Page 9 - Exports

Govt extends RoDTEP benefits to e-commerce exports through post or couriers

The government on Thursday announced extension of export benefits under RoDTEP scheme to e-commerce exports through post or couriers. The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state, or local level. The commerce ministry will soon put in place the necessary IT framework and other enablers for extension of the scheme for the exporters. "We are extending RoDTEP benefits for exports through e-commerce," Commerce and Industry Minister Piyush Goyal told reporters here. The step will help SME sectors take advantage of government schemes, further pushing e-commerce exports and boosting overall export growth from the country to achieve the target of USD 1 trillion merchandise exports by 2030. Goyal also released a handbook for MSMEs with focus on e-comm

Chatroom: Extension for exports realisation, RBI should review instructions

You cannot amend the shipping bills and so, you may explain the error to the bank and seek write-off or closure of the entries

Construction equipment sales likely to touch double-digits this fiscal year

India is currently the world's third-largest market for construction equipment, after the US and China

Electronics, services exports to contain slide in growth rate of trade

Robust exports performance in electronic goods, particularly smartphones, and services sectors will help India contain the fall in growth rate of overall trade, which is expected to decline by 2.6 per cent in the current year, a report said. Economic think tank Global Trade Research Initiative (GTRI) in its report said that despite global challenges, India's exports and imports of goods and services are likely to dip by 2.6 per cent to USD 1,609 billion in 2023 as against USD 1,651.9 billion in 2022. The decline in India's merchandise exports mirrors the global trend of a 5 per cent decline (as per UNCTAD's Global Trade Update) and aligns with China's 5.2 per cent drop in merchandise exports during January-November 2023, it added. The World Trade Organization (WTO) has forecast that the global merchandise trade volume would grow only by 0.8 per cent in 2023. In 2023, sectors which are expected to register growth include, aviation turbine fuels, motor gasoline, smartphones, basmati

Indian goods worth $3.7 billion entering Oman to get boost by FTA: GTRI

Over 83.5 per cent of Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday. According to the - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them. With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina

Centre to buy unsold onions: Maha Dy CM amid protests against export ban

The Centre is ready to purchase onions from farmers which remain unsold or cannot be auctioned even as attempts are being made to find a way out in view of the export ban, Maharashtra Deputy Chief Minister Devendra Fadnavis told the legislative council on Monday. He was replying to a query raised by the Leader of the Opposition, Ambadas Danve, who sought to know the measures being taken by the state government in view of the ban on the export of onions. Fadnavis' statement comes in the backdrop of his meeting with Union Minister for Consumer Affairs, Food and Public Distribution Piyush Goyal in Mumbai on Saturday night regarding the issues faced by cultivators in the state. "Farmers are badly affected by unseasonal rains. The ban on export of onions by the Central government is not in the interest of farmers, who are forced to resort to protests in Maharashtra," said Danve, who belongs to Shiv Sena (UBT). He questioned whether the state government would take up the onion export ban

Onion farmers stage protest on Mumbai NH, stop auctions over ban on exports

Onion farmers blocked the Mumbai Agra Highway at three places in Maharashtra's Nashik and stopped auctions in wholesale markets of the district on Friday after the Centre announced a ban on the export of the kitchen staple, police said. The Centre has banned onion exports till March 31, 2024, to increase domestic availability and to keep prices in check. Farmers stopped auctions at onion markets of Lasalgaon, Chandwad, Nandgaon, Dindori, Yeola, Umarane and other places in Nashik district on Friday, an official said. According to officials, auctions were not held at Lasalgaon Agriculture Produce Market Committee (APMC), but were conducted at Vinchur and Niphad sub-committees of Lasalgaon APMC. As many as 600 vehicles laden with onions arrived at Vinchur on Friday. The minimum price was at Rs 1,500 per quintal, maximum at Rs 3,300 per quintal and Rs 2,700 per quintal average, they said. Hundreds of cultivators gathered on the Mumbai-Agra Highway and blocked the road using tractors a

China's exports grow for the first time in six months in November

In the short run, however, the pressure on Chinese manufacturers show little sign of easing off completely

Congress slams wheat policy, says poor suffering due to PM's 'showmanship'

The Congress on Tuesday attacked the Centre over its policy on wheat export and import, alleging that due to Prime Minister Narendra Modi's "showmanship", the poor people have suffered. Congress general secretary Jairam Ramesh shared a media report on X which claimed that India may allow import of Russian wheat to mitigate the rising domestic wheat prices ahead of the Lok Sabha polls. In a post in Hindi on X, Ramesh said, "Last year, to shore up his image, the Prime Minister had claimed that India is capable of feeding the world. He gave free rein to export of wheat." "Then wheat crisis occurred in our own country. By the end of 2022, wheat stocks reached a 15-year low. When the situation worsened, exports were banned. Now there is news that the government is considering importing wheat," the Congress leader said. Meanwhile, the prices of wheat products, including flour, in the country increased by 50 per cent, he claimed. Ramesh said there have also been reports of rice being giv

India's services PMI falls to 56.9 in November, lowest in 2023 so far

S&P Global said that the slowdown in services PMI was mainly owing to a slowdown in new orders as well as output across sectors

Saffron traders in Afghanistan urge for more facilities in exports, visas

Annual saffron exhibitions, according to Nabil, are intended to promote saffron production in the province of Herat and strengthen the status and worth of Herat saffron

China-Plus-One strategy powers up India's exports of solar modules

Executives from rating agencies expect exports to continue to remain a part of the strategy for most large manufacturers

Online sellers seek FDI in inventory-based model of e-comm for export

The e-commerce industry has suggested the government to permit foreign direct investment (FDI) in an inventory-based model of online trade only for export purposes, a senior government official said on Friday. At present, the country's FDI policy does not permit foreign direct investment in the inventory-based model of e-commerce. It is allowed only in firms that are operating through a marketplace model. Director General of Foreign Trade (DGF) Santosh Kumar Sarangi said that they are working on several steps to promote exports through e-commerce medium. He said that the e-commerce stakeholders have asked the department for the promotion of industry and internal trade (DPIIT) to relook at the FDI policy on this issue. "For export purposes, if these (rules) could be revisited is something that we are requesting the DPIIT to examine and explore... and this could be one step forward for creating the e-commerce export zones that DGFT and its team has been working on," Sarangi said here

Dependence on small number of nations for certain products has risks

The growing share of foreign inputs in global exports has indicated that Global Value Chains (GVCs) continued to expand in 2022, though there are risks from the dependence on a small number of countries for certain products, a report has said. Expansion of GVCs bodes well for spreading the benefits of trade to more firms, workers and developing economies, according to the GVC Development Report 2023 released on Thursday. The report, GVC Development Report 2023: Resilient and Sustainable GVCs in Turbulent Times, was jointly published by the Asian Development Bank, the Institute of Developing Economies -- Japan External Trade Organisation, Research Institute for Global Value Chains at the University of International Business and Economics (UIBE) Beijing, and the World Trade Organisation (WTO). "Global value chains continued to expand in 2022, as indicated by the growing share of foreign inputs in exports and the increasing participation rates of economies worldwide," it said. However

UK seeks customs duty concessions on EV exports in FTA with India

The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement (FTA), which is under negotiations, an official said. However, the official said, no decision has been taken so far on the issue. There is a demand to provide concessions on a specified number of vehicles per year, the official added. The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. According to experts, the UK's major export destination for vehicles is Europe, and they are looking to diversify their exports. "The UK has sought concessions on electric vehicles from India as part of the ongoing free trade agreement negotiations," the official, who did not wish to be named, said. India's electric vehicles market is expected to grow to one crore units in annual sales by 2030 and create five crore direc

NCEL gets Rs 7,000 cr orders, to share profit with member farmers: Shah

Cooperation Minister Amit Shah on Monday said the newly established National Cooperative for Exports Ltd (NCEL) has bagged orders worth Rs 7,000 crore so far and the export body will share at least 50 per cent profit with member farmers over and above the support price. NCEL, which was established on January 25, is negotiating orders worth Rs 15,000 crore, he said after launching a logo, website and brochure of the cooperative export body. NCEL will help cooperative societies tap the global export market and handhold them to produce and manufacture products that comply with international standards, he added. There are about 8 lakh cooperative societies in the country with over 29 crore members. "Currently, NCEL is operating from a temporary office. We are recruiting staffers. So far, we (NCEL) have received orders of Rs 7,000 crore and negotiating orders worth Rs 15,000 crore," Shah said while addressing a national symposium here. NCEL will purchase commodities to be exported from

Coop export body NCEL gets Rs 7,000 cr orders so far, says Amit Shah

Cooperation Minister Amit Shah on Monday said the newly established National Cooperative for Exports Ltd (NCEL) has bagged orders of Rs 7,000 crore so far. Shah, who launched the new logo and website of NCEL here, said the cooperative will ensure that benefits of exports reach member farmers of cooperatives and will share with them about 50 per cent of the export profit over and above the minimum support price. "Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we (NCEL) have received orders worth Rs 7,000 crore...," the minister said addressing a national symposium. NCEL will not only focus on making profits from exports but also handhold farmers to manufacture products for the export market. It will also share profit with the member farmers of cooperatives, he said. NCEL will purchase the commodities to be exported from member farmers at the MSP. Out of the total profit the NCEL earns from the exports, about 50 per cent of it will be transferr

Govt extends 20% tax on exports of parboiled rice until March 2024

The 20 per cent export duty on parboiled rice was imposed on August 25 till October 16 to maintain adequate local stock and keep domestic prices under check

Marketing strategy to help tap $112 bn export in 10 nations in 3 yrs: Study

Aggressive marketing strategy including support from the government can help Indian businesses tap USD 112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO. Federation of Indian Export Organisations (FIEO) said that to tap this potential, a proper strategy is required. It suggested the government to formulate a scheme to support participation of domestic industry in exhibitions, buyers-sellers meet, and roadshows in important cities of these ten countries to showcase Indian goods. Besides, Indian missions in these countries should identify market access issues so that those problems can be resolved to promote shipments of domestic goods in those destinations as non-tariff barriers impact exports. The missions can also help industry organise meetings with leading importers, FIEO said, adding active print and electronic media campaigns can be considered to show the prowess of domestic manufacturing capabilities in these ...

Mobile phone exports from India almost double to $5.5 bn till Aug in FY24

Mobile phone exports from India almost doubled to USD 5.5 billion, about Rs 45,700 crore, till August this financial year, according to industry body ICEA's estimates. ICEA said, mobile phone exports from India between April-August 2023 was around USD 3 billion, about Rs 24,850 crore. A source, who did not wish to be named, said, with Apple exported mobile phones worth more than Rs 23,000 crore, thereby accounting for a little over half of the total export. An email query sent to Apple did not elicit any reply. Commenting on the overall mobile phone export, ICEA Chairman Pankaj Mohindroo told PTI that mobile phone exports from India continue to buck the overall trend of muted global trade by registering a massive growth of more than 80 per cent. "India continues to strive hard to be a preferred location for GVCs. It is work in progress but the trend is positive," Mohindroo said. According to ICEA estimates, mobile phone exports from India have doubled to surpass Rs 90,000 crore,