2013: Auto parts exports from India up 4.4 per cent at $9.7 billion   

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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."

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Throughput at Major Ports up by 2.59 pc in H1 FY 14

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 11:11

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Exports to do better in 2014

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 10:40

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Easing of gold import norms for exporters

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 10:42

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Government widens definition of group cos under FTP

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 10:44

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Concor to complete Vizag logistics park by 2016

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 10:47

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Sharp fall in engineering exports concern over trend reversal

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 10:52

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Duty refund claims touch Rs. 4,800 cr; impacting exports

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 10:57

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Vegetable oil imports may hit record

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 11:22

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ASSOCHAM : Impose 30 pc export duty on iron ore pellets

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 11:25

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P. Mara Pandiyan given additional charge as Chairman of Kandla Port Trust

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 11:28

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Shift being seen from air to ocean freight

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 11:31

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The shrinking deficit

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 11:34

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Government lifts restriction on wood charcoal exports to Bhutan

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 11:37

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India’s Top 25 Countries of Export (Value in $ million)

Wed, Dec 25 2013 11:40

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IIP revamp report likely by February

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 00:00

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Gems and jewellery imports via SEZ likely to be banned

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 12:01

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Government reduced MEP of onion

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 12:07

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Top 25 countries of import (values in $ million)

Fri, Dec 27 2013 12:13

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Export-driven stocks ride on weak rupee

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 12:16

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Five ports may get new terminals

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 10:56

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A third of yarn output to be exported

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 10:58

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‘High-tech’ products info from pharma cos to secure export incentives from DGFT

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 11:01

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India to be world's 3rd largest economy by 2028 after China, US

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 11:06

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Core sector growth slumps to 1.7% in November 2013

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 11:29

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Give export credit priority sector status

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 11:34

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Agri Sector accounts for 13% of India's exports

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 11:22

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2013: major achievement of the international trade community

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 11:24

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Dollar near five-year high vs. yen

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 11:28

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Export incentives for cotton, meat products scrapped

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 11:39

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Union Minister of Commerce expresses optimism for economy in 2014

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 11:08

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JN Port handles over 4 m TEUs in 2013

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 11:13

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Manufacturing activity slackened in December

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 11:15

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Gold importers charge a premium.

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 11:20

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Government to review gold imports policy

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 11:02

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Coffee exports rise 3% in 2013

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 11:04

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Jute exports expected to rise 33% this year

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 11:05

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Fin Min urged to expedite pending duty refund

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 11:09

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U-turn on service tax, excise duty harmonisation plan

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 17:43

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China's GDP growth in 2013 set to be weakest since 1999

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 17:44

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Direct Taxes Net Rs 4.81 l cr in April-Dec

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 11:06

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Merchandise exports revived India's growth in 2nd half of2013

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 11:10

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Restrictions put on using certificates to pay custom duty

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 10:47

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Extend anti-dumping duty on flat stainless steel products: Ficci

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 10:49

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Onion exports double in Dec at 1.33 lakh tonnes on MEP cut

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 10:52

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India Emerges As Net Exporter of Steel in Apr-Dec Period

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 11:05

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RBI fast-tracks bank licensing process

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 17:48

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Economic recovery elusive

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 09:42

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CCEA may consider import duty hike on refined oil to 10 per cent

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 09:45

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Govt modifies policy for import of cars, bikes for race events

The government has modified the trade policy to facilitate imports of cars and motorcycles for racing events.

Fri, Jan 10 2014 09:47

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ED signs MoU with DGFT for sharing forex realisation data

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 10:05

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Dip in imports, exports rise

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 10:07

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Manufacturing slides into recession in April-November

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 10:09

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India's Forex reserves down $2.5 billion at $293 billion

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 10:27

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Deficit widens despite low imports

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 10:29

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Dull exports growth reflects liquidity problem: FIEO

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 10:30

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Retail inflation falls to three-month low of 9.87% in December

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 10:00

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India exports 15 billion dollars textiles & apparel in H1 2013-14

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 10:01

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India ranks 120th in Index of Economic Freedom

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 10:05

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Four major ports witness growth in container traffic

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 10:06

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Electronic Industry to grow at 10% by 2015

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 10:07

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Coastal shipping set to get incentive boost

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 10:07

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Inflation eases to five-month low of 6.16 % in December

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 10:09

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World Bank projects economic growth in India at over 6 pct in 2014-15

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 10:10

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24 SEZ developers seek more time for projects, 3 to quit

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 09:27

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Excise relief for companies switching business

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 09:29

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RBI extends time to close export-import deals to nine months

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 09:31

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Indian government raises import tariff value of gold, silver by 4%

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 09:54

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India's forex reserves surge $179 million to $293 billion

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 09:55

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Economy will return to high growth

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 09:57

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Bangladesh beats India in garment exports

Bangladesh has overtaken India in readymade garment exports despite the recent setbacks

Mon, Jan 20 2014 10:25

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Shipping ministry to soon meet port capacity target of FY14

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 10:27

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China grows 7.7 per cent in 2013, slowest

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 10:29

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Rail Tariff Authority gets nod

The Cabinet approved the setting up of a Rail Tariff Authority to advise the railways on passenger and freight rates.

