Page 13 - India Trade

Problems in Red Sea will not impact India's maritime trade: Shipping secy

Ports, Shipping and Waterways secretary T K Ramachandran on Wednesday said the problems in the Red Sea will have "no impact" on India's maritime trade with the rest of the world. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Asked will the Red sea developments have any impact on India's maritime trade, he said, "no impact". The strait, vital for 30 per cent of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers. The Bab-el-Mandeb Strait, also known as the "Gate of Tears" in Arabic, is a crucial trade route that connects the Mediterranean Sea and the Indian Ocean via the Red Sea and the Suez Canal. It separates Africa from the Arabian Peninsula.

Statsguru: Neighbourhood ties weaken as global economic partnerships evolve

The share of its neighbours in India's trade shows signs of weakening from an already low base amid a review of regional trade agreements

Jaishankar-Lavrov talks to focus on trade in national currencies, banking

Hydrocarbon development in the Arctic Shelf and Russian Far East to be discussed, Russian Foreign Ministry has said

Centre plans national ranking of all ports amid rapid rise of private ports

The ministry of ports, shipping and waterways has communicated to all port authorities its intent of setting up this database. It has sought various datasets for these rankings, officials said

Trade challenges in 2023: India relatively steady amid global slowdown

In India, the export and import figures have been trending downwards mainly due to fall in commodity prices and freight rates compared to the previous year

Visa, agri, GSP likely to figure in India-US trade policy forum meet in Jan

Issues about visas, promoting agri trade and resumption of benefits under the American generalised system of preferences (GSP) are expected to figure in the meeting of India-US Trade Policy Forum (TPF) in January here, an official said. US Trade Representative Katherine Tai will be here for a meeting with Commerce and Industry Minister Piyush Goyal. Both sides will discuss ways to increase trade and investments between the two countries during the two-day meeting from January 13, 2024. It will be the 14th ministerial-level meeting of the India-US TPF, the official said. The last meeting was held in Washington in January 2023. India in that meeting highlighted the delay in the issuance of business visas to people from India. New Delhi is also keen on restoration of its beneficiary status under the US GSP programme. The previous Trump administration in the US revoked the Generalized System of Preferences (GSP) from India in 2019. The GSP allows eligible developing countries to expor

Increasing exports, reducing imports new way ahead for patriotism: Gadkari

Increasing exports and reducing imports is the new way ahead for patriotism and "swadeshi", and it will be a "new freedom" for India when not a drop of petrol or diesel is imported, Union Minister Nitin Gadkari said on Sunday. Addressing the 'Sagar Manthan 2.0' event organised by weekly magazine 'Panchjanya', the Union Minister of Road Transport and Highways also said stopping the import of petrol and diesel was linked to arresting terrorism in the world. "Till this import is not stopped, terrorism will not stop across the world. The aim of my life is to stop import of petrol and diesel. I consider it to be a new freedom for India when not a drop of petrol and diesel is imported into the country," he said. "The import bill for petrol and diesel stands at Rs 16 lakh crore now. If we reduce this import, the money we save will go to the poor. That is why we have introduced alternative fuels like bio fuel. Reduction in imports and increase in exports is the way forward for patriotism an

India to provide duty cuts in FTA only if UK increases localisation to 45%

The UK side has also opposed India's proposal to provide duty cuts for electric vehicles priced above $85,000

India' reliance on Bab-el-Mandeb Strait could impact economy: GTRI

India needs to work on finding alternate trade routes in the sea as heavy reliance on the Bab-el-Mandeb Strait, a key route crossing Red Sea, could impact the country's trade with the Middle East, Africa, and Europe, economic think tank GTRI said on Tuesday. Developing alternative routes such as the deep water port in Chabahar, Iran can help the country, it said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. The strait, vital for 30 per cent of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvre by regional and global powers, the Global Trade Research Initiative (GTRI) said. It added that India, heavily reliant on this route for trade and energy (crude oil and LNG) imports, faces increased costs and security risks, prompting efforts to diversify trade routes and

