The finance ministry excluded developing countries from the safeguard duties other than China and Vietnam
Govt nudges industry stakeholders to raise imports from Washington
India and the UK are trying to speed up discussions on the trade agreement amid fast-changing geopolitical landscape and America's protectionist trade policies
This will be the first in-person meeting between the officials from India and the US since the finalisation and signing of the terms of reference of the proposed trade deal in March
With the appointment of four new secretaries, the Finance Ministry has, in recent months, witnessed an unusually high frequency of changes at the top bureaucratic level
Govt raises duty drawback rates for gold and silver jewellery
Chinese imports rose by 11.5 per cent to $113.45 billion, while outbound shipments to the neighbouring country saw 14.5 per cent contraction to $14.2 billion
Imports witnessed 11 per cent growth year-on-year at $63.51 billion
India is also looking at non-tariff barriers as well as tariff barriers in the agreement
Exporters say production and shipping products in three months remain a challenge for tailor-made products
These sectoral engagements under the proposed Bilateral Trade Agreement (BTA) framework between both nations will begin virtually this week
As far as reforms are concerned, the report said that India's current trade system is still geared towards large, traditional exporters and not small online sellers
Both nations may pursue interim trade pact within 90 days
In February, Prime Minister Narendra Modi and American President Donald Trump had announced the intention to finalise the first phase of a mutually beneficial BTA by the end of 2025
Industry players have adopted a 'wait-and-watch' mode
Goyal advised Indian industry and exporters not to route outbound shipments to the United States (US) through countries with lower reciprocal tariffs imposed by Washington
The contraction will be led by a drop in exports of fish and crustaceans, which may fall by a fifth
This is because the United States (US) has imposed higher reciprocal tariffs on these countries as compared to the 26 per cent tariff it plans to impose on India
The move is set to give much-needed clarity to companies in the tobacco sector that have been seeking clarification regarding the issuance of bonus shares, experts said
"We still expect growth to be in the range of 6.3-6.8 per cent as projected earlier, though it may be closer to the lower end of the band," a government official said