Tue, Jan 21 2014 09:14

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Govt targets textile exports of $60bn

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 09:16

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India's Polished Diamond Exports +16% in December

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 09:17

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India's engineering exports in 2012-13 aggregated to $56.7 billion

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 11:34

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Mundra Port on the verge of becoming the largest in the country

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 11:29

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India likely to post 4.6 pc growth in 2013-14: IMF

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 00:00

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Gold prices near bottom in 2014: biggest loss in 32 years

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 00:00

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Cashew exports walking up to a new peak

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 00:00

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India's spice make export hot

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 10:38

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Onion exports in April-December rose by 59% to Rs 2,532 cr

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 10:44

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Antwerp port streamlines Customs procedures

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 10:46

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Government restores export incentives for cotton yarn

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 10:54

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India’s economic gloom has a silver lining — exports

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 10:56

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GDP growth rate to touch 7.5-8 pct in 2014: Montek Singh Ahluwalia

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 10:59

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India’s forex reserves down $1.20 billion

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 09:47

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India Pharmaceutical products exports rise to US$ 857.61 M in December- 2013

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 09:49

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India exports 5 lakh tonnes wheat in last 5 months

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 10:05

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India Imports of Inorganic Chemicals rise to US$ 421.16 M in December- 2013

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 10:06

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Spices export up by 46% in value for eight months

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 10:34

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Govt imposes 5% export duty on iron ore pellets

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 10:37

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Commerce minister bats for easing gold import curbs

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 10:43

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Customs mop-up revised estimates lower than aim

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 10:45

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Supply-demand gap in box shipping impacting freight rate

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 10:22

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Economic Advisor :India's share in exports should reach 4%,

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 10:24

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India Miscellaneous Chemical products exports rise to US$ 265.21 M in December- 2013

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 10:25

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Rupee on stronger footing

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 10:23

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RBI’s repo rate hike disappoints industry

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 10:25

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RBI foresees gradual recovery in economy over next two years

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 10:30

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India Tightens Restrictions on Raw Material Exports

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 10:44

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Growth in India's core sector industries slows to 2.1 per cent in December

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 10:46

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Services sector may grow by 6 pc in 2013-14

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 10:51

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Govt urged to rectify wrong policy decisions on SEZs, EOUs

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 10:53

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Tonnes of problems hamper growth of India’s exporters

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 11:43

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Forex reserves up marginally

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 11:44

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Concor registers 5.49 pc growth on better exports

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 11:05

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Interim budget: some changes likely in tax rates

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 11:23

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Farm exports : only small increase in 2013-14

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 11:24

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Govt incentivising coastal shipping

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 10:46

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India Rubber and Rubber Articles exports rise to US$ 214.5 M

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 10:49

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India to Import Less than 500 Tonnes Gold in 2014

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 10:51

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5 port projects worth over Rs 17k crore okayed

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 10:33

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India wants EU to do away with import duty on its textiles

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 10:35

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RBI further eases third party payment norms in exports

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 10:37

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Seafood exports hit a record $ 3.66 bn in Apr.-Dec.

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 09:44

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Duty at the ad valorem rate of 44.2% Imposed on Steel imports by Thailand

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 09:46

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Salt production expected to touch 40 mn tonnes by 2020

Salt production in India is expected to increase over 35% to 40 million tonnes per year by 2020.

Sat, Feb 08 2014 09:47

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India's GDP advance estimate for FY14 at 4.9%, worst may not be over

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 09:49

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AgriMin : Ease of export curbs on pulses, groundnut oil and onions

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 11:08

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interim Budget 2014-15:Squeeze in Plan spending

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 11:09

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Pharma exports to overtake domestic sales in FY15: India Ratings & Research

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 11:10

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Indian shrimp export peak

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 10:27

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Govt incentivising fruit exports

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 10:29

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Data revisions and state of the economy

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 10:31

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Exporters hoping for extension of interest subsidy

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 09:48

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Export growth crawls in Jan

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 09:50

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Rail Budget 2014: Tightrope walk for govt between sops and performance

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 09:52

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Handicraft exports to achieve set target; grow 39 pc in Jan: EPCH

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 10:19

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Railway Budget: Industry welcomes thrust on investments

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 10:20

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DGFT’s export duty drawback recovery illegal, rules High Court

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 10:22

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Forex reserves higher at $292.3 bn

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 09:47

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Box traffic from Asia to Europe sees marginal increase in 2013

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 09:49

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New FTP for 2014-19 to be unveiled by new govt in April

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 09:51

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Export drop forces India policy rethink

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 09:51

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D.B. Group launches international distribution service dedicated to perishable products

D.B. Group Spa has launched Fresh & Frozen Logistics Solutions, an international distribution service dedicated to perishable products, in Italy.

Sun, Feb 16 2014 09:53

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India's services exports at $12.87 billion in December

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 09:54

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Surat's textile exporters eyeing US market

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 10:13

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Pharma sales in India to touch $27 bn by 2016

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 10:14

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Interim Budget 2014: FM P. Chidambaram may succeed in reining in fiscal deficit

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 10:16

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Highlights of P Chidambaram's interim budget 2014

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 19:18

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Vote on Account 2014: Exports to grow by 6.3 per cent to $326 billion this fiscal

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 08:47

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Changes in Service Tax, Excise Duty and Custom Duty – Interim Union Budget 2014-15

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 08:49

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Major Highlights of Interim Finance Budget 2014 on tax front

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 08:51

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India Inc welcomes interim budget 2014-15

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 10:17

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Software services exports jump 37%: RBI

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 10:29

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Agri credit to cross Rs 7 lakh cr; exports to surge over $45 bn

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 10:32

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Wheat, rice, corn exports may fall 29% in 2014-15

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 10:26

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Push for exports, cash in on Indian rupee exchange rates: P. Chidambaram

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 10:28

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Indian garment exports on track to achieve $17bn target

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 10:38

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Railways freight revenue up 10.37 pc

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 10:45

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Need to restructure promotion schemes for exporters

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 10:48

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G6 Alliance announces port rotations for proposed Asia-North America West Coast & Trans-Atlantic services

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 11:13

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Cotton exports to reach 10 mn bales

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 11:15

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India Imports of Plastics and Plastics Articles rise to US$ 887.61 M in January- 2014

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 09:22

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Foreign reserves up $1.46 bn to $293.79 bn

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 09:23

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Govt extends incentives under foreign trade policy

The government will continue the provisions and incentives under the ongoing foreign trade policy (2009-14) until further orders

Sun, Feb 23 2014 09:27

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'Anti-dumping duty on PTA imports unfair to SMEs'

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 06:48

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Government should consider banning Chinese imports in power,telecom

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 06:51

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'FoB value of exports must be 15% more than CIF rupee value of imports'

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 06:53

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With exports beating imports and global prices slumping, desi farming goes global

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 07:04

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MSME interest rate issues in ministry's FTP recommendations

