Page 3 - Exports

28 states, UTs form export strategy to promote outbound shipments: Official

As many as 28 states and Union Territories (UTs) have formulated their export strategy with a view to promoting the country's outbound shipments, an official said on Monday. The official also said all 36 states and UTs have constituted State Export Promotion Committee (SEPC) and District Export Promotion Committee (DEPC). Further, a draft district action plan has been prepared by the regional authorities of the Directorate General of Foreign Trade (DGFT) for 590 districts. Out of this, 249 are formally notified by DEPCs. These plans include a broad strategy for promotion of exports from districts, the official said. The Centre is promoting states to engage in export promotion activities as it would help boost domestic manufacturing and job creation. "State export strategy has been prepared in 28 states/UTs," the official added. These include Uttar Pradesh, Maharashtra, and Karnataka. In the Foreign Trade Policy (FTP) 2023, the DGFT has included the 'Districts As Export Hubs' ...

A glimmer of hope as Beijing processes rare-earth magnet requests

The export restrictions, which took effect on April 4, apply to rare earth magnets, which are critical components in industries ranging from automobiles and electronics to health care and defence

Govt to soon issue new guidelines to promote exports in new markets: Goyal

The government will soon issue new guidelines to promote the country's shipments in new markets and support first-time exporters, Commerce and Industry Minister Piyush Goyal said on Monday. He said that the ministry will partner with districts to promote one district one product (ODOP) goods. "The commerce ministry will soon be coming out with some more guidelines on how we can promote (exports in) new markets, new products and new exporters, first-time exporters," Goyal said while addressing the National One District One Product (ODOP) 2024 Award ceremony here. He said that India is like an oasis in a desert in a tumultuous world and is the fastest-growing large economy in the world today. India will become the third-largest economy in 2027, the minister said, adding, "we have so many diverse products that can take India globally". Citing examples of Wayanad's coffee, Ratnagiri mangoes, and saffron from Pulwama, he said that these represent the wide range of products that can tak

China's exports regain momentum in June as Trump tariff deadline nears

China's rare earths exports rose 32 per cent in June from May, according to customs data, suggesting that recent agreements to ease the flow of these critical metals may be showing results

Nipponply to invest ₹250 crore in expansion, e-commerce, export push

Gujarat-based Nipponply Industries on Friday said it will invest Rs 250 crore over the next three years to ramp up production for exports, develop e-commerce infrastructure, and establish warehousing and design centres. At present, the company is investing Rs 65 crore in panel and furniture manufacturing expansion. "Our future roadmap includes a Rs 250 crore investment over the next three years for export-compliant production, e-commerce infrastructure, warehousing and design centres, and strengthening global partnerships," Nipponply Industries Managing Director Ketan Thakkar said. He said that the furniture sector holds huge potential in both India and other countries, including Europe. The key trends that are shaping the furniture industry in the country include a shift from local carpentry to modular, branded solutions; and growing adoption of wood-veneered plywood over MDF (medium density fibreboard), Thakkar said. "India is already a champion sector in the furniture sector, a

PM Modi holds talks with Namibia President; digi tech, defence in focus

Lula backs India's push to expand Mercosur trade pact

Trade with India should reach $20 bn: Vietnam envoy Nguyen Thanh Hai

Ambassador Nguyen Thanh Hai says India-Vietnam trade has strong growth potential, urges deeper cooperation and highlights VinFast's $2 bn investment in Tamil Nadu

Notification effective from date of its publication in official gazette

The said Section 15(1)(b) says that (relevant extracts), 'the rate of duty applicable to any imported goods, shall be the rate in force, in the case of goods cleared from a warehouse under Section 68

