2013: Auto parts exports from India up 4.4 per cent at $9.7 billionMore notifications
Mon, Mar 31 2014 11:39
At a time when India's auto industry is reeling under a prolonged slump, component makers have something to cheer as exports grew 4.4 per cent to touch $9.69 billion in 2013.
Despite a decline in import by 5 per cent to $12.70 billion last year, the country remained a net importer of components, data issued by the Automotive Component Manufacturers Association of India (ACMA) showed.
"80 per cent of our exports are to global original equipment manufacturers (OEMs) and tier I companies. Growing credibility of domestic component makers have led to many global companies setting up their sourcing centres in India," ACMA executive director Vinnie Mehta told PTI.
There are 35-40 international purchasing offices set up by various global entities in India now, he added.
The US remains India's biggest component export market but shipments to the country were down 7.1 per cent last year at $1.98 billion. Exports to Germany, the second largest market, registered 8.6 per cent increase at $780 million, while it was up 3.6 per cent to the UK, the third largest, at 580 million.
On the imports front, Mr Mehta said, "The decline in numbers are largely a reflection of the slowdown in the Indian automobile market."
In 2013, China continued to be the number one country from where maximum components were imported, valued at $2.62 billion, up 10 per cent from the previous year.
Germany was second at $1.86 billion, down 3 per cent, followed by Japan at $1.62 billion, down 14 per cent.
India's components imports are mainly in two categories - high tech parts which come mainly from Germany, Japan, Korea and Thailand; and aftermarket parts which are usually originating from China.
Annual car sales in India had declined for the first time in 11 years in 2013, posting a 9.59 per cent dip with the auto industry reeling under a prolonged demand slump due to the economic slowdown.
According to the Society of Indian Automobile Industry (SIAM), domestic car sales fell to 18,07,011 units in 2013 from 19,98,703 units in the previous year.
When asked about the prospects in 2014, Mr Mehta said, "It is really difficult to predict but we don't see the market bouncing back soon, as even after the formation of a new government it will take at least six months to stabilise."
Recent notificationsMore notifications
The European Commission forecasts published on Tuesday are likely to add to arguments for an interest rate cut by the European Central Bank, which is to discuss its next policy move on Thursday.
Tue, Nov 05 2013 00:00Read more
The rupee recovered from lows to snap two sessions of losses on Tuesday on bunched up dollar sales related to foreign fund inflows, even as another economic indicator pointed to continued uncertainty over a revival.
Tue, Nov 05 2013 00:00Read more
Cognizant Technology Solutions on Tuesday reported a 15 per cent rise in quarterly profit as businesses, especially financial firms, spent more on IT and consulting services.
Tue, Nov 05 2013 00:00Read more
Plan panel Deputy Chairman Montek Singh Ahluwalia today said the worst is probably over for the economy and the performance would be better in the second half of this fiscal.
Wed, Nov 06 2013 00:00Read more
The Cabinet Committee on Economic Affairs (CCEA) is likely to consider a proposal seeking changes in the foreign direct investment (FDI) policy for pharmaceutical and real estate sectors in its meeting on Thursday.
Wed, Nov 06 2013 00:00Read more
The government's plan to allow Chinese companies set up power equipment service centres in India has not gone down well with the domestic industry. Indian manufacturers are concerned about losing market share to Chinese makers.
Wed, Nov 06 2013 00:00Read more
The Reserve Bank of India (RBI) said it will treat foreign banks operating in the country on nearly equal terms with local lenders if they move to a wholly owned subsidiary structure, as it seeks to bolster its regulatory powers in the wake of the global financial crisis.
Thu, Nov 07 2013 00:00Read more
Commerce and industry minister Anand Sharma clarified that India's exports gained from the regional and bilateral free trade pacts, responding to the concerns raised about the adverse impact of FTAs on India's trade balance and on the manufacturing sector at the Trade & Economic Relations Committee (TERC)
Thu, Nov 07 2013 00:00Read more
Foreign exchange reserves rose to a 100-day high as the central bank raised more than $12 billion through special deposit and swap schemes unveiled by Reserve Bank of India governor Raghuram Rajan.
Thu, Nov 07 2013 00:00Read more
Standard Chartered Bank today warned of a 0.2 per cent slippage in fiscal deficit at 5 per cent of India's GDP due to slower revenue growth.
Fri, Nov 08 2013 00:00Read more
India and Japan have proposed to strengthen ties in the shipping sector and enable Japanese companies to utilise facilities at Indian ports especially for importing automobile components.
Fri, Nov 08 2013 00:00Read more
The financial situation of garment manufacturers is expected to improve during 2013-14, mainly driven by growing demand from importing markets, depreciating rupee and structural changes in competing markets like China and Bangladesh, India Ratings & Research said in a report.
Fri, Nov 08 2013 00:00Read more
Saudi Arabia, the fifth-largest importer of fresh vegetables from India, has said pesticide residues in the commodity are higher than permissible levels. It has threatened to take strong action in the near future.
Sat, Nov 09 2013 00:00Read more
The Reserve Bank of India (RBI) on Friday permitted third party payments for export/import transactions subject to certain conditions.
Sat, Nov 09 2013 00:00Read more
Finance Minister P Chidambaram is confident of achieving 5 to 5.5 percent growth in the current fiscal.
Tue, Nov 19 2013 10:33Read more
The government is drawing a fresh roadmap for enhancing services exports through diversification and tapping of new markets.
Sun, Nov 10 2013 11:38Read more
To push economic growth, the Centre is giving shape to a plan to promote exports. Sector-specific solutions are being worked out for goods, which are yet to show any signs of recovery, despite overall increase in exports in the recent months.
Sun, Nov 10 2013 11:40Read more
India’s apparel exports are rising, primarily because the country is eating into the shares of neighbouring China and Bangladesh. Exports from India are being driven by demand from major textile importing regions such as the US and Euro zone.
Sun, Nov 10 2013 11:43Read more
The Export-Import Bank of India has identified 15 African countries, including Egypt, Kenya, South Africa and Nigeria, as good investment destinations, a top official has said.
Mon, Nov 11 2013 10:24Read more
Chinese exports reversed its decline and rose 5.6 percent year-on-year in October to $185.4 billion, customs data showed.
Mon, Nov 11 2013 10:26Read more
India's carpet exports grew 5 per cent to $73.5 million in September on rising demand from emerging markets like China, Latin America and Africa.
Mon, Nov 11 2013 10:30Read more
The government has decided to set up a grievance redressal mechanism for SEZ developers and units with a view to expeditiously address their problems and boost exports.
Mon, Nov 11 2013 10:33Read more
Growing in double digits for the fourth straight month, exports rose 13.47 per cent in October. Though the exports performance is good news for the slowing economy, as it indicates a turnaround might be round the corner, it was not strong enough to compensate for the increased imports of gold during the month owing to the festival season.
Tue, Nov 12 2013 10:28Read more
On the eve of Diwali, the director-general of foreign trade (DGFT) gave two gifts by way of clarifications. The first was a public notice related to the application of the notification regarding the nexus between the items of import under advance authorisation and inputs actually utilised in the manufacture of export product.
Tue, Nov 12 2013 10:31Read more
There’s good news for the Indian economy. October saw the 4th straight month where India’s exports grew in double digits, supporting consensus belief that the current account deficit could be curtailed at under $70 billion as the positive underlining trends were visible despite a jump in the trade deficit.
Tue, Nov 12 2013 10:37Read more
In a bid to provide a further impetus to exports which rose to a two-year high of 13 per cent in August following an improved global situation, the government rationalised the rates of duty drawback and expanded the list of items under the tax refund scheme for exporters.
Wed, Nov 13 2013 00:00Read more
The rupee is in trouble, yet again. The currency has been sliding in the last five trading sessions, to close at Rs.63.71 versus the dollar on Tuesday.
Wed, Nov 13 2013 10:34Read more
Industrial output grew 2 per cent in September. Though the growth is higher than 0.43 per cent recorded in August, the manufacturing sector, which constitutes about 76 per cent of all industrial production, grew at a mere 0.6 per cent from a year earlier.
Wed, Nov 13 2013 10:38Read more
Country's foreign exchange (forex) reserves rose by USD 819.5 million to USD 282.11 billion for the week ended Nov 8, helped by a sharp increase in foreign currency assets, the Reserve Bank of India (RBI) data showed.
Tue, Nov 19 2013 10:30Read more
The government further slashed the import tariff value of gold to $417 per 10 gram, while it was kept unchanged for silver at $738 a kg, in line with global trend.
Thu, Nov 14 2013 11:12Read more
The Reserve Bank today said the 2 per cent industrial growth in September is disappointing, but hoped that the economic situation would improve in the second half of the fiscal on the back of good monsoon and exports
Thu, Nov 14 2013 11:18Read more
Finance Minister P Chidambaram today expressed hope that the time taken for customs clearance of export cargo will come down to a few hours after implementing a risk management system.
Thu, Nov 14 2013 11:21Read more
The Reserve Bank of India (RBI), on Monday, decided to provide liquidity support to micro and small enterprises (MSEs) to the tune of Rs.5,000 crore, through the Small Industrial Development Bank of India (SIDBI), and to include incremental credit to medium enterprises to qualify as priority sector lending.
Tue, Nov 19 2013 10:48Read more
The Central Board of Excise & Customs (CBEC) has constituted a Task Force to review the present procedural and documentation requirements relating to Customs clearance of import/export goods with an aim to reduce transaction cost and operational dwell time.
Tue, Nov 19 2013 10:50Read more
A gradual increase in the quantum of indigenously produced silk yarn over the last five years has brought about a corresponding decline in the country’s dependence on imported silk yarn, mostly from China.
Wed, Nov 20 2013 10:32Read more
The government has cleared 20 proposals of foreign direct investment (FDI) worth Rs.916 crore, including Singapore Airlines plan to start a full service airline in partnership with Tata Sons.
Wed, Nov 20 2013 10:34Read more
The Organization for Economic Cooperation and Development (OECD) cut its global growth forecasts for this year and next as emerging-market economies including India and Brazil cool.
Wed, Nov 20 2013 10:37Read more
The domestic information technology (IT) sector will grow by 12-14 per cent, while IT exports are likely to reach $86 billion in the current fiscal on the back of adoption of new technologies and tapping new geographies by corporates, the National Association of Software and Services Companies (Nasscom) said.
Thu, Nov 21 2013 12:34Read more
The Reserve Bank of India (RBI) has received $22.7 billion under the special concessional window to swap fresh foreign currency non-resident (bank), or FCNR (B) deposits and foreign currency borrowings.
Thu, Nov 21 2013 12:37Read more
NSICT experienced work stoppages over a wage contract dispute, disrupting operations for more than two weeks and creating a huge ex-im backlog. Now there is an ongoing dispute between Gateway Terminals India (GTI) and its third-party contractors, which unexpectedly continues with devastating effect on the shipping fraternity.
Thu, Nov 21 2013 12:41Read more
Buoyed by the strong response to its attempt to sell wheat from state-run warehouses, the government is planning to launch a series of export tenders in January, February and March to sell a total of about two million tonnes (mt) in foreign markets.
Fri, Nov 22 2013 10:40Read more
The government has extended a 30-day excise duty exemption for re-packaging of essential medicines to the batches whose prices were revised in July, August and September
Sat, Nov 23 2013 10:42Read more
The German economy slowed in the third quarter despite a strong pickup in both corporate investment and government spending.
Sat, Nov 23 2013 10:45Read more
Apparel exports from country have registered a robust growth of about 31 percent in October, the apex apparel exports body, Apparel Export Promotion Council (AEPC) said.
Wed, Nov 30 -0001 00:00Read more
The go-slow campaign by workers at one of state-run Jawaharlal Nehru Port Trust’s (JNPT) private container terminals has been called off after talks between workers and management.
Sat, Nov 23 2013 10:49Read more
China's Ministry of Commerce said on Wednesday that it will impose five-year anti-dumping tariffs on Indian and Japanese imports of pyridine, a raw material for making pesticides and herbicides.
Sat, Nov 23 2013 10:50Read more
Exhorting traders to push exports by cashing in on attractive exchange rate, Finance Minister P Chidambaram on Saturday said imports cannot be “compressed” too much as they are the lifeline of many domestic industries.
Mon, Nov 25 2013 10:24Read more
The government will take up on Monday the issue of tightening foreign direct investment (FDI) in existing pharmaceutical companies in the wake of concerns over multinationals taking over domestic drug makers.
Mon, Nov 25 2013 10:27Read more
Export-oriented units (EOUs) in Gujarat have a new problem. The development commissioner (DC), Kandla, has asked the units to return the Central Sales Tax (CST) refunded to them, on the basis of objections raised by the Central Revenue Audit (CRA) team from Ahmedabad.
Mon, Nov 25 2013 10:40Read more
The Steel Ministry is of the view that India will have to import iron ore in the immediate future to meet significantly increasing demand from domestic companies.
Mon, Nov 25 2013 10:42Read more
India’s economic growth probably held below 5% for a fourth straight quarter, the longest stretch in data going back to 2005, as Prime Minister Manmohan Singh struggles to boost investment and tame elevated inflation.
Tue, Nov 26 2013 14:00Read more
The Cabinet Committee on Economic Affairs (CCEA) approved a proposal of the ministries of commerce and industry for continuing the Agriculture Export Promotion Plan scheme in the 12th Plan period (2012-17).
Tue, Nov 26 2013 14:03Read more
Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average, putting the country at a low 158th rank on the Paying Taxes 2014 list.
Wed, Nov 27 2013 10:28Read more
The Director General of Foreign Trade (DGFT) under the Union ministry of Commerce and Industries is hopeful that the country would achieve its export target of $325 billion in the current financial year.
Wed, Nov 27 2013 10:30Read more
India's exports of gold jewellery slipped 7 percent in October as government restrictions continued to hit imports, and the trend is likely to continue for the rest of this year, industry experts said.
Wed, Nov 27 2013 10:33Read more
Container Corp. of India Ltd (Concor) delivered a decent set of results for the September quarter. Revenue increased by 19% on an annual basis toRs.1,254 crore, higher than the 15% growth seen in the June quarter.
Thu, Nov 28 2013 10:37Read more
Stung by a back-to-back, two-month-long labour dispute at two private container terminals in which it was unable to intervene, state-owned Jawaharlal Nehru port said the government is reworking the model concession agreement to include performance monitoring and penal clauses to prevent such situations in the future.
Thu, Nov 28 2013 10:39Read more
In a bid to increase compliance and widen the tax net, the government on Wednesday made it mandatory for traders to make online payment of excise duty and service tax for amounts exceeding Rs 1 lakh. Earlier, those with dues of Rs 10 lakh and above were required to electronically pay their taxes.
Thu, Nov 28 2013 10:43Read more
India will become the third-biggest economy in the world by 2030, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said.
Fri, Nov 29 2013 00:00Read more
The union cabinet Thursday approved extension of financial assistance to Kolkata Port Trust (KoPT) to meet the dredging expenditure incurred for maintaining the river channel.
Fri, Nov 29 2013 10:42Read more
The largest segment of the Indian economy - services - was the biggest letdown in the second quarter of this financial year. The tertiary sector rose at an almost 12-year-low pace of 5.7 per cent in July-September, against 6.2 per cent growth in the first quarter this year and 7.1 per cent in the corresponding period last year.
Sat, Nov 30 2013 10:29Read more
The higher than expected growth in the second quarter of 2013-14 is an indication of recovery in economy but some key sectors still need to perform better, India Inc said on Friday.
Sat, Nov 30 2013 10:39Read more
The output of the core sector, comprising eight crucial industries, contracted for the first time in eight months in October, dashing hopes of an industrial recovery. This could translate into a decline in industrial production in the same month of the current financial year.
Tue, Dec 03 2013 11:20Read more
India’s current account deficit narrowed sharply in the quarter ended September as the impact of the government’s measures to curb imports of non-essential items, especially gold, kicked in, signalling that pressure on the country’s external sector is receding.
Tue, Dec 03 2013 11:22Read more
THE Directorate General of Foreign Trade’s electronic Bank Realization Certificate (e-BRC) project has won the 2013 eASIA Award under Trade Facilitation category as announced by Asia Pacific Council for Trade Facilitation and Electronic Business (AFACT) in Ho Chi Minh City, Vietnam on November 29, 2013.
Tue, Dec 03 2013 11:32Read more
The quarter ended September saw the first sequential improvement in GDP (gross domestic product) growth in five quarters. This has improved the prospects of an export-led economic recovery in India. According to Central Statistical Office data, financial, real estate and business services, including information technology (IT) services, were the biggest growth contributors, growing 10 per cent during the second quarter. Analysts expect the export momentum to result in rising capacity utilisation and a boost to investment and consumption demand in the coming quarters.
Wed, Dec 04 2013 11:43Read more
Tax equalisation and payment of tax-free remuneration is a common feature in secondment of expatriates globally. In India, it is almost settled that employee’s obligation to pay tax when discharged by the employer constitutes a perquisite for the employee. The overall salary cost for the employer increases significantly as the tax is required to be paid on a multiple level gross-up.
Wed, Dec 04 2013 11:50Read more
Gujarat Pipavav Port Ltd, the entity that runs the Pipavav port in Gujarat, has survived a scare after the environment clearance granted to the firm in June 2012 for expansion and modernization of the port was re-validated by the Expert Appraisal Committee (EAC) in the Union ministry of environment and forests.
Thu, Dec 05 2013 10:54Read more
After falling for five months in a row, India's gems and jewellery exports rose by 21.8 per cent year-on-year in October to $3.37 billion boosted by rising demand from western markets ahead of Christmas.
Thu, Dec 05 2013 10:58Read more
The U.S. trade deficit narrowed in October as exports hit a record high, pointing to a pick-up in global demand that should help to support domestic growth in the fourth quarter. The Commerce Department said on Wednesday the trade gap fell 5.4 percent to $40.6 billion. September's shortfall on the trade balance was revised to $43.0 billion from the previously reported $41.8 billion.
Thu, Dec 05 2013 11:02Read more
Net direct tax collection in April-November increased by 14.6 per cent to Rs 3,10,317 crore, compared with Rs 2,70,771 crore in the corresponding months of the previous financial year. The growth has picked up in the recent months reflecting an uptick in the economy. However, it is still lower than the 19 per cent increase projected in direct tax collections for the entire year.
Fri, Dec 06 2013 11:35Read more
India Ratings & Research (Ind-Ra) believes given the tentative nature of recovery in global demand, not all export oriented Indian corporates will benefit evenly. The key drivers of this asymmetric growth are divergent expectations of growth trends in developed markets and emerging markets, uncertainty with respect to quantitative easing(QE3) tapering and prices of precious metals.
Fri, Dec 06 2013 11:40Read more
Indian gold imports may fall 70 percent in the final quarter of 2013 from 255 tonnes in the year-ago period and are expected to be half usual levels at 500-550 tonnes next year if new import rules are maintained..
Sat, Dec 07 2013 11:56Read more
India's forex reserves surged to their highest level to over six-month high last week as strong US dollar inflows via the Reserve Bank of India's concessional swap facilities added $5 billion to reserves in a single week.
Sat, Dec 07 2013 12:25Read more
China's trade surplus widened last month to the largest in more than four years as exports exceeded estimates, in a sign global demand is helping sustain a recovery in the world's second-biggest economy.
Mon, Dec 09 2013 00:00Read more
The Central Statistics Office recently released GDP data for the second quarter (July-September) of the current fiscal. The economy grew by 4.8 per cent, up from the 4.4 per cent clocked in the first quarter (April-June), but below the 5 per cent, the rate for the whole of 2012-13.
Mon, Dec 09 2013 12:49Read more
India will be the largest economy of the world by 2050, according to the 2012 edition of the Wealth Report, launched today by Knight Frank and Citi Private Bank. The report also said that Mumbai and New Delhi are among the top 20 fastest growing cities globally.
Mon, Dec 09 2013 00:00Read more
IN addition to Seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 574 proposals out of which 391 SEZs presently stand notified. A total of 175 SEZs have commenced export. A list showing State-wise distribution of formally approved, notified and operational SEZs is at Table-I . No proposal for setting up of an SEZ is pending for approval by Board of Approval.
Wed, Dec 11 2013 11:06Read more
With imports from China rising by seven-fold in 3-4 years, industry body Assocham has asked the government to extend anti-dumping duty on flat stainless steel products to save the interests of the domestic industry. India had imposed anti-dumping duty on imports of cold- rolled flat products of stainless steel in the width range of 600 mm to 1,250 mm in 2010.
Wed, Dec 11 2013 11:14Read more
According to Drewry analysts, forty-foot high-cube containers now account for 49 per cent of the boxes afloat, having grown eight per cent in 2012, and should cross the 50 per cent mark by the end of the year.
Wed, Dec 11 2013 11:19Read more
India’s exports slipped to $24.61 billion in November from $27.27 billion in October. The performance was 5.86 per cent better than November 2012, though. The government’s stringent gold import curbs restricted overall imports during said month to a two-and-a-half year low of $33.83 billion or 16.37 per cent lower compared to the same month last year. As a result, the trade deficit narrowed to $9.22 billion, according to the official data released.
Thu, Dec 12 2013 12:10Read more
Adani Hazira Port Pvt. Ltd, a subsidiary of Adani Ports & SEZ Ltd, has obtained the coveted ISO certification for exemplary environmental, quality and occupational health and safety management at its terminal in Hazira port, in Gujarat. The Indian Register Quality Systems conferred the ISO 9001:2008, 14001:2004 and OHSAS 18001:2007 certification on Adani Hazira Port, thus paving the way for its global recognition in the world of maritime trade.
Thu, Dec 12 2013 12:12Read more
India exported about 12 lakh tonnes of sugar in the marketing year 2012-13 (October-September),. Food Minister K.V. Thomas said as per the Directorate General of Commercial Intelligence and Statistics (DGCIS), about 12 lakh tonnes of sugar was exported during the year.
Thu, Dec 12 2013 12:13Read more
The Index of Industrial Production (IIP) contracted 1.8 per cent for the first time in three months in October, according to the data released here by the Central Statistics Office here on Thursday. The contraction is due to weak performance of the manufacturing and mining sectors.
Fri, Dec 13 2013 11:32Read more
A key policymaker in the government has said India can only tolerate $30 billion worth of gold imports. "As inflation comes down and as financial assets become more attractive, perhaps this part of demand for gold can come down and we can probably tolerate $30 billion worth of import of gold," Prime Minister's Economic Advisory Council chief C Rangarajan said at the Delhi Economic Conclave.
Fri, Dec 13 2013 11:35Read more
The government restricted exports of three chemicals, which are used in sectors like pharmaceuticals and mining . Export of three chemicals (Dimethylamine Hydrochloride, Sodium Cyanide and Sodium Fluoride) has been restricted. Export of these items would now be permitted under license," Directorate General of Foreign Trade said in a statement.
Fri, Dec 13 2013 11:39Read more
Industry bodies expressed confidence that India's export target of $325 billion in this financial year would be met even as growth in overseas shipments slowed to a five-month low in November. Exports increased 5.86 per cent to $24.6 billion in November, the slowest pace in five months, as shipments of petroleum goods and rough diamonds declined
Fri, Dec 13 2013 11:42Read more
In a twin blow to local exporters, the European Union has given special preference for imports from Pakistan, which will allow duty-free access into 27 markets, while withdrawing the concessions for several Indian goods, including textiles and engineering. And, it's the Indian government, not EU, to be partly blamed, for creating this disadvantage for exporters.
Fri, Dec 13 2013 11:45Read more
Essar Ports Ltd., part of the $39 billion Essar Group wholly owned subsidiary Essar Vizag Terminals Ltd. has entered into a Concession Agreement with Visakhapatnam Port Trust for development and operations of three iron ore berths at Visakhapatnam Port.
Sat, Dec 14 2013 10:35Read more
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold earlier stood at $405 per 10 grams, while on silver at $642 per kg.
Sat, Dec 14 2013 10:56Read more
Garment exports from India continued to increase in November, representing the eighth consecutive month of growth, according to new figures. Data from the country's Apparel Export Promotion Council (AEPC) shows garment exports reached US$1.05bn during the month - up 21.3% year-on-year.
Sat, Dec 14 2013 11:00Read more
The Commerce Ministry has sought changes to a notification that exempted duty on goods from special economic zones (SEZ) sold locally to remove ambiguities and plug revenue losses. The development follows after it was found that goods from an SEZ in Mumbai were sold in the domestic market without paying the 4 per cent special additional duty (SAD) after an exemption clause was misinterpreted, the Customs sources said.
Sat, Dec 14 2013 11:06Read more
Services exports in October this year were worth $12.56 billion, slightly up from the previous month, according to the Reserve Bank data. Services exports were worth at $12.29 billion in September. Imports of services moved up to $6.96 billion in October from $6.79 billion in the previous month.
Sat, Dec 14 2013 11:09Read more
Growth at Ennore, Paradip and New Mangalore ports helped cargo throughput at the Major Ports increase by 2.59 per cent to 277 million tonnes (mt) in the first half of the current fiscal, according to rating agency ICRA.
Sat, Dec 14 2013 11:11Read more
Having seen ups and downs during the year, India's exports are expected to register a healthy growth during 2014 on account of improvement in the US, Europe and Asian region markets The country's merchandise shipments, which were mostly in negative zone during the first half due to the global slowdown, started posting healthy growth during second half.
Mon, Dec 23 2013 10:40Read more
Seeking to push exports, the Commerce Ministry has asked its Finance counterpart to ease restrictions on import of gold, imposed by RBI. In a letter to Economic Affairs Secretary Arvind Mayaram, Commerce Secretary S R Rao has asked him to "look into the matter (gold imports by exporters) and issue necessary instructions to RBI for removal of the anomaly.
Mon, Dec 23 2013 10:42Read more
The government widened the category of group companies under the foreign trade policy by including Limited Liability Partnership (LLP) firms. The move comes at a time when the government is taking every possible step to boost exports amid sluggish economic growth.
Mon, Dec 23 2013 10:44Read more
The Container Corporation of India Ltd. (Concor) is scheduled to complete the construction of its Rs. 350-crore multi-model logistics park in Visakhapatnam in the next two-and-a-half years. The company would forge joint ventures with private parties for investment into the park.
Mon, Dec 23 2013 10:47Read more
India's exports of engineering goods showed a sharp month-on-month fall of 14.60 per cent in November, 2013 as compared to the previous month with some of the key markets like the USA not supporting the sharp recovery of shipments witnessed in the earlier months, according to the engineering exporters' body, EEPC India.
Mon, Dec 23 2013 10:52Read more
Concerned over rising duty refund claims which have crossed Rs. 4,800 crore in the past couple of months, exporters said that this is impacting shipments and the government must clear the arrears urgently. “We have been requesting the customs authorities to clear the claims but they do not seem to be responding. They appear to be more concerned about meeting their revenue targets,” Federation of Indian Export Organisations (FIEO) President Rafeeque Ahmed told.
Mon, Dec 23 2013 10:57Read more
India's vegetable oil imports could rise more than 4 per cent in the year to October 2014 to stand at a record 11.13 million tonnes, driven by a jump in overseas purchases of sunflower oil, a leading edible oil .
Tue, Dec 24 2013 11:22Read more
Apex industry body ASSOCHAM has urged the centre to impose 30 percent export duty on iron ore pellets, fines and lumps with immediate effect to discourage circumvention of export duty and increase iron ore availability for domestic steel industry. "The iron ore production in India has plummeted significantly by 14 per cent to 70 million tones (mt) in the first half (H1) of 2013-14 from the level of 82 mt in the corresponding period last year," said The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in a communication addressed to the union finance minister, P. Chidambaram.
Tue, Dec 24 2013 11:25Read more
Mr P. Mara Pandiyan, IAS, Chairman of Mormugao Port Trust (MPT) in Goa, has been given additional charge as the Chairman of Kandla Port Trust (KPT). He succeeds Dr P. D. Vaghela who has gone back to the Gujarat cadre after completing this Central deputation of 5 years. Dr Vaghela was given an affectionate farewell by Port employees and others on December 19 (Thursday), his last day at KPT.
Tue, Dec 24 2013 11:28Read more
There is a marked shift taking place from air to ocean freight as the former, despite 10 times the price, fails to provide speed and visibility customers expect, while sea freight improves service, according to a survey of executives. According to the cargo head of a leading airline, ocean shipping was gaining as a rival because the air freight experience was falling short of customer expectations, while shipping lines had improved reliability, provided higher frequencies and lowered prices through capacity-sharing, it was reported.
Tue, Dec 24 2013 11:31Read more
Amidst the gloom driven by slowing growth and rising inflation, one indicator that has pleased the government is the sharp decline in the current account deficit on India’s balance of payments. In a surprise development, India’s current account deficit fell sharply to $5.2 billion or 1.2 per cent of GDP during July to September 2013. In previous quarters, high gold and petroleum imports had taken the deficit to levels at or above 5 per cent of GDP. During April-June 2013, for example, the deficit stood at $21.8 billion or 4.9 per cent of GDP making capital flows crucial to finance the balance of payments. In most recent quarters gold and petroleum product imports together accounted for close to 50 per cent of India’s total imports.
Wed, Dec 25 2013 11:34Read more
The government has lifted the restriction on exporting wood charcoal to Bhutan so as to help domestic industries of the land-locked nation There will be no prohibition on export of wood charcoal to Bhutan," Director General of Foreign Trade ( DGFT) said in a notification.
Wed, Dec 25 2013 11:37Read more
Wed, Dec 25 2013 11:40Read more
India’s bellwether measure of industrial output, the Index of Industrial Production (IIP), could see a comprehensive overhaul — more than double the number of items in the basket, a reclassification of products and an altogether new base.
Thu, Dec 26 2013 00:00Read more
After successfully clamping down on gold imports to bring the runaway current account deficit under control, the government has set its sights on diamonds, precious and semiprecious stones, and precious metals, which it says are being round-tripped through duty free special economic zones (SEZs), with traders illegally creaming off the arbitrage The department of commerce says it has uncovered a racket that involves the diversion of gems and jewellery into the domestic market through SEZs, avoiding the import duty that's otherwise due on such items.
Thu, Dec 26 2013 12:01Read more
Government reduced minimum export price (MEP) of onion to $150 a tonne from $350 to boost shipments and check sharp fall in domestic prices that has led to farmers protest in producing states.
Fri, Dec 27 2013 12:07Read more
The year 2013 was underlined with a deteriorating economic profile of India. Export-oriented companies that were riding high on the falling value of the rupee emerged as the top performers in the equity market in 2013.
Fri, Dec 27 2013 12:16Read more
The Union government is on the threshold of clearing projects for augmenting the capacity of five major ports at an estimated cost of Rs. 17,630 crore. .
Mon, Dec 30 2013 10:56Read more
India’s yarn exports to be one third of its production in 2013-14, driven by import by China. India’s dependence on China has increased in recent past as it accounted for about 33 per cent of Indian cotton yarn exports as against about four per cent in 2007-08, said a report of rating agency ICRA.
Mon, Dec 30 2013 10:58Read more
The Pharmaceuticals Promotion Council of India (Pharmexcil) is seeking inputs relating to exports of high-tech products from pharma and biotechnology companies for securing export incentives of the same from the government.
Mon, Dec 30 2013 11:01Read more
India is likely to overtake Japan in 2028 to become the third largest economy in the world after China and United States, according to London-based economic consultancy Cebr. As per Cebr's World Economic League table report for 2013, India has lost a place in the league table in 2013 to Canada and is now the 11th largest economy in the world.
Mon, Dec 30 2013 11:06Read more
India's economy was rocked back on its heels on New Year's Eve after suffering twin blows, with core sector growth and the fiscal deficit numbers indicating that things don't look like they're about to get better all that soon, despite Finance Minister P Chidambaram's expectations of a stronger second half.
Wed, Jan 01 2014 11:29Read more
A UK government-backed study titled ‘Re-prioritising priority sector lending in India’ has stated that export credit can be revitalised if it is reinstated as a separate priority sector category for banks. This could lead to the export sector getting more loans from foreign banks operating in India, which would have a positive impact on the country’s exports and GDP, it said.
Wed, Jan 01 2014 11:34Read more
THE year 2013 has been significant for Indian agriculture. The production of foodgrains is likely to reach record level; in a year in which other economic parameters have not been too encouraging, agriculture growth is likely to surpass the target of four percent.
Thu, Jan 02 2014 11:22Read more
Looking back at 2013, the major achievement of the international trade community was the modest agreement to streamline it - allow developing countries more options for providing food security, boost least developed countries' trade and help development, at the Bali meet of member-states of the World Trade Organisation.
Thu, Jan 02 2014 11:24Read more
The dollar hovered near a five-year high versus the yen, with the focus on whether forthcoming U.S. data will support the case for the Federal Reserve to gradually scale back its bond-buying stimulus over the course of 2014.
Thu, Jan 02 2014 11:28Read more
The New Year has started on a seemingly bad note for cotton, its yarn and meat product exports. The Finance Ministry has done away with certain export promotion incentives on cotton, cotton yarn, meat and meat product exports.
Thu, Jan 02 2014 11:39Read more
Union Minister of Commerce and Industry Anand Sharma has expressed optimism for the economy in 2014. "In 2013, India was rated as the most favoured investment destination globally. The bold decisions of the UPA Government for liberalizing Foreign Direct Investment Policy in key sectors such as civil aviation, retail and telecom have resonated with the global community and we have seen results in the last few months," said Sharma in a statement released by the ministry.
Fri, Jan 03 2014 11:08Read more
Despite hindrances such as the stir and ‘go slow’ at the private terminals, Jawaharlal Nehru Port has again crossed the 4-million TEU throughput mark for calendar year 2013.
Fri, Jan 03 2014 11:13Read more
India's manufacturing activity slackened in December compared with the previous month because of sluggish domestic orders, a private survey released, indicating a continued drag on country's industrial recovery. The HSBC Purchasing Managers' Index (PMI) for manufacturing was down to 50.7 points in December from 51.3 in November.
Fri, Jan 03 2014 11:15Read more
It isn't just the higher customs duty on gold which is pushing up jewellery costs. The government's move to restrict import of the yellow metal has resulted in a windfall for the designated importers such public sector companies and banks, which have now begun charging a premium, giving jewellers reason to seek higher prices from you.
Fri, Jan 03 2014 11:20Read more
Amid demands for relaxing curbs on gold import, India's Commerce and Industry Minister Anand Sharma said the government would review the policy, noting there is a need to strike a balance . The Directorate General of Foreign Trade ( DGFT), the commerce secretary, the economic affairs secretary and Reserve Bank of India (RBI) will discuss and take a collectively decision, Sharma told reporters on the sidelines of an event. He, however, declined to give any timeframe.
Sat, Jan 04 2014 11:02Read more
India’s coffee exports recorded a marginal rise of three per cent to 313,128 tonnes for the calendar year 2013 (till December 27), as against 303,982 tonnes in the same period last year. In the full year ended December 31, 2012, India had exported 305,247 tonnes.
Sat, Jan 04 2014 11:04Read more
Exports of jute products from the country is expected to touch Rs 2,800 crore in value in 2013-14 on the back of an increase in demand from the West, said Executive Director, Handloom Export Promotion Council, Ministry of Textiles. In 2012-13, exports stood at Rs 2,094 crore.
Sat, Jan 04 2014 11:05Read more
The Commerce Ministry has decided to come to the aid of exporters struggling to get pending duty refund claims worth about Rs 5,000 crore from the Finance Ministry. The Directorate General of Foreign Trade (DGFT), which monitors trade activity, will discuss the matter with the Customs Department to find a solution to the problem, a DGFT official told.
Sat, Jan 04 2014 11:09Read more
After a Goods & Services Tax (GST), implementation of another indirect tax reform, it turns out, is unlikely to see the light of day soon. The finance ministry is leant to have put its plan to harmonise service tax and central excise duty returns on the back burner. An indefinite deferment of this measure, meant to simplify business processes, implies assessees will continue to file separate returns for service tax and excise duty till a GST is introduced.
Mon, Jan 06 2014 17:43Read more
China's economy, the world's second largest, may have grown around 7.6 per cent in 2013, its weakest growth since 1999, with latest economic figures indicating sluggish economic activities in the last quarter. China's latest economic figures, especially the purchasing managers' index (PMI) in both factory activity and the services sector, indicated sagging momentum in December, with the country's growth softening slightly last quarter, economists said.
Mon, Jan 06 2014 17:44Read more
Despite slowing economy, gross direct tax collections were up 12.33 per cent during April-December of Fy 14 at `4,81,914 crore when compared to `4,29,023 crore collections in the same period in the previous year. According to data released by the government, gross collection of corporate taxes increased 9.35 per cent at `3,10,126 crore (`2,83,605 crore). On the other hand, gross collection of personal income tax was up 18.53 per cent at `1,67,589 crore (`1,41,385 crore).
Tue, Jan 07 2014 11:06Read more
Indian shipments logged double-digit growth in the second half of 2013, lowering substantially the current account deficit, a big worry for the Indian policymakers, and boosted hopes of revival in the economy. Due to sluggishness in the global economy, notably Europe and the US, India's merchandise exports growth was mostly in the negative zone in The first half the year.
Tue, Jan 07 2014 11:10Read more
Exporters have been restricted from using certain types of duty-benefit certificates under three schemes for paying custom duty in case of export obligation shortfall. "Status Holder Incentive Scheme (SHIS), Served From India Scheme (SFIS) and Agri Infrastructure Incentive Scheme (AIIS) scrips cannot be used for payment of custom duty for shortfall in export obligation in Advance Authorisation or Duty Free Import Authorization," Director General of Foreign Trade said in a notification.
Wed, Jan 08 2014 10:47Read more
With imports of stainless steel flat products from China rising by around 500% in the last three years, industry body Ficci has urged the government to extend anti-dumping duty on flat stainless steel products to save the interest of domestic industry. Flat products account for 70% of the domestic stainless steel market and India imports around one-third of its requirements.
Wed, Jan 08 2014 10:49Read more
Onion exports have more than doubled during December at over 1.33 lakh tonnes compared with the previous month after government lowered the minimum export price (MEP). Exports of onions stood at 66,236 tonnes during November, 2013, according to data compiled by the National Horticultural Research and Development Foundation (NHRDF).
Wed, Jan 08 2014 10:52Read more
India has become a net exporter of steel in the first nine months of the current fiscal, mainly due to subdued domestic demand. If the trend strengthens during the January-March period, the country may end up being a net exporter of steel for the entire fiscal, 2013-14, after a gap of five years.
Wed, Jan 08 2014 11:05Read more
The government and the Reserve Bank of India (RBI) are trying to issue the first of the new bank licences by March 31.
Thu, Jan 09 2014 17:48Read more
Even as policymakers are pinning hope on economic recovery in the second half of the current financial year, the revival remains elusive on two major fronts, industry and services.
Fri, Jan 10 2014 09:42Read more
The Cabinet Committee on Economic Affairs (CCEA) is expected to consider a proposal to hike import duty on refined edible oil to 10 per cent for protecting domestic industry and farmers.
Fri, Jan 10 2014 09:45Read more
The government has modified the trade policy to facilitate imports of cars and motorcycles for racing events.
Fri, Jan 10 2014 09:47Read more
The Enforcement Directorate signed an agreement with the Commerce Ministry for sharing of foreign exchange realisation data, a move that is expected to increase transparency and reduce human interface.
Sat, Jan 11 2014 10:05Read more
Snapping the double-digit growth rate for the second time, merchandise exports rose 3.5 per cent in December 2013 to $26.3 billion from $25.4 billion in the year-ago period, mainly on account of a fall in exports of petroleum products.
Sat, Jan 11 2014 10:07Read more
Official data on industrial output growth released confirmed that the Indian economy is in a “manufacturing sector recession” for the first time in recent years.
Sat, Jan 11 2014 10:09Read more
India's foreign exchange reserves declined by $2.599 billion to $293.11 billion in the week ended January 3 on account of a fall in foreign currency assets, Reserve Bank of India (RBI) data
Mon, Jan 13 2014 10:27Read more
The recovery in exports that helped arrest the slide in India's external balances seems to have lost some steam with shipments rising at the slowest pace in six months in December
Mon, Jan 13 2014 10:29Read more
High cost of credit and liquidity problem have started showing negative effects on exports, and this is reflected in slow exports growth in December
Mon, Jan 13 2014 10:30Read more
A month after touching a record high, consumer price index-based inflation came down to a three-month low of 9.87 per cent in December
Tue, Jan 14 2014 10:00Read more
India earned nearly 15 billion dollars (around Rs 92,926 crores) through exports of textiles and apparels in the first six months of the current financial year 2013-14
Tue, Jan 14 2014 10:01Read more
The latest Index of Economic Freedom ranks India 120th globally and 25th among 43 countries in the Asia-Pacifi c region, clubbing the country with BRIC nations in the "mostly unfree" category.
Wed, Jan 15 2014 10:05Read more
Container traffic at the Visakhapatnam Port Trust (VPT) has registered the maximum growth of 11% among 12 major ports during the April-December 2013-14 period as compared to the corresponding period of the previous fiscal
Wed, Jan 15 2014 10:06Read more
The Indian Electronic System Design and Manufacturing industry is expected to grow at a CAGR of 9.9% to reach US$94.2 billion by 2015, said a study released by India Electronics and Semiconductor Association.
Wed, Jan 15 2014 10:07Read more
The Ministry of Shipping (MoS) has reportedly approved a scheme based on the recommendations of a high-level committee it instituted, under which manufacturers and shippers would get incentives for opting for coastal shipping instead of road and rail transportation.
Thu, Jan 16 2014 10:07Read more
Slowing for the first time in 6 months, wholesale inflation for December came at 6.16 percent against 7.52 percent in November. From 5.85 percent in July to November, inflation had increased continuously.
Thu, Jan 16 2014 10:09Read more
The World Bank has projected India's economy will grow over 6 per cent in 2014-15 and 7.1 per cent by 2016-17 as global demand recovers and domestic investment increases.
Thu, Jan 16 2014 10:10Read more
As many as 24 special economic zone (SEZ) developers including Dr Reddy's Lab and Tata Consultancy Services have sought more time from the government to execute their projects.
Sat, Jan 18 2014 09:27Read more
Companies switching businesses or seeking to offload unsold products can offer discounts without having to pay excise duty on their actual production cost and profit forgone,
Sat, Jan 18 2014 09:29Read more
Liberalising the export-import payment norms, the Reserve Bank today extended the time limit to complete such transactions to nine months from six months earlier
Sat, Jan 18 2014 09:31Read more
The Indian Government announced hike in import tariff value for gold and silver. The import tariff value of gold was hiked by 3.83% and that of silver was hiked by 3.92%,
Sun, Jan 19 2014 09:54Read more
India's foreign exchange reserves rose by USD 177.8 million to USD 293.28 billion in the week ended January 10
Sun, Jan 19 2014 09:55Read more
India will return to a high growth path within three years "step by step", backed by global recovery and measures undertaken by the government to push investments, said finance minister P Chidambaram,
Sun, Jan 19 2014 09:57Read more
Bangladesh has overtaken India in readymade garment exports despite the recent setbacks
Mon, Jan 20 2014 10:25Read more
The Ministry of Shipping, which is looking to increase the capacity of major ports by 250 million tonnes in this financial year
Mon, Jan 20 2014 10:27Read more
China's economy grew 7.7 per cent in 2013, the lowest in 14 years, with tapering growth in the last quarter underlining the challenges
Mon, Jan 20 2014 10:29Read more
The Cabinet approved the setting up of a Rail Tariff Authority to advise the railways on passenger and freight rates.
Tue, Jan 21 2014 09:14Read more
Encouraged by turnaround in the textile exports, the government is setting up a $60 billion target for the next financial year
Tue, Jan 21 2014 09:16Read more
India’s polished diamond exports grew 16 percent year on year to $1.1 billion in December 2013, according to preliminary data
Tue, Jan 21 2014 09:17Read more
The government will exceed the engineering exports target of $62 billion in the current fiscal. India's engineering exports in 2012-13 aggregated to $56.7 billion. Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
Thu, Jan 23 2014 11:34Read more
The Port of Mundra, located in Kutch district of Gujarat, lies on the northern shores of Gulf of Kutch. Incorporated in 1998 as Gujarat Adani Port Ltd (GAPL), it has grown by leaps and bounds. No one would have visualised that Mundra Port would one day be on the verge of becoming the largest port in the country.
Thu, Jan 23 2014 11:29Read more
India is likely to clock an economic growth rate of 4.6 per cent this financial year and the expansion may improve to 5.4 per cent in 2014-15, the International Monetary Fund said. "Growth in India picked up after a favourable monsoon season and a higher export growth and is expected to firm further on strong structural policies supporting investment," IMF said .
Wed, Jan 22 2014 00:00Read more
Gold in 2014 will not push much lower from current levels around $1,250, although investors hoping last year's 28 percent battering will bring a bounce back face disappointment, consensus estimates ..
Wed, Jan 22 2014 00:00Read more
Indian cashew exports are inching closer to a new peak of Rs 4,500 crore in the current fiscal. The shipments for the nine month period ended December 2013 have shown 16% rise in quantity and as much as 24% increase in value with rupee value falling during the year. India exported 90,244 tonne valued at Rs 3,764 crore in these nine months.
Wed, Jan 22 2014 00:00Read more
Spices export may close in the range Rs 12,000-Rs 15,000 crore in the current year boosted by large shipments of jeera, mint, chilli -- three high value items in the spice export basket. The exports have shown nearly 28 per cent increase in quantity and 46 per cent rise in value for the eight months ended November 2013.
Fri, Jan 24 2014 10:38Read more
Onion exports in value terms during April-December period of 2013-14 have gone up by 59 per cent to Rs 2,532 crore on account of higher export price fixed by the government. Exports during the same period in 2012-13 fiscal stood at Rs 1,590.79 crore, according to National Horticultural Research Development Foundation (NHRDF) data.
Fri, Jan 24 2014 10:44Read more
As of January 1, 2014, the Customs service operates 24/7 at Antwerp port. With this round-the-clock service, Customs and port together proactively meet the challenges of tomorrow. This is just one of a comprehensive package of measures being rolled out by Customs in its role as efficient gatekeeper and trade facilitator, highlighted a release.
Fri, Jan 24 2014 10:46Read more
India, the world's second-biggest raw cotton export, has restored an incentive scheme for cotton yarn exports, an official order said. The Directorate General of Foreign Trade (DGFT), a unit of the trade ministry, gave no reason for restoring export benefits for yarn, a value-added product used by textile mills.
Sat, Jan 25 2014 10:54Read more
India’s economic gloom has a silver lining — exports. In the first eight months (April-October) of the current financial year, exports have grown 16.2 per cent to $179 billion over a year. With growth picking up in developed economies, emerging markets like India have seen their exports grow. What has supported this trend is the sharp fall in the currencies of emerging markets. Textile exports, too, have shown a smart recovery from the 2008-09 lows and grown 22.7 per cent in the April-October period.
Sat, Jan 25 2014 10:56Read more
The economic growth rate was expected to be at 7.5-8 per cent next year, Deputy Chairman of Planning Commission Montek Singh Ahluwalia said. Ahluwalia said the growth rates shot up in 1960-70s and picked up in 1990s. The reforms are to be carried gradually in large diverisifed highly democratic country and to bring changes it takes time.
Sat, Jan 25 2014 10:59Read more
India’s foreign exchange (forex) reserves decreased by $1.20 billion to $292.08 billion for the week ended Jan 17, Reserve Bank of India (RBI) data showed.
Sun, Jan 26 2014 09:47Read more
India's Pharmaceutical products exports in December- 2013 has grew to US$ 857.61 M, a increase of 17.52% compared to November 2013.
Sun, Jan 26 2014 09:49Read more
India has exported 5,00,000 tonnes of surplus wheat in the last five months with neighbouring Bangladesh buying a major portion of total shipments.
Mon, Jan 27 2014 10:05Read more
India's Inorganic Chemicals, Organic or Inorganic Compounds of Precious Metals of Rare-Earth Metals and Radioactive Elements of Isotopes imports in December- 2013 has grew to US$ 421.16 M,
Mon, Jan 27 2014 10:06Read more
Spices ascended new heights with the export figures reaching Rs 8377.20 crore ($1396.51 million) in value with a corresponding exported volume of 5,08,555 tonnes during April- November 2013. In the same period of 2012, India exported 3, 98,000 tonnes of spices and spice products for an overall value of Rs 5732.25 crore ($1055.82 million).
Tue, Jan 28 2014 10:34Read more
In a move that may be construed as an attempt to appease the domestic steel industry the finance ministry imposed a five per cent export duty on iron ore pellets. Considering the increase in the average speed of packing machines, it also increased the duty on paan masala and tobacco products along with a revision in the capacity of production.
Tue, Jan 28 2014 10:37Read more
Commerce and Industry Minister Anand Sharma favoured easing curbs on gold imports to help the gems and jewellery industry reeling under shortage of the yellow metal. "I am for a review of the import policy by the finance ministry and the Reserve Bank of India (RBI) to ensure equitable and strong playing field to the gems and jewellery industry," Sharma told .
Tue, Jan 28 2014 10:43Read more
Finance Minister P. Chidambaram said the revised estimate for customs mop-up for 2013-14 (Apr-Mar) is lower than the Budgeted target, although he was “tempted to raise” the same.
Tue, Jan 28 2014 10:45Read more
THE supply and demand gap in the container shipping sector is expected to widen in 2014, likely aggravating freight rate volatility and forcing carriers to step up cost-cutting measures, it has been projected.
Thu, Jan 30 2014 10:22Read more
India should aim to increase its share in world merchandise exports from 1.6% in 2012 to respectable figure of at least 4% in the next five years.
Thu, Jan 30 2014 10:24Read more
India's Miscellaneous Chemical products exports in December- 2013 has grew to US$ 265.21 M, a increase of 22.55% compared to November 2013.
Thu, Jan 30 2014 10:25Read more
Asserting that the rupee is on a much stronger footing now, the Finance Ministry, said the government and Reserve Bank of India were vigilant and all steps would be taken to ensure stability in financial markets in the wake of the U.S. Fed’s decision to further trim its monetary stimulus.
Fri, Jan 31 2014 10:23Read more
The Reserve Bank of India’s (RBI) decision to hike the key policy interest rate by 25 basis points from 7.75 per cent to 8 per cent has disappointed corporate India, representatives from industry bodies opined.
Fri, Jan 31 2014 10:25Read more
The Indian economy is set for a gradual recovery over the next two years after crashing to a probable sub-5% growth in 2013-14, but a lot will still depend on the pace of project implementation and global economic expansion, according to the Reserve Bank of India (RBI).
Fri, Jan 31 2014 10:30Read more
The Indian government has imposed a 5 percent duty on exports of iron ore pellets in a move that will further clamp down on raw material exports and ensure iron availability for domestic steel producers.
Sat, Feb 01 2014 10:44Read more
The output growth of India's eight core sector industries slowed to 2.1 per cent in December 2013 due to poor performance by the coal, petroleum refinery products, steel and cement sectors, government data showed .
Sat, Feb 01 2014 10:46Read more
Hit by the global slowdown, India's services sector is expected to grow by about 6 per cent during the current financial year, industry body Assocham said. The services sector which contributes over 60 per cent to the country's GDP may expand by about 6 per cent in 2013-14. The spill over from the manufacturing is clearly visible on the important segments of trade, transport and construction" it said in a statement.
Sat, Feb 01 2014 10:51Read more
A delegation of the Export Promotion Council for Export Oriented Units and Special Economic Zones (EPCES) has urged the government to rectify a series of policy decisions that have been impacting the image of these units.
Sat, Feb 01 2014 10:53Read more
If Indian exporters say the biggest exports they do are within India, it would be only half in jest. It would be a tongue-in-cheek commentary on the red tape that has long plagued the sector, which requires them to ship tonnes of documents such as letter of credit, copy of proof of advance payment, print-out of application form, foreign inward remittance certificate etc to government offices, accompanied by numerous visits. Taken together, these documents would total a whopping 25,000 pages every month, never mind that they ultimately gather dust in storerooms.
Mon, Feb 03 2014 11:43Read more
Foreign exchange reserves rose by a marginal $157.3 million last week, indicating that the RBI may have refrained from selling dollars in the forex market despite a falling rupee. Forex reserves, as on January 24, were $292.24 billion, down $3.5 billion from a year ago, data from the RBI showed.
Mon, Feb 03 2014 11:44Read more
The net profit of the Container Corporation of India (Concor), the public sector undertaking under the Ministry of Railways, has risen by 5.49 per cent to Rs 249.57 crore for the quarter ended December 2013 as compared to the profit the company achieved during the same period last year.
Tue, Feb 04 2014 11:05Read more
The government indicated that it may tinker with the excise duties and service tax rates in the interim budget in an apparent bid to boost economy but may not pursue key reforms legislations due to lack of political consensus.
Tue, Feb 04 2014 11:23Read more
After rising phenomenally in the last three financial years, exports of agricultural produce may rise only marginally in 2013-14, as growth in exports of rice (basmati and non-basmati), cotton and wheat is expected to be flat.
Tue, Feb 04 2014 11:24Read more
In order to encourage the movement of goods such as steel, marbles, tiles, cement, automobiles, fertilisers, foodgrains, salt and sugar, from rail and road to coastal shipping, the Centre is prepared to spend around Rs 300 crore on incentives, Capt. P. V. K. Mohan, Chairman of the National Shipping Board, Ministry of Shipping, has said.
Wed, Feb 05 2014 10:46Read more
India's Rubber and Rubber Articles exports in December- 2013 has grew to US$ 214.5 M, a increase of 22.69% compared to November 2013.
Wed, Feb 05 2014 10:49Read more
India's gold imports for financial year 2014 will be less than 500 tonnes, according to All India Gems & Jewellery Trade Federation (GJF), unless the national government relaxes the rules on import restrictions of the safe haven yellow metal.
Wed, Feb 05 2014 10:51Read more
The Cabinet Committee on Economic Affairs (CCEA) has approved five port related projects involving at least Rs 17,600 crore investment to increase the capacity of the major ports by 150.74 million tonnes per annum.
Thu, Feb 06 2014 10:33Read more
India has asked European countries to waive import duty on its textiles, arguing that the quality of its cloth is better than that supplied by Pakistan and Bangladesh
Thu, Feb 06 2014 10:35Read more
Giving some more relief to exporters and importers, the Reserve Bank of India (RBI) eased norms related to documentary evidence for circumstances leading to third party payments in export, import transactions.
Thu, Feb 06 2014 10:37Read more
SEAFOOD exports in the first nine months (April-December) of the current fiscal have reached an all-time high of $ 3.66 billion
Sat, Feb 08 2014 09:44Read more
Recently, Thailand imposed a definitive safeguard duty on imports of certain hot rolled steel flat products originating from India at the ad valorem rate of 44.2% for the period 15th September, 2013 to 26th February, 2014.
Sat, Feb 08 2014 09:46Read more
Salt production in India is expected to increase over 35% to 40 million tonnes per year by 2020.
Sat, Feb 08 2014 09:47Read more
India’s economic growth remains stunted owing to a pervasive demand slump amid high inflation, confirmed the advance estimate of national income for 2013-14,
Sat, Feb 08 2014 09:49Read more
With groundnut oil prices falling in recent months, the agriculture ministry has written to the commerce department to lift a five-year ban on bulk exports of the commodity.
Mon, Feb 10 2014 11:08Read more
Fiscal strain is likely to force the government not to allocate any extra money in Plan expenditure (PE) in the interim Budget for 2014-15, compared to the Budget Estimate (BE) for the current financial year. The amount could be kept unchanged at Rs 5,55,322 crore for 2014-15, notwithstanding the pressure from a general election
Mon, Feb 10 2014 11:09Read more
India Ratings & Research has revised its outlook on the pharmaceuticals sector for next fiscal to positive from stable on the back of increased exports.
Mon, Feb 10 2014 11:10Read more
The huge growth in production Andhra Pradesh and other States on the East Coast experienced, boosted exports of vannamei to almost double in quantity compared with the first three quarters of the last fiscal year to 134,000 tonnes vs. 69,000 tonnes.
Tue, Feb 11 2014 10:27Read more
While the production of fruit in 2011 was 76.42 million tonnes, only 0.57 per cent or 0.44 million tonnes was exported due to factors such as higher domestic consumption, fragmented supply chain, small land holdings of farmers, lack of appropriate infrastructure, high cost of logistics, difficulties in meeting global standards and high international transportation costs, the Indian Horticulture Database 2012, published by the National Horticulture Board, showed.
Tue, Feb 11 2014 10:29Read more
India’s growth statistics have been in the news for a variety of reasons. They are also topical. The Central Statistics Office (CSO) released the first growth estimate for 2013-14 on February 7. The economy will grow by 4.9 per cent, a tad higher than what the markets were expecting but below the 5 per cent which the government was hoping at the very minimum.
Tue, Feb 11 2014 10:31Read more
EXPORTERS are looking to get the government’s interest subsidy programme extended to sectors such as pharmaceuticals, gems and jewellery and engineering goods in this month’s vote on account
Wed, Feb 12 2014 09:48Read more
India’s merchandise exports grew by only 3.8 per cent in January, the third month in a row of a single-digit rise. It got the Union government’s commerce department to say it might be tough to meet the official export target of $325 billion for 2013-14
Wed, Feb 12 2014 09:50Read more
As the finishing touches to the Interim Railway Budget, the last to be presented by the UPA II government on Wednesday, get underway, the transportation behemoth continues to battle mounting losses and deteriorating standards with no solution out of the situation.
Wed, Feb 12 2014 09:52Read more
Handicraft exports have registered a growth of 39.79 percent in the month of January over the same month last year and it will achieve the given target of USD 4.1 billion for the current fiscal,
Fri, Feb 14 2014 10:19Read more
The industry has hailed the budget because of its focus on bringing in investments through foreign direct investment (FDI) and public-private-partnership (PPP) projects.
Fri, Feb 14 2014 10:20Read more
In a significant relief to non-mega power projects, the Gujarat High Court on Thursday termed the Director General of Foreign Trade (DGFT) notification on recovery of deemed export duty drawback from these power projects as illegal
Fri, Feb 14 2014 10:22Read more
India's foreign exchange reserves rose $1.26 billion in the week to February 7 to $292.33 billion, the Reserve Bank said
Sat, Feb 15 2014 09:47Read more
INTERNATIONAL container traffic increased 2.4 per cent in 2013 to 127 million TEUs on the back of Asia-Europe and transatlantic trade growth, according to Container Trades Statistics.
Sat, Feb 15 2014 09:49Read more
According to the Commerce Ministry, new Foreign Trade Policy (FTP) for the period 2014-19 is likely to be unveiled by the new government in April.
Sat, Feb 15 2014 09:51Read more
Following a significant drop in New Zealand's exports to India, New Zealand Trade & Enterprise is commissioning two major pieces of research to help Kiwi companies sell higher value products into the market.
Sun, Feb 16 2014 09:51Read more
D.B. Group Spa has launched Fresh & Frozen Logistics Solutions, an international distribution service dedicated to perishable products, in Italy.
Sun, Feb 16 2014 09:53Read more
India's services exports in December stood at $12.87 billion, slightly higher from a month earlier, Reserve Bank of India data showed .
Sun, Feb 16 2014 09:54Read more
After Indian diamond industry, the country's biggest man-made fabric (MMF) sector in the Diamond City is eyeing the United States of America to increase the export of non-apparel fabrics.
Mon, Feb 17 2014 10:13Read more
Pharmaceutical sales in India are expected to rise by 14.4 per cent to USD 27 billion in 2016 from last year, but the life sciences and health care industry is up against challenges such as quality management and meeting global standards, says a report.
Mon, Feb 17 2014 10:14Read more
Despite the economic slowdown, Monday’s interim Budget will likely show the Centre’s FY14 fiscal deficit being a trifle lower than the projected 4.8% of GDP. It could also reveal that the revenue deficit target of 3.3% has not been met despite unexpected gains from the 2G spectrum auction and the milking of Coal India and some other cash-rich PSUs.
Mon, Feb 17 2014 10:16Read more
Finance minister P Chidambaram presented the interim budget for the fiscal year 2014-15 on Monday to cover expenditure until the government's term ends
Mon, Feb 17 2014 19:18Read more
India's exports are expected to grow by 6.3 per cent to $326 billion during the current fiscal, Finance Minister P Chidambaram said.
Tue, Feb 18 2014 08:47Read more
The Hon’ble Finance Minister P. Chidambaram presented the Interim Budget for the fiscal year 2014-15 on Monday, February 17, 2014 to cover expenditure
Tue, Feb 18 2014 08:49Read more
Finance Minister P. Chidambram has presented today the Interim Union Finance Budget for F.Y. 2014-15. Major Highlight of the same on tax front and other areas is as follows :-
Tue, Feb 18 2014 08:51Read more
Indian Industry welcomed the interim budget for 2014-15 presented by Finance Minister P. Chidabaram for its stress on manufacturing. "The finance minister has highlighted the importance of the manufacturing sector, which is key to reviving the economy," said Kris Gopalakrishnan, president, Confederation of Indian Industries (CII).
Wed, Feb 19 2014 10:17Read more
Software services and IT-enabled services exports are estimated to have increased by 37% to around Rs 3.41 lakh crore in 2012-13, a survey by the Reserve Bank said. "India's total export of computer services and ITeS/BPO services during 2012-13 is estimated at Rs 3.41 lakh crore ($62.6 billion), exhibiting 20.7% growth in terms of dollar over the previous year," RBI said in its survey on Computer Software & Information Technology Enabled Services Exports: 2012-13.
Wed, Feb 19 2014 10:29Read more
Agriculture credit is likely to exceed the target of Rs 7,00,000 crore while farm exports are expected to increase to over USD 45 billion in the current fiscal, Finance Minister P Chidambaram said . "We are proud of stellar performance of agriculture. ...Agriculture credit is likely to touch Rs 7,35,000 crore, exceeding the target of Rs 7,00,000 crore," he said while presenting the interim Budget for 2014-15 fiscal.
Wed, Feb 19 2014 10:32Read more
India's exports of wheat, rice and corn are expected to drop sharply by 29% to 13.5 million tonne in the 2014-15 marketing year due to sluggish global prices, according to a US agriculture department (USDA) report. The combined shipments of wheat, rice and corn from India are estimated to touch 19 million tonne in the 2013-14 marketing year, it said.
Thu, Feb 20 2014 10:26Read more
Exhorting traders to push exports by cashing in on attractive Indian rupee exchange rate, Finance Minister P. Chidambaram today said imports cannot be "compressed" too much as they are the lifeline of many domestic industries. "The trade balance in April - October is USD 90.7 billion. You will remember I said last year that for the full year, the trade balance was USD 190 billion.
Thu, Feb 20 2014 10:28Read more
Despite the global slowdown, the performance of India’s garment export industry is good and it is expected to achieve the target of US$ 17 billion set for the current financial year 2013-14. India’s apparel exports stood at $11.026 billion in 2010-11, which increased to $13.083 billion in 2011-12, but declined marginally to $12.397 billion in 2012-13.
Fri, Feb 21 2014 10:38Read more
The Railways revenue earnings from commodity-wise freight traffic shot up by 10.37 per cent to Rs 76,501.01 crore during the 10 months from April 2013 to January 2014, as against Rs 69,313.47 crore in the corresponding period of the previous year.
Fri, Feb 21 2014 10:45Read more
India needs to re-structure its promotion schemes for exporters and make them less dependent on government support for being complaint with the international laws, a top government official said .
Fri, Feb 21 2014 10:48Read more
Members of the G6 Alliance released details on port rotations for the proposed service expansion to the Asia-North America West Coast and Trans-Atlantic trade lanes, announced in early December last year. Subject to the completion of regulatory review process, the 17 services are scheduled to start in the second quarter of 2014.
Sat, Feb 22 2014 11:13Read more
Cotton export is picking up following stable currency. In the last few months the rupee exchange rate has remained stable against the dollar. China, which is sitting on buffer stocks of cotton, has started increasing import of cotton from India. While demand from Pakistan, Bangladesh, Indonesia and Vietnam has also increased.
Sat, Feb 22 2014 11:15Read more
India's Plastics and Plastics Articles imports in January- 2014 has grew to US$ 887.61 M, a increase of 9.74% compared to December 2013
Sun, Feb 23 2014 09:22Read more
India's foreign exchange reserves surged by USD 1.46 billion to USD 293.79 billion in the week ended February 14
Sun, Feb 23 2014 09:23Read more
The government will continue the provisions and incentives under the ongoing foreign trade policy (2009-14) until further orders
Sun, Feb 23 2014 09:27Read more
PHD Chamber of Commerce and Industry suggested the government not to impose anti-dumping duty on imports of Purified Terephthalic Acid (PTA)
Thu, Feb 27 2014 06:48Read more
The government should consider banning imports of equipment related to power generation and telecom from China, the Indian Electrical & Electronic Manufacturers' Association (IEEMA)
Thu, Feb 27 2014 06:51Read more
thethe FoB value of exports must be 15 per cent more than the CIF rupee value of imports. must be 15 per cent more than the CIF rupee value of imports.
Thu, Feb 27 2014 06:53Read more
Ten years ago, nobody could have imagined that India would be the largest exporter of rice and guar gum, and the second-largest exporter of beef and cotton.
Thu, Feb 27 2014 07:04Read more
The Ministry of Micro, Small & Medium Enterprises has given a set of important suggestions for the Foreign Trade Policy (FTP) 2014-19, to address the high interest rate problems faced by the sector, said MSME minister K.H Muniyappa
Fri, Feb 28 2014 11:28Read more
The exports of textiles and apparel from India are likely to miss the target of US$ 43 billion set for the current financial year by about $1 billion, Textiles Minister K Sambasiva Rao has said.
Fri, Feb 28 2014 11:31Read more
The government will push commodities exports that can be scaled up quickly to meet the export target for the year that will otherwise fall short second year running. On a cumulative basis, exports touched $257 billion, recording a 5.7% growth against last year between April and January and will need to expand by about 13% in the remaining two months to achieve the targeted $325 billion last year.
Fri, Feb 28 2014 11:35Read more
Barely six months after Russia lifted a ban on import of rice and peanut from India on grounds of contamination, Australia has warned India of violation of laws governing processed food exports to the country.
Sat, Mar 01 2014 11:10Read more
Production of the eight core sector industries grew by only 1.6 per cent in January against 2.1 per cent in December, pulled down by coal, petroleum refinery products and natural gas, official data showed
Sat, Mar 01 2014 11:17Read more
The government approved the continuation of Rs 670 crore scheme for spices during the 12th Five Year Plan (2012-17). It is expected to push up spices exports to $3 billion by March, 2017.
Sat, Mar 01 2014 11:22Read more
The Reserve Bank of India has launched a comprehensive, integrated and computerised export data processing and monitoring system to step up monitoring and follow-up of export transactions. This is part of the central bank's green initiative as paper reporting requirement will be eliminated to a substantial extent. This would make the regulatory and supervisory process effective for monitoring the export transactions and also help exporters in effective compliance with rules guiding exports.
Mon, Mar 03 2014 12:01Read more
India's eastern neighbour China has emerged as its biggest trading partner in the current fiscal replacing the UAE and pushing it to the third spot, according to a study conducted by PHD Chamber of Commerce.
Mon, Mar 03 2014 12:07Read more
India`s foreign exchange reserves fell marginally to $293.41 billion as of February 21 from $293.79 billion in the week earlier, the Reserve Bank of India said on Friday.
Mon, Mar 03 2014 12:28Read more
The significantly large share of Indian agricultural exports revealed the competitive advantage of its commodities in the international markets. Their share in the country’s total exports has remained above 10 per cent since 1990-91. However, the share of its agricultural imports in its total imports is less. For the past three years, the performance of agricultural exports has been spectacular, with its share in the country’s total exports up from 10.5 per cent in 2010-11 to 13.53 per cent in 2012-13
Wed, Mar 05 2014 11:20Read more
Gold imports in 2013-14 were the lowest in the past five years. Figures with Gujarat State Export Cargo Ltd (GSECL) indicate that in the April 2013 to February 2014 period, imports of the yellow metal in the state did not touch even 90 metric tonnes (MT).
Wed, Mar 05 2014 11:25Read more
The Commerce and Finance ministries will soon take a view on the issue of release of duty refund claims of exporters, Commerce and Industry Minister Anand Sharma said. "I have discussed the matter with the Finance Minister. The commerce secretary will discuss the issue with the revenue secretary to expedite the refund of pending funds," Sharma told .
Wed, Mar 05 2014 11:28Read more
India's exports will not be able to achieve the target of USD 325 billion in the current fiscal and will fall short by about USD 10 billion, FIEO said. Domestic factors like declining manufacturing growth and slow improvement in the global demand are the main reasons for slow growth in the country's exports.
Thu, Mar 06 2014 11:49Read more
Political turmoil in Ukraine involving the Russian Federation may have a negative fallout for Indian exports, engineering exporters' body EEPC India said. "The current turmoil will give a setback to the recent efforts to promote exports to the former members of the erstwhile Soviet Union," EEPC India Chairman Anupam Shah said in a statement.
Thu, Mar 06 2014 11:56Read more
Indian duty refunds touching Rs 19,000 crore is likely to further hamper the chances of improvement in exports from India, according to Federation of Indian Export Organisations (FIEO)
Mon, Mar 10 2014 11:41Read more
India Ratings & Research (Ind-Ra) has revised its outlook on the shipping sector for FY15 to negative to stable from negative. Many shipping companies had embarked on debt funded capex plans in 2007-08. Since then, global freight rates have dropped considerably due to over capacity across segments as well as moderation in demand growth which led to deterioration in the credit profiles of shipping companies globally. The agency believes that the credit profile of Indian corporates in the sector is unlikely to deteriorate further as the bulk of the ships owned by Indian shipping companies comprises of crude oil and product tankers, a segment in which freight rates are likely to remain at around current levels in FY15.
Mon, Mar 10 2014 11:47Read more
India’s iron ore exports fell in February to about 889,882 tonnes, a decline of 16.5 per cent year-on-year. Pellet export shipments were completely absent in February and there was a notable drop in buying interest from China, which has built up heavy inventory.
Tue, Mar 11 2014 11:08Read more
India has emerged as the top trading partner of Dubai in 2013 with a trade volume of $37 billion, representing a 10 per cent share of the total foreign trade of the emirate. China comes second with a value of $36.7 billion accounting for around 10 per cent, while the US is third with $23.4 billions, a 6 per cent share, followed by Saudi Arabia and the UK respectively with $23 billion and $15.2 billion.
Tue, Mar 11 2014 11:15Read more
The rupee, which rallied to a three-month high last week, is unlikely to maintain the momentum this week due to higher demand for dollars from importers and rise in the greenback after strong non-farm payrolls data in the US last week, say bankers and experts
Tue, Mar 11 2014 11:19Read more
The only “green shoot” in the Indian economy, exports growth, contracted in February for the first time in eight months. Exports growth declined by 3.7 per cent to $25.7 billion from $26.7 billion in February 2012, according to official data released.
Wed, Mar 12 2014 11:15Read more
Trade deficit narrowed in February on a sharp fall in imports, which would further ease pressure on the current account balance. The trade deficit stood at $8.13 billion, more than 40 percent lower from a year ago, the data released by the trade ministry showed.
Wed, Mar 12 2014 11:21Read more
The commerce ministry said the government is working towards relaxation of curbs on the gold imports. "We are in the mid of March. We have been in conversation with the Finance (ministry)...Surely we are working towards a possibility of relaxation," Commerce Secretary Rajeev Kher told reporters here.
Wed, Mar 12 2014 11:24Read more
The rupee has been on a winning streak since the start of this year. Despite the US cutting back its bond-buying programme, the rupee has held its own. In fact, it has appreciated 1.5 per cent over the past month, driven by steady foreign capital flows into Indian bonds and stocks.
Fri, Mar 14 2014 10:48Read more
In order to enhance bilateral trade with Bangladesh, India has asked the neighbouring country to open direct water routes so as to avoid the expensive current mode of shipping cargoes through the ports of Singapore or Colombo. Cargo also transits the land route through Petrapole-Benapole but it is marred by heavy congestion.
Fri, Mar 14 2014 10:52Read more
Director General of Foreign Trade, Ministry of Commerce & Industry, Anup Pujari Wednesday told media that India will not be able to achieve the exports target of USD 325 billion in the current fiscal.
Fri, Mar 14 2014 10:55Read more
India's wholesale price based inflation fell to 4.68 percent in February, the lowest level of increase in the last nine months, as food prices cooled down, government data showed here Friday.
Sat, Mar 15 2014 11:05Read more
India's palm oil imports in February plunged to the lowest in nearly three years, data from the Solvent Extractors' Association (SEA) showed, as higher prices and hopes local supplies of rival rapeseed oil would improve kept buyers away.
Sat, Mar 15 2014 11:07Read more
Foreign exchange reserves rose $1.09 billion for the week ended March 7 to $295.45 billion, back to the level seen at the start of the current financial year. The latest Reserve bank of India (RBI) data show that for the week ended April 26, the reserve position stood at $296.37 billion.
Sat, Mar 15 2014 11:11Read more
The government has hiked the import tariff value on gold to $445 per 10 grams from $433 per 10 gram earlier. However, the import tariff value, the base price at which customs duty is determined to prevent under-invoicing, in case of silver has been reduced to $694 per kg from $699 per kg earlier, a notification by the Central Board of Excise and Customs said.
Mon, Mar 17 2014 10:54Read more
The February 2014 export figures show a decline of 3.7 per cent in dollar terms over a year, raising apprehension that rising costs have eroded any gains to exporters through a weaker rupee.
Mon, Mar 17 2014 10:55Read more
In order to ensure stability in trade policy, the UPA government has decided to extend the current foreign trade policy that expires on March 31. "The policy will be extended till a new government is formed after the Lok Sabha elections," Rajeev Kher, secretary, Union Ministry of Commerce and Industry said here on Thursday.
Tue, Mar 18 2014 10:59Read more
The Reserve Bank of India’s seventh survey on India’s exports of computer related services points to a revival of India’s exports after the downturn triggered by the Great Recession. In dollar terms, exports grew by 20.7 per cent in 2012-13, as compared with just 4.6 per cent in recession year 2008-09. According to the RBI’s Balance of Payments Statistics, Software services exports at Rs.3583 billion in 2012-13 amounted to 45 per cent of services exports, 21.5 per cent of merchandise exports and as much as 3.5 per cent of GDP. So a revival here is some cause for comfort both from a growth and balance of payments point of view.
Tue, Mar 18 2014 11:00Read more
That inflation is coming down is apparent in both the Consumer Price Index (CPI) and the Wholesale Price Index (WPI), for both of which the February 2014 numbers were published last week. CPI inflation was down from 8.8 per cent in January to 8.1 per cent in February. WPI inflation was down from 5.1 per cent in January to 4.7 per cent in February.
Tue, Mar 18 2014 11:01Read more
Authorised Dealer (AD) banks have to submit several returns to the Reserve Bank of India (RBI) relating to export of goods and services as given under part C — Authorised Dealer obligation in the annexure to AP (DIR Series) Circular No. 12 dated September 9, 2000, as amended from time to time. Such returns include:
Wed, Mar 19 2014 10:48Read more
A new round of economic data has been churned out last week, showing industrial production growth for January returning to the positive zone after three months of decline in a row, February retail inflation and wholesale inflation easing and exports falling for the first time in eight months in February. This data set is worth closely watching. The RBI's forthcoming monetary policy is scheduled on April 1, and more importantly, we are just weeks away from national elections.
Wed, Mar 19 2014 10:57Read more
Tea exports during 2013 increased by a mere two per cent at 212 million kilograms as compared to 208 million kilograms in 2012, according to data by Indian Tea Association (ITA).
Wed, Mar 19 2014 11:01Read more
India's engineering exports fell by over 3 per cent in February, the first time in seven months, because of steep decline in shipments to the key ASEAN markets of Singapore,Malaysia, Indonesia and Thailand with which India has entered into a Free Trade Agreement.
Thu, Mar 20 2014 11:00Read more
Since it hit a low of 68.83 against the dollar in August, the rupee has appreciated about 11 per cent to 61.21 a dollar, hitting a large number of exporters hard. However, the recent appreciation has not deterred companies such as electric goods maker Havells from ramping up their base in India.
Thu, Mar 20 2014 11:05Read more
Container volumes at major ports remained subdued in February. Volumes declined by 3.9% from a year earlier mainly because volumes at the Chennai Port declined by about 7%. But the February performance is in keeping with the year-to-date performance where volumes have declined by 3.9%.
Thu, Mar 20 2014 11:10Read more
India’s iron ore exports saw a 27.6 percent slump at 12.6 million tons (MT) during the April-February period
Fri, Mar 21 2014 09:04Read more
Old jewellery exports from India rose for the first time in the fiscal year last month, helped by better availability of gold,
Fri, Mar 21 2014 09:06Read more
Volatility is the hallmark of currency markets. The rupee is expected to strengthen, in the wake of huge inflows of portfolio investments
Fri, Mar 21 2014 09:08Read more
Indian exporters must explore new territories in countries like Africa and China to diversify from traditional markets like European Union and USA, Union Commerce Secretary Rajeev Kher said.
Sat, Mar 22 2014 10:20Read more
For close to four decades, export of onion could take place only through the agencies designated by the government. Now anyone can export onions, as the Central government freed export of the bulb by removing this condition last week. Onion export was canalised in 1974.
Sat, Mar 22 2014 10:22Read more
The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests huge drop in the country’s Silver bar imports during the month of February 2014. The country’s Silver bar imports plunged by 36.14% during the month of February 2014 upon comparison with the imports during the same month last year. This is in accordance with the raw material import details published today by Council for the month of February 2014.
Sat, Mar 22 2014 10:25Read more
For the first time in the last one decade, India's gems and jewellery export is set to fall by 10 to 15 per cent. This is mainly because of the 10 per cent import duty on gold. While the polished diamond export has registered a 20 per cent increase from April 2013 to February 2014 compared to the same period in the previous year, gold jewellery export has declined by almost 45.56 per cent.
Mon, Mar 24 2014 10:58Read more
Cumin seed or jeera production in India is expected to rise to 6.5-7 million bags of 55 kg each in the year 2014, from 4.5-5 million bags a year earlier, due to an expanded area under cultivation and favourable weather conditions, according to official estimates. As per Spice Board of India's data, last year jeera production in the country was 394,328 tonne.
Mon, Mar 24 2014 11:06Read more
Foreign exchange (forex) reserves of the country rose by $1.83 billion to $297.28 billion for the week ended March 14, Reserve Bank of India (RBI) data showed. This is the third consecutive week of increase in the country's forex reserves as overseas investors poured in money in local bonds and stock markets.
Mon, Mar 24 2014 11:11Read more
Last month, the Gujarat high court, in the case of Alstom India Vs Union of India and Another [2014-TIOL-223-HC-AHM-EXIM], held Para 8.3.6 of the Handbook of Procedures, Vol. 1 (HOP), by which the Customs and Central Excise Duty Drawback Rules, 1995, had been adopted, breached the Foreign Trade Development & Regulation (FTDR) Act, 1992.
Mon, Mar 24 2014 11:12Read more
It is necessary to correct some inaccurate information and conclusions given by the author of the recent article “Sugar-coating subsidies” Let us understand that the Indian sugar industry basically produces white sugar, which gets consumed domestically. Any surplus, which comes up once in a while, is exported.
Mon, Mar 24 2014 11:13Read more
India’s export subsidies on sugar announced last month will not exceed $80 million and is essentially designed to encourage diversification away from white sugar to raw sugar, the country has clarified to the World Trade Organisation.
Tue, Mar 25 2014 11:31Read more
Indian exports of textiles, engineering and capital goods may suffer if the Chinese currency continues to depreciate, experts warn. The yuan has fallen 4.9per cent against the rupee year to date and may fall further if the Chinese slowdown deepens and the shadow banking crisis and the defaults worsen.
Tue, Mar 25 2014 11:33Read more
The Election Commission (EC) is unlikely to immediately allow the Reserve Bank of India (RBI) to issue new banking licences, according to a person with direct knowledge of the matter.
Tue, Mar 25 2014 11:35Read more
Order under Section 119(1) of the Income tax Act, 1961. The Financial Year 2013-14 closes on 31.3.2014. In view of closer of office on 29th and 30th of March being Saturday and Sunday, and also on 31st March at some stations being Gudi Padava, Ugadi etc., the field Income Tax Offices through-out India shall remain open and the receipts counters shall also work during normal office hours on 29th, 30th and 31st of March, 2014.
Wed, Mar 26 2014 12:19Read more
Indian exports will fall short of the USD 325 billion target envisaged in the current fiscal though it would be more than what was achieved in the last financial year, Commerce and Industry Minister Anand Sharma has said.
Wed, Mar 26 2014 12:28Read more
Groundnut exports are expected to decline as the European Union (EU) and Malaysia have imposed stringent norms in order to control aflatoxin levels. Two of the largest importers together account for 40 per cent of India’s exports. Traders will have to procure a health certificate from the Export Inspection Council of India (EIC) for every consignment to these destinations.
Wed, Mar 26 2014 12:32Read more
Micro Enterprises: • Investment in Plant and Machinery upto Rs 25 Lakhs (Manufacturing sector) • Investment in Plant and Machinery upto Rs 10 Lakhs (Service Sector)
Wed, Mar 26 2014 12:38Read more
The European Union’s Standing Committee on Plant Health decided to impose a ban on Indian mangoes and some vegetables from May due to concerns over the presence of pests and insects in consignments arriving from India.
Fri, Mar 28 2014 10:56Read more
Boosted by the significant export of mint, chilli and seeds, the Indian spice industry has achieved a growth of 41 percent during the period of April-December 2013. This period witnessed a total export of 571,680 tonnes of spices and spice products valued at Rs.9,433 crore as against 449,926 tonnes valued at Rs.6,696 crore (USD 1,232 million) during April-December 2012.
Fri, Mar 28 2014 10:58Read more
The RBI has relaxed some of the restrictions relating to hedging of currency risk of probable exposures of exporters and importers. This will give them greater operational flexibility. Contracts booked up to 75 per cent of the eligible limit may be cancelled with the exporter/importer bearing/being entitled to the loss or gain as the case may be, the RBI said in a notification.
Fri, Mar 28 2014 11:00Read more
The RBI is likely to take into account, besides outlook on inflation, the ongoing impact of the strengthening rupee on exports in the upcoming annual monetary policy on April 1, according to an expert.
Sat, Mar 29 2014 10:41Read more
India has exported rice worth around $5.6 billion during April – December 2013, with most of the rice exported to Iran and Saudi Arabia, according to official sources. At the current pace, India’s rice export value in the full fiscal year 2013-14 (April – March) is expected to reach around $7.5 billion, which is up around 21% from total rice exports worth $6.21 billion in FY 2012-13.
Sat, Mar 29 2014 10:44Read more
Ushering in a stronger framework under the new law to govern companies, the government today notified more rules covering areas such as independent directors and transactions among related parties. The regulations aim to strengthen the overall functioning of companies as well as protect the interest of investors.
Sat, Mar 29 2014 10:47Read more
Concerns of an export slowdown grew as the rupee hit an eight-month high on Friday but a host of factors ranging from oil prices to gold import curbs will also contribute to setting the pace for India's merchandise shipments.
Mon, Mar 31 2014 11:43Read more
India has permitted exports of an estimated 291 tonnes of pulses, the shipment of which is banned, to Maldives until 2016-17. The Directorate General of Foreign Trade has said in a recent statement, ”Export of pulses to Maldives has been permitted for the years 2014-15 to 2016-17.
Mon, Mar 31 2014 11:46Read more
The 2013-14 financial year ended on Monday, but there is no sign that gold imports in the state will recover to their earlier levels in the near future. In fact, figures for the end of 2013-14 show that imports of the yellow metal had refused to improve from a level lowest in five years.
Tue, Apr 01 2014 13:22Read more
India's infrastructure sector output in February expanded at its quickest pace in five months, indicating some lift in the economy as the country heads to elections The index of eight core sector industries rose 4.5% in February from a year earlier, compared with 1.6% in the previous month, according to data released by the commerce and industry ministry on Monday.
Tue, Apr 01 2014 13:24Read more
India's foreign exchange (forex) reserves rose by USD 1.34 billion to USD 298.63 billion for the week ended March 21,Reserve Bank of India (RBI) data showed. This is the fourth consecutive week of increase in the country's forex reserves as overseas investors poured in money in local bonds and stock markets.
Tue, Apr 01 2014 13:30Read more
JAWAHARLAL Nehru Port Trust (JNPT) has handled above 4.15 million TEUs in fiscal 2013-14, . The Port had handled 4.26 million TEUs in 2012-13. Sources attribute the decline in this fiscal to the labour and trailer-related issues that impacted the two private terminals in 2013.
Wed, Apr 02 2014 10:41Read more
April- January period India's agri export shave recorded a steady growth in the last three years due to huge surplus availability on bumper output coupled with supportive government policies toget rid of excessive stocks.
Wed, Apr 02 2014 10:42Read more
The country's coffee exports rose 3.6% at 3.15 lakh tonnes in 2013-14 on account of a sharp increase in shipments during the fourth quarter buoyed by firm global prices, according to the Coffee Board.
Wed, Apr 02 2014 10:44Read more
India can achieve a growth rate over 6 percent in the 2014-15 financial year, provided systemic reforms are carried out quickly by the new government, Confederation of Indian Industry president Ajay S Shriram said in New Delhi .
Thu, Apr 03 2014 12:06Read more
The Indian Government on Tuesday announced cut in import tariff value for gold and silver. The import tariff value of gold was slashed by 5.39% and that of silver was reduced by 7.20%, in tandem with prices of precious metals in the international market.
Thu, Apr 03 2014 12:09Read more
In what could bring a major relief to partnership companies, the Income-Tax department is set to clarify that the income of a firm that has been exempted from tax cannot be taxed for its profit in the hands of its partners.
Thu, Apr 03 2014 12:11Read more
To boost domestic silk production, Assocham has urged the government to extend anti-dumping duty on raw silk imports from China, which have grown by 7 per cent during the last 12 years, till December 2015.
Fri, Apr 04 2014 10:45Read more
An apex exporters' body for apparel and garments has demanded a separate chapter for exporters in the banking sector. Apparel Export Promotion Council (AEPC) has requested the central bank for separate chapter for pre/ post packing credit rate of 7.5 percent. Even the Padmanabhan committee constituted by RBI has recommended this sector to be covered under the priority sector lending.
Fri, Apr 04 2014 10:53Read more
The emerging markets, increasingly dependent on China for their own growth, may suffer as the world’s second-largest economy decelerates, International Monetary Fund (IMF) said . “China’s transition into a slower, if more sustainable, pace of growth will also reduce growth in many other emerging market economies, at least temporarily,” the IMF said in part of its latest World Economic Outlook report.
Fri, Apr 04 2014 10:58Read more
Country's new foreign trade policy (FTP), which is on the anvil, will have to be fashioned to produce value-added diversified products and make inroads into new markets such as the CIS, East and West Asia and Latin America, Rajeev Kher, Commerce Secretary, declared in New Delhi on Friday.
Sat, Apr 05 2014 11:08Read more
Mumbai Port Trust (MbPT) has decided to continue with the concessional rates for stuffing/destuffing of containers for a further period of one year from April 1, 2014 or till the date of revision of the Scale of Rates, whichever is earlier.
Sat, Apr 05 2014 11:10Read more
Amul is unable to export milk powder to certain countries in North Africa and West Asia as they have prescribed standards over and above the globally-accepted norms. But, when it comes to India, consumers are exposed to toxins and chemicals as the government and the Bureau of Indian Standards (BIS) have been unable to put in place any norms so far.
Sat, Apr 05 2014 11:12Read more
Boosted mainly by the government's 9% stake sale in Axis Bank, a large chunk of which was bought by foreign investors, and also the buyback of forex which was given to oil companies last year, India's foreign exchange reserves jumped a massive $5 billion during the week ended March 28 to go past the $300 billion mark after over two years. The figure was last above this mark in December 2011.
Mon, Apr 07 2014 11:12Read more
While big pharma companies are facing hurdles on the export growth front thanks to the issues with the US drug regulator, in contrast, small and medium enterprises (SME) have seen a good growth in formulations exports this fiscal.
Mon, Apr 07 2014 11:16Read more
The volume of cargo handled by India’s dozen state-owned ports grew by a modest 1.78% in the year ended 31 March, reversing two consecutive years of decline, mainly on the back of higher coal shipments.
Mon, Apr 07 2014 11:24Read more
India's oilmeal exports during the last fiscal stood was $1.87 billion (Rs 11,450 crore) down by 11%, and in terms of value it is down by 3% in rupee terms. Exports to Japan, Vietnam and Indonesia were drastically down due to increase in exports from other competing countries like Argentina and China, according to data released by Solvent Extractors' Association of India.
Tue, Apr 08 2014 11:36Read more
Meat exports have surged over the last few years as a greater number of exporters have adhered to stringent global quality standards. The government too has undertaken several measures aimed at eliminating animal diseases, which have contributed to the jump in exports.
Tue, Apr 08 2014 11:41Read more
Consumers fighting a high food inflation have got some breather with the rupee becoming stronger against the dollar. Imports of pulses and edible oils have become cheaper and traders indicate that prices will remain steady till elections are over.
Tue, Apr 08 2014 11:43Read more
Though India is seen as the second-most attractive logisticsmarket after China, issues such as shortage of skilled manpower, poor adoption of technology, with higher costs and lower profitability, have hampered development in this sector, consulting and financial advisory Deloitte said on Thursday.
Tue, Apr 08 2014 11:44Read more
The service tax, central excise and customs department collected Rs 13,493 crore in 2013-14 in the Ahmedabad zone. The customs department and central excise departments surpassed their targets but service tax department fell short by more than Rs 770 crore due to economic slowdown and reluctance among people to pay tax. The department collected Rs 4,691.35 crore in 2013-14 against the target of Rs 5,463 crore. For the first time in the past three years, service tax collections have missed the target by such a huge margin.
Wed, Apr 09 2014 10:23Read more
The International Monetary Fund (IMF) has projected India's growth to recover from 4.4 percent in 2013 to 5.4 percent in 2014 and strengthen to 6.4 percent next year, essentially unchanged from its forecast in January.
Wed, Apr 09 2014 10:25Read more
Last May, after the US Federal Reserve first announced a likely roadmap for Quantitative Easing (QE) taper, Morgan Stanley labelled India as a "fragile five" club member with other emerging economies like Turkey, South Africa, Brazil and Indonesia. Emerging markets were bound to be hit with the withdrawal of cheap liquidity from the system. A rush of money back to the developed markets (which meant a stronger greenback), coupled with domestic fundamental challenges such as dwindling foreign exchange reserves and high inflation, pushed the rupee to an all time low of 68.8 against the dollar in the next couple of months.
Wed, Apr 09 2014 10:35Read more
To further simplify the export procedures for the pharmaceutical exporters in the country, the Union commerce ministry has introduced self-certification for barcoding of secondary and tertiary level packaging of drugs which are exported from India to different countries including the regulated markets.
Thu, Apr 10 2014 10:19Read more
India's natural rubber imports jumped 49.3 percent to a record 324,467 tonnes in the year ended March 31 from a year earlier as excessive monsoon rains hurt production, the state-run Rubber Board said.
Thu, Apr 10 2014 10:23Read more
According to players in India, the government has announced the new anti-dumping duties on PVC imports following sunset investigations, as per ChemOrbis. Anti-dumping duties on PVC imports expired on January 23, 2014 and they had been suspended since then as the sunset investigation was extended several times.
Thu, Apr 10 2014 10:25Read more
Iron ore exports from India are likely to exceed 25 million tonnes in 2014-15, a growth of 60 per cent compared to last year. In 2013-14, these were 15.1 mt, a decline of 19 per cent over the previous year.
Fri, Apr 11 2014 10:18Read more
Government run trading firm PEC Ltd has been authorised to export about 291 tonnes of pulses to Maldives till 2016-17, the Directorate General of Foreign Trade (DGFT) has said Although exports of pulses are banned, Indian government ships the commodity to the neighbouring country on diplomatic grounds.
Fri, Apr 11 2014 10:20Read more
The Reserve Bank today said existing guidelines on interest rates for overseas borrowings will continue for another three months "On a review, it has been decided that the all-in-cost ceiling...will continue to be applicable till June 30, 2014, and is subject to review thereafter. All other aspects of the ECB policy remain unchanged," the RBI said in a notification.
Fri, Apr 11 2014 10:22Read more
The Indian economy got walloped coming and going, renewing apprehensions about the prospects for economic revival and likely making things difficult for the new government that will be formed after the election. While domestic demand shows no signs of picking up, the global economy is not providing enough support, two key sets of data released on Friday showed, calling into question expectations of a recovery in the new fiscal after two consecutive years of below 5% growth.
Sat, Apr 12 2014 10:04Read more
India's exports grew by a sluggish 3.98 percent to $312.35 billion in financial year ended March, missing the official target of $325 billion, while trade deficit narrowed on lower imports. According to data released Friday by the ministry of commerce and industry here, exports stood at $312.35 billion in the financial year 2013-14, up 3.98 percent from the previous year's $300.40 billion.
Sat, Apr 12 2014 10:10Read more
Gold and silver imports declined 40 percent to USD 33.46 billion in 2013-14 mainly due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the current account deficit.
Sat, Apr 12 2014 10:14Read more
Disappointed with the trade data for financial year 2013-14, apex exporters body and leading industry chambers are expecting an industry friendly new Foreign Trade Policy (FTP) 2014-19, which will help stimulate India's exports.
Mon, Apr 14 2014 13:35Read more
India became net steel exporter in 2013-14 after a gap of six years and is likely to maintain the momentum in 2014-15 as producers are looking to dock more overseas shipment to tide over subdued domestic consumption.
Mon, Apr 14 2014 13:44Read more
India received foreign exchange remittances worth $70 billion in 2013 from its migratory workforce to retain the top spot in the world amid a broad slowdown caused by regulatory hindrances on both movement of people and capital.
Mon, Apr 14 2014 13:47Read more
China reported an unexpected contraction in exports in March, raising the danger of job losses as Beijing tries to overhaul its slowing economy. Trade data showed exports fell 6.6 percent from a year earlier, well below analysts' expectations of growth in low single digits. Imports contracted by 11.3 percent, highlighting the weakness in Chinese growth.
Thu, Apr 17 2014 10:44Read more
The sharply higher number of import alerts by the US drug regulator against medicines produced by several large Indian pharmaceutical companies will pull down pharmaceutical exports, industry officials have said.
Thu, Apr 17 2014 10:47Read more
With the World Trade Organisation projecting world trade to grow by 4.7 per cent in 2014 and a slightly faster growth at 5.3 per cent in 2015, which is a 20-year average growth rate, the Federation of Indian Export Organisations has noted that this augurs well for India's exports.
Thu, Apr 17 2014 11:06Read more
Faced with subdued export performance, the new foreign trade policy (FTP) is expected to focus on wide range of issues including services sector shipments, standards and branding of products.
Wed, Apr 16 2014 11:26Read more
The Reserve Bank of India has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade). Till now, advance payment without any limit and without a bank guarantee or standby letter of credit could be made only to notified mining companies by an importer, other than a public sector company or a department or undertaking of the Union or state governments.
Wed, Apr 16 2014 11:29Read more
India's exports are likely to grow by at least 10 per cent in 2014, exporters body FIEO said today, basing its forecast on the WTO's projections of global trade. "On a rough estimate, India's export growth has been more than double the global trade growth and thus we should expect a minimum of 10 per cent increase in exports in 2014," Federation of Indian Export Organisations (FIEO) President Rafeeque Ahmed said.
Wed, Apr 16 2014 11:33Read more
Import tariff value on gold and silver was hiked to $431 per 10 grams and $646 per kg, respectively, taking firm global cues. During the first fortnight of the current month, tariff value on imported gold was fixed at $421 per 10 grams and silver at $644 per kg.
Fri, Apr 18 2014 10:34Read more
Indian raw cotton exports are expected to plummet around 20 percent in the next crop year, with demand from China fading as Beijing unwinds a controversial stockpiling scheme. That would be greater than the nearly 6 percent drop touted for this year, with the change in Chinese policy coming on top of rising cotton consumption in India and a spurt in exports of finished yarn, industry officials said.
Fri, Apr 18 2014 10:36Read more
The target="_blank">sugar industry is complaining about the unexplained delay by the government in revising the subsidy for export. In February, to encourage a reduction in the surplus stock, the government said it would subsidise shipments, with the amount to be decided every two months, based on the commodity’s price and the exchange rate.
Fri, Apr 18 2014 10:38Read more
With a new government at the Centre only a few weeks away, the Reserve Bank of India (RBI) might wait for the new dispensation’s fiscal policy to take its policy actions, feel experts. Although Consumer Price Index (CPI)-based inflation is on the rise in March, RBI might hold rates till June.
Sat, Apr 19 2014 10:13Read more
Indian industry's top leadership and economists Thursday held a brain-storming session at ASSOCHAM to conclude that India will need a decisive government at the Centre with a sharp focus and capable of pulling the economy out of the slow motion to a faster lane by taking bold decisions.
Sat, Apr 19 2014 10:15Read more
India's dependence on imported edible oil is set to hit new record this year despite increase in oil seed output this year. Increasing direct consumption of oil seeds including soybean, mustard seed and ground nut reduced their availability for crushing.
Sat, Apr 19 2014 10:22Read more
India's foreign exchange (forex) reserves rose by $2.79 billion to $309.44 billion for the week ended April 11, Reserve Bank of India (RBI) data showed. There was a sharp jump in foreign currency assets.
Mon, Apr 21 2014 10:34Read more
Woes for the Indian automobile sector continued with exports growth remaining muted in 2013-14 (Fy14). According to latest data by automobile industry body Society of Indian Automobile Manufacturers (SIAM) producers exported a total of just over 5.5 lakh units.
Mon, Apr 21 2014 10:40Read more
India’s gems and jewellery exports, which contribute about 15 per cent of the country’s overseas shipments, fell by about 9 per cent to $39.5 billion in 2013-14. “Exporters were already facing a demand slowdown in the western markets and the imposition of curbs on gold imports are now acting as a double whammy,” an industry expert said.
Mon, Apr 21 2014 10:43Read more
Japan suffered its worst annual trade deficit in March as exports growth slowed to its weakest in a year, suggesting a rapid loss of economic momentum that may prompt policy makers into early action as a national sales tax hike puts more strain on growth.
Tue, Apr 22 2014 10:25Read more
After declining for three consecutive months, prices spiked again in March as gains from seasonality abated. The consumer price index (CPI) rose to 8.31 per cent in March from 8.03 per cent in February, while the wholesale price index increased to 5.7 per cent from 4.7 per cent.
Tue, Apr 22 2014 10:29Read more
THE Finance Ministry has finally lifted the unofficial embargo on duty refunds to exporters, prompting the Commerce Ministry to press for speedy clearance of pending payments that are estimated to be around Rs 12,000 crore having been accumulated over the last six months.
Tue, Apr 22 2014 10:31Read more
A large number of textiles exporters are facing a huge financial crunch due to substantial delay in getting duty drawback since the last five months from all the major ports. According to Shri Manikam Ramaswami ,Chairman, “The Cotton Textiles Export promotion Council ( TEXPROCIL), exporters have been requesting the Customs to release the duty drawback amounts to them, as it is a refund of duties and taxes incurred at the inputs stage on export products. The delay is mainly attributed to non-availability of funds with the Customs.”
Wed, Apr 23 2014 10:26Read more
In what is expected to boost groundnut exports, the Agricultural and Processed Food Products Export Development Authority (APEDA) has relaxed hazard analysis critical control point (HACCP) certification norms for exports of the commodity. HACCP certification for exports to the European Union (EU) will, however, remain unchanged.
Wed, Apr 23 2014 10:32Read more
The Major Ports have successfully reversed the negative trend of the past few years by registering a 1.78 per cent growth in cargo volumes during FY14. Kandla Port led the government-controlled ports by handling 87 million tonnes (mt), even though there was a 7.06 per cent fall from last year when it handled 93.62 mt.
Wed, Apr 23 2014 10:44Read more
India's rice exports could slide by nearly a quarter this year and knock the country off its perch as top exporter of the grain due to stiff competition from Southeast Asian rivals that have recently slashed prices, Indian industry executives said.
Thu, Apr 24 2014 10:27Read more
Could anyone have imagined even five years ago that India would be exporting 22 million tonnes (mt) of cereals in 2012-13? But that is precisely what has happened. Not just that, in 2013-14, India exported 18-20 mt of cereals. So, in two years, India exported more than 40 mt of cereals — essentially rice, wheat and corn — which it has never done since Independence, and probably not even in its entire written history of more than 3,000 years.
Thu, Apr 24 2014 10:33Read more
Global coffee exports rose 4.3 per cent to 9 million bags in February this year on sharp increase in shipments from Vietnam, buoyed by higher prices, according to the International Coffee Organisation (ICO).
Thu, Apr 24 2014 10:35Read more
India Inc. has excessive hope from the new government which will come into power post general elections, an industry survey revealed. According to a survey conducted by Assocham among chief executives across the country, the level of expectations from the upcoming government is the highest in at least two decades.
Tue, Apr 29 2014 14:52Read more
The new Foreign Trade Policy will focus on ways to boost India’s exports and reduce dependence on imports, a government official said on Monday. “India — being part of WTO — cannot only think in terms its export promotion without equally supporting import substitution.
Tue, Apr 29 2014 15:09Read more
The government may refrain from imposing anti-dumping duty on cheap solar power gear imports, as it tries to pin down the cost of renewable energy as part of a plan to cut India's dependence on fossil fuel.
Tue, Apr 29 2014 15:15Read more
India's foreign exchange (forex) reserves fell by USD 31.6 million to USD 309.41 billion for the week ended April 18, Reserve Bank of India (RBI) data showed. There was a sharp decline in foreign currency assets component of forex in the week under review. For the week ended April 11, the forex reserves had risen by USD 2.79 billion to USD 309.44 billion.
Mon, Apr 28 2014 15:26Read more
Textiles were the only star turn in an otherwise humdrum Indian export performance in 2013-14. Cotton fabric exports grew 19.90 per cent to $8.07 billion in the first 11 months of 2013-14, accelerating from 8.30 per cent growth in the same period of 2012-13.
Mon, Apr 28 2014 15:33Read more
India’s exports to West Africa for the period April 2013 to February 2014 totalled around $6 billion, recording a 22.55 percent growth over the past year, a foreign trade performance analysis by the department of commerce under India’s ministry of commerce and industry has revealed.
Mon, Apr 28 2014 15:41Read more
Tea output in India's top-producing Assam state is likely to fall by 10 percent in 2014 due to scanty rainfall and a sharp rise in temperatures, hitting exports of premium grade leaf from the world's biggest black tea producer, industry officials said.
Wed, Apr 30 2014 11:43Read more
The Gem & Jewellery Export Promotion Council (GJEPC) today announced the annual performance for the Indian Gem & Jewellery sector for the FY2013-14. The country’s gem and jewellery sector has contributed $ 34746.90 million to India's foreign exchange earnings, with a decline of 11 per cent as compared to the last year figures.
Wed, Apr 30 2014 11:47Read more
Export-Import Bank of India (Exim Bank) will step up focus on supporting project exports from India to Africa, South Asia and Latin America, according to Yaduvendra Mathur, Chairman and Managing Director.
Wed, Apr 30 2014 11:50Read more
Even as cashew industry is battling high price of raw nuts, the exports have touched an all-time high - just short of Rs 5,000 crore - in 2013-14. While the imported raw nut prices surged to $1,400 a tonne, higher consumption from traditional markets helped the exporters send more consignments.
Thu, May 01 2014 12:01Read more
The growth rate of eight core sector industries decelerated to 2.6 percent in 2013-14, the lowest in almost a decade, due to a decline in crude oil and natural gas production, reports media.
Thu, May 01 2014 12:03Read more
Growth prospects of the Indian economy will depend on the policies of the new government to be formed next month, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today.
Thu, May 01 2014 12:04Read more
India’s cotton yarn export registration rose 33% last fiscal, aided by the initial rupee appreciation and a relatively steady order flow, especially from China, outpacing the pace of growth in overall textile and garment shipments, official and industry sources said .
Fri, May 02 2014 11:08Read more
The European Union's import ban could spread to several other fruits and vegetables after the trading bloc issued an alert against wood patten used for packing export consignments, forcing the government to swing into action to avoid further curbs.
Fri, May 02 2014 11:10Read more
Markets continue to suffer shortage of gold as imports remain a record low in the state. Almost two-year long economic slowdown has hit the bullion traders and jewelers hard as the new financial year began with imports of just 4.5 metric tonnes (MT) in April, lowest for April in the last six years.
Fri, May 02 2014 11:13Read more
Manufacturing growth has remained stagnant in the first month of the current financial year, FY15, according to the widely-tracked HSBC Purchasing Managers’ Index (PMI). PMI stood at 51.3 points in April this year, unchanged from March. A reading above 50 denotes expansion while one below 50 implies contraction. Growth was stuck at the lowest level so far this calendar year, even as it was slightly higher than 51 points, recorded in April 2012.
Sat, May 03 2014 10:07Read more
India's foreign reserves shot up by $499.8 million to $309.913 billion in the week to April 25 on an increase in currency assets, the Reserve Bank of India said. Last week, after rising for seven consecutive weeks, the total reserves had marginally declined by $31.6 million to $309.413 billion.
Sat, May 03 2014 10:11Read more
The new government's foreign trade policy document will vigorously promote export as well as import substitution with equal emphasis and lay greater thrust on engaging the rest of the world with Indian pharma, engineering and other such products, said Mr. Sumeet Jerath, Additional DGFT, Centre Licensing Area (CLA).
Sat, May 03 2014 10:12Read more
The Reserve Bank of India (RBI) will shortly issue Rs 100 and Rs 50 denomination banknotes of 2014 printing year with rupee symbol in the Mahatma Gandhi series-2005. "The Reserve Bank will shortly issue Rs 100 denomination banknotes incorporating symbol on the obverse and reverse, with inset letter L in both the numbering panels, in the Mahatma Gandhi Series-2005 bearing signature of Raghuram G Rajan, Governor, RBI," the apex bank said in a release.
Sat, May 03 2014 10:15Read more
The recent EU ban on imports of Indian Alphonso mangoes after pests were reportedly found in consignments has generated considerable concern. Now the EC has notified the WTO of its plan to introduce new restrictions on leather goods imported into the EU. These new rules target hexavalent chromium, or Cr(6), in leather products and could take effect in early 2015.
Mon, May 05 2014 10:47Read more
While the overall pharma exports from the country is likely to miss target, exports from Gujarat has, however, managed to clock double digit growth last fiscal.
Mon, May 05 2014 10:49Read more
Country's economic growth will improve in the coming quarters, but the pace is likely to be gradual due to persistent challenges such as elevated inflation and policy uncertainty, says a report.
Mon, May 05 2014 10:51Read more
After the European Union (EU) imposed a ban on Indian mangoes and four vegetables, the Maharashtra agriculture department has decided to develop an export system for mango and other vegetables on the lines of the successfully executed export plan for grapes.
Tue, May 06 2014 10:12Read more
India's coffee exports rose by over 11% in value terms at Rs 535.83 crore in April this year on better realisation following firm global prices, according to the Coffee Board. Coffee shipments from India -- the world's fifth biggest exporter -- stood at Rs 480.77 crore in the corresponding period of last year.
Tue, May 06 2014 10:15Read more
Exporters are likely to enjoy a subsidy of up to 50 per cent on total freight charges paid on shipment of merchandise through ports outside Odisha. The draft export policy says the state government will reimburse up to 50 per cent of the cost of transportation paid by exporters at ports outside the state provided ports within the state do not have facilities for handling such cargo.
Tue, May 06 2014 10:18Read more
The Indian cotton yarn industry is in a spot. The recently announced Chinese cotton policy has made cotton yarn exports to the Dragon country unattractive thus denting Indian yarn exports by 25% in the month of April.
Tue, May 06 2014 10:20Read more
India is launching a campaign to repair its reputation as a global supplier of cheap high-quality drugs, responding to bans imposed by US Food and Drug Administration (FDA) on several suppliers, two top officials said .
Wed, May 07 2014 10:46Read more
The textile ministry has made a comprehensive plan to increase export growth rate from present level of 6-10% to 15-20% in next five years, in the 12th plan period. Towards this Planning Commission has already allocated Rs 2,5931 crore to the ministry for overall schemes and the textile upgradation fund will continue.
Wed, May 07 2014 10:49Read more
India is estimated to have spent a tidy sum of over USD five billion in the fiscal 2013-14 on imports of the intellectual property rights (IPRs) clearly negating concerns over India's IPR track record by the countries like the US which has been threatening trade sanctions against New Delhi by putting it under the Priority Watch List under an American trade law, an ASSOCHAM paper on IPR Imports has pointed out.
Wed, May 07 2014 10:51Read more
India's oilmeal exports rose by 20% to 2,36,835 tonnes in April of this year, on account of sharp increase in shipments of rapeseed meal to South Korea and Thailand, industry body SEA said .
Thu, May 08 2014 10:32Read more
The government is likely to turn down industry’s demand to widen the scope of focused export schemes for pushing exports under Foreign Trade Policy 2014-19. Instead, it is exploring options that do not have fiscal implications and are compliant with World Trade Organization norms.
Thu, May 08 2014 10:43Read more
India's coal imports fell by 6 per cent in April from a year ago to 15.2 million tonnes, the first dip in three months, as power and steel producers used up stocks piled up in previous months, according to provisional data from research firm OreTeam.
Thu, May 08 2014 11:19Read more
Government has exported 1.5 million tonnes wheat for an estimated Rs 2,590 crore out of 2 MT stocks allowed for overseas shipments from surplus stocks of Food Corporation of India (FCI).
Fri, May 09 2014 10:42Read more
It is something of a paradox that India, where the cow is venerated, has recently beaten Brazil to become the world’s largest beef-exporting country. However, its Number One position could be threatened and the export of beef itself may become controversial if, as polls predict, the opposition Bharatiya Janata Party and its allies form the government after votes are tallied on May 16.
Fri, May 09 2014 10:44Read more
The European Union's ban on the import of mangoes and four vegetables from India deserves further consideration. The question is whether the EU took into account the steps already taken by New Delhi to address the EU's concerns over the presence of pests, including fruit flies, in mangoes, bitter gourd, taro, eggplant and snake gourd. The new procedure introduced for export-bound consignments mandates that all perishable items should be routed through recognised pack houses under the vigilance of the National Plant Protection Organisation. In order to ensure that packaging material is free of infestation - and to ward off any future action on that count - New Delhi has instructed its customs authorities to allow shipments only in wood containers that bear the specified stamps of the plant quarantine officials.
Fri, May 09 2014 10:46Read more
Indian pharmaceutical exports to the US are expected to keep growing despite a spate of import alerts issued by the American drug regulator in 2013, according to a report by India Ratings & Research.
Sat, May 10 2014 11:07Read more
Healthy growth in engineering, marine and leather goods shipments pushed export growth to 5-month high of 5.26 per cent in April, while declining gold imports narrowed the trade deficit to USD 10 billion.
Sat, May 10 2014 11:02Read more
After two months of continuous contraction, merchandise exports rose a five-month high of 5.26% in April at $25.63 billion against $ 24.35 billion. The outbound shipments were driven by high value engineering goods, drugs and pharma and some textile products. However, petroleum products were up less than 1%, while gems and jewellery contracted over 8%.
Sat, May 10 2014 11:04Read more
Indian chilli has been banned in Saudi Arabia, the fifth-largest importer of fresh vegetables from India, citing the presence of high pesticide residues in it. "We have been informed about the Saudi Ministry of Agriculture's decision to ban chilli pepper beginning May 30," said Surinder Bhagat, second secretary of politics and commerce at the Indian Embassy.
Sat, May 10 2014 11:09Read more
The Supreme Court held that prior sanction is not mandatory for the Central Bureau of Investigation to conduct a probe against senior bureaucrats in corruption cases. Will this make any difference to exporters and importers?
Mon, May 12 2014 16:08Read more
India ‘s cotton yarn to meet its exports target for 2013-14 in spite of seasonal flux usually seen every April and high raw cotton prices as per the Cotton Textiles Export Promotion Council (Texprocil’s) study. Cotton yarn exports are expected to be around 1,350 million kgs valued at $4.70 billion.
Mon, May 12 2014 16:18Read more
Reacting on the apparel exports data, for the month of April 2014-15, Mr. Virender Uppal, Chairman AEPC, remarked, “This is the first month of the 2014-15 and Apparel Exports have recorded the growth of 14.33% compared to the April month of last financial year. The export for April 2014-15 is to the tune of US $ 1.3 billion compared to US $ 1.1 billion in the 2013-14 over April month of the previous year."
Mon, May 12 2014 16:23Read more
Gold imports declined over 74 per cent to $1.75 billion in April due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the current account deficit.
Mon, May 12 2014 16:26Read more
India’s pharmaceutical exports grew 10.5 per cent, year-on-year, to $1.26 billion in April, according to Commerce Ministry data. “This year we are expecting a healthy rate of growth in pharma exports.
Tue, May 13 2014 09:24Read more
A persistent decline in industrial production and a surge ininflation will pose big challenges for the new government, which is expected to assume office later this month. While industrial production shrank for the second month in a row, contracting 0.5 per cent in March, retail inflation surged to a three-month high of 8.59 per cent in April, according to data from the Central Statistics Office (CSO). The IIP showed growth of 3.5 per cent in March 2013.
Tue, May 13 2014 10:15Read more
Pulled down by falls in mining and manufacturing output, industrial production declined in March (the end of the financial year) for a second month, by 0.5 per cent against a decrease of 1.7 percent in the previous month.
Tue, May 13 2014 10:17Read more
Engineering exporters body EEPC today said that rupee strengthening to sub-60 levels will dent competitiveness of Indian products in a tough global market. "Strengthening of the rupee below the crucial 60-mark to a dollar is certainly not good news for the exporters. It will certainly dent competitiveness of Indian products in a tough global market where the Chinese have maintained their competitive edge by calibrating their currency to their advantage," Engineering Export Promotion Council (EEPC) said in a statement.
Tue, May 13 2014 10:18Read more
Coir exports from India has grown 32% in 2013-14 on value terms, according to G. Balachandran, chairman, Coir Board. India exported 537,040 tones of coir and coir based products, valued at Rs 1476 crore. In the previous financial year, total export was 429,501 tones valued at Rs 1116 crore. Accordingly, 25% rise was recorded in the volume of coir based products, he added.
Wed, May 14 2014 10:25Read more
Imports of natural rubber into India jumped more than 80 percent in April as lower prices in international markets prompted tyre makers to increase purchases, the state-run Rubber Board said.
Wed, May 14 2014 10:26Read more
The Director General of Foreign Trade (DGFT) has undertaken a drive to sensitise first generation entrepreneurs on incentives given under Niryat Bandhu Scheme. Niryat Bandhu is an innovative programme launched by the Union government on October 13, 2011 to mentor first generation entrepreneurs as part of foreign trade policy. The aim of the scheme is to help new exporters and importers by leveraging the knowledge base of officers and providing timely and appropriate support.
Wed, May 14 2014 10:27Read more
The Reserve Bank of India (RBI) is likely to maintain a status quo on key policy rates at its monetary policy review on June 3. According to experts, though the retail inflation has risen once again in April, there has not been significant uptick in core inflation. Besides, the fiscal stance of the soon-to-be-formed new government will be a key driver before making any changes in the policy stance by RBI.
Wed, May 14 2014 10:29Read more
The Finance Ministry and the Reserve Bank of India are taking steps to ensure that the rupee does not lose or gain sharply against the dollar on May 16, when election results are declared.
Thu, May 15 2014 10:43Read more
The European Union (EU) has lifted a five-year ban on the import of poultry meat from India, albeit with conditions. To export meat products
Thu, May 15 2014 10:45Read more
In order to boost exports, government could consider an e-commerce platform to enable small-scale manufacturers to find overseas buyers.
Thu, May 15 2014 10:46Read more
Maize exports from India may fall by 26 percent this year despite recent pick up in shipment of the commodity on correction in international prices, shows government estimate. According to second advance estimates of government, maize production is expected at 23.29 million tonnes against 22.50 million tonnes last year.
Fri, May 16 2014 10:30Read more
Wholesale Price Index-based Inflation fell by 0.5 percentage points to 5.2 per cent in April from 5.7 per cent in March, providing some relief to a new government amid other deteriorating macroeconomic numbers such as retail inflation and industrial output.
Fri, May 16 2014 10:32Read more
Mango exports from India to the US are likely to increase by 42 per cent to 400 tonnes this year on strong demand, according to the government body APEDA. Last year, India, the world's largest grower of the fruit, had shippped about 281 tonnes of mangoes to America.
Fri, May 16 2014 10:33Read more
Narendra Modi created history Friday on his way to becoming India's 14th prime minister as he led the BJP to a spectacular victory in a Lok Sabha battle that crushed the Congress and others ranged against him and gave, for the first time in 30 years, any party a majority in parliament on its own.
Sat, May 17 2014 00:00Read more
Leading industry chambers Friday compliment BJP and its prime ministerial candidate Narendra Modi on absolute majority in the General Elections 2014 and look forward to the new government to revive economic growth and development of the country.
Sat, May 17 2014 10:11Read more
Hailing the victory of NDA led by dynamic Narendra Modi, apex exporters body Federation of Indian Export Organisations (FIEO) has said that the landslide victory and mandate given to Narendra Modi should result in proactive and stable policy environment.
Sat, May 17 2014 10:13Read more
India is on the cusp of political change that is widely expected to infuse a new life into an economy that is struggling to break away from a tale of weak growth and high inflation. But data due this week will probably show no improvement yet to its economic woes, as industrial output is expected to contract for a second straight month while inflation is forecast to pick up.
Sat, May 17 2014 10:21Read more
India's gold jewellery exports grew for the third month in a row by 14.69% to $604.42 million in April, according to Gems and Jewellery Export Promotion Council data. In April 2013, gold jewellery exports stood at $527 million.
Mon, May 19 2014 09:27Read more
The Ministry of Commerce and Industry is expected to announce the new five-year foreign trade policy (2009-14) after the Budget as it seeks to boost manufacturing and exports, among other things. ‘The Directorate General of Foreign Trade (DGFT) is already doing stakeholder consultations. It is expected that the new FTP would be announced only after the Budget. It would help in giving final touch to the policy,’ as per official reports. The BJP-led National Democratic Alliance, which got a clear mandate in the general elections, is expected to form the government soon and come out with the final budget for 2014-15.
Mon, May 19 2014 09:29Read more
Engineering exports are likely to grow in India with the new government set to take bold decisions that will boost the sector, the Engineering Export Promotion Council (EEPC) said. A clear and decisive mandate in favour of the BJP-NDA-led government at the Centre will work as a major fillip to the manufacturing sector, which is crucial for exports
Mon, May 19 2014 09:31Read more
The foreign exchange reserves rose by $1.97 billion to $313.83 billion in the week ended May 9, on higher currency assets. Previous week, the total reserves rose by $1.94 billion to $311.86 billion. Foreign currency assets (FCAs), a major part of the overall reserves, increased by $1.978 billion to $286.549 billion in the period, RBI said.
Mon, May 19 2014 09:32Read more
Meat products, including bladders and intestines prepared from fresh meat of domestic poultry, including meat of farmed and wild game birds, which are to exported must carry a health certificate issued by the Export Inspection Council of India. There will be a four month transition period for consignments with existing health certificates, provided this is signed before July 30.
Tue, May 20 2014 10:51Read more
The rupee strengthened to an 11-month high on Monday, gaining for a fourth consecutive session as strong foreign inflows led domestic equities to record closing highs after the election of a new government to be led by Bharatiya Janata Party’s Narendra Modi.
Tue, May 20 2014 10:54Read more
Gold futures increased for the first time in three days on hopes that the new regime in India will ease import restrictions to boost the metal’s demand. India is the second-biggest buyer of gold after China and is likely to reduce the 10% import tax on gold in July and ease restrictions on importers, according to Bachhraj Bamalwa of All India Gems & Jewellery Trade Federation. Governor of the Reserve Bank of India Raghuram Rajan said last week that the newly appointed finance minister will make a decision on relaxing restrictions.
Tue, May 20 2014 10:56Read more
The Reserve Bank of India has allowed banks to provide loans with tenures of up to 10 years to exporters in order to help them ensure capital flows for execution of long-term supply contracts.
Thu, May 22 2014 09:52Read more
The Reserve Bank of India (RBI), allowed star trading houses (STH) and premier trading houses (PTH) to import gold under the 20:80 scheme. This follows representations made by jewellers and bullion dealers over the last several months.
Thu, May 22 2014 09:58Read more
India, which had proposed barcoding of medicines to track and trace export consignments after allegations that spurious drugs were making their way into the market, will exempt primary packaging consisting single tablets, capsules and vials from the barcoding stipulation, said senior bureaucrats.
Thu, May 22 2014 10:00Read more
The new government is likely to take a relook at the country's trading arrangements, including tariff structures under free trade pacts that may be undermining domestic manufacturing. "There is a need to spur manufacturing... A group is looking at the tariff structure in respect to the trading arrangements," a finance ministry official told.
Thu, May 22 2014 10:01Read more
The Indian government will more than double the number of regulators in three years and set up state-of-the art testing labs at ports to ensure the pharmaceuticals and drugs exports shipments meet global quality standards while following a zero tolerance policy for any laxity, senior officials in the Union health and commerce ministries said.
Thu, May 22 2014 10:02Read more
The Reserve Bank of India has reversed its ill-famed gold import restrictions by permitting Select trading houses to acquire yellow metal to raise exports. In March, RBI allowed more banks, including Axis Bank and Kotak Mahindra Bank, to import gold under the 80:20 scheme.
Fri, May 23 2014 11:29Read more
Gujarat angle could come to the aid of floundering special economic zones (SEZs), conceived as specialised enclaves to push exports. The commerce department will push for the withdrawal of taxes like minimum alternate tax (MAT) and dividend distribution tax (DDT) on these zones as part of a bigger strategy to revive them and boost manufacturing. Gujarat has the largest notified SEZ land, making the policy change that much more marketable to the incoming Narendra Modi government.
Fri, May 23 2014 11:31Read more
Indian Food Processing industry is all set to make a mark in the global market with an expected double digit growth, said Rajesh Srivastava, CMD, Rabo Equity Advisors while addressing the Conference on Future of Food Processing organized by the Confederation of Indian Industry (CII), in the national capital.
Fri, May 23 2014 11:40Read more
The Indian elections have been the subject of great interest around the world: Expectations are running high, and equity and currency markets have gained in anticipation. Delta change across macro issues—growth, inflation and the deficits—is positive, but the economy’s real challenges remain. While growth has likely bottomed, the shallow recovery is dependent on ‘unlocking investments’ and managing non-performing loans (NPLs). Inflation may have peaked out but structural factors, especially on the food front, need to be tackled. On the fiscal deficit, targets have largely been met, but the ‘quality’ of the deficit is questionable.
Fri, May 23 2014 11:42Read more
The commerce ministry has recommended levying anti-dumping duty on solar cells imported from the US, Malaysia, China and Chinese Taipei. The move is aimed at providing relief to domestic manufacturers.
Sat, May 24 2014 09:53Read more
Associated Chambers of Commerce and Industry of India (Assocham), an apex body of trade and industry, has urged the Union Finance ministry to ban the exports of iron ore from National Mineral Development Corporation (NMDC) as a temporary measure to bridge the shortage of iron ore in the country arising out of closure of 26 mines in Odisha on the basis of a Supreme Court order.
Sat, May 24 2014 09:54Read more
The new government's plans to restructure ministries and have strong Centre-state relations with focus on long term development show its "progressive mindset" that will ensure speedy clearances, Ficci said today.
Sat, May 24 2014 09:56Read more
With Narendra Modi’s Finance Minister expected to be in office by next week, the Ministry has begun drafting components of the full budget 2014-15, likely to be presented in Parliament in early July. Taxpayers in the lower income-tax slabs can look forward to some relief.
Sat, May 24 2014 09:57Read more
From the detailed global steel trade data that have just been made available for 2013, a few interesting facts can engage our attention. Total steel trade reached nearly 390 MT comprising of 188 MT of flats, 64 MT of long, 42 MT of tubes and the balance in semis. The export coverage ratio was 24.3% of crude steel production. This is around 7% to 9% lower than the average of the last few years.
Sat, May 24 2014 09:58Read more
India’s foreign exchange reserves rose by $1.094 billion to $ 314.925 billion in the week ended May 16, the Reserve Bank of India (RBI) said here today. In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, increased by $ 1.266 billion to $ 287.816 billion during the week.
Mon, May 26 2014 11:09Read more
It would be history in the making, in more senses than one. A man who once helped his family make ends meet by vending tea at a railway station in between his classes, and who once wandered around the country to find his spiritual moorings, will take his oath as India's 14th prime minister Monday in what would be a momentous occasion for India's polity, its neighbourhood and its global outreach.
Mon, May 26 2014 11:11Read more
Narendra Modi has raised expectations that various ministries will be restructured, with the aim of having a smaller council of ministers. Can exporters and importers expect the commerce ministry to be split and merged with other ministries, for more effective policy formulation and administration?
Mon, May 26 2014 11:13Read more
The apex exporters body FIEO said it aims to increase India's share in world exports from 1.7 percent in 2013 to a 'respectable ballpark figure' of at least 4 percent within 5 years, reports media.
Tue, May 27 2014 11:33Read more
India’s current account deficit (CAD) for the quarter ended March this year fell sharply to 0.2 per cent of gross domestic product ($1.2 billion) from 3.6 per cent ($18.1 billion) a year earlier, as the fall in imports was steeper than the drop in exports.
Tue, May 27 2014 11:39Read more
All the 45 members of Narendra Modi's Council of Ministers took oath along with him on Monday but a final say is yet to be taken on the distribution of portfolios. While it is almost clear that Bharatiya Janata Party Pesident Rajnath Singh will be inducted as the Home Minister in Modi government, Sushma Swaraj is likely to get External Ministry and Arun Jaitley is likely to get the Finance ministry. It is also being said that Jaitley may be given the additional charge of the Defence Ministry. Prime Minister Narendra Modi has decided to keep a lean Cabinet on the basis of 'minimum government, maximum governance' policy.
Tue, May 27 2014 11:44Read more
THE President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers:-
Wed, May 28 2014 11:31Read more
Finance Minister Arun Jaitley and Reserve Bank of India Governor Raghuram Rajan, who will share a crucial relationship as the Narendra Modi government seeks to revive the economy and tame prices, were careful to speak the language of balance with the next monetary policy announcement due in less than a week. Jaitley spoke of "balancing" the fight against inflation with the need to nurture growth after they met in Delhi on Tuesday. Rajan said, "It (curbing inflation) is absolutely a task that the government and RBI are engaged in. RBI has always maintained the balance between growth and inflation."
Wed, May 28 2014 11:34Read more
India’s cotton yarn exports is estimated to cross $4.7 billion during the 2013-14 financial year (April 2013-March 2014), as per a study conducted by the Cotton Textiles Export Promotion Council, (Texprocil).
Wed, May 28 2014 11:38Read more
Even as the risk appetite in the West is on the rise and US manufacturing activity is gaining momentum, gold prices may take a cue from India’s policy on imports, according to experts at S&P Dow Jones Indices.
Thu, May 29 2014 10:12Read more
A day after assuming office, Commerce & Industry Minister Nirmala Sitharaman on Wednesday raised concern at sluggish growth in the manufacturing sector. During an internal meeting with her departmental heads, Sitharaman, who was until recently the Bharatiya Janata Party's (BJP) vociferous spokesperson, was visibly upset over a fall in manufacturing production in 2013-14, officials in the ministry told Business Standard on condition of anonymity.
Thu, May 29 2014 10:14Read more
In a renewed attempt to introduce a national goods and services tax (GST), the finance ministry is trying to address Bharatiya Janata Party (BJP) -ruled states' concerns in the proposed legislation. It has prepared a note on GST for Prime Minister Narendra Modi, while Finance Minister Arun Jaitley is planning to meet state finance ministers to remove hurdles in its introduction.
Thu, May 29 2014 10:16Read more
India has figured among the top 10 markets for the international business community here, as per Australia’s International Business Survey. India has also emerged as the most challenging of the top 10 countries to do business with. AIBS 2014, a comprehensive study of Australian companies involved in international business, was released recently.
Fri, May 30 2014 10:58Read more
Financial Services Secretary GS Sandhu said that the RBI will bring out guidelines on differentiated banks and “on-tap” bank licences in the next four months and then start inviting applications for the same.
Fri, May 30 2014 11:03Read more
The commerce ministry will push for withdrawal of taxes on Special Economic Zones and duty cut for sectors with high export potential as part of a crisp five-point budgetary proposal it will make to the finance ministry. Commerce secretary Rajeev Kher met with various export promotion councils on Wednesday where he made it clear that only a limited set of demands will be presented to the finance ministry to boost exports.
Fri, May 30 2014 11:12Read more
DURING the financial year 2013-14, exports of marine products reached an all-time high of USD 5007.70 million. Marine product exports crossed all previous records in quantity, rupee value and USD terms. Exports aggregated to 9,83,756 MT valued at Rs. 30,213.26 crores and USD 5,007.70 million. Compared to the previous year, seafood exports recorded a growth of 5.98 % in quantity, 60.23% in rupee and 42.6 % growth in USD earnings respectively. The unit value realization also reached to record high from USD/Kg 3.78 during 2012-13 to USD/Kg 5.09 during 2013-14 and recorded growth of 34.55%. The increased production of L. Vannamei shrimp has helped to achieve higher exports.
Sat, May 31 2014 11:19Read more
It’s official. Narendra Modi has inherited sub-five per cent growth from the United Progressive Alliance government. For 2013-14, the economy grew 4.7 per cent, against 4.9 per cent projected in the advance estimates, pulled down by manufacturing, mining, construction and logistics, official data showed.
Sat, May 31 2014 11:21Read more
Industry body CII today pitched for extending the short-term stimulus package, early roll-out of GST and rationalisation of subsidies, among other measures, in the first Union Budget under Narendra Modi-led government. The industry chamber put forth its agenda for growth and economic revival in a pre-budget consultation meeting with Revenue Secretary Rajiv Takru and other Finance Ministry officials.
Sat, May 31 2014 11:22Read more
After weeks of robust gains, India's foreign exchange reserves declined by a whopping $2.268 billion to $312.656 billion in the week ended May 23, mainly on account of a massive drop in currency assets.
Mon, Jun 02 2014 10:52Read more
South Korean exports last month suffered their worst decline in eight months as a drop in Chinese demand and the effect from fewer working days more than offset growing purchases by European and US customers.
Mon, Jun 02 2014 10:54Read more
The Reserve Bank of India’s (RBI) monetary policy review on Tuesday will be keenly watched not so much for the rates but for the tone and the tenor. Senior bankers and bond market circles expect the RBI to keep key policy rates unchanged as the threat of inflation remains even as industrial output contracted 0.5 per cent in March and the domestic economy grew less than five per cent in 2013-14 for the second consecutive fiscal.
Mon, Jun 02 2014 11:00Read more
India has improved its ranking as per the recent data released by ‘UN Comtrade’ in Global Textiles as well as Apparel Exports. In Global Textiles Exports, India now stands at second position beating its competitors like Italy, Germany and Bangladesh, with China still retaining its top position.
Tue, Jun 03 2014 11:42Read more
India's coffee exports increased by 9.32 per cent in value terms at Rs 2,567 crore during the January-May period this year on better realisation in view of firm global prices, according to the Coffee Board
Tue, Jun 03 2014 11:46Read more
Has the Reserve Bank of India (RBI) run its course on being hawkish on interest rates? Unlikely given the inflation rate is yet up north. The hawkish stance sustained by various regimes at RBI has indeed paid off in reigning in the spiraling inflation. This means there is unlikely a case for any easing in the policy announcement tomorrow.
Tue, Jun 03 2014 11:51Read more
Manufacturing activities rose in May compared to the previous month on increased orders, according to the widely-trackedHSBC Purchasing Managers’ Index (PMI). The measure of factory production was up at 51.4 points in May from 51.3 points in April. March, too, had recorded 51.3. In a year, May PMI was surpassed only in February 2014, when the reading stood at 52.5 points. A reading above 50 shows growth.