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 11:28

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Indian textile exports may miss FY’14 target by $1bn

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 11:31

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Government to boost commodity exports to meet target

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 11:35

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Australia warns India over food exports

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 11:10

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Core sector grows only 1.6% in January

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 11:17

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Spices scheme of Rs 670 crore to continue till FY17

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 11:22

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Reserve Bank of India launches tech savvy unit to watch over exports

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 12:01

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China emerges as India’s top trading partner

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 12:07

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Forex reserves edge lower to $293.41 bn as of Feb 21: RBI

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 12:28

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Share of agri in India’s total exports 13.53% & share in imports 3.8%

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 11:20

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Gold imports fall to 5-year low in Gujarat

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 11:25

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Government to soon take view on duty refund claims of exporters

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 11:28

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India not to achieve $325 bn export target this fiscal: FIEO

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 11:49

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Turmoil in Ukraine to impact Indian exports: EEPC

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 11:56

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Duty Refund Claims Touch Rs 19,000 Crore

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 11:41

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Stability emerging for Indian shipping industry

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 11:47

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Iron ore exports drop 19% in 11 months

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 11:08

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India is Dubai's top trade partner

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 11:15

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Rupee unlikely to maintain rally, to be range-bound

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 11:19

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India's Exports Shrink in February

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 11:15

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Feb Trade Deficit Narrows To $8.1 Bn

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 11:21

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Govt working for relaxation of curbs on gold imports

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 11:24

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Exports may fall more as India loses preferential status in EU

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 10:48

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India seeks opening of direct water routes connecting Bangladesh

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 10:52

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Exports target of $325 bn looks virtually impossible: DGFT

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 10:55

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Inflation at 9-month low, eases to 4.68 pc in Feb

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 11:05

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India’s Feb palm oil imports sink to almost 3-year low

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 11:07

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Forex reserves up $1.09 bn

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 11:11

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Govt raises gold's import tariff value

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 10:54

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RBI should curb rise in rupee

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 10:55

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Foreign Trade Policy to be extended till new govt is formed after LS polls

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 10:59

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The uncertain world of software services

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 11:00

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Monetary policy dilemma

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 11:01

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RBI introduces single platform edpms with effect from March 1, 2014

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 10:48

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A quick look at key economic indicators

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 10:57

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Tea exports rise marginally in 2013

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 11:01

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India's engineering exports fall 3% in Feb

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 11:00

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Corporates on their toes as rupee appreciation hits exports

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 11:05

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Capacity constraints take toll on container volumes

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 11:10

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India’s Iron Ore Export Slump

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 09:04

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Gold jewellery exports turn to uptrend in February

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 09:06

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As Rupee strengthens: RBI gets an opportunity to boost forex reserves

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 09:08

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Indian exporters must explore new territories

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 10:20

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Anyone can export onions again after four decades

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 10:22

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India's Silver bar imports in Feb '14 plunged 36%

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 10:25

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India's jewellery export to fall by 15% this year

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 10:58

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Jeera to spice up in the wake of rising exports

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 11:06

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Forex reserves rise by $1.83 bn to $297.28 bn

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 11:11

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No power to DGFT or its subordinates to redetermine or reverify the deemed export benefits

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 11:12

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Sugar’s bitter truths

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 11:13

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Sugar export subsidies will not cross $ 80 million

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 11:31

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Yuan depreciation : bad news for Indian exports

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 11:33

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EC unlikely to allow new bank licences any time soon

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 11:35

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Income Tax Offices to remian open on 29th, 30th and 31st March 2014

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 12:19

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Indian exports will fall short of $325 billion target, says Anand Sharma

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 12:28

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Groundnut exports to plunge on stricter import norms

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 12:32

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Factsheet of MSME; sector contributes around 9 pc of GDP

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 12:38

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European Union bans Indian mangoes, vegetables due to concerns over pests

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 10:56

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Spice exports up 41 pc in Apr-Dec 2013

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 10:58

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RBI eases forex hedging rules for exporters/importers

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 11:00

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RBI likely to take into account rupee's impact on exports

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 10:41

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India Exports Rice Worth $5.6 Billion in April – December 2013

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 10:44

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Govt notifies more provisions of new companies law

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 10:47

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Rupee rally to hit exports

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 11:43

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India permits 291 tonnes of pulses to be exported to Maldives until 2016-17

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 11:46

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Gold imports stay at five-year low

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 13:22

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Core sector grows 4.5 per cent in February

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 13:24

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India's forex reserves rise to $298.63 billion

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 13:30

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JN Port handles over 4.15 m TEUs in 2013-14

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 10:41

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Favourable policy support to drift agri commodity exports

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 10:42

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India's FY14 coffee exports up 3.6%

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 10:44

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India can achieve 6 pc growth in FY'14-15: CII

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 12:06

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India slashes gold and silver import tariff values

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 12:09

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Tax relief for partnership firms

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 12:11

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Extend anti-dumping duty on raw silk imports from China

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 10:45

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AEPC demands separate chapter for exports in banks

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 10:53

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China slowdown adds to emerging market growth hurdles

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 10:58

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New FTP on anvil; will make inroads into new markets: Kher

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 11:08

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Mumbai Port extends concessional rates for box stuffing/destuffing

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 11:10

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Govt identifies 100 items for quality checks

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 11:12

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Forex kitty above $300 billion after 2 years

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 11:12

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Pharma SMEs from Gujarat see 20% growth in exports

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 11:16

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State-owned ports see rise in cargo volumes

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 11:24

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India's oilmeal exports see 11% fall in FY 14

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 11:36

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Compliance with global standards help growth in meat exports

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 11:41

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Imports of pulses and edible oils becomes cheaper; prices to remain steady till elections

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 11:43

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Lack of transportation infra straining logistics

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 11:44

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Customs, excise departments meet collection targets

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 10:23

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India set to grow at 5.4% in 2014: IMF

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 10:25

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Rupee upside capped at 57-58 against USD

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 10:35

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Self-certification for barcoding of secondary & tertiary level packaging of drugs

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 10:19

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India's 2013/14 natural rubber imports jump 49.3 pct y/y

