Page 13 - Exports

India should keep lid on wheat exports to replenish local stocks: Millers

India should keep lid on wheat exports to replenish local stocks, flour millers say

Export of tyres expected to rise by 15% in FY23, says ATMA Chairman

Export of tyres from India is expected to rise by 15 per cent in the ongoing fiscal, Automotive Tyre Manufacturers' Association Chairman Satish Sharma said on Tuesday. Fast integration with global supply chains helped by the globally aligned regulatory environment in the country has led to an increase in the addressable market for Indian manufactured tyres, he said. "Tyre exports from India went up by 50 per cent last year and we are likely to close the ongoing financial year with nearly 15 per cent growth," Automotive Tyre Manufacturers' Association (ATMA) said in a statement quoting Sharma. He was speaking at the ATMA Partners' Summit 2023. ATMA, citing Ministry of Commerce data, said tyre exports from India during the April-December period of FY23 went up by 15 per cent at Rs 17,816 crore as against Rs 15,507 crore in the year-ago period. What has helped the Indian tyre industry maintain growth momentum, both domestically and in the export markets, is the "consistent support by

Goods and services exports may cross $750 bn-mark this fiscal: Piyush Goyal

India's goods and services exports are expected to cross USD 750 billion this fiscal despite the global economic uncertainties, Commerce and Industry Minister Piyush Goyal said on Saturday. In 2021-22, the country's goods and services exports touched an all-time high of USD 422 billion and USD 254 billion respectively, taking the total shipments to USD 676 billion. Last year we crossed a record USD 650 billion of goods and services (exports). This year, we are aiming for an even bigger recordWe have crossed last year's figure alreadyWe will hopefully cross USD 750 billion (this year), he said while speaking at the Raisina Dialogue here. Due to the global demand slowdown, India's exports contracted for the second consecutive month in January, dipping by 6.6 per cent to USD 32.91 billion. During April-January this fiscal, goods shipments rose by 8.5 per cent to USD 369.25 billion, while services exports were estimated at USD 272 billion in the period. The minister said that sectors

India's wheat output dented by heatwave, could limit govt stock building

The reduction in production amid a drop in inventories to the lowest level in 6 years may force the world's second biggest producer of the grain to allow imports after banning exports last year

US expands crackdown on China with export restrictions on Inspur, BGI

The Commerce Department added a number of companies to the so-called Entity List for acquiring and attempting to acquire US-origin items in support of China's military modernization efforts

Feb manufacturing PMI falls to four-month low amid rising borrowing costs

The manufacturing sector shrank 1.1% in the quarter year-on-year, the second straight contraction reflecting a weakness in exports

Apparel sector to contribute in taking exports to $1 trn by 2030: AEPC

The labour intensive apparel sector will contribute significantly in taking the country's merchandise exports to USD one trillion by 2030, AEPC said on Thursday. The Apparel Export Promotion Council (AEPC) said that the incentives in the Budget will help the apparel industry focus on market and product diversification. The council chairman Naren Goenka said that providing an ease-of-doing-export environment would enhance the sector's competitiveness. "The government's key initiatives such as trade agreement with Australia and the UAE and increase in funds will help us to focus on market diversification and product diversification," he said. AEPC promoted global reach of Indian apparel exports to more than 25 export destinations through its export promotion activities in 2022-23. "As we look forward to the 46th year of this council, I can say with confidence that, in the coming years, we will be able to support the government's efforts to make India a USD 2 trillion (USD 1 trillion

Goods and services exports may reach $1 trillion each by 2030: Piyush Goyal

India's goods and services exports are growing at a healthy rate and are expected to be around USD 1 trillion each by 2030, Commerce and Industry Minister Piyush Goyal said on Tuesday. The country's merchandise and services exports touched an all-time high of USD 422 billion and USD 254 billion, respectively, in 2021-22. "My own estimates seem to suggest that we will converge (goods and services exports) by 2030...seven years from now at about USD 1 trillion of goods and USD 1 trillion of services (exports). "That is the trajectory I can see which will mean merchandise doing 8- 9.5 per cent and services doing anywhere between 16-17 per cent, Goyal said here at an event. The services sector, driven by the IT industry, has created a potential not only in terms of jobs, giving value to talent, but also providing India with an opportunity to showcase to the world its strengths, he added. He also said that every country wants to invest in India because of its startup ecosystem. "The w

Economic activity cools down in Jan amid slowdown fears, exports fell 6.58%

The Reserve Bank of India, which has raised borrowing costs six times since May to 6.50%, is seen increasing interest rates again in its April review amid inflation topping estimates

Global majors finally return to Tiruppur after a long dry spell

Weave revival story as knitwear exports rise 11.6% in rupee terms

Exports: As services catch up with goods, should India's focus shift?

The country would need push forward on both for medium-term sustainability, say economists

Apple takes a bigger bite of India's smartphone exports pie: ICEA

Rs 30K-cr worth of iPhones, which is 40% of total exports, shipped out in first 10 months of FY23

India's seafood exports to reach all-time high of $8 bn despite hurdles

Country's seafood exports are likely to reach an all-time high of $ 8 billion in FY 2022-23 despite three years of a sluggish global market caused by the pandemic, logistical hurdles

Russia plans caps on crude oil discounts to as low as $25 per barrel

Proposal: Discount of $34 in April, $31 in May, $28 in June and $25 in July'

ABB steps up focus on manufacturing amid revival in the capex cycle

Plan is to increase number of factories in country; position India as global hub for exports

ICEA to help UP become a global IT and electronics manufacturing hub

The India Cellular and Electronics Association (ICEA) signed a MoU with the UP govt to facilitate investments as the electronics manufacturing and skill hub to cater to domestic demand and exports

Pak minister urges export-oriented policies to accelerate economic growth

Minister for Planning, Development and Special Initiatives Ahsan Iqbal made the remarks during a roundtable with the country's exporters to review the progress of the exports and issues being faced

Budget 2023: Allocation to schemes for boosting exports increased

Allocation for the commerce department's key Remission of Duties and Taxes on Export Products (RoDTEP) scheme has been increased by 10 per cent

Schemes for MSMEs in Budget 2023 to help boost exports, says AEPC

Various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country's exports, AEPC said on Thursday. Finance Minister Nirmala Sitharaman in her Budget speech said a revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that the focus on infrastructure, investment, green growth, youth power and inclusive development will boost India's journey to be the fastest-growing robust economy. The announcement to cover more sectors under the PLI scheme and support to the MSME sector will help thrust exports and investment in the country. Rs 9,000-crore corpus for a revamped credit guarantee scheme will surely alleviate the stress of small and medium enterprises in India, he said. As desired by exporters, the increased allocation for the interest equalization (subsidy) scheme from Rs 2,376 crore

Budget 2023-24: Customs duty rejig to boost domestic manufacturing

As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys