Page 2 - Export Norms

US biggest export destination for Indian smartphones in Apr-Jul: Govt data

India exported smartphones worth USD 4.67 billion in April-July this fiscal, following a multifold jump in shipments to the US, which emerged as the biggest destination for India-made devices, according to government data. The smartphone exports to the US jumped multiple times to USD 1.67 billion during the first four months of this fiscal against USD 284.6 million a year ago, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms. The US was followed by the UAE (USD 836.36 million), the Netherlands (USD 379.3 million), the UK (USD 336.27 million), Italy (USD 245.7 million), and the Czech Republic (USD 230.25 million). Overall India's export of smartphones in 2022-23 was USD 10.95 billion. During April-July 2023-24, smartphone exports soared by 99.52 per cent over April-July 2022-23. Prior to 2022-23, the smartphone exports were non-existent, so the data was not captured. After the announcement of the Product Linked Incentives (PLI) sche

India's export of cut, polished diamonds may fall by 22% in FY24: ICRA

India's export of cut and polished diamonds is projected to decline by 22 per cent to USD 17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31 per cent following lower export volumes and higher polished diamond prices, it said. Export of cut and polished diamonds has been on a declining trend since the first half of 2022-23, it added. "The export contraction is primarily being driven by weak underlying demand conditions in key consuming nations like the US and Europe due to the inflationary pressures, leading to a shift in spending away from diamonds," Icra Vice President and Sector Head Sakshi Suneja said in a statement. The demand from China, which accounts for 10-15 per cent of the global demand, has also not picked up meaningfully so far, she said. In addition, competition from lab-gr

Empowering MSMEs for export success

Through reforms and e-commerce innovation, India must supercharge its MSMEs

Last date for export of broken rice in transit extended till October 15

The government has again extended the last date for export of broken rice in transit by 15 days till October 15. It banned export of broken rice on September 8 but allowed shipments of certain consignments during September 9-15. On September 20, the date was extended till September 30. "Export of consignments of broken rice...as permissible under notification dated September 8 has beenextended till October 15, 2022," the Directorate General of Foreign Trade said in a notification.

Centre considering 100% WFH across all SEZ units, says Piyush Goyal

The move is expected to create employment opportunities in small cities and increase the export of services

Centre proposes amendment in export policy for certain types of drones

The Centre has proposed an amendment in its export policy for certain types of drones and unmanned aerial vehicles (UAVs), dropping the requirement to receive authorisation

Top Headlines: GST e-invoicing for firms, corporate earnings in FY23 & more

The central government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, a government official said. Read more on this in our top headlines

India feels the heat as investors face brutal emerging markets selloff

The government raised import taxes on gold, while increasing levies on exports of gasoline and diesel in an attempt to control a fast-widening current account gap.

Nifty Metal index crashes 16% in May, sees sharpest fall since March 2020

Fall comes on the back of the govt's decision to impose export duty on steel in a bid to cool off domestic prices

Govt removes export curbs on Remdesivir, active pharmaceutical ingredients

The Centre has also removed similar curbs for exports of organic LEDs (Light Emitting Diodes) and liquid crystals

Govt may consider effect on industries before imposing duties

In her Budget speech, the finance minister said, "MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices

Exporters left in cold over flawed RoDTEP scheme

The main objective of RoDTEP is to refund the duties and taxes that are not rebated or exempted through schemes for duty drawback, advance authorisation, EOU etc

Tech-sharing deals put Indian start-ups in fix with China's new controls

Beijing has added 23 technologies to its list of regulated exports; move could affect start-ups that have IP co-creation as part of investment deal with Chinese VC investors, say experts

Govt tightens export ban on anti-malarial drug amid coronavirus outbreak

On March 25, the government banned export of anti-malarial drug hydroxychloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market.

RBI increases WMA limit of states, UTs by 30%, relaxes export rules

The central bank also said banks don't need to activate countercyclical capital buffers (CCyB) for one more year, which means the banks can utilize the capital earmarked for the buffer

No duty, if EOU destroys goods within or outside EOU, says expert

If the authorisation is issued under notification 21/2015-Cus dated April 1, 2015, you cannot get IGST exemption

Pushing exports may've caught PM's attention

In his I-Day speech, the Prime Minister suggested that farmers should be exporters and that each of our districts must become an export hub for its specialty

Jewellery exporters may be covered under credit insurance benefit

P N Prasad, deputy managing director of SBI, said that ECG insurance would be re-started in a month

Govt relaxes export norms for select goods used in jewellery making

But these exports are not allowed from special economic zones