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 10:23

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New anti-dumping duties announced in India on PVC imports

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 10:25

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Iron ore export to spurt

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 10:18

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Govt permits PEC Ltd to export pulses to Maldives till 2016-17

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 10:20

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RBI extends overseas borrowing interest rate norms till June

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 10:22

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IIP contracts plunges to nine-month low

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 10:04

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India misses 2013-14 export target

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 10:10

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Gold, silver imports dip 40% to $33.46 bln in 2013-14

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 10:14

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India Inc expects a friendly FTP to bring exports back on track

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 13:35

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India becomes net steel exporter in 2013-14

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 13:44

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India tops global remittances at $70 billion

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 13:47

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China unexpected fall in exports, imports

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 10:44

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US FDA penal actions hit pharma exports growth, may not exceed 5%

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 10:47

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WTO figures bring cheer to Indian export sector

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 11:06

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New foreign trade policy to focus on services exports, branding of products

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 11:26

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RBI liberalised some import/forex rules

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 11:29

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India's exports likely to grow at least 10 pc in 2014: FIEO

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 11:33

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Import tariff value on gold, silver increased

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 10:34

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India's cotton exports hit as China shifts policy

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 10:36

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Sugar exports: Industry restive over delays in subsidy revision

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 10:38

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New govt's fiscal policy to affect RBI's monetary stance

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 10:13

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India Inc wants next govt to take bold decisions

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 10:15

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India's dependence on imported edible oil to hit new record

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 10:22

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Forex reserves rise to $309.44 billion

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 10:34

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Car Exports Stay Flat at 5.5 Lakh Units

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 10:40

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Gems and jewellery exports drop 9% in 2013-14

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 10:43

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Japan export growth slows sharply

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 10:25

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Inflation unlikely to moderate significantly in 2014-15

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 10:29

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Duty refunds to be made soon, says Commerce Ministry

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 10:31

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Textile exports hit by delay in release of duty drawback

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 10:26

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Groundnut shelling units get relief on export front

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 10:32

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Major Ports register 1.78 pc growth in FY14

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 10:44

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India may cede top rice exporter spot under Southeast Asian price onslaught

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 10:27

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Free market helps cereal exports, but tax on input-intensive commodities needed

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 10:33

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Global coffee exports up 4.3% in February

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 10:35

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India Inc expectations from new government at 20-year

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 14:52

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New Foreign Trade Policy to focus on ways to boost exports

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 15:09

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India may not impose anti-dumping duty on solar power gear imports

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 15:15

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Forex reserves down by USD 31 million

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 15:26

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Textile exports make a comeback in FY14

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 15:33

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Indian exports to West Africa record high growth

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 15:41

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Erratic weather to trim India's 2014 tea output, exports

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 11:43

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Indian Gem & Jewellery Industry Exports Dip to 11 per cent in FY13-14

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 11:47

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Exim Bank to focus more on assisting project exports

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 11:50

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Cashew exports touch all-time high in 2013-14

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 12:01

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Core sector growth drops to 2.6 pc in FY'14, lowest in decade

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 12:03

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Future growth prospects on new govt's policies: Montek Singh Ahluwalia

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 12:04

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Cotton yarn export registration rises a sharp 33% in FY14

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 11:08

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EU now issues alert on packing material

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 11:10

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Gold imports continue to slide

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 11:13

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Manufacturing PMI growth stagnant in April

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 10:07

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Forex reserves rise to $309.91 billion as on April 25

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 10:11

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New Exim Policy To Promote Exports & Imports Substitution

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 10:12

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RBI to issue Rs 100, Rs 50 banknotes with 2014 printing year

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 10:15

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India’s leather exports to take a hiding

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 10:47

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Gujarat clocks double digit growth in pharma exports

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 10:49

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Indian economic growth slated to improve but gradually: Deloitte

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 10:51

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Government to follow grape model for mango export

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 10:12

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Coffee exports in April up 11% at Rs 535 cr

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 10:15

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Exporters may get 50% freight subsidy

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 10:18

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Chinese policy causes a 25% fall in India's April cotton exports

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 10:20

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India acts to repair reputation as drugs exporter

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 10:46

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Textile ministry strategises to boost export by 15-20% next plan period

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 10:49

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India spending billions of dollars on IPR imports: ASSOCHAM

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 10:51

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Oilmeal exports rise by 20% in April

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 10:32

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Focused export schemes may not be widened

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 10:43

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India coal imports down by 6 per cent in April

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 11:19

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India exports wheat worth Rs 2,590 cr

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 10:42

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Exporters Anxious As Election Results Could Threaten India's Position As World's Topmost Beef Exporter

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 10:44

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Mango ban

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 10:46

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Pharma Exports to US to Remain Unaffected by Import Alerts

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 11:07

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Exports up 5.26% in April, highest growth in 5 mths

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 11:02

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Imports down 15% on contraction in gold, industrial downturn

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 11:04

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Saudi Arabia bans import of chilli pepper from India

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 11:09

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Handling graft in exim trade

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 16:08

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Cotton yarn likely to meet its exports target of $4.70 billion for FY14

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 16:18

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Indian April apparel exports surge 14.33% to $1.3bn - AEPC

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 16:23

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Gold imports down 74% to $1.75 billion in April

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 16:26

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Pharma exports up 10.5% in April

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 09:24

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New government must wrestle with weak output, inflation

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 10:15

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Industrial output again fell in March

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 10:17

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Rupee at sub-60 level is worrisome for exporters: EEPC

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 10:18

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China tops coir imports from India

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 10:25

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Indian rubber imports jump over 80 pct in April

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 10:26

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DGFT drive to sensitise first generation entrepreneurs

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 10:27

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Reserve Bank likely to maintain status quo

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 10:29

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Centre, RBI to ensure rupee holds steady

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 10:43

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EU lifts ban on poultry imports from India

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 10:45

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Government consider e-platform to enable small-scale manufacturers to find overseas buyers

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 10:46

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Maize exports likely to fall 26 percent this year

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 10:30

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WPI inflation eases to 5.2% in April