Tue, Jun 03 2014 11:55Read more
India is likely to export more than 2 million tonnes of sugar in 2014/15 as the top consumer is set to produce a surplus of the sweetener for the fifth straight year despite chances of reduced rainfall, a commodities executive said on Monday. The continued exports from the world's second biggest producer would put pressure on global prices that are already depressed due to a global surplus.
Wed, Jun 04 2014 10:31Read more
Rather than cut key interest rates, the Reserve Bank has released liquidity into the system. Though price pressures persist, the RBI maintained status quo on key interest rates but slashed the Statutory Liquidity Ratio to spur bank lending and get the sluggish economy moving.
Wed, Jun 04 2014 10:38Read more
Tirupur Exporters' Association (TEA) has urged the Centre to make zero excise duty for man-made fibres and special machinery to manufacture synthetic garments. In the memorandums submitted to Commerce and Industry Minister Nirmala Sitharaman and Textiles Minister Santhosh Kumar Gangwar, TEA President A Shaktivel said zero duty on man-made fibres will help increase its usage and production of garments and raise exports of man-made fibre garments.
Thu, Jun 05 2014 11:10Read more
Finance minister Arun Jaitley may give the Rs 2,51,000 crore worth domestic gems and jewellery industry, gold importers, and consumers some reason to cheer about. The ministry is likely to reduce the gold import duty by 2-4% from 15% now. This may form a part of the Budget announcement of finance minister Arun Jaitley.
Thu, Jun 05 2014 11:13Read more
On average, world trade in commercial services has grown faster than trade in merchandize (8 percent versus 7 percent per annum) over the last 30 years (1980-2011) according to the World Trade Report, 2013. In U.S. dollar terms, world exports of commercial services could grow by 2 percent to $4.3 trillion in 2012, while exports of merchandize remained stagnant at $18.3 trillion.
Thu, Jun 05 2014 11:16Read more
India's exports are expected to touch USD 360 billion in the current fiscal from USD 312.35 billion in 2013-14, Federation of Indian Export Organisations (FIEO) today said. "This fiscal export may reach USD 350-360 billion. But the government has to take several steps to boost exports further," FIEO President Rafeeq Ahmed said. He said he met Commerce and Industry Minister Nirmala Sitharaman and apprised her about the country's export scenario. "The minister wants to discuss all the export related issues with us," he said. Further, he said that the commerce ministry should fix export target for five years and not annually.
Fri, Jun 06 2014 10:16Read more
Exporters of both goods and services are likely to get more incentives in the foreign trade policy. The Government is seeking to make promotion schemes more effective in order to lift sagging exports. To ensure that all service exporters benefit from the ‘served from India scheme’, the Commerce Ministry is looking at allowing import duty exemption scrips (given as incentive under the scheme) to be sold in the market or used to pay service tax, a Government official told .This will benefit service exporters who do not import any inputs and are hence not able to use the scrips.
Fri, Jun 06 2014 10:36Read more
RBI governor Raghuram Rajan lived up to market expectations by keeping interest rates unchanged. The policy repo rate has been left unchanged at 8 per cent, as has the cash reserve ratio (CRR) of scheduled banks, at 4 per cent. But the governor provided more liquidity in the system and gave banks more leg room by reducing the statutory liquidity ratio (SLR) by 50 basis points (0.5 per cent).
Fri, Jun 06 2014 10:44Read more
India's soymeal exports in May sank 91.5 percent from a year earlier to their lowest in 20 months, a trade body said on Friday, as higher soymeal prices prompted buyers to turn to competitor south America. Soymeal exports from India, Asia's top exporter of oilmeal, fell sharply to 8,226 tonnes in May from 96,492 tonnes a year earlier, the Solvent Extractors' Association of India (SEA) said in a statement.
Sat, Jun 07 2014 10:10Read more
US imports from India totaled $4.458 billion in April, while exports from the US to India were $1.401 billion, for a cumulative sum of $5.859 billion in trade over the course of April 2014. The difference in imports versus exports for the US, however, was $3.057 billion – the steepest yet in 2014.
Sat, Jun 07 2014 10:12Read more
The foreign trade policy 2014-19 is likely to announce an increase in incentives for exporters of both goods and services and make promotion schemes more effective in order to lift sagging exports. The new five-year foreign trade policy, likely to be announced after the budget, in July, will offer greater incentives to services exports while refocusing schemes for merchandise export, according to commerce department sources.
Sat, Jun 07 2014 10:15Read more
Paradip Port Trust (PPT) has registered a growth rate of 20.25% in cargo handling and 34% growth in revenue generation in the 2013-14 financial year. The traffic handled by PPT was the second highest among all major ports in India, officials said.
Sat, Jun 07 2014 10:20Read more
External earnings for India comprise of (1) merchandise exports, (2) services exports, and (3) remittances or transfers from non-resident Indians (NRIs). These external earnings have in aggregate surged around six times from $23 billion in Q1FY04 to $135 billion in Q3FY14. On an annual basis, external earnings increased from $115 billion in FY2003-04 to $520 billion in FY2012-13. During the same period, merchandise goods and services exports increased five times each, and remittances increased three times. Also, since FY08, all three components have almost doubled.
Mon, Jun 09 2014 12:12Read more
China’s exports gained steam in May thanks to firmer global demand, data showed, but an unexpected fall in imports signalled weaker domestic demand that could continue to weigh on the world’s second-largest economy. Exports rose 7 per cent in May from a year earlier, quickening from April’s 0.9 per cent rise, while imports fell 1.6 per cent, versus a rise of 0.8 per cent in April, the General Administration of Customs said.
Mon, Jun 09 2014 12:14Read more
India's foreign exchange (forex) reserves declined by USD 273.8 million to USD 312.38 billion for the week ended May 30, led by a sharp fall in overseas currency assets, Reserve Bank of India (RBI) data showed. This is the second consecutive time that the reserves have fallen in the last six weeks
Mon, Jun 09 2014 12:15Read more
Cotton seeding in India, the world’s second-largest grower, will probably expand for the first time since 2011 after global prices reached a two-year high in March. Futures in New York declined. The area may increase by 3.4 percent to 12 million hectares (29.65 million acres) in the planting season that started in May, according to the median of five estimates from growers, exporters and industry groups compiled by Bloomberg. The crop, which will be harvested from October, may be a record for a second year, the Confederation of Indian Textile Industry said, without giving an estimate.
Tue, Jun 10 2014 12:33Read more
Continuing the upward trend, Dubai's foreign trade grew in the first quarter (Q1) of 2014 with India trailing China as the second largest trading partner of the emirates city. In Q1 2014, Dubai's foreign trade amounted to dirham 323 billion, of which 201.4 billion were imports, 26.5 billion exportsand 94.4 billion re-exports.
Tue, Jun 10 2014 12:36Read more
Apex industry body ASSOCHAM has urged the new commerce minister, Ms Nirmala Sitharaman to restore the policy for special economic zones (SEZs) to its original form and immediately withdraw minimum alternate tax (MAT) and dividend distribution tax to regain trust of domestic and global investors.
Tue, Jun 10 2014 12:39Read more
India, a hub for car exports to developed markets, is seeing serious competition from Thailand as production constraints and quality issues force manufacturers to consider production of critical models in the Southeast Asian nation.
Tue, Jun 10 2014 12:48Read more
The Indian Pharmaceutical Dealer's Association (IPDA), the largest association of pharmaceutical dealers in e-commerce, has demanded immediate lifting of the ban by Maharashtra government on pharma exports. The association claimed here on Tuesday that the ban has caused a huge setback to the industry.
Wed, Jun 11 2014 10:53Read more
Indian exporters say the rupee’s world-beating rally from a record low is positive because the currency has stabilized at a relatively weak level. Rajesh Exports Ltd, India’s largest maker of gold jewellery, estimates only an advance past 50 per dollar, a level last seen in March 2012, will hurt shipments.
Wed, Jun 11 2014 10:55Read more
Arun Jaitley has started his innings as finance minister by setting his priorities as restoring growth while taming inflation and reining in the budget deficit. Having been commerce minister in the Vajpayee government from January 2003 to May 2004 should assure exporters and importers that he knows their problems well.
Wed, Jun 11 2014 11:05Read more
India's exports grew by a double-digit pace for the first time in seven months in May, narrowing the trade deficit and setting the ground for easing of restrictions on gold imports. Exports last month rose 12.4% to $28 billion from a year earlier, while imports fell 11.4% to $39.23 billion, the Ministry of Commerce & Industry said.
Thu, Jun 12 2014 11:15Read more
The domestic organised apparel category, which had witnessed slowdown in sales, is expected to bounce back with 15 per cent growth, according to projections by the Clothing Manufacturers Association of India.
Thu, Jun 12 2014 11:23Read more
India needs to "rationalise" duty on gold imports, which plunged 72 percent in May, Trade Secretary Rajeev Kher told reporters on Wednesday.
Thu, Jun 12 2014 11:32Read more
The country's merchandise exports in May rose at a seven-month high rate of 12.40 per cent to $27.99 billion from $24.91 billion in the same month last year, driven mainly by a demand revival in developed countries for high-value engineering andrefinery products. Imports in the month, meanwhile, declined 11.41 per cent to $39.23 billion from $44.28 billion in May 2013, largely on the back of a 72 per cent decline in inbound gold shipments, data released by Commerce Secretary Rajeev Khershowed on Wednesday.
Thu, Jun 12 2014 11:34Read more
A day after official data showed exports growth is at a six-month high, good news came on the factory output front. Raising hopes of an upturn, industrial production grew at 3.4 per cent in April, according to official data released on Thursday. Factory output had contracted in the previous two months. The bounce-back came on the back of recovery in output of manufacturing, mining and electricity production and capital goods.
Fri, Jun 13 2014 11:12Read more
Double digit growth in exports for the month of May seems to be beginning of upward growth backed by better global trade forecast for 2014 and 2015, said FIEO president M Rafeeque Ahmed on Wednesday.
Fri, Jun 13 2014 11:16Read more
A day after telling parliamentarians to showcase a strong India to the world, Prime Minister Narendra Modi on Thursday asked the 2012 batch of Indian Foreign Service (IFS) probationers to project the country’s full trade and commerce potential globally as they took up their assignments.
Fri, Jun 13 2014 11:20Read more
It has nearly been a month since the historic BJP electoral sweep. We have seen equities climb to record highs on expectations that the Modi government led reforms will finally unlock Indiaâ€™s true economic potential. Mid-cap and small-cap stocks have outperformed blue chips in recent weeks indicating that the risk appetite is returning to the Indian markets. Gold has witnessed a correction and FII has flowed into the debt markets with the ten year yield having fallen 50 basis points since April. However, one asset class has not been privy to this recent upsurge in optimism - the rupee has been trading in a narrow range and has started weakening against the dollar, eying the all important (and sentimental) 60 mark.
Sat, Jun 14 2014 11:11Read more
Pipavav Port continues its run as the foremost exporter of marine products among the ports in terms of quantity in FY14. Pipavav’s share of exports was 25.27 per cent out of the total 9,83,756 tonnes of seafood exported from the country.
Sat, Jun 14 2014 11:45Read more
Indian corn exports have picked up in the last few months as swelling supply crimps prices, but the rise will not be enough to stop overall shipments for 2013/14 dropping nearly a quarter after a poor start to the year, traders said.
Sat, Jun 14 2014 11:46Read more
Iron ore export hitting a low of 14.42 million tonnes in 2013-14, the Indian mining sector has made a fresh plea before the new government to take measures to revive exports.
Sat, Jun 14 2014 11:49Read more
The government will review the rules and regulations relating to Special Economic Zones (SEZ) as also the Companies Act so as to clear impediments in the way of investment flows, union commerce minister Nirmala Seetharaman said today.
Mon, Jun 16 2014 11:18Read more
India's foreign exchange (forex) reserves increased by $203.2 million to $312.58 billion for the week ended June 6, led by a sharp rise in overseas currency assets, Reserve Bank of India (RBI) data showed.
Mon, Jun 16 2014 11:28Read more
Services exports in the first month of the current financial year 2014-15 stood at $13.63 billion, marginally lower than $14.32 billion in March 2014, according to the Reserve Bank of India data.
Mon, Jun 16 2014 11:35Read more
The government hiked import tariff value on gold and silver to USD 411 per 10 grams and USD 632 per kg as global prices have increased in the wake of escalating violence in Iraq. In the first fortnight of this month, tariff value on imported gold stood at USD 408 per 10 grams and silver at USD 617 per kg.
Tue, Jun 17 2014 10:54Read more
Vegetable oil imports in the month of May saw a rise of 13% compared to the same period last year at 1 million tonnes compared to 917,964 tonnes last year on the back of lowersoybean crushing in the country as the availability of soybean is on the lower side this year, according to data released by Solvent Extractors' Association of India.
Tue, Jun 17 2014 10:57Read more
Wholesale Price Index (WPI)-based inflation rose to a five-month high of 6.01 per cent in May from 5.2 per cent in the previous month, driven by costlier protein-based items, fuel and some manufactured products.
Tue, Jun 17 2014 11:08Read more
Gold jewellery exports from India are likely to grow by a quarter in the year to March 2015, helped by an expected relaxation of import policy and recovering demand from major consuming countries, the head of a trade body said .
Thu, Jun 19 2014 11:01Read more
India set a minimum export price for onions of $300 per tonne to discourage overseas shipments amid an inflation scare that threatens to stoke public anger over rising prices at local food markets.
Thu, Jun 19 2014 11:05Read more
If the performance of cash-short Indian Railways (IR) in the first two months of financial year 2014-15 is an indicator of the remaining year ahead, the freight business would bring some respite but falling passenger volume will continue to worry.
Thu, Jun 19 2014 11:08Read more
During the 10 month period of April'13 – Jan'14, India exported 1082 million kgs of Cotton Yarn worth US $ 3.75 billion. Full year figure likely to be at 1350 mn kgs valued at US $ 4.70 billion.
Fri, Jun 20 2014 11:19Read more
Expressing concern over the inverted duty structure existing in rubber, the industry has sought safeguard duty on finished rubber products. The industry also wants government to increase the duty drawback on reclaim rubber to five per cent and set up a technology upgradation fund (TUF) for the micro, small and medium rubber enterprises
Fri, Jun 20 2014 11:23Read more
The sudden eruption of the crisis in Iraq has halted the Narendra Modi-inspired market momentum. India as one of the biggest importers is naturally vulnerable to oil shocks and surging crude prices have raised fears of a crisis similar to the ones faced in 2003 and 1991. How plausible is this scenario? ET digs through the data and shows that the situation has not yet reached crisis levels. But, it could, if in the next few weeks oil continues to climb and the fighting escalates . into a full-blown civil war, dragging neighbouring nations into it also.
Fri, Jun 20 2014 11:26Read more
Railways’ Clarification on Revision of Passenger Fare & Freight Rate In connection with the Revision of Passenger Fare and Freight Rates, the Ministry of Railways would like to clarify the following: The Order of Fare and Freight revision issued by the Ministry of Railways today, as finalised by the previous Government, is only 10 % hike in Passenger Fare and 5 % hike in Freight Rates.
Sat, Jun 21 2014 12:24Read more
India's annual energy import bill could jump to USD 230 billion by FY'23 from the current USD 120 billion but could get reduced significantly by switching from oil to natural gas and improving conservation, says a Goldman Sachs report.
Sat, Jun 21 2014 12:28Read more
India’s polished diamond exports declined 8 percent year on year to $1.636 billion in May 2014, based on provisional figures from the Gem & Jewellery Export Promotion Council (GJEPC). By volume, exports fell 14 percent to 2.807 million carats. As a result, the average value of polished exports increased 7 percent to $583 per carat.
Sat, Jun 21 2014 12:37Read more
India’s foreign exchange reserves rose by $ 950.9 million to $ 313.537 billion in the week ended June 13, the Reserve Bank of India (RBI) has said. The forex reserves had grown by $ 203.2 million to $ 312.585 billion in the previous week. In its weekly statistical supplement issued here yesterday, the central bank said that foreign currency assets, which constitute a major chunk of the forexreserves, grew by $ 958.5 million to $ 286.589 billion during the week.
Mon, Jun 23 2014 11:04Read more
With the hike in Rail freight and passenger fare the leading industry bodies are expecting that along with this there would be a concomitant improvement in both the quality and safety of services. "We of course hope and expect that there will be a concomitant improvement in both the quality and safety of services offered by Indian Railways," said Sidharth Birla, President, FICCI.
Mon, Jun 23 2014 11:05Read more
Demand for biryani in the Middle East has spurred basmati rice exports from India which registered a huge jump of Rs 9,890.58 crore in 2013-14 as compared to the previous season. Riding on strong overseas demand especially from Iran and Saudi Arabia, the value of basmati rice exports jumped by 50.96%.
Mon, Jun 23 2014 11:07Read more
Odisha is planning to introduce 'green card' for exporters from the state with good track records. This would help passage of their consignments at check gates on a priority basis. The proposal is part of the draft export policy to boost overseas sale, which showed a declining trend in 2012-13 compared to 2011-12.
Mon, Jun 23 2014 11:11Read more
‘Union Budget on 10th July 2014, Rail Budget on 8th July 2014′ government has announced yesterday
Tue, Jun 24 2014 11:59Read more
India will raise its import duty on sugar to 40 percent from 15 percent, as the government tries to revive business at mills that owe farmers around $1.84 billion, the food minister said on Monday.
Tue, Jun 24 2014 12:04Read more
The Centre has set a target of $50 billion for textile exports this year as compared to $40 billion in the previous year.
Tue, Jun 24 2014 12:05Read more
The government is firming up plans to cut taxes on gold and ease bullion import rules, in a move that could signal a staggered roll-back of measures announced last year to contain a surge of dollar outflows.
Tue, Jun 24 2014 12:07Read more
Beef has become an important foreign exchange earner for India among the agriculture commodity exports after basmati rice,
Wed, Jun 25 2014 07:55Read more
The Confederation of Indian Industry (CII) has said that India-Bangladesh trade could double to USD 10 billion by 2018, provided trading irritants like non-tariff barriers and infrastructure related issues are resolved
Wed, Jun 25 2014 07:56Read more
It was in 2004, the Gujarat Hira Bourse (GHB) and leading diamantaires in Surat had urged the state government to allot government land in Ichhapore for developing gems and jewellery park. The then chief minister Narendra Modi had acted promptly in favour of the diamantaires and allotted one million square metres of land in Ichhapore.
Wed, Jun 25 2014 07:58Read more
Extends Duty Concessions on Various Items for A Period of Six Months Beyond 30th June, 2014 i.e. till 31st December 2014 vide Notification No. 06/2014-Central Excise Dated 25th June 2014.
Thu, Jun 26 2014 07:31Read more
The government is working to install a single-window mechanism for faster regulatory clearances for coal, steel and power production.
Thu, Jun 26 2014 07:32Read more
PTA (purified terephthalic acid) Users Association, which represents manufacturers of polyester chips, polyester films and polyester filament yarn, has appealed to the Union Government to
Thu, Jun 26 2014 07:34Read more
Faced with a “challenging” economy, finance minister Arun Jaitley on Tuesday said the time has come to take measures that will put the country on a faster pace of growth and restore investor confidence.
Thu, Jun 26 2014 07:35Read more
Extends Duty Concessions on Various Items for A Period of Six Months Beyond 30th June, 2014 i.e. till 31st December 2014 vide Notification No. 06/2014-Central Excise Dated 25th June 2014.
Thu, Jun 26 2014 07:43Read more
The Federation of Indian Export Organisations has struck a positive note on India’s export front, projecting that exports could touch $360 billion this fiscal, going by trends in the current quarter. Last fiscal, India’s total exports were about $312 billion.
Sat, Jun 28 2014 10:33Read more
The Government has imposed a minimum export price of $450/tonne on potatoes to prevent shortage in the domestic market and tame rising prices. Exporters will not be allowed to ship out consignments of potatoes, both fresh and frozen, priced below $450 with immediate effect, according to a notification by the Directorate General of Foreign Trade issued on Thursday.
Sat, Jun 28 2014 10:39Read more
State-owned KIOCL Ltd is pushing for scrapping the five per cent export duty on iron ore pellets levied earlier this year. "The new government has to take a call. We thought it would be scrapped in the vote-on-account, but it didn't happen. Now, we are hopeful that it will happen in the budget," KIOCL Ltd Chairman, Malay Chatterjee, said. He was speaking on the sidelines of the Indian Pellet & DRI Summit organised by SteelMint.
Sat, Jun 28 2014 10:41Read more
Before grabbing China's offer to invest in and help develop India's infrastructure, the Narendra Modi-led government wants to ensure easier norms in return for India to export IT, pharmaceuticals, farm goods, and health and tourism services so that the trade imbalance between the two countries gets reduced
Mon, Jun 30 2014 10:58Read more
Country's foreign exchange (forex) reserves rose by USD 1.38 billion to USD 314.92 billion for the week ended June 20
Mon, Jun 30 2014 11:00Read more
The industry is upbeat on India's growth prospects after the new government led by Prime Minister Narendra Modi took charge at the Centre, according to the Business Outlook Survey by CII.
Mon, Jun 30 2014 11:01Read more
Relaxation in curbs on gold imports by the new government and decrease in premium on gold have led to highest gold imports in the state in last 13 months. For the first time, gold imports crossed double-digit figures since June last year when restrictions on gold imports were imposed by central government to control current account deficit (CAD).
Tue, Jul 01 2014 10:39Read more
Steel firms are seeking increase in the export duty on iron ore pellets from to 30%, miners are demanding nil export duty Steelmakers and iron ore miners which manufacture pellets are at loggerheads. While leading steel players have called for an increase in export duty on iron ore pellets from existing 5% to 30%, miners are demanding nil export duty.
Tue, Jul 01 2014 10:41Read more
The government today extended the deadline again to affix barcodes on primary level packaging by pharmaceutical companies till further orders. Barcode helps in tracking and tracing origin of drugs, which minimises the chances of genuine medicines being considered spurious, sub-standard or counterfeit.
Tue, Jul 01 2014 10:43Read more
India’s engineering exports to Iraq’s war-ravaged economy have taken a beating, slumping by annualised 54.30 per cent in May 2014 compared to the same month last year. The worsening situation is now almost halting shipments there, EEPC India said.
Wed, Jul 02 2014 10:46Read more
Despite facing internal hurdles and severe competition from host of countries such as China, South Africa, Saudia Arabia and Brazil, the Indian granite exports have grown by 23 per cent in value term during 2013-14. However, it remained more or less similar volume-wise.
Wed, Jul 02 2014 10:47Read more
Tough fiscal consolidation measures, few, if any, populist schemes, an emphasis on infrastructure, and a move to a reasonable and stable tax regime. If finance minister Arun Jaitley’s speech at a function in New Delhi on Tuesday is any indication, these could well be the focus of the Union budget he will present on 10 July.
Wed, Jul 02 2014 10:51Read more
The government on Wednesday hiked the minimum export price of onions by 67 percent to $500 per tonne in a bid to discourage exports and improve local supplies as its prices surged in domestic markets.
Thu, Jul 03 2014 13:31Read more
Reducing the cost of credit for traders and boosting exports as well as manufacturing require special attention in the forthcoming Budget 2014-15, exporters' body FIEO said Wednesday. "Propelling exports, when world economy is expected to grow at over 4.5 percent, will be much needed both for managing trade deficit, current account deficit as well as generating employment in the country," the Federation of Indian Export Organisations said in a statement.
Thu, Jul 03 2014 13:36Read more
Indian Pharmaceutical Alliance (IPA), which represents large domestic drug makers, on Wednesday asked the Union government to make provisions in the upcoming budget and lay down a policy framework that would incentivise innovation in the industry, which is known for its copycat drugs.
Thu, Jul 03 2014 13:39Read more
India has agreed to extend the benefits of special economic zones (SEZ) and National Investment and Manufacturing Zones (NIMZ) to the proposed industrial parks which would be developed in collaboration with China.
Thu, Jul 03 2014 13:42Read more
The Commerce Ministry is focusing on further simplifying the procedures for exporters in order to reduce transactions cost and boost India's overseas shipments, a senior government official today said.
Fri, Jul 04 2014 11:06Read more
The Government is looking at narrowing the focus of existing export incentive schemes to promote high-potential items, such as textiles, engineering goods and pharmaceuticals, in markets that import heavily.
Fri, Jul 04 2014 11:07Read more
Coffee exports from India have seen a marginal decline of close to 2.6 per cent to 182,553 tonnes during January-June, reflecting the depressed sentiment among exporters as the news of a better-than-expected crop in Brazil resulted in price drop.
Fri, Jul 04 2014 11:09Read more
It was a trade oriented seminar on ‘WTO Trade Remedy Measures: Anti-dumping, Countervailing and Safeguard Duties’ conducted on 27 June’14 at Sardar Patel Institute of Public Administration, Ahmedabad. Representatives from Trade and Industries had assembled to attend the seminar. Mr. Pankaj Kumar IAS, Director General, was welcoming the participants. The well attended seminar had Mr. Mukesh Bhatnagar, Professor, Centre of WTO Studies, IIFT, New Delhi who presented the subject.
Fri, Jul 04 2014 11:25Read more
Cotton yarn exports this financial year has started to witness a decline due to weak demand from China, the largest importer of India's cotton yarn. Cotton yarn exports this fiscal in the month of April fell to 99.92 million kilograms compared to 115.96 million kilograms during the same time last year, according to data released by Directorate General of Foreign Trade. the fall has continued even after April and stocks started piling up with the spinning mills/ although mills have yet not reduced capacity utilisation.
Sat, Jul 05 2014 10:48Read more
Alongside India building an unenviable reputation of being the pharmacy of the world supplying reliable and affordable medicines to over 200 countries, lesser known fact is that the country has become heavily import dependent on China when it comes to many essential and large volume drugs making us vulnerable to sudden disruption of supplies, an exhaustive ASSOCHAM study on “Pharmaceuticals Sector in India: Challenges faced & Suggested Way Forward” has cautioned.
Sat, Jul 05 2014 10:56Read more
The Directorate General of Foreign Trade (DGFT) has said it will be selective in providing incentives for exports. “We have a limited kitty and we have to operate within the Budget given by the Finance Ministry,” said DGFT Director-General Pravir Kumar while addressing the members of the Confederation of Indian Industry (CII) here.
Sat, Jul 05 2014 11:00Read more
This is probably the most crucial Union Budget in recent times and also the one that has raised a lot of hopes. In fact, the maiden budget of Prime Minister Narendra Modi's government, due to be presented on July 10, can also determine the economic trends in the time to come.
Mon, Jul 07 2014 13:56Read more
India`s import of coal and coke rose 12 percent to 18.5 million tonnes in June from a year earlier, according to provisional data from market operator mjunction, indicating weak prices continue to attract buyers even as a local shortage lingers. Asia`s third-largest economy is the world`s number 3 buyer of coal from countries like Indonesia, Australia and South Africa as power plants that burn the fuel raise generation to try and meet the electricity needs of the country`s 1.2 billion people.
Mon, Jul 07 2014 13:59Read more
In a move expected to help the cash-starved industry, the government has removed the quantitative ceiling on exports of organic sugar. Earlier, the government had kept a ceiling of 10,000 tonnes on organic sugar exports. "The quantity ceiling for export of organic sugar has been removed till the time export of sugar is permitted freely," Directorate General of Foreign Trade (DGFT) said in a notification. However, it said the export of organic sugar would be permitted subject to registration of quantity with DGFT and certification by Agricultural and Processed Food Products Export Development Authority (APEDA).
Mon, Jul 07 2014 14:01Read more
Railway Minister Shri D. V. Sadananda Gowda has presented First Railway Budget of Narendra Modi Government on 09.07.2014 and Major Highlights of His Budget are as follows :-
Wed, Jul 09 2014 11:13Read more
India has exported 17.5 lakh tonne sugar during the first six months of the 2013-14 marketing year ending September with maximum quantity shipped to Iran, Parliament was informed today.
Wed, Jul 09 2014 11:25Read more
Iron ore exports have shown a whopping 40.5 per cent decline in the first quarter ended June 30 this year at 1.93 million tonnes (mt). During the corresponding quarter last year, exports stood at 3.26 mt. The decline is largely attributed to global slowdown in spot market prices and better prices in the domestic market owing to ban in Odisha, which led to hike in prices.
Wed, Jul 09 2014 11:27Read more
Finance Minister Arun Jaitley is likely to announce a number of reform measures and provide incentives such as tax sops to revive industrial and economic growth in the maiden national budget of the government of Prime Minister Narendra Modi.
Thu, Jul 10 2014 10:20Read more
India's fiscal situation is worse than it appears, Prime Minister Narendra Modi's government said in an economic report on Wednesday that called for tough measures to shore up public finances and reduce inflation.
Thu, Jul 10 2014 10:22Read more
India should more than double its share in the world merchandise exports to at least 4 per cent in the next five years, a government document said today. In 2013, India's exports share in the world merchandise exports was 1.7 per cent, said the Economic Survey 2013-14 tabled in Parliament.
Thu, Jul 10 2014 10:23Read more
Indian Prime Minister Narendra Modi's new government on Thursday unveiled a first budget of structural reforms aimed at reviving growth, winning praise from investors despite a lack of clarity over how he would cap the big fiscal deficit.
Fri, Jul 11 2014 10:17Read more
Finance Minister Arun Jaitley said the country will stick to the fiscal deficit target of 4.1 percent of gross domestic product (GDP) set by the previous government for the year ending March 2015.
Fri, Jul 11 2014 10:18Read more
The government will set up an Export Promotion Mission and extend 24x7 customs clearance facility to 13 more airports to boost overall exports of the country. While presenting Budget 2014-15, Finance Minister Arun Jaitley on Thursday said exports couldn’t be exponentially increased unless the states play an active role in export promotion by providing good infrastructure and full facilitation.
Fri, Jul 11 2014 10:20Read more
Apex exporters' body Federation of Indian Export Organisations (FIEO) hails Budget - 2014 and said that steps taken by the Finance Minister will benefit the export sectors. "Finance Minister has laid down a road map for inclusive growth, sustainable manufacturing and competitive exports. Clear policy against retrospective amendment, e biz single platform for services provided by the government, advance ruling facility to private limited companies will add to the ease of doing business," M Rafeeque Ahmed, President FIEO in a press statement on Thursday.
Sat, Jul 12 2014 10:14Read more
While some of the budget announcements are indicative of future direction on the whole, the budget provisions seem to have little impact on the ground level. • The original export target set up in the year 2009 was $500 billion, which was revised to $325 billion. However, the actual exports registered in FY 2013-14 were $312.36 billion. With upward revision in Oil prices and increase in trade deficit, it is a matter of prime importance to take proper steps to increase exports. Though the world economy has stabilized to some extent, situation in Iraq, Syria and Iran continues to be of great concern.
Sat, Jul 12 2014 10:16Read more
Industrial output in May grew by 4.7 per cent, the highest monthly rise since October 2012, giving further momentum to a 3.4 per cent rise in April and raising hope of a recovery. The growth in October 2012 was 8.4 per cent, while industrial production had contracted 2.5 per cent in May last year. The fact that 4.7 per cent growth is the next highest since the Index of Industrial Production (IIP) clocked 8.4 per cent growth itself shows the tepid performance in between.
Sat, Jul 12 2014 10:17Read more
Special Economic Zones (SEZs) may have missed out on tax concessions in the Budget but the government is working on a comprehensive package for the enclaves to boost exports, investment and overall economic activity.
Mon, Jul 14 2014 10:29Read more
Extending last week’s rising trend, the country’s foreign exchange (forex) reserves rose further by $ 614.6 million to $ 316.393 billion during the week ended July 4, from the previous week’s level of $ 315.77 billion, due to an increase in foreign currency assets, the major contributor to the reserves, which firmed up by $ 760.6 million to $ 289.57 billion, the Reserve Bank of India (RBI) data showed.
Mon, Jul 14 2014 10:30Read more
In a setback to the government's bid to encourage domestic solar cell industry, solar power project developers have told the government that they would continue to import solar cells from different countries and would not source domestically, if ananti-dumping duty on solar gears is imposed.
Mon, Jul 14 2014 10:31Read more
India's headline inflation eased to a four-month low of 5.43 percent in June against 6.01 percent in May, due to slow growth in the prices of fuel and food cost, government data showed here Monday.
Tue, Jul 15 2014 09:46Read more
Apparel exporters today sought expeditious finalisation of theIndia-EU Free Trade Agreement to enable better market access for Indian exporters whose total outbound shipments stood at USD 15.7 billion last year.
Tue, Jul 15 2014 09:47Read more
The Finance Minister said in his Budget speech last week that 24x7 Customs clearance facility will be extended to 13 more airports to ensure quicker clearance of all goods meant for exports. For certain specified items, the facility is being extended to14 more sea ports, he pointed out.
Tue, Jul 15 2014 09:49Read more
The United States Department of Commerce (US DOC) imposed Countervailing Duty (CVD) on India's exports of hot rolled carbon steel flat products. The measures continue to be in force and adversely impact the Indian exports. India challenged the determinations made by the US DOC in various investigations / reviews treating several programmes of India as subsidy whereas, these programmes do not confer any subsidy on the Indian exporters.
Wed, Jul 16 2014 00:00Read more
India's services exports in May rose by 8.8 percent to USD 13.9 billion, according to the Reserve Bank data. Import of services during the month, however, rose in double-digit of 15 percent to USD 8.03 billion, as per the RBI data on International Trade in Services.
