Page 14 - India Trade

Inter-ministerial meet next week over issues on trade from Red Sea crisis

The commerce ministry has called a high-level inter-ministerial meet next week to discuss ways to insulate India's trade from the ongoing problems in the Red Sea, a senior official said on Thursday. Senior officials from five ministries -- external affairs, defence, shipping and finance and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy to deal with them. "The idea of the inter-ministerial meeting is to see how we can strategise our trade so that it gets least affected in such a situation," the official said. 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. Due to these attacks, the shippers are taking ...

Since pandemic, India-Maldives trade has surged even as investments lag

India exported goods worth $2.6 billion to Maldives between 2013-14 and 2022-23 and imported $644 million from Maldives in the same period

India's exports may plunge $30 bn owing to disturbance in Red Sea

Yemen's Iran-backed Houthi militants have targeted vessels transiting through the Red Sea with missiles. The Houthis say they are going after any vessels that have a connection with Isreal

Known unknown

Red Sea crisis will affect global trade

Problems in Red Sea impacting exports; increasing freight, insurance costs

The escalation of troubles in the Red Sea has started impacting India's exports as shippers have to take longer routes to reach destinations in the US and Europe, an official has said. 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. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of almost 14 days and also higher freight and insurance costs. The issues being faced by the concerned stakeholders were discussed at a high-level meeting in the commerce ministry on January 4. Stakeholders, including traders, shippers, container firms and freight forwarders were there at the meeting. "They told us that freight cost has increased. They have to take a long route now and due to that, the turnaround time has increased. It has increased by 14 days," the official said. Ex

DefMin providing security escort for container ships around Red Sea

Tankers have been avoiding the Red Sea after the Houthi militant group stepped up maritime attacks against commercial vessels

No reason for high tariffs on cars from UK, EU: Maruti Suzuki's RC Bhargava

Maruti Suzuki chief says costs of many models 20-30% lower in India

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