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 10:32

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Mango exports to US likely to rise by 42% this year

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 10:33

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Modi tsunami creates history:Modi to be new PM

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 00:00

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India looks forward to new PM to revive economic growth

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 10:11

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'New govt to put focus on mfg, infrastructure to support exports'

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 10:13

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India's new government set to inherit wobbly economy

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 10:21

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Indian gold jewellery exports rise again in April

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 09:27

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Foreign trade policy expected after Budget

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 09:29

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Engineering upbeat

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 09:31

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Forex reserves up $1.97 bn to $313.83 bn

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 09:32

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India to resume poultry meat exports to the EU

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 10:51

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RBI steps in to halt rupee rise

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 10:54

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Gold Edges Higher on Speculation India Will Allow More Imports

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 10:56

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RBI allows banks to provide 10-year loans to exporters

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 09:52

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RBI eases gold import norms

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 09:58

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Government exempts barcoding plan for primary packaging of medicines

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 10:00

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New government likely to relook at trade pacts likely to boost manufacturing

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 10:01

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India to double drug regulators;to set up testing labs at ports

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 10:02

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India Reverses Stringent Gold Import Norms Under 80:20 scheme

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 11:29

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Minimum alternate tax withdrawal in plan to revive struggling SEZs

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 11:31

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'Indian food processing sector to grow in double digit'

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 11:40

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Bringing the Economy Back is the 'Real' Challenge

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 11:42

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Govt recommends anti-dumping levy on US, Chinese solar cells

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 09:53

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Assocham for ban on iron ore exports from NMDC

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 09:54

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Govt's plans show progressive mindset: Ficci

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 09:56

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Some relief for taxpayers likely

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 09:57

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Global steel trade to follow 2013 trend

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 09:58

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India’s forex reserves rise by $ 1.094 billion

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 11:09

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History will be made today as Modi takes oath

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 11:11

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Relevant ideas on ministry merging

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 11:13

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India's export share to raise to 4 pc in 5 yrs

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 11:33

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India Q4 CAD dips to 0.2% of GDP

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 11:39

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Modi's Cabinet: Probable portfolios for the Council of Minsters

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 11:44

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Cabinet Portfolios announced

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 11:31

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Arun Jaitley Named India's Finance Minister

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 11:34

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India’s Cotton Yarn Exports to Cross $4.7 billion in 2013-14

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 11:38

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Global gold prices will depend on India’s import policy

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 10:12

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Sitharaman expresses concern over poor manufacturing growth

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 10:14

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FinMin working on new framework for GST

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 10:16

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India among top 10 global markets for Australia

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 10:58

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RBI norms on differentiated banks, licences in next 4 months

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 11:03

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Commerce ministry seeks SEZ tax withdrawal, duty cut for sectors with high export potential

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 11:12

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Marine products exports surpasses USD 5 bn mark last fiscal

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 11:19

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Economy sputters at 4.7% growth

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 11:21

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CII pitches for extending stimulus package in Union Budget

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 11:22

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India's Forex Reserves Plunge $2 Billion to $312.6 Billion

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 10:52

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South Korea May exports fall on China slowdown, holidays

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 10:54

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Focus on RBI policy tone

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 11:00

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India ranks second in global textile exports

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 11:42

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India's coffee exports up 9.32% in Jan-May

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 11:46

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RBI likely to sustain hawkish stance to curb inflation!

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 11:51

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Index on factory output shows growth in May

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 11:55

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Sugar surplus to maintain export momentum

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 10:31

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RBI cuts SLR by 50 bps to release ₹ 40,000 cr

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 10:38

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Exporters appeal for zero excise duty for man-made fibres

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 11:10

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Finance minister Arun Jaitley plans 2-5% cut in gold import duty in Budget

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 11:13

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India’s Flawed Services Export Strategy

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 11:16

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India's exports may touch USD 360 bn this fiscal: FIEO

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 10:16

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Booster dose likely for export promotion schemes

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 10:36

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Five takeaways from the RBI policy

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 10:44

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India's soymeal exports sink

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 10:10

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US imports from India hit a new all-time high

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 10:12

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Trade policy likely to hike incentives under export promotion schemes

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 10:15

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Paradip Port Trust registers 20% growth

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 10:20

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Strengthen exports, not just rupee

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 12:12

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China’s exports rise 7% in May, imports fall

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 12:14

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Forex reserves down by USD 274 mn

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 12:15

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Cotton Area in India Climbing for 1st Time in 3 Years

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 12:33

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China tops Dubai's Q1 trading partners list, India second

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 12:36

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ASSOCHAM urged commerce minister to restore the policy for SEZs to its original form

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 12:39

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Thailand emerging threat to car exports from India

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 12:48

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Ban on exports is wrong, says Indian Pharmaceutical Dealer's Association

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 10:53

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Raghuram Rajan’s rupee backed by exporters as swings drop

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 10:55

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Expectations from Jaitley tenure

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 11:05

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India's exports up 12.4% to $28bn; trade deficit at $11.23bn in May

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 11:15

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India’s apparel exports set to cross $ 17 b mark in FY15

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 11:23

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India needs to rationalise gold import duty: Trade Secy

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 11:32

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Engineering, refinery products push exports 12%

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 11:34

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IIP rises 3.4% after two months of contraction

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 11:12

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Exporters expect beginning of a good and lasting period

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 11:16

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PM wants IFS to help boost exports

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 11:20

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Theme for rupee still remains gradual depreciation

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 India’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 11:11

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Pipavav Port leads marine exports volumes among ports; VPT earns highest revenue

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 11:45

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India corn exports pick up, but still set for annual drop

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 11:46

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Indian miners seek removal of export duty on iron ore and pellets

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 11:49

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Govt reviewing SEZ, FTA regulations, Companies Act: commerce minister

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 11:18

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Forex reserves up by $203 mn

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 11:28

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Marginal Fall in Services Exports in April

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 11:35

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Govt hikes import tariff value on gold, silver

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 10:54

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Veg Oil imports up 13% in May

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 10:57

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Wholesale inflation at 5-month high

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 11:08

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Gold jewellery exports in FY15 seen jumping by a quarter

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 11:01

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India reintroduces onion export price to help curb inflation

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 11:05

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Rlys' freight volume grows 5%

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 11:08

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Texprocil Study Finds Robust Figures For Cotton Yarn Export From India, Outlook Bright

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 11:19

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Safeguard duty on finished rubber products sought

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 11:23

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How Iraq unrest can impact you?