Wed, Jul 16 2014 11:03Read more
The Union government is contemplating a temporary ban onexport of onion to improve domestic supplies, as a bad monsoon threatens to impact the coming crop. Officials said a ban might be imposed for two months. Meanwhile, however, the prices of onion show a stabilising trend, albeit at an elevated level.
Wed, Jul 16 2014 11:05Read more
India's exports rose by 10.22 percent to $26.48 billion in June, while imports increased by 8.33 percent to $38.24 billion, leaving a trade deficit of $11.76 billion, the government data showed
Thu, Jul 17 2014 10:41Read more
The improved situation in the US economy has resulted in a smart rise of over 21 per cent in the export of engineering goods to $5.4 billion in June. "We are getting good number of orders from the US, so much so that our domestic manufacturing infrastructure is not able to support the same. Problems like power outages in several states and raw material shortages along with issues of skilled labour are also coming in the way,'' said Anupam Shah, Chairman of EEPC India, the apex body of engineering exporters.
Thu, Jul 17 2014 10:43Read more
A surge in gold imports widened India's trade deficit to an 11-month high in June, adding to the uncertainty from global oil prices that could pile more pressure on its current account balance.
Thu, Jul 17 2014 10:44Read more
China’s economy grew up by a more than expected 7.5 per cent in the second quarter of the year, with a slight revival in growth seen as reflecting the impact of stimulus and loosening measures unveiled by the government in recent months amid concern over a general slowdown in the world’s second-largest economy.
Fri, Jul 18 2014 10:59Read more
The Centre is considering a ban on onion exports as part of its efforts to rein in surging prices. “The Government is looking at such an option. We are not sure if the ban will come now or after the monsoon session of Parliament. The Government will usually want to do such things when Parliament is not in session,” said a source who did not want to be identified.
Fri, Jul 18 2014 11:04Read more
West Bengal Finance and Industry Minister Amit Mitra today asked the exporting community in the state to make efforts to double exports within a specified time frame. "Presently, the value of exports from West Bengal is Rs 63,745 crore. This should doubled to Rs 1,20,000 crore," Mitra told exporters at a FIEO programme here.
Fri, Jul 18 2014 11:07Read more
The Comptroller and Auditor General has recommended better co-ordination and implementation of incentives given to exporters under the Duty Entitlement Passbook Scheme (DEPB).
Sat, Jul 19 2014 10:58Read more
India’s coal demand is expected to rise 6% to 787 million tonnes this fiscal year, coal and power minister Piyush Goyal said, which could lift imports close to 200 million as local supply falters.
Sat, Jul 19 2014 10:59Read more
India's foreign exchange reserves rose by USD 643.2 million to USD 317.03 billion for the week ended July 11, Reserve Bank of India (RBI) data showed. The reserves had increased by USD 614.6 million to USD 316.39 billion for the week ended July 4. According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, gained USD 648.7 million to USD 290.22 billion.
Mon, Jul 21 2014 11:15Read more
According to trade statistics, India’s pig iron exports during the first four months of the year surged higher by 35.4% over the previous year. The cumulative exports during the period totaled 377,642 tons. The exports during the month of April alone totaled 67,316 tons.
Mon, Jul 21 2014 11:16Read more
Olive and Olive Pomace Oil imports to India in the fiscal year ended March, 2014 were 10,718 Metric Tonnes (MT) down from 11,917 MT, in the previous year, registering a decrease of 10%. Spain and Italy continued to dominate Indian imports in the current fiscal providing 63% and 32% respectively. Greece was a distant 3rd with 3%.
Mon, Jul 21 2014 11:18Read more
The latest trade statistics released by the Union Ministry of commerce in India indicates that silver imports by the country fell sharply during the month of June this year. The value of imports plunged by 53.4% over the year to $212.8 million as against the imports of $457 million during June last year. The silver import volumes dropped nearly 45% from 579 tonnes during June last year to 323 tonnes in June ’14.
Tue, Jul 22 2014 10:28Read more
India is set to be Asia's biggest turnaround story and the country's GDP growth is expected to rise to over 6 percent in FY 2015 and over 7 percent in FY 2016, says a Nomura report. According to the Japanese brokerage firm, 2014 would mark an inflection point and 2016 will be a watershed year as Indian economy will start outpacing China.
Tue, Jul 22 2014 10:29Read more
Finance Minister Arun Jaitley on Monday asked the income tax department to beat the Budget Estimate of Rs 7,36,221 crore for direct tax collections and focus on unearthing black moneynot just abroad but also within the country. He, however, cautioned that while performing their duty, tax officers should maintain highest standards of ethics as credibility of the department is its greatest asset.
Tue, Jul 22 2014 10:31Read more
As per trade statistics, after crude oil, gold continues to be the second most imported commodity into India. This is primarily due to huge demand and not enough production within India.
Wed, Jul 23 2014 10:41Read more
THE Minister of State for Finance, Ms. Nirmala Sitharaman, today said that the Indian tax architecture needs to be further simplified so that it is easy for tax payers to comply and pay off their taxes. She said that the citizens want to become law compliant rather than tax evaders. Ms Sitharaman was delivering the Valedictory Address at the conclusion of the two-day Annual Conference of Principal Chief Commissioners, Principal Director Generals, Chief Commissioners and Director Generals of Income Tax here today. She hoped that the delebrations of the Conference would be helpful to the senior officers in handling various tax related issues and in reducing tax litigation and strengthening of grievance redressal mechanism.
Wed, Jul 23 2014 10:46Read more
The commerce department is reopening the debate on having a unique labour law for special economic zones in what is seen as the latest attempt to breathe life into the once bustling sector. Sources said that the department is scheduled to kick off discussions on a special dispensation for SEZs later this week and has already flagged the issue to development commissioners along with looking at ways to simplify the procedures in the zones.
Wed, Jul 23 2014 10:50Read more
With monsoon playing truant and posing a question mark on the yield of pulses in the kharif season, Canada is positioning itself to meet India’s growing demand for lentils (masoor) and yellow peas (pili matar) grown in abundance in its Saskatchewan province.
Thu, Jul 24 2014 11:05Read more
The government plans to import onions from Pakistan, China, Iran and Egypt as it seeks to prevent another spike in the price of the politically sensitive commodity. The National Agricultural Co-operative Marketing Federation of India Ltd (Nafed) has floated tenders for importing 40,000 tonnes of onions after August 15, which would be timely as shipments can arrive before the possible jump in onion prices by October, unlike last year when imports were contracted too late to make a dent in retail prices.
Thu, Jul 24 2014 11:07Read more
The commerce department has begun consultations on changing the norms to mandate that at least 51% of production in special economic zones (SEZs) should be physically exported, a move that is expected to further add to the inflexibility of units in the designated areas.
Thu, Jul 24 2014 11:08Read more
Indirect tax collections recorded a 13.5 per cent growth in June this year to stand at Rs 44,356 crore, compared with Rs 39,085 crore in the corresponding month last year. The notable growth is a sign of economic recovery.
Fri, Jul 25 2014 10:24Read more
The export target for the year 2013-14 was fixed at 325 US $ Billion. India's percentage share of the trade to the world trade for the year 2013 is 2.07%. India's share in world trade is given below: Year Total Trade : Value in US $ Billion Percentage share of India in World TradeWorldIndia2011 36830 767.4 2.082012 37012 785.4 2.122013 37658 778.3 2.07Source: World Trade Organisation ( Calendar Year )
Fri, Jul 25 2014 10:25Read more
The union cabinet Thursday approved a proposal to increase foreign direct investment (FDI) limit in the insurance sector to 49 percent from the current 26 percent. The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi okayed the proposal for the hike but maintains Indian management control. A senior government official who did not want to be named said the overseas investments in the insurance sector would be allowed through the Foreign Investment Promotion Board (FIPB) route.
Fri, Jul 25 2014 10:27Read more
India has decided to stick to its tough stand on WTO's Trade Facilitation Agreement (TFA) at the World Trade Organization's (WTO) General Council meeting in Geneva on Thursday. India has made it clear that it will not yield to the pressure of developed nations on pushing the WTO's Bali agreement on trade facilitation agreement without addressing New Delhi's concerns on food security issues.
Sat, Jul 26 2014 10:25Read more
Import duty on sugar will not be raised for now, the junior finance minister Nirmala Sitharaman said on Friday, a month after the food minister said there was a consensus to raise the tax to 40 per cent from 15 per cent.
Sat, Jul 26 2014 10:27Read more
The Ministry of Textiles has fixed an export target of USD 45 billion for textile products for the year 2014-15, in consultation with the Industry. The target has not been revised. Exports of textile products are supported through different schemes under Foreign Trade Policy e.g. Focus Market Scheme, Market Linked Focus Product Scheme, Focus Product Scheme and Duty Drawback Scheme.
Mon, Jul 28 2014 10:29Read more
Country's foreign exchange reserves rose by USD 163 million to USD 317.84 billion for the week ended July 19, Reserve Bank of India (RBI) data showed. The reserves had increased by USD 643.2 million to USD 317.03 billion for the week ended July 11.
Mon, Jul 28 2014 10:31Read more
India is fast catching up on cross-border e-commerce — export and import of goods through online channels — with the US, UK, Australia, China and Germany emerging as preferred business destinations.
Mon, Jul 28 2014 10:33Read more
An expert panel constituted by the government submitted the draft of the new National Textiles Policy, which aims to achieve $300 billion exports by 2024-25 and create additional 35 million jobs by attracting investments.
Tue, Jul 29 2014 11:20Read more
Senior IRS officer K.V. Chowdary is tipped to be the new Chairman of the Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department. The 1978-batch Indian Revenue Service officer is presently working as the Member (Investigations) in the CBDT and is expected to take over the new charge from August 1 after incumbent Chairman R.K. Tewari retires on July 31.
Tue, Jul 29 2014 11:22Read more
In a strategic move to address major export related concerns of the medical device and pharma machinery sector, the Government recently announced that EEPC INDIA formerly Engineering Export Promotion Council will henceforth handle the export related issues and promotional activities of the industry. It is understood that the government took this decision after lot of deliberation and suggestions from Pharmexcil who has been handling the sector till recently and the stakeholders, simultaneously.
Tue, Jul 29 2014 11:25Read more
The Department of Commerce provides a number of grants, incentives and other assistance measures to exporters of agricultural products, said the Minister of State (Independent Charge) in the Ministry of Commerce & Industry, Nirmala Sitharaman, in a written reply in Rajya Sabha .
Thu, Jul 31 2014 10:51Read more
Iron-ore exports from India may drop for a fifth straight year as higher taxes and freight costs make shipments unviable, the country’s minerals lobby said. Shipments of the steelmaking raw material may decline 38% to 9 million metric tons in the year ending March, from 14.4 million tons, the Federation of Indian Mineral Industries said on Wednesday in a statement. India may become a net importer this year with steelmakers including JSW Steel Ltd buying as much as 15 million tons from abroad as local supplies dwindle, it said.
Thu, Jul 31 2014 10:55Read more
The Special Economic Zones (SEZ) dedicated to jewellery manufacturing and exports have steadily lost a major chunk of business to domestic tariff area (DTA) due to age old policy which favours gems and jewellery exports outside export zones.
Thu, Jul 31 2014 10:56Read more
In a scenario where exports posted positive growth for the third consecutive month of Fiscal 2014-15, traditional export-oriented manufacturing sectors like Auto and Pharma are the ones which are most likely to gain traction due to revival in export markets.
Fri, Aug 01 2014 10:43Read more
Output of eight crucial industries grew 7.3 per cent in June, the highest expansion after September 2013 and more than three times compared to just 2.3 per cent in May, official data showed on Thursday. This might augur well for the Index of Industrial Production (IIP) since these industries have almost 38 per cent weight in the index, feel economists.
Fri, Aug 01 2014 10:45Read more
While IT majors like Infosys, Wipro and TCS have once again logged impressive results, the small and medium IT industry says it is still waiting for policy initiatives to shore up its bottom line.
Fri, Aug 01 2014 10:46Read more
India's coffee exports have registered a marginal growth of 1.5% to touch 262,864 tonnes for the first 10 months of the current coffee year (October-September). In the same period of previous year, exports were 258,835 tonnes.
Sat, Aug 02 2014 12:10Read more
Manufacturing activities in India this July rose the most in 17 months on increased orders, according to the HSBC Purchasing Managers' Index (PMI). However, this also raised prices, due to which the Reserve Bank of India (RBI) might hold the policy rate in its policy review next week. On the other hand, workers were laid off for the first time in 10 months, albeit moderately.
Sat, Aug 02 2014 12:11Read more
Despite relaxation in curbs in May this year, gold imports in the state fell to a record low in July. Less than 4 metric tonnes (MT) of gold was imported in July following boycott of STAR Trading Houses by bullion traders and an increase in gold smuggling.
Sat, Aug 02 2014 12:13Read more
The five-year foreign trade policy (2014-19), to be announced by the end of this month, will focus on incentives to boost services exports and value-added diversified products, and increasing shipments to new markets.
Tue, Aug 05 2014 10:33Read more
Exports of dairy products and certain fruits and vegetables have been affected due to non compliance with EU requirements, Parliament was informed on Friday. “Export of dairy products for human consumption and certain fruits and vegetables have been affected due to non compliance with EU requirements,” commerce and industry minister Nirmala Sitharaman said in the Lok Sabha.
Tue, Aug 05 2014 10:35Read more
The norms for pesticides exports and manufacturing of pesticides through foreign technology from India may be liberalized. According to official sources, the liberalization is aimed at making India hub for manufacturing pesticides especially those through buying the technology from foreign companies.
Tue, Aug 05 2014 10:38Read more
As expected, the Reserve Bank of India (RBI) kept the repo rate unaltered at 8 per cent, and the cash reserve ratio (CRR) of scheduled banks also remained unchanged at 4 per cent of net demand and time liabilities. However, the apex bank lowered the statutory liquidity ratio (SLR) by half a percentage point to 22 per cent in its third bi-monthly credit policy review.
Wed, Aug 06 2014 10:41Read more
Exports of agricultural commodities are currently depressed, due to oversupply dragging down their prices in global markets, below the level in India. Sector exporters have changed strategy to focus more on processed and directly consumable food items, from raw, uncooked ones earlier. In recent months, exports of many of the principal agricultural commodities have stopped, especially those of cotton, wheat,rice and sugar.
Wed, Aug 06 2014 10:47Read more
The Middle East registered a growth of 6.66 per cent and emerged as the top region for India’s electronics hardware exports during the 2013-2014 fiscal year. The electronics goods exports to Middle East countries are valued at $1.74 billion (Dh6.3 billion), up from $1.63 billion during the 2012-2013 fiscal year.
Wed, Aug 06 2014 10:51Read more
As the US and European Union (EU) shut their doors on Russia by imposing sanctions for backing Ukrainian separatists, India is eyeing a window of opportunity. The commerce ministry has chalked out a strategy to boost India’s exports of around 24 items to Russia that the country usually buys from the EU and US.
Thu, Aug 07 2014 10:52Read more
With China steadily expanding its area of influence, the new government at the Centre led by Prime Minister Narendra Modi is pulling out all the stops to strengthen India's relations with its neighbours. Modi's recent visit to Nepal has laid the foundation for deepening the economic relations and is likely to be a prelude to greater strategic cooperation between the two countries.
Thu, Aug 07 2014 10:54Read more
The tough import norms and high premium on gold in the April-June 2014 quarter saw India’s imports of gold jewellery rise 10 per cent at Rs.696.44 crore. According to Gem & Jewellery Export Promotion Council (GJEPC), the premier industry body, during the period, exports of gold jewellery, including gold medallions and coins, rose 27.5 per cent to Rs.11,676 crore.
Thu, Aug 07 2014 10:56Read more
India’s natural rubber imports in July rose 14.8% from a year ago to 36,997 tonnes, the state-run Rubber Board, as tyre makers raised overseas purchases to meet rising demand. The consumption during the month rose 5.5% from a year ago to 88,000 tonnes, the board said in a statement.
Fri, Aug 08 2014 11:44Read more
In a tit-for-tat response to Western sanctions imposed last week, the Russian government has placed a one-year ban on imports of agricultural raw and food products from the US, the European Union (EU), Australia, Canada, and Norway, Prime Minister Dmitry Medvedev said .
Fri, Aug 08 2014 11:47Read more
A new national textiles policy will soon replace the one framed about 13 years ago. In an effort to address concerns about having adequate skilled work force, labour reforms, attract investments in the textile sector, and to envisage a future road map for the textile and clothing industry, the new policy draft will be placed before the Cabinet for approval after collating data and relevant comments from other Ministries and interest groups.
Fri, Aug 08 2014 11:51Read more
For years, Red Sanders, a rare wood grown in the forests of Kadapa district of Andhra Pradesh, was smuggled to countries like Japan.
Sat, Aug 09 2014 08:59Read more
Finance Minister Arun Jaitley will ask officials to make an action plan to meet tax targets when he addresses annual conference of chief commissioners and directors general of customs, central excise and service tax .
Sat, Aug 09 2014 09:01Read more
India took about 46% more oil from Iran in January-July compared with a year ago as its refiners continued to lift higher volumes while world powers and Tehran work to resolve a decade-old dispute over the OPEC nation's nuclear programme
Sat, Aug 09 2014 09:02Read more
India's foreign exchange reserves declined by USD 5 million to USD 99 billion due to a sharp fall in the currency assets for the week ended Aug 1, Reserve Bank of India (RBI) data showed.
Mon, Aug 11 2014 11:13Read more
Exports to Iran in Indian rupee will also be entitled for trade benefits as available to exporters realising proceeds in freely convertible currencies
Mon, Aug 11 2014 11:21Read more
According to the Commerce and Industry Minister, Ms Nirmala Sitharaman, despite getting the necessary approvals, 398 special economic zones (SEZs) have not yet started operations due to various reasons.
Mon, Aug 11 2014 11:24Read more
A rise in growth in the US and the European Union (EU), coupled with a shift in Chinese policies that makes its goods costlier, will result in a jump in India’s exports to two of the biggest markets in the world, ratings agency Crisil said.
Tue, Aug 12 2014 11:04Read more
The government is in favour of trade facilitation as it will reduce the cost of doing business, Finance Minister Arun Jaitley said. "Trade facilitation will not only bring ease in doing business in the country but will also reduce the cost of doing business," Jaitley said, delivering the keynote address at the inauguration of a two-day annual conference of senior customs, central excise and service tax officials in New Delhi.
Tue, Aug 12 2014 11:09Read more
Finance minister Arun Jaitley conceded that theindirect tax collection target, pegged at Rs 6.23 lakh crore in the Budget for 2014-15, is challenging. He, however, quickly added that the target is very much achievable. The collections grew 4.5 per cent in the first quarter against 25 per cent projected for the entire year.
Tue, Aug 12 2014 11:14Read more
Wheat and rice export from India are likely to fall about 15 per cent this year due to lower prices in global markets, experts say. It is expected the export will also be affected by a steep rise in import duty by Iran, which accounts for the highest grain export from India.
Thu, Aug 14 2014 10:32Read more
India’s engineering exports grew at a commendable rate of 24.15 percent to $16.94 billion during the April-June 2014 quarter but even better news lies elsewhere. The growth was led by a strong expansion in exports of high-tech engineering products such as aircraft and spacecraft parts, and automobiles.
Thu, Aug 14 2014 10:37Read more
Vegetable oil imports increased 25 per cent in July to 1,109,674 tonnes against 889,493 tonnes during the same period a year ago. The rise in imports in July was largely attributed to shipment of 306,068 tonnes of soyabean oil, a record since import was allowed under open general licence in 1994, according to the data released by the Solvent Extractors Association of India.
Thu, Aug 14 2014 10:41Read more
The cabinet on Wednesday approved the minimum export price ( MEP) of onions from $500 per tonne to $350 per tonne, citing improved supplies and announced a hike in the mining royalty rates for about 55 minerals including ore and bauxite, a move that would please the 11 mineral-rich states in the country that have been demanding higher royalties.
Thu, Aug 21 2014 11:36Read more
India's ambitious plans to reform the indirect tax regime through a goods and services tax (GST) took a few significant steps forward with the Centre and states agreeing on the details of its structure. GST seeks to replace a multitude of indirect taxes with one, removing barriers to movement of goods and services across state boundaries and turning the country into a single market.
Thu, Aug 21 2014 00:00Read more
Boosted by a forthcoming foreign trade policy, India's exports are expected to cross the $350 billion mark in 2014-15 and reach $750 billion by 2018-19, the Federation of Indian Export Organisations (FIEO) said Thursday.
Sat, Aug 23 2014 10:40Read more
China imposed an anti-dumping duty on Indian companies stating they were found to have dumped Tertiary Butylhydroquinone (TBHQ) products in the Chinese market even as it said it would stop levying such duties on Phthalic Anhydride.
Sat, Aug 23 2014 10:44Read more
India, the world's biggest sugar consumer, raised the import duty on the sweetener to 25 percent from 15 percent as part of efforts to help regional mills struggling with lower prices and higher stocks.
Sat, Aug 23 2014 10:46Read more
After falling for two consecutive weeks, the country’s foreign exchange (forex) reserves recovered by $ 43 million to close at $ 319.390 billion during the week ended August 15, as against $ 319.35 billion recorded in the previous reporting week that ended on August 8.
Mon, Aug 25 2014 10:56Read more
Government officials told that the commerce department has already taken up the issue of interest subsidy, which expired at the end of March, with the finance ministry and the extension is a certainty, given that a budgetary provision of over Rs 1,600 crore has already been made. What is now being debated is the sectors that would be covered by the scheme in the new five-year policy expected to be announced at the end of September. The benefit was earlier available to sectors such as micro small and medium enterprises, handlooms, handicraft, carpets, toys, sports goods, processed products, certain engineering and textiles goods.
Mon, Aug 25 2014 10:58Read more
The Cotton Textiles Export Promotion Council (Texprocil) has made an appeal to the Ministry of Commerce and Industry, Government of India, to extend higher export benefits to the textile and garment industry under the forthcoming Foreign Trade Policy.
Mon, Aug 25 2014 11:00Read more
After courting success with an array of special economic zones, Gujarat is now proposing to set up an only-for-exports hub for diamonds at Surat, possibly the first of its kind in India. “We have identified everything (like land) and I think may be in a month or two we will set up the SEZ,” Gujarat Finance Minister Saurabh Patel said.
Tue, Aug 26 2014 13:20Read more
Holding that no policy can remain relevant always, President Pranab Mukherjee today said policies should contribute in helping the flexibility and dynamism of the economy so that it grows.
Tue, Aug 26 2014 13:23Read more
The Centre might not impose any duty on solar energy equipment imports, as the deadline for taking a decision on anti-dumping duty by the finance ministry has already lapsed. Such a decision would provide relief to domestic solar power producers but would end up disappointing the domestic solar cells manufacturers, who have been fighting this case for over two years now.
Tue, Aug 26 2014 13:25Read more
India has imported onion from Egypt at a price higher than that prevailing in major mandis India has imported about 425 tonnes (15 container-loads) of onion from Egypt at a price substantially higher than that prevailing in major mandis, including that in Lasalgaon.
Thu, Aug 28 2014 15:52Read more
Government is working to bring out a new policy for the Micro Small and Medium Enterprise (MSME) sector in three to four months as a committee with officials from Ministries of Finance, MSME and RBI has been formed to chalk out issues to be included in the new policy, MSME Minister Kalraj Mishra informed .
Thu, Aug 28 2014 15:54Read more
India's jeera (cumin) exports has crossed 50,000 tonnes in the first four months of 2014-15, a rise of 15 per cent from the corresponding period of the previous year, industry sources said. While, country's total jeera exports in 2013-14 (Apr-Mar) rose by 42 per cent to 121,500 tonnes from 85,602 tonnes in 2012-13.
Thu, Aug 28 2014 15:56Read more
The government has decided to not to extend the financial assistance to sugar undertakings through interest subvented loan beyond this current season. According to official sources, it was only meant for payment of arrears for the current season 2013.
Fri, Aug 29 2014 12:10Read more
The Central Board of Direct Taxes on Thursday set up a high-level committee to scrutinise all Income Tax cases arising out of the retrospective tax amendment. The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will decide on such cases within of 60 days of receiving them from the Assessing Officer.
Fri, Aug 29 2014 12:12Read more
If the June quarter results are to be taken as a benchmark, cotton spinning mills are looking at a tough year ahead. Data from about 105 listed entities shows a 67% drop in average net profit from a year ago.
Fri, Aug 29 2014 12:16Read more
The Indian pharmaceutical industry can benefit significantly from the huge emerging export opportunity. For long acknowledged as the generic drug manufacturing capital of the world, India with its several low cost generic manufacturers, can exploit the fact that over the next few years, a large number of drugs will be going off-patent.
Sat, Aug 30 2014 13:45Read more
The country’s foreign exchange reserves declined by $810.7 million to $318.579 billion for the week ended August 22, on account of drop in foreign currency assets. Last week, the reserves had risen by $43.3 million to $319.39 billion, after falling for two consecutive weeks. Foreign currency assets (FCAs), a major constituent of overall reserves, dipped by $783 million to $291.318 billion for the week ended August 22, the Reserve Bank of India said in its weekly statement on Friday.
Sat, Aug 30 2014 13:47Read more
Soyameal exports in the current financial year are expected to remain at a decade’s low of just two million tonnes as higher domestic prices have rendered it uncompetitive in international marketplace, according to Raju Choksi, Vice-President (Agri Commodities), Anil Nutrients Ltd, said here.
Sat, Aug 30 2014 13:48Read more
The income-tax department is likely to send enquiries, or showcause notices, to 22 lakh people this fiscal for non-filing of income returns and initiate prosecution of tax evaders on a large scale to encourage ‘voluntary compliance’ in coming years.
Mon, Sep 01 2014 15:13Read more
Finance Minister Arun Jaitley said on Saturday he was more confident now of achieving a target to narrow fiscal deficit to 4.1 per cent of gross domestic product in the year to March 2015.
Mon, Sep 01 2014 15:15Read more
The Union government would soon come out with a national textile policy, Minister of State for Textiles Santosh Kumar Gangwar said here today.
Tue, Sep 02 2014 08:56Read more
The Union government would soon come out with a national textile policy, Minister of State for Textiles Santosh Kumar Gangwar
Tue, Sep 02 2014 08:58Read more
Assuring the same quick reaction and proactive response a Japanese investor accorded when he was chief minister of Gujarat, Prime Minister Narendra Modi Monday announced a special team in his office to fast-track investments from Japan.
Tue, Sep 02 2014 08:59Read more
Growth in the eight infrastructure sectors fell to 2.7 per cent in July from 7.3 per cent in June, owing to contraction in five of these sectors — crude oil, natural gas, refinery products, fertilisers, and steel — official data showed on Monday
Tue, Sep 02 2014 09:01Read more
The much-awaited review of the India-Japan comprehensive economic partnership agreement (Cepa) remains stuck over the issue of giving Indian drug companies more access to the Japanese pharmaceutical market
Wed, Sep 03 2014 09:48Read more
In sync with the government's drive to harness technology, the Commerce Ministry is planning to come up with mobile apps for exporters and importers.
Wed, Sep 03 2014 09:50Read more
India’s current account deficit (CAD) narrowed sharply to $7.8 billion (1.7 per cent of gross domestic product) in the first quarter of 2014-15 from $21.8 billion (4.8 per cent of GDP) in the year ago period
Wed, Sep 03 2014 09:51Read more
In a major policy shift, the Narendra Modi government has notified a new strategy for export of defence products that not only encourages sale of military equipment to foreign nations but also has set a structure for New Delhi to finance purchase of Indian arms by other countries.
Mon, Sep 08 2014 10:53Read more
India’s oilmeal exports have seen a fall of 36 per cent from April to August, according to data released by Solvent Extractors’ Association of India. Exports fell to 864,929 tonnes, compared to 1.3 million tonnes during the same period last year, due to a lower crop of soybean available for crushing.
Mon, Sep 08 2014 10:58Read more
They share the borders with Iraq, the most troublesome spot in West Asia, but Iran, Turkey and Jordan have given remarkable year-on-year growth ranging from 100 to 150 per cent to India's engineering exports in July, 2014 giving a pleasant surprise to the exporters, an EEPC India data has shown.
Mon, Sep 08 2014 11:03Read more
Prime Minister Narendra Modi made two crucial points in the context of India’s foreign policy on August 15, during his Independence day address, and August 16, during the inauguration of two important infrastructural projects in Maharashtra.
Mon, Sep 08 2014 11:11Read more
The government said the overall exports of fish and fish products are on the rise and steps are being taken to further boost overseas shipments through diversification of products.
Tue, Sep 09 2014 10:54Read more
The new foreign trade policy (FTP), which would attempt to push India’s annual merchandise exports to $700-750 billion in five years, is unlikely to include major tax incentives, a top government official said.
Tue, Sep 09 2014 10:56Read more
The country's foreign exchange reserves surged by USD 60.5 million to USD 318.64 billion for the week ended August 29, as foreign currency assets rose, the Reserve Bank of India (RBI) said today.
Tue, Sep 09 2014 11:01Read more
EXPORTS (including re-exports) Exports during August, 2014 were valued at US $ 26958.22 million (Rs.164162.61 crore) which was 2.35 per cent higher in Dollar terms (1.39 per cent lower in Rupee terms) than the level of US $ 26337.98 million (Rs. 166479.20 crore) during August, 2013. Cumulative value of exports for the period April-August 2014-15 was US $ 134798.12 million (Rs 809619.58 crore) as against US $ 125618.95 million (Rs 731510.66 crore) registering a growth of 7.31 per cent in Dollar terms and growth of 10.68 per cent in Rupee terms over the same period last year.
Mon, Sep 22 2014 12:07Read more
Country's foreign exchange reserves fell by USD 1.61 billion to USD 315.69 billion for the week ended Sep 12, Reserve Bank of India (RBI) data showed.
Mon, Sep 22 2014 12:09Read more
Export of pharmaceutical products from Indiaare set to cross Rs 1 lakh crore mark this fiscal from Rs 90,000 crore during fiscal to March 2014, said director general of Pharmaceuticals Export Promotion Council (Pharmexcil) PV Appaji.
Mon, Sep 22 2014 12:10Read more
With an eye on $750 billion export target by FY2018-19, exporters today pitched for easier procedures, lower transaction costs and continuation of interest subvention scheme in the new foreign trade policy
Tue, Sep 23 2014 10:32Read more
The Federation of Indian Export Organisations (FIEO) has sent a 60-member delegation of Indian exporters to Jordan hoping to boost its exports to the country. The delegation is expected to explore opportunities in several sectors such as electrical and construction machinery and equipments, sanitary wares and fittings, tiles, marbles, scaffoldings, electrical gears and switches, spa products, home and office furnishings among others.
Tue, Sep 23 2014 10:37Read more
Ahead of the launch of the "Make in India" campaign announced by Prime Minister Narendra Modi on Independence Day, his office has written to the commerce ministry to forge a plan to reduce the country's dependence on unwarranted imports.
Tue, Sep 23 2014 10:43Read more
Telecommunications and Information Technology Minister Ravi Shankar Prasad Tuesday said the government aims to enhance the manufacture of electronic items otherwise in a few years its import bill will surpass that of fuel.
Wed, Sep 24 2014 09:31Read more
Reduce the number of documents required for exports to three from five, a committee set up under the commerce department to reduce paper work for cross-border transactions has recommended as part of the government's efforts to simplify trade transactions and improve India's standing in the World Bank's ranking of countries on ease of doing business. Commerce secretary Rajeev Kher has asked his revenue counterpart to merge two export documents — packing list and commercial invoice — into one.
Wed, Sep 24 2014 09:33Read more
India's summer-sown rice output is likely to cross the previous year's level due to a pick up in monsoon rains, raising prospects for higher overseas sales in 2015 by the world's biggest exporter of the grain, trade officials said.
Wed, Sep 24 2014 09:36Read more
The Confederation of Indian Textile Industry (CITI) has predicted that there would be an increase in the demand of Indian textiles in the domestic and global markets. In a statement, CITI chairman Prem Malik said there was a decline in China’s imports that had led to lower demand for Indian cotton yarn. However, with the Chinese market picking up, the monthly registration of export contracts for cotton yarn has already crossed 124 million kilos, he said.
Thu, Sep 25 2014 10:21Read more
India's plastics exports are set to touch USD 15 billion by FY 2019 from the present USD 8 billion, a senior industry official said here on September 17. "We see higher export growth in coming years. India's plastics exports are set to touch USD 15 billion by FY 2019. The country exported plastics worth USD 7.9 billion in FY 2014 and hopes to export of USD 9.5 billion in FY 2015," Plastics Export Promotion Council (Plexconcil) Executive Director, R P Kalyanpur told reporters here on September 17. "Our largest markets for plastics export are European Union and US for processed plastics. We are now looking at entering into exports of houseware and consumer items which has huge demand in the US market," he said.
Thu, Sep 25 2014 10:26Read more
The export volume during April-July makes up for 36 per cent of the total export target of FY15 - 755,000 tonnes worth Rs 12,305 crore Clearly showing a rising demand for Indian spices in global markets, India exported 271,280 tonnes of spices and spice products during April-July, a 10 per cent increase compared with 246,060 tonnes in the year-ago period, according to Spices Board data.