BEML secures $6.23 million export orders from Russia, Uzbekistan

State-owned BEML on Friday said it has secured two export orders worth USD 6.23 million for supply of heavy-duty bulldozers and motor graders to Russia and Uzbekistan. The company has secured two distinct orders, including one from a CIS nation for the supply of 10 units of its heavy-duty bulldozers, specially engineered to perform in extreme cold climates with temperatures plunging as low as -50C. The second, maiden-order from Uzbekistan, includes the supply of one unit of the high-performance motor grader, essential for infrastructure development and road maintenance within mining operations. With Uzbekistan becoming the 73rd nation to be added to BEML's global exports portfolio, this development reinforces the company's expanding international reach and its credibility as a preferred partner for advanced, mission-critical equipment. The latest order strengthens BEML's presence in the resource-rich Russian and CIS mining markets, known for their complex terrain and high demand fo

Repurpose LNG infra to make ports GH2 export hubs, say ports body

Report calls for establishing common user infrastructure for quickly setting up green hydrogen facilities

India to pitch for preferential trade pact expansion with Mercosur nations

Mercosur is a Latin American trading bloc, with Argentina, Brazil, Uruguay, Paraguay as its members

Best of BS Opinion: India could face trade and investment challenges

Today's opinion page pieces look at the many challenges India faces, from trade, logistics reforms, AI in governance and a demographic time-bomb

Goyal discusses FTAs with industry, exporters ahead of key trade talks

Piyush Goyal meets export councils and industry groups to review trade pacts, gather views on new FTAs and SEZ reforms as India negotiates key global agreements

India's current account swings to $13.5 bn surplus in March quarter: RBI

India's current account balance recorded a surplus of USD 13.5 billion (1.3 per cent of GDP) in January-March quarter of 2024-25 as compared with USD 4.6 billion (0.5 per cent of GDP) in the year-ago period, RBI said on Friday. The current account was in deficit of USD 11.3 billion (1.1 per cent of GDP) in December quarter of 2024-25. On annual basis, India had a current account deficit at USD 23.3 billion (0.6 per cent of GDP) during 2024-25, lower than USD 26 billion (0.7 per cent of GDP) during 2023-24, primarily due to higher net invisibles receipts. Merchandise trade deficit at USD 59.5 billion in Q4:2024-25 was higher than USD 52 billion in Q4:2023-24, according to Reserve Bank's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2024-25. However, it moderated from USD 79.3 billion in Q3:2024-25. Net services receipts increased to USD 53.3 billion in Q4:2024-25 from USD 42.7 billion a year ago. Services exports have risen on a y-o-y ba

Mobile exports grow 74% in May to record second-highest figures ever

The peak was $3.1 billion in March, when Apple exported more phones to the United States

No sign of panic among Indian exporters; shift to Cape of Good Hope route

Despite Iran-Israel instability, exporters report no disruption in trade as 96 per cent of India's container traffic shifts to the Cape of Good Hope route

US-China trade talks enter day 2 in London amid rare earths, export dispute

US-China trade talks aim to defuse rising tensions over chip exports and critical minerals, revive Geneva truce, and ease strain on global supply chains amid signs of economic stress

Good potential to increase export of leather shoes from India: Bata

Footwear maker Bata sees good potential to boost its exports from India, a top company official said on Monday. "We mainly export leather shoes from India...it's in millions...scope and potential is there (to increase that)," Bata Brands SA CEO Sandeep Kataria said, adding that India will be "our second largest" hub for sourcing. Bata has its main design centre in Italy and over 15 factories across the globe. The company has a design centre in Gurugram (Haryana) in India also and it, along with the Italian team, can design products for emerging markets, he said. On the quality control order for the footwear sector in India, he said it is a good move as it will help set up a quality benchmark. "It can help keep out poor quality (goods)," he added.

India-US trade deal hopes rise but the reliability part remains in doubt

While it is essential that the government do its best to avoid being hit with high tariffs, it should also keep in mind that any deal with the US is subject to the vagaries of its leadership

Equipment 'war-tested' in Op Sindoor, expect exports to rise: DRDO chief

The indigenously developed Akash missile system and Akashteer air defence system were among key military assets deployed by India during the military action with Pakistan