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 11:26

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Railway hikes passenger fares by 14.2% and freight rates by 6.5%

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 12:24

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India's energy imports may rise to $230 billion by FY23: Goldman

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 12:28

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India's Polished Diamond Exports -8% in May

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 12:37

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India’s forex reserves rise by $ 950.9 million to $ 313.537 billion

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 11:04

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Railway fare hike: India Inc expects better services

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 11:05

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Basmati rice exports up by Rs 10,000 crore

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 11:07

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Govt plans 'green card' for exporters

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 11:11

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Dates of First Rail a& Union Budget by Modi Government announced

‘Union Budget on 10th July 2014, Rail Budget on 8th July 2014′ government has announced yesterday

Tue, Jun 24 2014 11:59

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India to raise import duty on sugar, promote exports

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 12:04

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Textile exports target set at $50 b

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 12:05

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Govt may cut taxes on gold shipments, lift import curbs

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 12:07

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India's beef exports rise 31% in 2013-14

Beef has become an important foreign exchange earner for India among the agriculture commodity exports after basmati rice,

Wed, Jun 25 2014 07:55

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India–Bangladesh trade can double to USD 10 billion by 2018: CII

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 07:56

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Decade on, gems-jewellery park at Ichhapore has no takers

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 07:58

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Govt extends excise duty concession on Motor Car and Capital Goods

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 07:31

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Govt moots single-window clearance for coal, steel, power

The government is working to install a single-window mechanism for faster regulatory clearances for coal, steel and power production.

Thu, Jun 26 2014 07:32

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PTA users seek removal of anti-dumping duty

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 07:34

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FM says steps needed to revive high growth

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 07:35

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Govt extends excise duty concession on Motor Car and Capital Goods

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 07:43

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Indian export may touch $360 b this year

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 10:33

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Govt fixes potato MEP at $450/tonne

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 10:39

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KIOCL for withdrawal of export duty on pellets

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 10:41

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India seeks easier norms for entry of its goods in China

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 10:58

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Forex reserves rise by USD 1.38 billion

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 11:00

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India Inc's biz confidence up post new govt formation: CII

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 11:01

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Gold imports highest in 13 months

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 10:39

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Steelmakers, miners face-off over pellet exports

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 10:41

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Govt extends deadline for pharma barcodes

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 10:43

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Engineering exports to Iraq plunge 54 per cent

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 10:46

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Granite exports cross Rs.12,000 crore

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 10:47

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Arun Jaitley’s budget unlikely to unveil populist schemes

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 10:51

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India raises minimum export price of onions by 67 percent

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 13:31

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Exports, manufacturing require Budget's focus: FIEO

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 13:36

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Indian pharmaceutical industry asks govt to incentivise innovation

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 13:39

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Government to extend benefits of SEZ, NIMZ to industrial parks

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 13:42

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Govt to make procedures more simpler for exporters: DGFT

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 11:06

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Foreign Trade Policy to offer more incentives

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 11:07

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Coffee exports dip 2.6%

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 11:09

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‘Protection only to the deserved ones and not to the inefficient ones.’ Pankaj Kumar, DG of SPIPA

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 11:25

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Cotton yarn exports in reverse gear

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 10:48

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India heavily dependent on drug imports from China: Study

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 10:56

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Export sops will be selective, says DGFT

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 11:00

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Narendra Modi’s First Union Budget: Will India Get to See ‘Acche Din’ Now?

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 13:56

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June coal imports highest in 2014 as prices fall

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 13:59

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Govt lifts quantitative ceiling on organic sugar exports

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 14:01

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Highlights of Indian Railway Budget 2014

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 11:13

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India exports 17.5 lakh tonne sugar from Oct-March

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 11:25

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India's iron ore exports decline 41 per cent in Q1

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 11:27

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Budget 2014 today; FM may unveil reforms, incentives

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 10:20

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Economic Survey : strong steps to contain fiscal deficit

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 10:22

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Increase share in merchandise exports to 4% in 5 years

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 10:23

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HIGHLIGHTS-India's Modi focuses on growth, deficit in first budget

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 10:17

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Expert views: Jaitley sticks to fiscal deficit target of 4.1 pct

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 10:18

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Govt to set up export mission, extend 24x7 customs clearance'

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 10:20

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Exporters hails Budget – 2014

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 10:14

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Major implications of the Budget 2014 on India's Foreign Trade

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 10:16

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IIP growth in May highest in 19 months

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 10:17

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SEZ package in works to push exports

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 10:29

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Forex reserves up by $ 614.6 m to $ 316.393 bn

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 10:30

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Anti-dumping duty on solar gear unlikely to reduce imports

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 10:31

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Inflation eases to 4-month low of 5.43 pc in June

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 09:46

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Apparel exporters seeks expeditious finalisation of India-EU FTA

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 09:47

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Budget facilitates dip in transaction cost for exporters

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 09:49

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US Commerce Dept imposes Countervailing Duty on India's exports of hot rolled carbon steel flat products

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 00:00

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India's services export in May up 9% at $13.9 billion

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 11:03

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Govt mulls temporary ban on onion export

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 11:05

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India's exports rise by 10.22 percent in June

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 10:41

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Engineering exports jump on higher US orders

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 10:43

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Surging gold imports drive up June trade deficit to 11-month high

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 10:44

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China’s economy grows 7.5 per cent in Q2

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 10:59

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Centre may ban onion exports to curb price rise

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 11:04

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WB pitches for doubling of exports from state

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 11:07

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Better coordination needed on duty payback scheme: CAG

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 10:58

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India coal demand set to rise 6% in FY15, lifting imports

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 10:59

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Forex reserves up $643 mn to $317 bn

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 11:15

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India's Pig Iron exports surged 35% during Jan-Apr '14

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 11:16

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India's olive oil imports drop 10 percent in 2013-14

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 11:18

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India's Silver imports fell sharply in June 2014

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 10:28

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India's economy to be Asia's biggest turnaround story: Nomura

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 10:29

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Finance minister asks tax officials to collect 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 10:31

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Indirect taxes taking sheen off gold and silver imports

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 10:41

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Minister calls for simple tax structure to promote greater tax compliance

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 10:46

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Govt to debate special laws for SEZs

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 10:50

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Canada to meet India’s demand for pulses

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 11:05

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Government plans to import onions to prevent further spike in prices

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 11:07

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Mandatory 51% export norm may impact some SEZ units

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 11:08

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Indirect tax collections grow 13.5% in June

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 10:24

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India's percentage share of the trade to the world trade for the year 2013 is 2.07%

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 10:25

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Govt. okays 49 pc FDI in insurance

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 10:27

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India sticks to its tough stand on WTO's TFA

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 10:25

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Government will not raise import duty on sugar: Nirmala Sitharaman

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 10:27

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Indian textiles export target fixed at $45bn for 2014-15

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 10:29

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Forex reserves up $163 mn to $318 bn

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 10:31

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Cross-border e-commerce taking giant strides

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 10:33

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Textile Policy Aims to Create 35 Million Jobs, $300 Billion Exports

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 11:20

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KV Chowdary tipped to be new CBDT chief

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 11:22

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Commerce Ministry brings export of medical devices, pharma machinery under EEPC

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 11:25

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Minister gives details of schemes available for agri exporters

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 10:51

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India iron-ore exports may drop for 5th year; imports to climb

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 10:55

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SEZ loses business to DTA on unfavourable gold import policy

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 10:56

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India's export buoyancy mainly on sustained Auto, Pharma push

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 10:43

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Core sector growth jumps to 9-month high

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 10:45

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Small IT units seek tax benefits

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 10:46

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Coffee exports up 1.5% in 10 months of crop year

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 12:10

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Manufacturing PMI rises to 17-month high in July

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 12:11

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Gold imports touched record low in July

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 12:13

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Foreign trade policy for 2014-19 likely to be announced by month-end

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 10:33

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India: Non-compliance with EU affects fruit exports

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 10:35

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Manufacturing pesticide for export, export norms to be relaxed

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 10:38

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RBI keeps repo rate & CRR unaltered Reduces SLR

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 10:41

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India agri export stuck on global oversupply

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 10:47

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UAE remains the top destination for India’s electronics exports

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 10:51

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India looks to boost exports to Russia

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 10:52

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India and Nepal: A burgeoning friendship

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 10:54

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Gold jewellery imports up 10 p.c. in April-June

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 10:56

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India’s July natural rubber imports rise 14.8% year-on-year

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 11:44

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Russia bans food imports from EU, US

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 11:47

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New national textiles policy on the anvil

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 11:51

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AP Govt to e-auction red sanders

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 08:59

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FM to ask officials to make plan for meeting tax targets

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 09:01

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India takes in 46% more Iran oil in Jan-July

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 09:02

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India's forex reserves down USD 5 mn

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 11:13

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India extends export benefits to rupee trade with Iran

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 11:21

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Several SEZs failed to start operations due to various reasons: Sitharaman

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 11:24

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India’s exports to US, EU to rise over next three years: Crisil

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 11:04

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Govt in favour of trade facilitation: FM

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 11:09

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Indirect tax target challenging but achievable, says Jaitley

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 11:14

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Wheat and rice exports may fall 15% this year

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 10:32

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Engineering Exports Grow in India

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 10:37

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Vegoil imports jump 25% in July on record soya oil buy

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 10:41

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Government cuts minimum export price of onion to $350/tonne

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 11:36

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GST: Centre, states remove stumbling blocks, but differences still persist

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 00:00

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Exports Projected to Touch $750 Billion By 2018-19

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 10:40

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China imposes anti-dumping duty on India’s TBHQ exports

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 10:44

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India raises sugar import duty to 25 pct from 15 pct to help mills

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 10:46

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Forex reserves recover by $ 43 m to $ 319.390 bn

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 10:56

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Govt to revive export interest subsidy

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 10:58

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Texprocil urges govt to extend higher export benefits

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 11:00

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Surat to have India's first diamond SEZ soon

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 13:20

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No policy can remain relevant always: President

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 13:23

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Govt might exempt duty on solar import

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 13:25

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India imports 425 tonnes of onion from Egypt

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 15:52

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New MSME policy in 3-4 months: Kalraj Mishra

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 15:54

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India's jeera exports up 15% during April-July

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 15:56

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Subvented loan scheme for sugar industry to end this season

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 12:10

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CBDT sets up high-level committee to decide retro tax cases

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 12:12

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China’s cotton policy hurts Indian spinners

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 12:16

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Pharma players gear up to cash in on overseas opportunities

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 13:45

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Forex reserves down by $810.7 million

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 13:47

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Soyameal exports seen plummeting to decade-low

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 13:48

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I-T dept's anti-evasion drive: Notices going to 22 lakh non-filers

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 15:13

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Govt more confident of achieving fiscal deficit target: FM Arun Jaitley

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 15:15

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New textile policy to be announced soon: Santosh Kumar Gangawar

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 08:56

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New textile policy to be announced soon: Santosh Kumar Gangawar

The Union government would soon come out with a national textile policy, Minister of State for Textiles Santosh Kumar Gangwar

Tue, Sep 02 2014 08:58

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Special team in PMO will fast-track Japanese investment: PM

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 08:59

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Core sector growth fell in July

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 09:01

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India-Japan Cepa review stuck over drug exports

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 09:48

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ComMin plans smartphone 'apps' for exporters, importers

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 09:50

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Current account deficit narrows

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 09:51

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Centre notifies new defence export strategy

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 10:53

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India's oilmeal exports drop 36% in Apr-Aug

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 10:58

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Indian engineering exports to Iran, Turkey, Jordan see big jump: Report

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 11:03

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New highways to economic growth

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 11:11

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Govt taking measures to boost fish exports

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 10:54

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New FTP may hold up tax sops for exporters

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 10:56

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Forex Reserves Up By USD 60.5 Million to USD 318.64 Billion

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 11:01

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India's Foreign Trade (Merchandise): August, 2014

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 12:07

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Forex reserves down USD 1.61 bn

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 12:09

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Indian pharmaceutical exports to cross Rs 1 lakh crore mark

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 12:10

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FIEO for easier procedures in new foreign trade policy

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 10:32

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Indian Exporters Eyeing Bigger Share of Jordan Markets

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 10:37

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PMO asks commerce ministry to cut unnecessary imports

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 10:43

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Govt aims to enhance mfg of electronic goods to cut imports

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 09:31

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Exports made easy: Committee suggests three mandatory documents for cross-border transactions

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 09:33

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India’s rice output, exports to rise on monsoon revival

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 09:36

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India’s textile exports set to shoot up, says CITI

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 10:21

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India's plastics exports set to touch USD 15 billion by FY 19

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 10:26

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Rising global demand pushes up spice exports

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 10:34

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India eyes trade pact with Eurasia customs union

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 10:36

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Need to break back of inflation: Rajan

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 10:39

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US a vital partner in India's national development: PM

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 10:43

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Coal Imports To Jump 60-65 MT/yr After SC Order

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 09:33

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Sports goods no match for Chinese imports

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 09:35

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Industry leaders upbeat on 'Make in India' initiative

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 09:37

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India’s apparel exports surge 17.9% in April-August 2014

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 10:44

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New food standard rules hit importers

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 10:49

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Net direct tax collection at Rs 2.60 lakh cr

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 10:52

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State elections to delay FTP

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 10:58

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'India's Software Technology Exports Rising 8 to 10 Percent Yearly

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 10:30

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Government working towards reducing transaction cost for exports

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 10:34

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Textiles, apparel exports to rise by 10 per cent in current year

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 10:40

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Indian govt denies request for iron export tax cuts

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 10:19

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RBI keeps key interest rates unchanged

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 10:28

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August core sector output rises to 5.8%

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 10:30

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Delay in New FTP Worries Exporters

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 10:35

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India’s gold imports may go up to 75 tonnes per month

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 10:38

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DGFT seeks paring of textile sector incentives

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 10:39

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No need for Fin Min nod to import currency paper: DGFT

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 10:41

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Exports to get boost with new foreign trade policy

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 10:33

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Core Sector grows by 5.8% in August

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 10:37

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Possession and sale of fireworks of foreign origin in India is illegal

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 10:39

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Government allows duty-free imports of pulses until March next year

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 11:16

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Natural rubber imports into India may cross $1,100 million mark by end of this fiscal

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 11:18

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Forex reserves down USD 2.43 bn in September

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 11:20

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Engineering exports grow 24%

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 10:13

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Weak global prices to bring down Indian dairy exports this fiscal

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 10:15

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Tirupur exporters look to synthetic garments for growth

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 10:17

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April-Sept gross direct tax mop-up rises 15%

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 11:14

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New monetary policy framework by Dec

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 11:21

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New foreign trade policy likely to be announced on Oct 20

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 11:24

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China syndrome hits exports

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 10:07

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Government may widen SFIS scope to enable exporters trade tax incentives

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 10:13

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India Is Seen in Need of Record Vegetable Oil Imports

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 10:18

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India’s cotton yarn export registration below 100 million kg for fifth month

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 10:30

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Govt Mulls Exempting Organic Processed Food From Export Ban

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 10:33

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Govt plans diamond hub in Mumbai

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 10:36

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India: Quarantine approval mandatory for fruits, veggies before export

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 11:18

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Industrial output grows at 0.4 pc in August

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 11:21

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Forex reserves fall by USD 2.75 bn

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 11:24

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India to boost ex-im trade with easier Customs norms

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 10:57

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Centre to set inflation targets for RBI

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 11:00

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Govt to set up Rs. 1 lakh cr petro SEZ in Bina, MP

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 11:02

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Raw cashew price hurts exports

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 11:27

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India to soon become UAE's top export,import destination

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 11:36

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Govt may impose safeguard tax to check Chinese imports: DIPP

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 11:40

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Exports grow by 2.73% in Sept; trade deficit at 18-month high

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 11:48

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Services Exports Flat at $12.24 Billion in August

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 11:50

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Sept wholesale inflation eases to five-year low

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 11:52

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India eyes greater share of Turkey’s market for engineering exports

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 12:07

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INDIAN HANDICRAFTS EXPORTERS SHOULD EXPLORE CHINA, CIS MARKETS FOR GROWTH

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 00:00

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India makes pitch for Chinese investments in SEZs

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 12:12

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Govt to import potatoes to check soaring prices

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 09:35

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Arvind Subramanian is India’s new chief economic adviser

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 09:37

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India’s rice exports may rise 8.5% to 11 mt this year

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 09:39

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Govt plans to revamp SME, SEZ tax regime

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 14:30

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INDIA’S SPICES EXPORTS LIKELY TO REACH A RECORD HIGH IN FY2014-15

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 14:32

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DIPP bans illegal import and sale of imported fireworks

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 14:34

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India's Foreign Trade (MERCHANDISE): September, 2014

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 11:17

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India's forex reserves up USD 1.30 bn

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 11:28

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India set to become $2 tn economy: IMF

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 11:32

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Auto industry seeks government support to increase exports

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 12:00

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Centre closer to finding a solution on GST, Nirmala Sitharaman

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 12:02

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Govt streamlines Procedure for grant of Industrial Licences

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 12:04

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'Engineering Exports to EU May Get Impacted in Next Months'

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 10:26

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Revised GST Bill in Winter Session: Jaitley

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 10:29

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Reserve bank of India will not change gold import rules

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 10:31

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Surat powerloom mega cluster to boost exports, says PDEXCIL

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 07:51

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India’s Oilmeals Exports Down 43 Per Cent

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 07:52

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