Fri, Sep 26 2014 10:34Read more
India is expected to soon set up a joint study group to explore a possibility of negotiating a comprehensive free trade agreement with the Eurasian customs unions - Russia, Belarus and Kazakhstan - to further boost trade and economic ties with the region. "We are at an advance stage to instituionalise a joint study group" for a free trade agreement with the the Union, Commerce Secretary Rajeev Kher said after inaugurating 'The India Show' here.
Fri, Sep 26 2014 10:36Read more
Reserve Bank governor Raghuram Rajan said there was a need to "break the back" of inflation which remains high and controlling it would make the apex bank's position more comfortable.
Fri, Sep 26 2014 10:39Read more
Prime Minister Narendra Modi, who was denied a visa for the US for over a decade, said Thursday he looks forward to meeting President Barack Obama and is confident that his five-day sojourn to the US will mark the "start of a new chapter in our strategic partnership".
Fri, Sep 26 2014 10:43Read more
India's annual coal imports could jump by as much as a third to more than 200 million tonnes for the next few years as a result of a court ruling this week that will halt mining of the resource by most private companies from next year.
Sat, Sep 27 2014 09:33Read more
Meerut used to have nearly 400 micro enterprises manufacturing badminton racquets and shuttles. Most have shut shop. Manufacturers of sports goods and fitness equipment in this industrial hub in western Uttar Pradesh are simply unable to compete with Chinese imports.
Sat, Sep 27 2014 09:35Read more
Industry chambers and individual corporate leaders were upbeat Thursday on Prime Minister Narendra Modi's "Make in India" initiative, saying it was a concrete step that can shape India's economic future.
Sat, Sep 27 2014 09:37Read more
The exports of apparel form India shot up by 17.9 percent in the first five months of the ongoing financial year that began on April 1, 2014, according to the data from the Apparel Export Promotion Council (AEPC).
Mon, Sep 29 2014 10:44Read more
A regulatory body's insistence on adhering to obscure regulations about the labelling of imported food, oil and liquor has held up consignments worth some Rs.25,000 crore at ports, forcing several major brands and groups to either shut shop or cut back on imports.
Mon, Sep 29 2014 10:49Read more
Net direct tax collection so far in the current financial year stood at Rs 2.60 lakh crore, said a senior finance ministry official. The gross direct tax collection till September 26 for the 2014-15 financial year was at Rs 3.37 lakh crore.
Mon, Sep 29 2014 10:52Read more
THE Foreign Trade Policy (FTP) is likely to be delayed by another month due to the forthcoming elections in Maharashtra and Haryana. "The FTP is likely to be announced only after the election process is over in the two states because of the application of the model code of conduct," said a Commerce Ministry official.
Mon, Sep 29 2014 10:58Read more
India's exports from the Software Technology Parks (STP) across India are rising at a pace of 8 to 10 percent annually and would further increase in the upcoming years as the industry spreads across the country, a senior sector official said.
Tue, Sep 30 2014 10:30Read more
India is working to significantly reduce cost of transaction and quicken the process for exports based on a raft of recommendations made by a high-level committee, as the government seeks to make doing business easier and give a thrust to foreign trade
Tue, Sep 30 2014 10:34Read more
The cotton and apparel exports are set to climb by around 10 per cent this year as higher wages, political instability and concerns about workplace conditions in other producing markets steer international buyers toward Indian exporters, industry officials said.
Tue, Sep 30 2014 10:40Read more
The Indian government has turned down submissions from iron-ore miners to reduce export tax, despite a slump in global prices. The government has ruled out reducing the 30% export tax, which had been requested by the Mines Ministry and Federation of Indian Mineral Industries (FIMI), on the grounds that the rationale for the export tax was conservation of national resources and the tax had no relation to prevailing international prices, a government official said.
Wed, Oct 01 2014 10:19Read more
In its fourth bi-monthly monetary policy, the Reserve Bank (RBI) Tuesday kept key interest rates unchanged in a bid to maintain financial and price stability. The Indian equities markets did not react much to the status quo, which India Inc. said was expected.
Wed, Oct 01 2014 10:28Read more
Driven by good expansion in steel, coal, cement and electricity generation, the output of eight crucial core sector industries rose 5.8 per cent in August from 2.7 per cent in July, official data showed on Tuesday.
Wed, Oct 01 2014 10:30Read more
Exporters from India have expressed concern at the delay in announcement of the proposed foreign trade policy (FTP) as they are unable to take any long term positions in absence of any clear cut guidelines.
Thu, Oct 02 2014 10:35Read more
The country’s gold imports are likely to rise to about 70-75 tonnes per month against the present average of 50-60 tonnes, a senior industry official said. “The gold and jewellery trade in the country is now brimming with confidence that gold imports into the country would rise to about 70 to 75 tonnes per month against the present average of 50 to 60 tonnes,” India Bullion & Jewellery Association (IBJA) spokesperson Harmesh Arora said in a statement here.
Thu, Oct 02 2014 10:38Read more
Ahead of the foreign trade policy (FTP), likely to be announced next month, the Directorate General of Foreign Trade has made a case for paring of incentives provided to the textile sector, in line of the WTO commitments.
Thu, Oct 02 2014 10:39Read more
The Finance Ministry's approval would not be required anymore to import currency and security printing paper, the Commerce Ministry said today.
Thu, Oct 02 2014 10:41Read more
The government's new foreign trade policy (2014-19) to rev up exports is expected to be put in place by October-end and will have a strong thrust on manufacturing to bring it in sync with the Prime Minister Narendra Modi's 'Make in India' goal.
Mon, Oct 06 2014 10:33Read more
THE Eight Core Industries comprise nearly 38% of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 165.1 in August, 2014, which was 5.8 % higher compared to the index of August, 2013. Its cumulative growth during April to August, 2014-15 was 4.4 %.
Fri, Oct 03 2014 10:37Read more
Department of Industrial Policy and Promotion has stated that it has observed that fireworks of foreign origin were illegally brought into India under false declarations.
Fri, Oct 03 2014 10:39Read more
The government has extended the time for duty-free imports of pulses to March next year, a move aimed at keeping a check on prices and ensure availability of the protein-rich food in the local market.
Sat, Oct 04 2014 11:16Read more
Growing at a compounded annual growth rate (CAGR) of about 32 per cent, import of natural rubber in India in value terms is likely to touch $1,107 million (mn) by the end of the ongoing fiscal year (FY) 2014-15 as the country had imported natural rubber worth about $734 mn during first nine months of FY 2013-14, apex industry body ASSOCHAM said today.
Sat, Oct 04 2014 11:18Read more
India's foreign exchange reserves fell by $2.43 billion (provisional) to $315.59 billion in September. According to Reserve Bank of India (RBI) data for wek ended Sep 5-27, the reserves had decreased by $2.43 billion.
Sat, Oct 04 2014 11:20Read more
Engineering exports grew 24 per cent to $28.9 billion in the April-August period on the back of increased shipments to Sri Lanka, Bangladesh and Nepal.
Tue, Oct 07 2014 10:13Read more
With prices of skimmed milk powder (SMP) dipping by almost 40 per cent in the last few quarters, domestic dairy majors feel that exports would dip significantly this fiscal. The country's largest dairy cooperative, Gujarat Cooperative Milk Marketing Federation (GCMMF) says that its exports could be down by almost 50 per cent, while Karnataka's Nandini has not done much exports this year.
Tue, Oct 07 2014 10:15Read more
Garment exports from Tirupur, which touched Rs 18,000 crore in 2013-14, have continued to grow recording 18% increase in the first quarter of the current fiscal. Though growth continues to be strong, garment exporters have barely scratched the surface in synthetic garments or clothes made from manmade fibre that constitutes nearly 70% of the demand globally.
Tue, Oct 07 2014 10:17Read more
Net direct tax collections in April-September increased just 7.09 per cent against a Budget target of 15.31 per cent for 2014-15, as income tax refunds shot up 54.51 per cent during the period. This is despite the fact that the second instalment of advance tax payments has come to the kitty.
Wed, Oct 08 2014 11:14Read more
A new monetary policy framework is to be put in place by December, with the government setting the inflation target, to be implemented by a policy panel.
Wed, Oct 08 2014 11:21Read more
The new foreign trade policy is likely to be announced on October 20, said sources. The new five-year foreign trade policy (2014-19) is likely to include incentives for domestic value-added products, new rules for special economic zones (SEZs) and a likely review of free trade agreements (FTAs) that India had signed with various countries and group of nations.
Wed, Oct 08 2014 11:24Read more
India’s merchandise exports to China have faltered this fiscal, as a slowdown in the world’s second-largest economy has dented its appetite for commodities, conventionally the mainstay of India’s shipments to the bigger neighbour, reports Banikinkar Pattanayak in New Delhi.
Thu, Oct 09 2014 10:07Read more
The government is likely to expand the scope of Served from India Scheme (SFIS) by allowing exporters to trade the tax incentives earned by them in a bid to spur services exports.
Thu, Oct 09 2014 10:13Read more
India, the world’s largest vegetable oil importer, will need record inbound shipments in the 2014-15 marketing year with “poor crush economics” limiting domestic soybean oil production, Oil World said.
Thu, Oct 09 2014 10:18Read more
After 33% spurt in the last fiscal, India's cotton yarn export registration tumbled below the 100 million-kg mark for the fifth straight month in August, as Chinese demand slowed, according to official and industry sources.
Fri, Oct 10 2014 10:30Read more
The government may soon exempt organic processed foods from export ban. "With a view to provide an enabling policy environment, the Ministry of Commerce and Industry is trying to get that there would never be any ban on organic processed food exports even if the primary produce of that commodity is subjected to some restrictions," said AK Tripathy, joint secretary, Department of Commerce and Industries at an event organised by ASSOCHAM.
Fri, Oct 10 2014 10:33Read more
The government is discussing a plan to set up a special zone with tax benefits for diamond import and trading in Mumbai, to try and develop the country's financial capital as a rival to Antwerp and Dubai, which are currently trading hubs for the precious stone.
Fri, Oct 10 2014 10:36Read more
Following the EU imposing a ban on import of mangoes and a few vegetables from India in May because of alleged presence of pesticides in consignments, the government has made it mandatory for these goods to get plant quarantine approval from 25 approved pack houses before they are exported.
Sat, Oct 11 2014 11:18Read more
Industrial growth refused to pick up pace in August, falling to the lowest this financial year so far at 0.4 per cent over a year earlier from a 0.5 per cent in July. The largest segment, manufacturing, continued to contract due to decline in capital and consumer goods production, official data showed
Sat, Oct 11 2014 11:21Read more
Country's foreign exchange reserves fell by $2.75 billion to $311.42 billion for the week ended Oct 3, Reserve Bank of India (RBI) data showed. The reserves had decreased by $1.41 billion to $314.18 billion for the week ended Sep 26.
Sat, Oct 11 2014 11:24Read more
INDIA has initiated measures to reform Customs procedures just two months after it blocked an international agreement on easing trade regulations. The government will set up a national committee on trade facilitation, which will suggest and implement measurers to ensure seamless movement of cargo by addressing constraints like high transaction costs and poor infrastructure.
Mon, Oct 13 2014 10:57Read more
Finance Minister Arun Jaitley has given the go-ahead for a major overhaul of the current monetary policy framework wherein the Centre will specify ‘inflation targets’ for the Reserve Bank of India (RBI) to achieve.
Mon, Oct 13 2014 11:00Read more
The government announced it would set up a Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) near the Bina refinery in Madhya Pradesh at a cost of around Rs. 1 lakh crore. This would be the fifth PCPIR in the country and the first in a land locked state.
Mon, Oct 13 2014 11:02Read more
Country's exports of processed cashew nuts were down 10% during the period between April and September, hurt by continuing price increase for raw cashew nuts.
Tue, Oct 14 2014 11:27Read more
With the increasing bilateral trade, India is expected to soon become UAE's top export and import destination by 2030, FIEO's study today said.
Tue, Oct 14 2014 11:36Read more
The government said it could consider imposing "some kind of safeguard duties' on Chinese imports to bridge the huge trade gap as it cannot be sustained in the long run.
Tue, Oct 14 2014 11:40Read more
India's exports grew marginally by 2.73 percent in September, but a surge in gold imports pushed the trade deficit to about 18-months high of USD 14.2 billion. Overall, imports jumped by about 26 percent, the highest increase in about last three-and-a-half-years, to USD 43.15 billion in September, 2014.
Wed, Oct 15 2014 11:48Read more
India's services exports in August 2014 were almost flat at $12.24 billion from a year earlier, data from the Reserve Bank (RBI) showed . Services exports by Indian firms were at $12.31 billion in August 2013.
Wed, Oct 15 2014 11:50Read more
Country's wholesale price inflation eased to its lowest levels in nearly five years at 2.38 percent during September compared to 3.74 percent in the previous month, aided by a moderation in food and fuel costs, government data showed Tuesday.
Wed, Oct 15 2014 11:52Read more
In order to further penetrate into a fast growing Turkish market for Indian engineering and technology products, EEPC India is participating in the 'MAKTEK Euroasia' in Istanbul, billed as Turkey's flagship platform for global engineering firms.
Thu, Oct 16 2014 12:07Read more
Santosh Kumar Gangwar, Union Minister of State for Textiles, has said that the handicrafts sector needs to focus on new markets of CIS and China to boost exports and generate employment in the country.
Thu, Oct 16 2014 00:00Read more
After attracting Chinese investments to its industrial parks, India on October 15 pitched for China's participation in Special Economic Zones (SEZ). At a round table with local investors, an Indian delegation comprising senior officials from Commerce Ministry and SEZ developers, discussed the SEZ framework in the country and specific opportunities in select economic zones.
Thu, Oct 16 2014 12:12Read more
To curb potato prices that are soaring in the ongoing festival season, the government has decided to boost availability of the staple item for the first time through imports.
Tue, Oct 14 2014 09:35Read more
US-based economist Arvind Subramanian on Thursday took charge as chief economic adviser in the finance ministry, two months after finance minister Arun Jaitley recommended his name to the Prime Minister’s office
Fri, Oct 17 2014 09:37Read more
Rice exports by India, the world’s top exporter, are likely to increase by 8.5 per cent to 11 million tonnes this year on expected higher shipments of basmati rice, says a latest report.
Fri, Oct 17 2014 09:39Read more
The government is getting down to business to boost local manufacturing and create jobs and is working on a series of measures, including revamp of the tax system for the small-scale sector, ship-building and special economic zones (SEZs). Work has also begun on speeding up the system of clearances for the mining and power sector, including allocation of coal, after the government managed to rework the environment and forest clearance mechanism that was seen as a major hurdle for projects to take off.
Sat, Oct 18 2014 14:30Read more
Strong demand in international markets may help spices exports from India to reach a record high in FY2014-15, the Spices Board of India said during the release of export figures for April – July 2014 this week.
Sat, Oct 18 2014 14:32Read more
The Department of Industrial Policy & Promotion, Ministry of Commerce & Industry has banned illegal import, possession and sale of fireworks of foreign origin. The development comes as a breather for the fire cracking industry in Sivakasi which has been raising concerns over the illegal imports of fire crackers from China into the country.
Sat, Oct 18 2014 14:34Read more
EXPORTS (including re-exports) Exports during September, 2014 were valued at US $ 28903.28 million (Rs.175919.53 crore) which was 2.73 per cent higher in Dollar terms (1.92 per cent lower in Rupee terms) than the level of US $ 28135.90 million (Rs. 179372.28 crore) during September, 2013. Cumulative value of exports for the period April-September 2014-15 was US $ 163701.40 million (Rs 985539.11 crore) as against US $ 153754.85 million (Rs 910882.94 crore) registering a growth of 6.47 per cent in Dollar terms and growth of 8.20 per cent in Rupee terms over the same period last year.
Mon, Oct 20 2014 11:17Read more
After five consecutive weeks of falls, India's foreign exchange reserves grew by USD 1.30 billion to USD 312.73 billion for the week ended Oct 10, Reserve Bank of India (RBI) data showed.
Mon, Oct 20 2014 11:28Read more
India is poised to become a USD two trillion economy this year, while its GDP size would cross another milestone of USD three trillion after five years in 2019, according to IMF's latest world economic outlook.
Mon, Oct 20 2014 11:32Read more
Up against road blocks in traditional car export markets, Indian auto industry is looking to government support in its effort to enter new geographies. Due to various regulatory issues in big export markets like Algeria and Sri Lanka and slowdown in Europe, in the April-September period, passenger car exports are down 8.27 per cent to 2,68,727 units as compared to 2,92,952 units in the same period of previous fiscal. Now car makers are looking at new avenues and have identified about over 20 new regions to keep overseas sales ticking.
Tue, Oct 21 2014 12:00Read more
The Centre is closer to finding a solution to approve a legislative scheme, which enables the introduction of Goods and Services Tax (GST), Union Minister of State for Commerce and Industry Nirmala Sitharaman said.
Tue, Oct 21 2014 12:02Read more
IN supersession of Press Note No 5(2014 Series) dated 02.07.2014, as a measure of ease of doing business, the Union Government has decided to grant two extensions of two years each in the initial validity of three years of the Industrial License shall be allowed up to seven years.
Tue, Oct 21 2014 12:04Read more
Engineering exports to European markets may get impacted in the coming months due to fresh economic troubles in major economies like Germany and France, an export promotion body said today.
Wed, Oct 22 2014 10:26Read more
Finance Minister Arun Jaitley on Tuesday said the revised Constitution Amendment Bill to roll out GST would be introduced in the forthcoming Winter Session of Parliament. He also said the first “tranche” of compensation to states for their revenue loss arising due to phasing out of Central Sales Tax (CST) may also be taken up in the Winter Session.
Wed, Oct 22 2014 10:29Read more
Reserve bank of India will not change its gold import rules, sources with knowledge of the matter said, responding to a report that the world's second-largest consumer of the precious metal was keen to limit imports.
Wed, Oct 22 2014 10:31Read more
Even as the Ministry of Textiles opens tenders for appointment of a cluster management and technical agency for development of a powerloom mega cluster in Surat, the industry is expecting a boost to textile exports from the cluster
Thu, Oct 23 2014 07:51Read more
India’s oilmeals export has recorded a drop of 43 per cent for the first half ended September 30, 2014 (April to September) at 950,599 tonnes.
Thu, Oct 23 2014 07:52Read more
The Centre’s ‘Make in India’ pitch seems to have already found resonance in the country’s textile and garment industry, with India’s exports to its largest single market, the US, headed for a record surge this year.
Mon, Oct 27 2014 09:16Read more
India's cotton exports may prove larger than had been anticipated, despite a drop in the country's harvest hopes, amid signs of "poor" domestic use, and increased demand from flood-hit Pakistan.
Mon, Oct 27 2014 09:18Read more
Prime Minister Narendra Modi has asked Union ministries to discourage “inessential imports” and leverage the country’s manufacturing skills in substituting them. Towards this end, the Union ministries are required to furnish status reports every quarter and brief the PM
Mon, Oct 27 2014 09:19Read more
India will consider extending the incentives for raw sugar exports after Oct. 29 when leading cane growing states forecast their sugar output for the new season beginning October, two government sources said on Monday.
Tue, Oct 28 2014 10:58Read more
India's polished diamond exports rose 11.2 percent year on year to $2.664 billion in September 2014, according to provisional data provided by the Gem & Jewellery Export Promotion Council. By volume, polished exports increased 9.2 percent to 3.63 million carats. Polished imports surged 80.8 percent to $1.097 billion, leaving next exports 45.4 percent higher at $1.567 billion.
Tue, Oct 28 2014 11:20Read more
Indian alphonso mangoes may be back in supermarkets in the European Union next summer, with the trading bloc expected to lift the ban imposed this year. While it is good news for exporters, the move is expected to push up prices in the local markets.
Tue, Oct 28 2014 11:23Read more
India's engineering exports grew by over 20 percent year-on-year to USD 6.48 billion in September on account of high demand particularly in South Asia and Middle East nations.
Wed, Oct 29 2014 00:00Read more
The exports of garments and clothing accessories from India increased by 17.6 percent in the first six months of the ongoing fiscal year 2014-15 to touch US$ 8.3 billion, over the same period of the previous fiscal year, according to the Apparel Export Promotion Council (AEPC).
Wed, Oct 29 2014 11:04Read more
India is considering raising import taxes on crude and refined vegetable oils to protect local farmers and the refining industry, two government sources said, as purchases by the world's top importer are expected to hit a record this year.
Wed, Oct 29 2014 11:08Read more
Steep fall in silver price has made silver jewellery more attractive in the overseas markets, especially the United States and the European Union, where sterling silver ornaments replaced white gold jewellery in the last few years.
Thu, Oct 30 2014 10:45Read more
Cotton export has started to pick up, with the new season (October to September) having begun, but is unlikely to meet the estimates put forward by the Cotton Advisory Board (CAB).
Thu, Oct 30 2014 10:56Read more
The State government is awaiting the Centre’s extension of the time limit for the export of red sanders logs to announce fresh dates for global e-tender-cum-e-auction of the precious wood to raise resources for its exchequer.
Thu, Oct 30 2014 11:02Read more
Apparel Export Promotion Council (AEPC) informed Tuesday that garment exports are on the sustained path of growth with apparel exports from India having registered 17.6 percent growth in April-September 2014
Sat, Nov 01 2014 10:31Read more
India has imported about 12,000 tonnes of wheat from Australia at $310-$315 a tonne despite overflowing grain bins at home as some flour millers and traders find it more economical and convenient to purchase high-protein wheat from overseas.
Sat, Nov 01 2014 10:33Read more
A day after the government announced austerity measures on the non-Plan expenditure side, official data on Friday showed the Centre’s fiscal deficit has surged to 82.6 per cent of the Budget Estimate (BE) in the first half of the current financial year, against 76 per cent in the corresponding period of the previous financial year.
Sat, Nov 01 2014 10:37Read more
In order to promote Prime Minister Narendra Modi's 'Make in India' campaign, the apex industry body - PHD Chamber of Commerce and Industry has sought that second-hand equipment be allowed under export promotion capital goods (EPCG) as it will promote exports of made in India products.
Mon, Nov 03 2014 10:20Read more
The government on Saturday slashed import tariff value on gold to $391 per 10 grams and silver to $551 per kg following weak global price trends.
Mon, Nov 03 2014 10:27Read more
India's foreign reserves shot up by USD 495.5 million to USD 314.177 billion in the week to October 24 due to rise in a key constituent of the assets, according to data released by RBI .
Mon, Nov 03 2014 10:30Read more
The Government is examining the option of extending the existing Foreign Trade Policy (FTP) till the end of the calendar year to address uncertainties faced by exporters due to delay in the new policy.
Tue, Nov 04 2014 10:42Read more
Country's diversification of export markets has been increased as concentration of exports towards the top 10 export destinations declined from 56 percent in FY2004 to 53 percent in FY2009 and to 49 percent in FY2014 said, Sharad Jaipuria, President, PHD Chamber.
Tue, Nov 04 2014 10:45Read more
Seeking to present a more realistic picture of the economy, the government will release a new series of national accounts with 2011-12 as base year for computing the economic growth rate.
Tue, Nov 04 2014 10:47Read more
India is likely to export up to 1.5 million tonnes of sugar in the year that began in October if the government extends incentives for exports of the raw variety, the country head of Sucden, one of the world's top sugar traders, said.
Wed, Nov 05 2014 12:24Read more
Higher taxes in importing countries, along with absence of government support at home, are squeezing India's basmati exporters, say trade executives. Shipments of the premium quality aromatic rice have already taken a hit.
Wed, Nov 05 2014 12:31Read more
Export of dried silk worm pupae to the European Union will be allowed subject to a shipment clearance certificate to be issued by the Chemical and Allied Products Export Promotion Council, the government has said.
Thu, Nov 06 2014 13:50Read more
Speaking about economic reforms, the Minister of Finance, Corporate Affairs and Defence, Arun Jaitley said that the ground results of the steps taken by his government will start reflecting soon.
Thu, Nov 06 2014 13:52Read more
With China and Bangladesh becoming costlier and unviable day-by-day, India is gradually garnering its share inapparel exports to the US.
Fri, Nov 07 2014 13:14Read more
The government has given six more months till April 2015 to Andhra Pradesh and Directorate of Revenue Intelligenceto complete the modalities for export of Red Sanders wood.
Fri, Nov 07 2014 13:16Read more
India wants greater market access in Russia for pharmaceuticals, automotive, textile and value added agricultural products, Commerce and Industry Minister Nirmala Sitharaman has said.
Fri, Nov 07 2014 13:17Read more
Edible oil imports are expected to grow over 60 per cent to $15 billion in 2014-15 due to fall in oilseeds’ production during kharif season, says a report.
Sat, Nov 08 2014 12:04Read more
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
Sat, Nov 08 2014 12:05Read more
India's foreign exchange reserves grew by USD 1.73 billion to USD 315.91 billion for the week ended Oct 31, Reserve Bank of India (RBI) data showed. The reserves had grown by USD 495.5 million to USD 314.17 billion for the week ended Oct 24.
Mon, Nov 10 2014 10:47Read more
Exports of gold jewellery, coins and medallions rose by 22% to Rs 33,594 crore in the first half of this fiscal mainly due to RBI's 80:20 scheme. Under the 80:20 scheme, the Reserve Bank, in August last year, had allowed nominated agencies to import gold on the condition that 20% of the import would be exported.
Mon, Nov 10 2014 10:49Read more
The announcement of new Foreign Trade Policy (FTP) is likely to be delayed as ministries of commerce and finance are yet to take a final call on granting tax incentives to export promotion schemes.
Mon, Nov 10 2014 10:51Read more
The new Foreign Trade Policy (FTP) for 2014-2019 was expected sometime towards end of October 2014. Typically, the FTP is announced in the months of July-August after five years of its duration (with annual revisions in April). The delay in announcing the policy this year has made the exporters/ importers and industries anxious with respect to planning their long-term business decisions and it also seems to be hampering shipments
Tue, Nov 11 2014 11:12Read more
India's import bill for edible oils is expected to touch US$15 billion as compared with US$9.3 billion during 2013-2014. This is due to a 10 per cent shortfall in oil seeds production in monsoon crops impacted by the El Nino effect.
Tue, Nov 11 2014 11:15Read more
The central government is in the final stages of talks with the states on the pan-India Goods and Services Tax (GST) before the relevant bill for implementation is introduced in the upcoming session of parliament, Finance Minister Arun Jaitley said Sunday.
Tue, Nov 11 2014 11:17Read more
The Indian textile industry as well as the policy makers are too focused on export incentive scheme for export promotion. This does not augur well for the industry, particularly when WTO obligation will force India to phase out all its export incentives for the sector by end of 2015, notes corporate economic advisor - Ritesh Kumar Singh.
Wed, Nov 12 2014 11:04Read more
Considering the huge problems faced by the domestic stainless steel producers in India, due to the increasing imports of cheap stainless steel, a senior official, at the Indian ministry of steel, the ministry would suggest on imposing 10 percent import tax on the stainless steel imports, to the finance ministry.
Wed, Nov 12 2014 11:10Read more
Gold imports into India have returned to more normal levels and could climb higher in 2015 amid tepid bullion prices and improved domestic economic conditions, Sunil Kashyap, Bank of Scotia-Mocatta managing director, said at the London Bullion Market Association (LBMA) conference held in Lima.
Wed, Nov 12 2014 11:12Read more
The surprise pick-up in industrial production led by growth in capital goodssector, and cooling inflation fuelled hopes of prime minister Narendra Modi ending the longest growth slowdown in India over a decade though the government is yet to flag off any major policy initiatives.
Thu, Nov 13 2014 10:45Read more
Union Finance Minister Arun Jaitley said that more jobs should be created in the service sector, in addition to those in the manufacturing sector, so that large sections of the underemployed population in the agriculture sector could get “meaningful” employment.
Thu, Nov 13 2014 10:48Read more
India, the world’s second-biggest sugar producer, will refrain from subsidizing exports of the raw variety, food minister Ram Vilas Paswan said. “As of now there is no plan to provide any subsidy for sugar exports,” Paswan said in an interview in New Delhi on Wednesday. India shipped 1.2 million metric tons of raw sugar in the year ended September, including 700,000 tons with financial incentives from the government, according to the Indian Sugar Mills Association.
Thu, Nov 13 2014 10:50Read more
THE new Maharashtra government has proposed to scrap the previous government’s policy that allows failed special economic zones (SEZs) to be converted into integrated industrial areas (IIAs).
Mon, Nov 17 2014 10:31Read more
In an effort to ensure small jewellers and traders are not marginalised, the Government is working on a set of “common principles” for banks, public sector agencies and large private traders on gold sales.
Mon, Nov 17 2014 11:12Read more
The Foreign Trade Policy (FTP) plans to make the existing export promotion schemes for services more effective and also introduce new ideas for giving greater thrust to the sector, said Commerce Secretary Rajeev Kher.
Mon, Nov 17 2014 11:14Read more
India’s exports shrunk first time this fiscal in October, declining minus - 5.04 per cent to $26.09 billion. September’s exports were $28.90 billion. A nearly four-fold surge to $4.17 billion in gold imports during the Diwali month of October against $1.09 billion in the same month last year widened the trade deficit to $13.36 billion. The trade deficit was $14.25 billion in September.
Tue, Nov 18 2014 10:38Read more
A. EXPORTS (including re-exports) Exports during October, 2014 were valued at US $ 26094.07 million (Rs.160066.25 crore) which was 5.04 per cent lower in Dollar terms (5.47 per cent lower in Rupee terms) than the level of US $ 27480.13 million (Rs. 169320.47 crore) during October, 2013.
Tue, Nov 18 2014 10:42Read more
Coir and coir products exports are likely to touch a value of Rs 1,600 crore in 2014-15 on expectations of higher demand from China, which imports Indian coir yarn in bulk to produce value-added products, sources said.
Tue, Nov 18 2014 10:48Read more
The Ministry has notified revised All Industry Rates (AIR) of Duty Drawback vide Notification No. 110/2014- Customs (N.T.), dated 17.11.2014. This notification comes into force on 22.11.2014.
Wed, Nov 19 2014 10:55Read more
Expressing disappointment over the exports figure of October, 2014, M Rafeeque Ahmed, President, Federation of Indian Export Organisations(FIEO) said that this is an alarming situation.
Wed, Nov 19 2014 11:15Read more
India is likely to announce new measures to curb gold imports as early as Tuesday, a senior finance ministry source said, and they could include restrictions on a group of private trading firms that have been allowed to bring in the precious metal.
Wed, Nov 19 2014 11:18Read more
India's coffee exports are expected to increase marginally to 5.02 million bags in the ongoing 2014-15 marketing year even as Indian coffee remains high-priced in the global markets, says the latest USDA report.
Thu, Nov 20 2014 17:45Read more
Industry chamber Assocham has suggested that government must use the opportunity to integrate proposed Foreign Trade Policy with the 'Make in India' programme. "Integration or dovetailing of FTP with Make in India Campaign will help in efficient realisation of greater objective making India a low cost global manufacturing hub," Assocham President Rana Kapoor said.
Thu, Nov 20 2014 17:49Read more
Textile exporters have welcomed the revised duty drawback rates announced by the Union Government. According to the Cotton Textiles Export Promotion Council, additional product categories have been included and the drawback caps have been increased.
Thu, Nov 20 2014 17:51Read more
Observing that free trade should also mean fair trade, Finance Minister Arun Jaitley Thursday asked revenue intelligence agencies to increase cooperation with their global counterparts to fight tax evasion and smuggling.
Fri, Dec 05 2014 11:29Read more
The National Democratic Alliance government has not introduced the Foreign Trade Policy (FTP) for 2014-2019 because of a stand-off between the ministries of finance and commerce over allocation of extra funds as incentives for exporters.
Fri, Dec 05 2014 11:32Read more
If one glances through media reports on agro commodities over the last six months, large exports by the US, Brazil, Argentina, Russia, Ukraine, France, Romania and Australia, of wheat, soy, soymeal, corn and sugar can be seen. India is conspicuous by its absence. The year 2014-15 is annus horribilis for Indian agro exports.
Fri, Dec 05 2014 11:38Read more
With China and Bangladesh becoming costlier and unviable day-by-day, India is gradually garnering its share inapparel exports to the US.
Sat, Dec 06 2014 10:49Read more
Pravir Kumar, Director General of Foreign Trade (DGFT), India, has said that the new Foreign Trade Policy (FTP) will aim to implement the government’s long term vision of providing transparency in both export and import, and improve trade facilitation.
Sat, Dec 06 2014 10:53Read more
The bullion business continues to be on high as the state recorded the highest gold imports in 41 months of more than 39 metric tonnes (MT) in November with the festive and marriage season fuelling the demand for otherwise dull market a few months ago.
Sat, Dec 06 2014 10:55Read more
India's foreign exchange reserves grew by USD 1.43 billion to USD 316.31 billion for the week ended Nov 28, Reserve Bank of India (RBI) data showed.
Mon, Dec 08 2014 18:53Read more
Country's engineering exports to China dropped by nearly 50 percent to USD 310 million in October due to slowdown in the economy of that country, sectoral body EEPC said on Sunday.