Per capita income must go up to become 3rd largest economy: Bandhan Bank MD

Bandhan Bank managing director Chandra Shekhar Ghosh on Tuesday said there is a need to increase per capita income to make India third largest economy in the world. The per capita income of the fifth largest economy, as per the government data, stood at Rs 98,374 in 2022-23. India ranks 130th globally in terms of Human Development Index comprising per capital income, education and health parameters, Speaking at an event organised by CII here, Ghosh said, to make India third largest economy in the world or to achieve USD 5 trillion size, per capita income has to increase. "We need to focus on per capita income improvement so that people have higher income and therefore spending would increase. So that should be the main focus," he said. Ghosh said financial inclusion and access to institutional credit play an important role in improvement of per capital income. The government has taken many initiatives, including Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yoja

Five out of top 10 destinations see a rise in April-November exports

This comes even as overall exports from India contracted during the period

RoDTEP does not violate WTO principles, India to convince US: Official

The RoDTEP scheme came into effect three years ago to refund the embedded non-creditable central, state, and local levies paid on inputs to exporters

ANSR to set up about 25 large-scale global capability centres in India

"We are currently doing one every three weeks and we are looking at setting up one every two weeks next year… the large-scale GCCs are of companies with revenues of over $10 billion," Ahuja said

Rolls-Royce widens role in India-UK Electric Propulsion capability talks

New Delhi and London are moving together purposefully to develop marine electric propulsion. This was evident in the second meeting of the India-UK EPCP-JWG, in New Delhi on November 21

Curbs on Russian diamonds by G7 to have minimal impact on India: Govt

The government on Friday said G7 nation's decision to impose curbs on direct imports of Russian-origin diamonds will have a minimal impact on India's diamond trade, a government official said on Friday. Indian officials are continuously in touch with the G7 technical team on the issue and they have managed to resolve certain issues like checking of diamonds at only one place. The G7 leaders have decided to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, from January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries from March 1, 2024. Commerce Secretary Sunil Barthwal said as long as diamonds are processed in India, there should not be further checks on that because India can maintain tracking of rough diamonds. "In that respect perhaps, it is a respite to our diamond industry. They will not be put through double check," he said. Explaining further, joint secretary in t

India-UK FTA talks: Trying to balance mobility, migration concerns

After a high-level UK delegation visited India to iron out the differences, currently, an Indian delegation is in London to advance discussions

India's domestic aviation capacity soars beyond pre-pandemic level

The top 20 domestic markets, according to OAG, account for 88 per cent of the global domestic travel capacity with nine countries now reaching 2019 levels once again

Ahead of India-Asean FTA review: Industry flags spike in import of 38 items

Import of as many as 38 items from Asean members sees a sharp surge in H1FY24

PM Rishi Sunak's officials in Delhi to discuss India-UK FTA: Report

Senior officials from British Prime Minister Rishi Sunak's team are in New Delhi this week to add momentum behind the ongoing round of negotiations for an India-UK free trade agreement (FTA), according to a UK media report on Saturday. The Guardian' newspaper reports that while there is no official comment from either side on such a visit, Prime Minister Narendra Modi-led government is keen to finalise the FTA by the end of February before Sunak sets off on an expected general election campaign trail. Both countries are heading into an election year in 2024 and signing off on a trade agreement with India will bolster Sunak's electoral pitch to voters showing signs of anti-incumbency towards his governing Conservatives. The deal is still very much on and we think it is possible before both countries have their elections. Both sides are keen to get this done, an official close to the talks told the newspaper. The India-UK FTA talks began in January last year with Diwali 2022 set as t

$40 billion apparel exports target by 2030 is achievable, Goyal confident

Commerce and Industry Minister Piyush Goyal on Friday exuded confidence that the country's apparel exports would reach the target of USD 40 billion by 2030. He said that the government is taking steps to promote exports such as entering into free trade agreements and promoting brand India. The minister also asked the apparel exporters to procure raw materials from Indian players and not depend on "opaque" foreign suppliers and suggested not to fall for "predatory products". "USD 40 billion target by 2030 is clearly achievable," Goyal said here while awarding apparel exporters. Speaking at the event, Apparel Export Promotion Council of India (AEPC) Chairman Naren Goenka said that the sector exports grew at a rate of 30.35 per cent in 2021-22 over 2020-21, and 1.10 per cent in 2022-23 over 2021-22. "We are vigilant of the fact that India's apparel exports have been constant to the tune of 3-4 per cent of global export share during past 3-4 years and hence AEPC has been very proactiv