Page 11 - Exports

Exports from Rajasthan surge by Rs 31,000 cr to Rs 77,771 cr in FY23

Exports from Rajasthan have increased by around Rs 31,000 crore in the last six fiscal years to Rs 77,771 crore in 2022-23. According to an official statement, shipments from Rajasthan were Rs 46,476 crore in 2017-18, which increased to more than Rs 77,771 crore in last fiscal year. Exports were Rs 51,178.41 crore in 2018-19 ; Rs 49,946.10 crore in 2019-20; Rs 52,764.31 crore in 2020-21; Rs 71,999 crore in 2021-22 and Rs 77,771.37 crore in 2022-23. The successful implementation of industrial policies, export promotion programmes and campaigns of the state government have given impetus to exporters and exports, the statement said. The state government's 'Export Promotion Process and Documentation Training Program Scheme' has contributed significantly in the increase in exports. Started in 2012, under this scheme, entrepreneurs who wish to make a career in the export sector are given information about export process and documents and world markets in training programmes. The statem

Centre withdraws draft live animal export Bill amidst stiff opposition

The Bill had drawn strong objections from animal rights activists, right-wing groups and Jain religious leaders

India's economic activity is humming along even with still-high rates

The needle on a dial measuring the so-called Animal Spirits stayed at six for a second month even as some indicators such as exports and tax collections showed signs of weakness

Top headlines: Byju's sacks staff, Zee Ent terms Sebi's order unjustified

Business Standard brings you the top headlines at this hour

Pakistan loses $7.15 billion due to shrinking exports, remittances

Pakistan has lost $7.15 billion on account of shrinking exports and remittances during the first 11 months of the Financial Year (FY)-23, Dawn reported.

Need sectoral strategies to enhance export competitiveness: IIPMB Director

There is a need to develop sectoral strategies for enhancing export competitiveness, especially for electronics, engineering, pharmaceutical, and high-tech industries with a view to increase India's outbound shipments to USD 2 trillion by 2030, a trade expert said on Tuesday. To achieve the target of USD 2 trillion in services and goods exports by 2030, India requires an export growth of 14.5 per cent per annum. "Competitiveness across the exports value chain is the key to India's exports growth and its sustainability. In addition to generalised strategies, India needs to evolve sectoral strategies for export competitiveness, especially for engineering goods, pharmaceutical, electronics, and high-tech industries," Indian Institute of Plantation Management Bengaluru (IIPMB) Director Rakesh Mohan Joshi said. Sectors like polished diamonds, jewellery, passenger cars, telecommunication equipment would help in increasing the shipments. In terms of countries, tremendous unexplored potent

UK puts export bar on Tipu Sultan's Flintlock gun valued at 2 mn pounds

An 18th-century gun made for Mysuru ruler Tipu Sultan and valued at 2 million pounds has had its export barred to allow time for a buyer to come forward to keep it in UK for public study and education

Share of Russia's grain exports settled in rubles to reach 30%: Official

Russia is also negotiating with importing countries on the creation of grain hubs in them, and on the creation of joint ventures in Russia for grain processing

Underwhelming performance

Without economic integration, trade strategy will not work

CHATROOM: Exports on CIF terms attract IGST on CIF value, says expert

The Commerce Ministry introduced Para 2.43 on "merchanting trade" in the recently released Foreign Trade Policy 2023

India's April merchandise and services trade deficit at 21-month low

April merchandise exports were $34.66 billion, down from $38.38 billion in March, while imports fell to $49.90 billion from $58.11 billion, data showed

Blue Star targeting to double exports within 3 years, says top official

Blue Star Ltd is targeting to double its exports within three years as the company looks to expand its international footprint. Blue Star Managing Director B Thiagarajan said the company's exports are worth around Rs 800 crore at present and would like to double these within three years. According to Thiagarajan, the company is going to expand its international footprint. "We were only in the Middle East (earlier). This year, we have opened an office in the US, Japan, and Europe. So, we want to enter these markets," he said. "You know China plus one strategy. People want to look at India other than China. Under that, we are exploring these markets. Today, we do exports of around Rs 800 crore, we would like to double it within three years," Thiagarajan told PTI here. The AC market in the US and Europe is very big compared with India, he noted. This year, the company has also bagged a "major order from Bengaluru metro, worth more than Rs 500 crore", he added. On the company's plan

EU imports high-tech products worth euro 482 bn from extra-EU nations

In 2022, the EU imported Euro 482 billion worth of high-tech products from extra-EU countries (+22 per cent compared with 2021), according to an estimate published by Eurostat

Easy documentation, role of post offices to boost e-commerce exports

Steps such as increasing awareness, easier documentation, simplified customs processes and standard operating practice for product returns would help in promoting the country's exports through e-commerce medium, according to a report by industry body FISME. The other measures which would help the sector include lowering charges for Export Data Processing and Monitoring System (EDPMS); easier reconciliation of remittances for export receipts from abroad through a reassessment of the current 25 per cent variation between exports and payments; and raising the 9-month limit on receiving payments for exports for e-commerce. Over 90 per cent of e-commerce exporters in India are MSMEs (most of them micro and small enterprises) and, therefore, a strategy for e-commerce exports must focus on MSMEs spread across the nation to sell their products to global markets, FISME said. The FISME and IKDHVAJ Advisers LLP report has flagged a number of issues that need to be looked upon to promote export

India's exports to UAE likely to grow by 60% to $50 billion by 2026-27

Under the free trade agreement domestic exporters in various sectors like textiles, agriculture, dry fruits, gems and jewellery are getting duty-free access to the UAE market

Centre may impose blanket ban on sugar export in the wake of rising prices

Govt plan follows less-than-expected production in 2022-23 season

Get real with targets

The credibility of foreign trade policies will improve if they are not obsessed with setting export targets

Export of engineering goods to US grows by 6.8%, China's falls by 52.4%

The US remains the top destination for India's engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent year-on-year growth to $18.67 billion

Fuel, electronics exports lead India's post-pandemic trade basket rejig

For FY23, merchandise exports grew 6 per cent to $447 billion mainly due to robust growth during the first six months of FY23

Future of exports

India needs to do more to integrate with the world