Mon, Dec 08 2014 18:54Read more
The government pulled off a policy announcement which took many by surprise. It introduced a measure which effectively liberalised gold imports, lifting a norm that made traders re-export 20% gold they imported. In other words, if importers bought 100 units of gold into the country, they had to reexport 20 units earlier
Mon, Dec 08 2014 18:56Read more
The Indian government plans to remove the 25-30 per cent customs duty levied on fuels used by Indian ships and ease other logistical hurdles to push for more usage of the sea route for both domestic and international cargo, official sources said.
Mon, Dec 08 2014 18:58Read more
Country's current account deficit widened to $10.1 billion for the quarter ended Sep 31, 2014, data released by Reserve bank of India (RBI) showed.
Tue, Dec 09 2014 10:08Read more
Just mention Ayurveda and the response is mostly a sense of skepticism and ridicule. This pre-conceived
Sat, Dec 06 2014 10:11Read more
Nirmala Sitharaman, India’s Minister of State (Independent Charge) Commerce and Industry, today inaugurated the new “Indian Trade Portal” (www.indiantradeportal.in)
Tue, Dec 09 2014 10:12Read more
An Indian subsidiary of Mahindra & Mahindra (M&M) sold 668 containers equaling 9,400 metric tons (MT) of grapes to overseas markets during the 2014 export campaign, signaling a solid improvement in quality and productivity in the Indian grape sector.
Wed, Dec 10 2014 09:16Read more
India’s buffalo meat export is expected to rise 50 per cent over last year, with Russia opening its market after a decade.
Wed, Dec 10 2014 09:23Read more
The Government of India has dispensed with the registration requirement for export of cotton (Tariff codes 5201 & 5203) and cotton yarn (Tariff codes 5205, 5206 & 5207), with immediate effect.
Wed, Dec 10 2014 09:24Read more
India’s steel exporters of hot- rolled carbon steel flat products to the United States got a major relief after an appellate body of the World Trade Organization (WTO) asked Washington to amend a law on the basis of which it imposed countervailing duty (CVD) up to 577 per cent on these products
Thu, Dec 11 2014 09:26Read more
A new foreign trade policy (FTP) is under consultation and finalisation, government said today.
Thu, Dec 11 2014 09:27Read more
India will announce changes as early as this week to a rule mandating so-called star trading houses export 100 percent of their gold imports, a policy maker with direct knowledge of the upcoming action said
Thu, Dec 11 2014 09:29Read more
The two-way trade between India and Asean are expected to double from the current level of $80 billion by 2022 even as it is expected to touch $100 billion by next year on account of increasing commercial engagement between the two sides.
Fri, Dec 12 2014 10:13Read more
The Government’s move to abolish mandatory registration of cotton and yarn export with the Directorate General of Foreign Trade is expected to make exports more competitive and reduce transaction costs.
Fri, Dec 12 2014 10:14Read more
The recent changes in duty drawback rates and categorisation of handicraft products will help boost India’s handicrafts exports in the coming years, according to the Export Promotion Council for Handicrafts (EPCH).
Fri, Dec 12 2014 10:16Read more
Dashing hopes of recovery the industrial production contracted by 4.2 per cent in October, sharpest decline in at least two years, on poor show by manufacturing sector and dip in the output of capital as well as consumer goods.
Sat, Dec 13 2014 11:22Read more
From Make in India to instilling growth in the economy, Reserve Bank of India (RBI) governor Raghuram Rajan gave a piece of his mind, which is unlikely to go down well with the Central government.
Sat, Dec 13 2014 11:24Read more
India's palm oil imports touched a record 7,96,587 tonnes in November this year amid weak global prices and anticipation of hike in import duty, according to the Solvent Extractors' Association (SEA).
Sat, Dec 13 2014 11:26Read more
Aiming to bring in standardisation in India's agro exports to Bhutan, the Export Inspection Council of India (EIC) is making it mandatory for traders and suppliers of all agro products to obtain EIC certification for the exports to the Himalayan country, an official said recently.
Mon, Dec 15 2014 11:15Read more
Textiles has the lion’s share in India’s exports from labour intensive sectors, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S), Kolkata, under the Ministry of Industry and Commerce.
Mon, Dec 15 2014 11:18Read more
India’s foreign exchange reserves fell by a massive $1.64 billion to $314.66 billion for the week ended Dec 5, Reserve Bank of India (RBI) data showed. The reserves had increased by $1.43 billion to $316.31 billion for the week ended Nov 28.
Mon, Dec 15 2014 11:21Read more
Country's trade deficit in November increased by over 76 percent at $16.86 billion, from $9.57 billion in the corresponding month of last year, government data showed Monday. On a month-on-month basis, the deficit rose by 26.2 percent from $13.35 billion in October.
Tue, Dec 16 2014 10:42Read more
Pinning hopes on dividends from 'Make in India' campaign and a conducive business environment, India expects a promising year ahead for its exports and improve on its estimated USD 300-billion plus tally in 2014.
Tue, Dec 16 2014 10:44Read more
India is likely to approve rawsugar export incentives soon, but a cabinet decision risks being delayed by the government's insistence that mills pay cane arrears to farmers. A decision on raw sugar incentives could weigh on global sugar prices as additional Indian supplies will hit the world market at competitive prices. Mills are holding white sugar stocks and will produce raws if the government sets a subsidy.
Tue, Dec 16 2014 10:46Read more
With half yearly exports of over $550 million in FY2014-15, India’s exports to Qatar are likely to touch $1 billion in FY2014-15. However, it is a small improvement in reducing the huge trade deficit of over $14 billion that India has with the Gulf nation.
Mon, Dec 22 2014 13:27Read more
The Directorate General of Foreign Trade (DGFT) has deferred mandatory certification for export of organic products.
Mon, Dec 22 2014 13:30Read more
EXPORTS (including re-exports) Exports during November, 2014 were valued at US $ 25960.57 million (Rs.160187.60 crore) which was 7.27 per cent higher in Dollar terms (5.68 per cent higher in Rupee terms) than the level of US $ 24201.83 million (Rs. 151583.34 crore) during November, 2013. Cumulative value of exports for the period April-November 2014-15 was US $ 215756.04 million (Rs 1305792.96 crore) as against US $ 205436.81 million (Rs 1231786.75 crore) registering a growth of 5.02 per cent in Dollar terms and growth of 6.01 per cent in Rupee terms over the same period last year.
Mon, Dec 22 2014 13:42Read more
The gold jewellery exports from India recorded significant surge of 114.67% year-on-year to $3,764.48 Million (Rs. 22,786.77 crore) during the period from April to November this year. Also, the exports of silver jewelry picked up significantly by 28.79% year-on-year to $1,310.54 Million (Rs. 7,951.80 crores) during the eight-month period, in accordance with the latest data released by the Gems and Jewelry Export Promotion Council (GJEPC).
Tue, Dec 23 2014 11:09Read more
The Director General of Foreign Trade (DGFT) has issued a Public Notice dated November 18, 2014 as amended by Public Notice dated December 1, 2014 making it mandatory for any product exported as an "organic product" to be certified under the National Program for Organic Production (NPOP) by the 18th December, 2014.
Tue, Dec 23 2014 11:11Read more
India’s foreign exchange (Forex) reserves grew by $2.17 billion to $316.83 billion for the week ended Dec 12, Reserve Bank of India (RBI) data showed. In the previous week (Dec 5), the reserves had fallen by $1.64 billion to $314.66 billion.
Tue, Dec 23 2014 11:15Read more
The polished diamond export from India jumped to 11 per cent in November, indicating improved demand for diamonds and jewellery in U.S, China, Hong Kong, Far East, UAE etc
Wed, Dec 24 2014 10:52Read more
The 5 per cent growth in the US economy for Q32014 comes amid a general slowdown across the world, which places the United States as the driving force of the global economy
Wed, Dec 24 2014 10:53Read more
A record crop of apples from Washington is set to make its way to India. Stemilt Growers, one of the largest growers and exporters of Washington apples in the US,
Wed, Dec 24 2014 10:54Read more
A record crop of apples from Washington is set to make its way to India. Stemilt Growers, one of the largest growers and exporters of Washington apples in the US,
Wed, Dec 24 2014 10:55Read more
While prime minister Narendra Modi is reportedly in favour of a stronger rupee—his Nani Palkhivala lecture last year publicly suggested this—
Thu, Dec 25 2014 10:12Read more
Measures taken by the Indian government to open its markets as a part of economic liberalisation in the early nineties have led to a massive growth in overall trade, but the trade deficit has widened more rapidly than overall trade growth in the last 20 years.
Thu, Dec 25 2014 10:15Read more
Measures taken by the Indian government to open its markets as a part of economic liberalisation in the early nineties have led to a massive growth in overall trade, but the trade deficit has widened more rapidly than overall trade growth in the last 20 years.
Thu, Dec 25 2014 10:15Read more
The spectacular collapse of the rouble presents India with both a crisis and an opportunity. The currency, which has dropped around 50 per cent against the dollar this year
Thu, Dec 25 2014 10:16Read more
While prime minister Narendra Modi is reportedly in favour of a stronger rupee—his Nani Palkhivala lecture last year publicly suggested this—
Thu, Dec 25 2014 10:26Read more
While government is pushing to make India hub for electronics manufacturing with ‘Make in India’ programme, a report has said that exports of mobile phones are estimated to crash to zero in 2015.
Fri, Dec 26 2014 11:31Read more
Rising wages in China and ongoing improvements in design and value addition by Indian auto component manufacturers present an opportunity to boost exports to China, according to the Automotive Component Manufacturers Association of India (ACMA), the apex body of the Auto Component Industry in India.
Fri, Dec 26 2014 11:34Read more
India's foreign trade rose over 18 times since the launch of economic liberalisation programme in 1991 while the trade deficit widened by more than 22 times. The country's foreign trade (export and import) has increased with an annual average growth rate of 13.42 per cent from $42 billion in 1990-91 to $765 billion in 2013-14.
Fri, Dec 26 2014 11:36Read more
Government has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia. In an order made public on Thursday, it said the import tax on the crude variety of vegetable oil would rise to 7.5 percent from 2.5 percent, while that on refined oil would rise to 15 from 10 percent with immediate effect.
Sat, Dec 27 2014 11:11Read more
Gold imports are likely to decline drastically this month as jewellers over-stocked the metal in anticipation more import restrictions, according to a trade body. In the first half of December, goldimports were at 22 tonnes. In the previous month, gold imports stood at 151 tonnes, All India Gems and Jewellery Federation Chairman Haresh Chamanbhai Soni told PTI.
Sat, Dec 27 2014 11:15Read more
The government said it has introduced credit guarantee fund scheme for small and medium enterprises (SMEs), which will provide them with working capital loans from lending institutions.
Sat, Dec 27 2014 11:19Read more
There is a high possibility that the Indian economy will witness strong growth over the next two years, RBI governor Raghuram Rajan said. "(There is) a high possibility that India grows reasonably strong over the next two years. Growth can't be instantaneous," Ranjan said at an interaction with students on a news channel.
Mon, Dec 29 2014 10:14Read more
A team of Russia's phyto-sanitary watchdog, Rosselkhoznador, was in India in October and November, visiting dairy plants across the country. These were units that had shown interest in exporting to Russia, Belarus and Kazakhstan. One news report, quoting trade sources, said the inspectors were satisfied with the manufacturing processes of the dairies, and orders are likely to be placed soon. As reported in this paper, Amul is currently in talks with Galactika of Russia for exporting milk, cheese and other dairy products.
Mon, Dec 29 2014 10:17Read more
India has emerged as the second largest foreign trading partner of Dubai after China in the first nine months of 2014. Figures released by Dubai Customs show that China was Dubai’s top foreign trade partner during this period, with a trade value of 34 billion dollars, up 27 per cent over the previous year. India followed next with the trade worth 21.78 billion dollar. Among the Arab nations, was at the top with trade volume worth 10 billion dollars.
Mon, Dec 29 2014 10:19Read more
India’s foreign trade rose over 18 times since the launch of economic liberalisation programme in 1991 while the trade deficit widened by more than 22 times. The country’s foreign trade (export and import) has increased with an annual average growth rate of 13.42 per cent from $42 billion in 1990-91 to $765 billion in 2013-14.
Tue, Dec 30 2014 12:02Read more
Appreciating the efforts of handicraft exporters Deputy Director General of Foreign Trade Amit Kumar Sunday said despite facing tough situation handicraft sector has been able to export goods worth Rs 2000 crore per year.
Tue, Dec 30 2014 12:07Read more
The one sector where the Centre’s ‘Make in India’ pitch seems to have found an ready resonance was the country’s textile and garment industry, with India’s exports to its largest single market, the US, headed for a record surge in the year 2014.
Wed, Dec 31 2014 10:41Read more
The micro, small and medium enterprise (MSME) sector in India is diverse in terms of its size, levels of technology employed and range of products and services produced. Starting from grass root village Industries, the products from the sector spans to auto components, micro-processors, electronic components and electro-medical devices. MSMEs have shown constant growth rate of over 10 percent in recent years much ahead of the large-scale corporate sector. This sector contributes 8 percent of the country's GDP, 45 percent of the manufactured output and 40 percent of its exports. The MSMEs provide employment to over 80 million persons through over 36 million enterprises producing over six thousand products.
Tue, Dec 30 2014 12:17Read more
Pinning hopes on dividends from 'Make in India' campaign and a conducive business environment, India expects a promising year ahead for its exports and improve on its estimated USD 300-billion plus tally in 2014.
Wed, Dec 31 2014 10:47Read more
The number of small-scale entrepreneurs venturing into exports was rising in the past one year, said Ganapathy Ramanathan, Assistant Director General of Foreign Trade.
Wed, Dec 31 2014 10:51Read more
Given the current global economic situation, Indian exports to Russia may increase almost two-fold – up to four billion USD, compared to the 2.12 billion USD recorded in 2014. This is what Ajay Sahai, general director of the Federation of Indian Export Organizations (FIEO) told in an interview with TASS.
Thu, Jan 01 2015 11:06Read more
India’s Ministry of Food Processing Industries has released the much awaited Food Map of India, a database which will be used to develop a Food Grid and to implement a slew of measures the government is planning to transform the growing food processing sector in India.
Thu, Jan 01 2015 11:08Read more
Indian history and tradition is woven around the sheer artistry, and pure genius that goes into the creation of intricate and intrinsic cloth patterns conceived by thousands of weavers across the length and breadth of the country.
Thu, Jan 01 2015 11:11Read more
Lack of a robust policy design, efficient implementation and an effective monitoring seriously jeopardized one of India's efforts to industrialize through SEZs Mr. Alok B Shriram, President, PHD Chamber of Commerce and Industry while appreciating the findings of the CAG report on SEZs, recently tabled in the Parliament, said the report pertains deep insights for the growth and productivity of the manufacturing sector in India as well as provides road for the development and expansion of the MSMEs sector.
Fri, Jan 02 2015 10:43Read more
The central government decided not to extend the excise duty concessions provided to the auto sector in 2015, which may lead to cars getting expensive. The Narendra Modi-led NDA government had in June extended the excise duty concessions of the previous UPA government by six months to Dec 31, but they will not be extended further, a finance ministry source told IANS.
Fri, Jan 02 2015 10:44Read more
India’s coffee exports have shown a marginal drop of 3.5 per cent in 2014 to touch 301,244 tonnes, compared to 312,364 tonnes the previous year. In value terms, exporters ended the year with 6.2 per cent growth in earnings at Rs 4,986 crore against Rs 4,692 crore in 2013.
Fri, Jan 02 2015 10:47Read more
The delay in the announcement of the five-yearly foreign trade policy (FTP) by the commerce ministry, due to a lack of clarity about the financial implications of the proposed measures, has held up reforms that the ministry has finalized for exporters. The indications now are that the FTP will be presented only after the budget is presented in Parliament on 28 February.
Sat, Jan 03 2015 10:47Read more
At a time when the textiles sector is reeling under liquidity crunch and poor demand, export subsidies for textiles and garments — the fourth-largest product group in India’s outbound shipment basket — could soon be withdrawn if the country heeds concerns raised by nations, including the US and Turkey, at the World Trade Organisation (WTO).
Sat, Jan 03 2015 10:49Read more
The BJP-led NDA government could well unveil its new Foreign Trade Policy, which union minister of state for commerce Nirmala Sitharaman has hinted will be different from the earlier ones, around the time Union Budget is presented. Most of the work on the new FTP is complete, and lays a great deal of emphasis on the manufacturing sector and also seeks to correct a skewered export-import balance that is against nation's interest.
Mon, Jan 05 2015 11:32Read more
As the year 2014 slipped into the pages of history, a feeling of restlessness has already begun to embrace the nation. There was heightened optimism all around when Narendra Modi-led BJP government captured power at the Centre.
Mon, Jan 05 2015 12:18Read more
CENTRAL Sector Schemes being implemented by the Coir Board namely "Rejuvenation, Modernization and Technology Upgradation" (REMOT) and"Coir Plan (General)" Scheme, have been re-named as Coir Udyami Yojana (CUY) andCoir Vikas Yojana (CVY) respectively to make it better understood by the Stakeholders. The decision was taken in a review meeting chaired by the Union Minister for MSME Mr Kalraj Mishra.
Mon, Jan 05 2015 12:28Read more
THE Government took many initiatives in 2014 for the shipping sector, including the launching of India – Myanmar Shipping Service, formulation of Sagarmala Project, delegation of power for registration of fishing boats to states, issuing one time general trade licence for Indian ships and simplification of procedures to determine light dues for container ships. The highlights of the achievements are as follows:
Mon, Jan 05 2015 12:34Read more
The Indian government today announced its plans to devise a long term strategy for importing gold into the country in order to ensure smooth supply of the yellow metal to jewelry exporters. The government is working out on the new strategy which will also keep the current and trade account deficits under check.
Tue, Jan 06 2015 10:38Read more
The Commerce Ministry is intensely engaged with different departments, including revenue and shipping, to reduce paper work in a bid to cut transaction cost for exporters and improve ease of doing business.
Tue, Jan 06 2015 10:40Read more
While attacking the UPA government ahead of last year’s Lok Sabha polls, Narendra Modi fleshed out his public speeches by alleging the Congress-led Centre promoted a “pink revolution” in subsiding slaughterhouses and promoting meat exports through tax breaks.
Wed, Jan 07 2015 10:56Read more
Faced with a steep 45% decline in exports between April-November, oilmeal exporters have urged the government to incentivise its shipment to abroad. India’s oilmeal exports have been witnessing steady decline over the last three years. After a record 5.60 million tonnes of oilmeal exports in 2011-12, its shipment fell to 4.85 million tonnes in the following year and 4.33 million tonnes in 2013-14.
Wed, Jan 07 2015 10:59Read more
The Indian rupee on Wednesday strengthen marginally against the dollar in the morning trade. The local currency opened at 63.51 per dollar. At 9.10am, the rupee was trading at 63.47 a dollar, up 0.17% from its previous close of 63.57.
Wed, Jan 07 2015 11:03Read more
India's natural rubber imports in December rose 8 per cent from a year earlier to 29,728 tonnes as a drop in production prompted tyremakers to increase overseas purchases, the state-run Rubber Board said on Tuesday.
Thu, Jan 08 2015 11:07Read more
India’s iron ore imports have fluctuated in the recent years ever since the government clampdown on illegal mining in major producing states of Karnataka, Goa and Odisha. However, rising demand and low global prices are expected to result in a surge in iron ore imports in FY2014-15.
Thu, Jan 08 2015 11:10Read more
The revenue department has agreed to reduce the number of documents required for exports from five to three, according to a senior official
Thu, Jan 08 2015 11:11Read more
India is considering giving an incentive of about 4,000 rupees ($64) per tonne to sugar mills for production and export of the raw variety to cut large stockpiles, two government sources with direct knowledge of the matter told Reuters on Thursday.
Fri, Jan 09 2015 10:37Read more
For Anshul Bansal, a Delhi-based small exporter dealing with fabrics and ethnic apparel, hopes rest on the country’s Foreign Trade Policy (FTP) that has been much-hyped and long-delayed. Bansal and thousands of others like him expect their costs to come down sharply as provisions of FTP 2014-19 will allow them to ship goods cheaper, and help them price their wares more competitively.
Fri, Jan 09 2015 10:39Read more
INDIA has turned into a net importer of iron ore as imports far exceeded outward shipments in calendar year 2014. Domestic steel majors such as JSW Steel, Tata Steel and Essar Steel chose to import high quality ore available at almost the same cost as the lower grade material produced domestically.
Thu, Jan 08 2015 10:41Read more
Amul, the country’s largest dairy brand, is likely to benefit the most from Russia’s decision to lift restrictions on the import of milk, cheese and other dairy products from India.
Sat, Jan 10 2015 11:09Read more
The economy is likely to grow at about 5.6 per cent in 2014-15 and fiscal and current account deficits no longer pose a threat to macroeconomic stability, India Ratings said today. However, the rupee’s value is not in line with improvements in fundamentals of the economy, the rating agency added.
Sat, Jan 10 2015 11:12Read more
According to the latest data from the Indian Ports Association released, India’s 12 major government-owned ports handled around 63.61 million metric tonne of imported thermal coal during April-December 2014, up 18% from a year earlier.
Sat, Jan 10 2015 11:14Read more
Up against road blocks in the traditional export markets, overseas shipments of passenger cars declined by 2.65 per cent last year to 5,47,087 units
Mon, Jan 12 2015 09:37Read more
Agro chemicals manufacturer Insecticides (India) Ltd expects 20 per cent of its turnover to come from exports in the next two to three years.
Mon, Jan 12 2015 09:38Read more
Even as Prime Minister Narendra Modi on Sunday claimed his government was committed to creating a policy and tax environment that was "predictable, transparent and fair",
Mon, Jan 12 2015 09:39Read more
The shipping ministry is looking to consolidate in the Supreme Court all the long-standing tariff-related cases being heard by the various high courts filed by private firms running cargo terminals at Union government-owned ports
Mon, Jan 12 2015 09:41Read more
Up against road blocks in the traditional export markets, overseas shipments of passenger cars declined by 2.65 per cent last year to 5,47,087 units.
Mon, Jan 12 2015 09:47Read more
The Tea Board has asked industry to boost exports which were suffering due to price arbitrage in the domestic market, an industry official said.
Tue, Jan 13 2015 08:29Read more
Pakistani farmers are up in arms again, this time against increasing duty-free imports of agricultural commodities from India
Tue, Jan 13 2015 08:31Read more
The Cotton Textiles Export Promotion Council has urged the Government to reduce the quantum of value addition and simplify the process to avail duty concession under the Advance Licensing Scheme.
Tue, Jan 13 2015 08:33Read more
India's palm oil imports rose by 5% to 8,36,447 tonnes in December 2014 compared to November 2014 due to cheaper shipments from Indonesia and Malaysia
Thu, Jan 15 2015 09:08Read more
India’s premier research company in export import statistics, announced today that India’s Iron and Steel imports in December- 2014 has grew to US$ 1161.8 M, a increase of 15.91% compared to November 2014.
Thu, Jan 15 2015 09:10Read more
The government has planned various measures to ease things for exporters on transaction costs and processes.
Thu, Jan 15 2015 09:11Read more
In the period between April and October 2014, India exported buffalo meat worth Rs 16,083 crore ($2,660 million), a rise of nearly 16 per cent over
Fri, Jan 16 2015 08:15Read more
India's merchandise exports declined by 3.77 percent to $ 25.398 billion in December 2014 from the level of $ 26.393 billion achieved in the same month of the previous year, an official statement said here.
Fri, Jan 16 2015 08:16Read more
The government is likely to announce a Special Notified Zone where global miners could import and trade rough diamonds in the country without inviting income tax assessments.
Fri, Jan 16 2015 08:17Read more
The government is likely to announce a Special Notified Zone where global miners could import and trade rough diamonds in the country without inviting income tax assessments.
Fri, Jan 16 2015 08:21Read more
In the period between April and October 2014, India exported buffalo meat worth Rs 16,083 crore ($2,660 million), a rise of nearly 16 per cent over the same period
Fri, Jan 16 2015 08:25Read more
India's merchandise exports declined by 3.77 percent to $ 25.398 billion in December 2014 from the level of $ 26.393 billion achieved in the same month of the previous year, an official statement said here.
Fri, Jan 16 2015 08:27Read more
The government on Friday hiked import tariff value on gold and silver to $401 per 10 grams and $543 per kg respectively, in line with global price trends.
Sat, Jan 17 2015 08:44Read more
The government on Friday hiked import tariff value on gold and silver to $401 per 10 grams and $543 per kg respectively, in line with global price trends.
Sat, Jan 17 2015 08:46Read more
THE government has announced that it successfully collected 60.6 per cent (Rs 3.77 lakh crore) of indirect tax until December 2014.
Sat, Jan 17 2015 08:48Read more
The Reserve Bank of India (RBI) has relaxed the norms for foreign exchange (forex) hedging for exporters and importers by allowing them to book forward foreign exchange contracts in excess of 50 per cent of the eligible limit.
Sat, Jan 17 2015 08:49Read more
Dip in demand along with decline in the prices of oil, commodities and metal has affected India's export. The country's merchandise export has declined to $25.39 billion
Mon, Jan 19 2015 09:17Read more
The much-delayed Foreign Trade Policy (FTP) is expected to be unveiled after the Budget, a top government official said
Mon, Jan 19 2015 09:18Read more
Some regional offices of the Directorate General of Foreign Trade (DGFT) have, on directions, asked exporters to restrict or surrender their entitlements under the Incremental Exports
Mon, Jan 19 2015 09:19Read more
Cashew nut exports from India are likely to fall shy of nearly Rs 50 billion achieved in the previous year because of aggressive selling by Vietnam and increasing domestic consumption
Tue, Jan 20 2015 09:05Read more
Union Finance Minister Arun Jaitley Monday said the government's strategy is to rationalise taxes on non-adversarial basis and also attempt to make the budgetary proposals transparent.
Tue, Jan 20 2015 09:06Read more
The European Union today decided to lift a ban on the import of mangoes from India after it made significant improvements in plant health controls and certification system, clearing the way for them to return to the 28-member bloc by March.
Wed, Jan 21 2015 10:01Read more
Broadly keeping its growth forecast for India unchanged, International Monetary Fund (IMF) Tuesday projected that rising from 5.8 percent in 2014, the Asian economy will grow at 6.3 percent in 2015 and 6.5 percent in 2016
Wed, Jan 21 2015 10:02Read more
India's mango exports are expected to rise by 40-50 per cent next fiscal following lifting of ban on import by the European Union, Agriculture Minister Radha Mohan Singh said today.
Thu, Jan 22 2015 09:40Read more
The Narendra Modi-led government will present its second General Budget on February 28. The Railway Budget will be unveiled on February 26, four days
Thu, Jan 22 2015 09:41Read more
Kakinada SEZ Private Limited, a GMR Group company, today said the first phase of development had started with the initial units in sectors such as marine food processing and toys that would come up in the next 3-6 months’ time.
Thu, Jan 22 2015 09:42Read more
The sugar harvest in India, the world's biggest producer after Brazil, is forecast to climb to the highest level since 2012, increasing pressure on the government to subsidise exportsand trim stockpiles.
Fri, Jan 23 2015 09:39Read more
In a policy shift, the Bharatiya Janata Party (BJP)-led government in Maharashtra has put on hold the development of special economic zones (SEZs) in the state
Fri, Jan 23 2015 09:40Read more
Worried over widening trade deficit with China which is expected to cross $40 billion this fiscal, the commerce ministry is in the process of preparing an export strategy identifying specific products to boost outbound shipments to the neighbouring country.
Sat, Jan 24 2015 09:40Read more
The mines and steel ministry has sought import duty hike on finished steel products to 10 per cent, besides complete withdrawal of the levy on imports of steel-making inputs such as iron ore and coking coal in the coming Budget
Sat, Jan 24 2015 09:41Read more
The government reported an increase of 12.93 percent in gross direct tax collection at Rs.546,661 crore during the first nine months of 2014-15 on the back of healthy growth in revenues from corporate taxes
Sat, Jan 24 2015 09:43Read more
Bullion — gold, silver, and coins — exports by Switzerland to India almost trebled in the first 11 months (January-November) of 2014.
Tue, Jan 27 2015 09:17Read more
Worried over decline in raw cotton prices, the government has stepped up efforts to find out new markets for the commodity
Tue, Jan 27 2015 09:18Read more
In an effort to meet the European standards, the government has set up “special pack-houses” for exporting mangoes to the region
Tue, Jan 27 2015 09:20Read more
In an effort to meet the European standards, the government has set up “special pack-houses” for exporting mangoes to the region
Tue, Jan 27 2015 09:20Read more
Worried over decline in raw cotton prices, the government has stepped up efforts to find out new markets for the commodity.
Tue, Jan 27 2015 09:29Read more
The biggest takeaway from the visit of President Barack Obama to New Delhi is that the Indian engineering industry can aspire for doubling its exports to the US to $15 billion
Wed, Jan 28 2015 09:56Read more
The government is planning to tap the potential of services and export them, even as it work to turn India into a manufacturing hub.
Wed, Jan 28 2015 09:59Read more
India Inc. welcomed the outline for growth presented by both US President Barack Obama and Prime Minister Narendra Modi at the US-India Business Summit in New Delhi
Wed, Jan 28 2015 10:00Read more
Weakening of the euro will adversely affect India's Eurozone exports, which have already witnessed a decline during April-November 2014, a top industry body said.
Thu, Jan 29 2015 10:00Read more
The much-delayed Foreign Trade Policy (FTP), which will roll out steps to boost exports, is expected to be unveiled soon, Commerce and Industry Minister Nirmala Sitharaman said today. "It has to be happening sooner," Sitharaman said when asked about the expected time for announcement of the FTP.
Thu, Jan 29 2015 10:01Read more
The Centre is planning to set up Reverse Special Economic Zones (SEZ) in various nations starting from Iran in order to meet the increasing demand of speciality chemicals in the country, a senior government official said here
Thu, Jan 29 2015 10:03Read more
India's raw sugar exports could halve this year as mills wait for the government to give the go-ahead for an increased production subsidy, traders said, potentially supporting depressed global prices.
Sat, Jan 31 2015 10:11Read more
Sat, Jan 31 2015 10:12Read more
In a relief to Indian subsidiaries of foreign companies, the Delhi high court on Tuesday held that such companies cannot be denied the benefits
Sat, Jan 31 2015 10:13Read more
Weakening of Euro against the US dollar will affect India’s traditional exports to the Europe, according to M Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO). Commenting on the sharp decline in the value of Euro bringing it to 14 years low against the US dollar, Rafeeque Ahmedsaid that such sharp and deep depreciation would affect India’s exports to Euro Zone significantly, which has already exhibited a decline of 0.18% in April-Nov 2014 when it touched $ 33.27 billion as against $ 33.33 billion recorded in the same period in 2013.
Mon, Feb 02 2015 11:07Read more
President Barack Obama's fiscal 2016 budget will seek new taxes on trillions of dollars in profits accumulated overseas by U.S. companies, and a new approach to taxing foreign profits in the future, but Republicans were skeptical of the plan on Sunday.
Mon, Feb 02 2015 11:09Read more
Belgium-based Vermeiren today laid the foundation stone for its production unit at Sri City Special Economic Zone near here at a proposed investment of Rs 50 crore in first phase. The plant will produce equipment like wheelchairs, walker aids, patient beds.
Mon, Feb 02 2015 11:11Read more
The Pharmaceutical Export Promotion Council of India (Pharmexcil) is focussing on improving Indian pharma exports to Myanmar. As part of this initiative, the council is planning to organise expo-cum-BSM (buyer-seller-meet) in Yangon from 19-21st February 2015.
Tue, Feb 03 2015 10:23Read more
While the Indian frozen shrimp export market is expected to reach nearly Rs.27,151 crore by 2017, over-exploitation of the crustacean has led to a market imbalance, a study conducted by an industry association said Monday.
Tue, Feb 03 2015 10:25Read more
Heartened by the government's 'Make in India' campaign, the burgeoning electronics sector aims to reduce imports 15 percent and boost domestic manufacturing to 50 percent by fiscal 2016-17, a industry representative said Monday.
Tue, Feb 03 2015 10:27Read more
Prospects for wheat exports in the new marketing season are turning bleak on falling global prices even as the country is seen headed for a bumper output this year.
Wed, Feb 04 2015 09:54Read more
Laying emphasis on maintaining the growth of manufacturing sector, Rashmi Fauzdar, Regional Director, RBI, said financing was a key to boost India’s exports and import.
Wed, Feb 04 2015 09:56Read more
Exporters and importers will now be able to apply online for their new Importer Exporter Codes (IEC) instead of physically submitting papers and making payments at various offices.
Wed, Feb 04 2015 09:57Read more
India's annual exports of coffee are set to drop by more than a tenth in the marketing year ending Sept. 30, hit by lower output of the arabica variety as farmers' demand for higher prices erodes overseas competitiveness
Thu, Feb 05 2015 10:15Read more
Mineral exporters have urged the government to abolish export duty to compete with other suppliers in global markets and make way for further excavation at minesites.
Thu, Feb 05 2015 10:16Read more
With a sharp fall in international steel prices, manufacturers have sought Government intervention to restrict large-scale imports by imposing stiff trade barriers. Steel companies are also concerned about poor quality steel products being dumped into India.
Thu, Feb 05 2015 10:17Read more
Keen on bailing out the struggling Goan iron ore sector, the Centre may soon announce a special package for miners in the state by pruning duty on exports of the steel-making raw material from 30 per cent.