structure is fully constructed.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
He said as of now the strike, which began on Monday, will continue till Saturday morning and a decision to continue it further would be taken in a meeting.
With hilsa prices soaring, when you do cook it you need the finest recipe.
Exports in June rose by 23.52 per cent to $40.13 billion while the trade deficit ballooned to a record level of $26.18 billion mainly due to jump in gold and crude oil imports, the government data said on Thursday. The country's export growth in May was 20.55 per cent. Imports expanded by 57.55 per cent to $66.31 billion in June compared to the year-ago month, the data showed.
'Shark fins are the most sought-after shark product.'
He also said that his country would continue to talk about the Kashmir issue "through channels that are acceptable" and prayed that "the issue is amicably resolved".
India is looking to tap its diplomatic missions abroad to enable grain exporters in the country to ship out wheat and corn as supplies from Russia and Ukraine are expected to remain disrupted for some time to come. Between the two items, pushing for wheat is easier because of a huge domestic surplus. "We are hand holding our exporters and support from various Indian missions abroad is also being channelised accordingly," a senior government official said. Global wheat prices have jumped since the Ukraine crisis started, with wheat futures in the US reaching their highest levels since 2008.
The country's exports grew by 47.19 per cent to $35.17 billion on account of healthy growth in the outbound shipments of petroleum, engineering, and gems and jewellery, according to the provisional data of the commerce ministry. Imports during the month also rose by 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion. Exports of petroleum, engineering, and gems and jewellery in July increased to $3.82 billion, $2.82 billion and $1.95 billion respectively, the data showed.
After recording positive growth for two months in a row, India's exports dipped marginally by 0.25 per cent to $27.67 billion in February and trade deficit widened to $12.88 billion, according to preliminary data released by the government on Tuesday. Imports grew 6.98 per cent to $40.55 billion during the month, the data showed. The trade deficit stood at $10.16 billion in February 2020. Exports during April-February 2020-21 were $255.92 billion, compared with $291.87 billion during the same period of last year, exhibiting a negative growth of 12.32 per cent.
With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles.
Adityanath assured the delegation that stern action would be taken if any officer acted against a legal and licensed slaughterhouse.
Gujarat Chief Minister Narendra Modi's campaign against the Centre's meat exports policy is likely to be replicated by senior Bharatiya Janata Party leaders in western Uttar Pradesh to increase the party's vote share in the Lok Sabha elections.
Sirajuddin Qureshi, India's leading meat-exporter to the world and president of the India Islamic Cultural Centre, said being at the summit "was a unique experience."
On the occasion of Chinese president Xi Jinping's two-day visit, Indian exporters are looking for a big boost in export of agricultural commodities, especially the ones that have been impacted by the ongoing trade war between the United States and China.
We need to clarify the rules for legal slaughterhouses and make sure that these can be enforced.
Check out the 2012 cattle livestock census figures which show that cattle population in India has declined drastically.
Sectors with positive growth during the month include rice, iron ore, oil seeds, oil meals, meat, dairy and poultry products, pharmaceuticals, coffee, engineering goods, and plastic.
In spite of an overall healthy rise in exports, there are many traditional sectors which used to be the mainstay of India's exports in the past, but are now suffering from significant weaknesses, says A K Bhattacharya.
Trade deficit during the month narrowed to USD 14.54 billion from USD 15.3 billion in January 2020. It was USD 15.44 billion in December 2020.
Imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion.
Aiming to push India into the list of the top 10 agri export nations, the policy has been backed by the Prime Minister's Office
The protesting farmers' main demand to legalise the minimum support price (MSP) regime has divided opinion. One school of thought says it would lead to crop diversification and help India keep under check its burgeoning import bill on edible oils and pulses, while another says it would incentivise farmers to produce low-quality crops. Contrary to popular perception, India has a trade surplus in agriculture and allied activities, which stood at $18.65 billion during 2022-23 (FY23) against $15.92 billion in the previous year. However, the surplus was mainly on account of rice, wheat, sugar, spices, and buffalo meat.
The country's exports jumped by 60.29 per cent to $34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $290.63 billion. Imports too grew by 53.74 per cent to $48.38 billion in March, but dipped by 18 per cent to $389.18 billion during April-March 2020-21, according to the government data released on Thursday. Trade deficit during March 2021 widened to $13.93 billion from $9.98 billion in March 2020.
Amit Shah's sustained campaigning against slaughterhouses has unnerved UP's leather and meat export industry.
Breaking his silence, the ousted CBI chief said that he was transferred on the basis of allegations made by only one person, who was inimical to him.
Asthana was booked on the allegations of criminal conspiracy, corruption and criminal misconduct under relevant sections of the Prevention of Corruption Act.
Justice Gaur was elevated to the high court in April 2008. He was designated as a permanent judge on April 11, 2012.
The export of more than 100 agricultural and processed food items have increased by 24.43 per cent to Rs 39,461 crore (Rs 394.61 billion) in 2008-09 from Rs 31,712 crore (Rs 317.12 billion) in the previous year due to substantial growth in fresh fruits and vegetables, meat products and processed foods, government's agri-export promotion body APEDA chairman Asit Tripathy said in New Delhi on Monday.
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.
Export growth picked up mainly owing to rising global crude prices, which pushed up processed petroleum exports by nearly 40 per cent, apart from a broad-based improvement in exports of major foreign exchange earners such as engineering goods and gems and jewellery.
