Page 7 - India Trade

Indian refiners halt trade with US-sanctioned Russian firms and tankers

Washington also sanctioned 183 vessels used for transporting Russian oil while allowing a winding down of some energy related transactions by March 12

Trump 2.0 era: Govt asks industries to identify import prospects from US

Major economies closely following Trump's moves

Why India and China should admit that their economies are intertwined

A lot has changed. Both nations are more than a little concerned about how they will revive slowing growth

India-EFTA trade pact may come into force before end of 2025: Goyal

The implementation process of free trade agreement (FTA) between India and the four-nation European bloc EFTA is progressing fast and is expected to come into force before the end of this year, Commerce and Industry Minister Piyush Goyal said. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "Yes, EFTA is progressing very fast," Goyal told PTI when asked if the agreement would come into effect this year. The minister said the Swiss Council of States has approved the agreement and now will go to their National Council for approval. "So this overwhelming support in political circles in Switzerland for the TEPA wi

Govt's export arm EIC plans to expand food testing infra to boost exports

The commerce ministry's arm Export Inspection Council (EIC) is planning to expand the country's food testing infrastructure in a holistic way to boost outbound shipments, a senior government official said. To prepare a plan for this, the EIC has initiated a detailed study on gap assessment on food testing infrastructure for exports. "Though we have taken a number of measures, we are doing a more deeper analysis commodity and area-wise. We are trying to find out gaps in our food testing infrastructure. We hope that the study will be over in 2-3 months and after that we will come up with a full plan of how to expand our infrastructure in a more holistic way," Joint Secretary in the Department of Commerce Nitin Kumar Yadav told reporters here. EIC is an advisory body to the central government. It notifies commodities which will be subjected to quality control or inspection prior to export; establish standards of quality for such notified commodities, and specify the type of quality ...

India's goods, services exports likely to cross $800 bn in 2024: GTRI

India's overall exports of goods and services in 2024 has estimated to cross USD 814 billion, an increase of 5.58 per cent, according to a report by economic think tank Global Trade Research Initiative (GTRI). In 2023, the country's merchandise and services exports stood at USD 768.5 billion. This year, the report estimated that in 2024, merchandise exports are expected to reach USD 441.5 billion, showing a modest 2.34 per cent increase over USD 431.4 billion in the previous year. In contrast, the services exports are estimated to grow by 10.31 per cent to USD 372.3 billion, up from USD 337.5 billion in 2023. "India's total exports, encompassing merchandise and services, are projected to exceed USD 814 billion in 2024, reflecting a 5.58 per cent growth compared to USD 768.5 billion in 2023," it said. GTRI Founder Ajay Srivastava said India's export landscape is undergoing a transformation that highlights both opportunities and vulnerabilities. Sectors such as machinery and electr

South Africa-India in 2024: 30th anniversary of resumed diplomatic ties

Trade between India and South Africa picked momentum in 2024 after a sluggish spell following the COVID-19 pandemic. The two countries also marked the 30th anniversary of the resumption of their diplomatic ties this year. Bilateral trade totalled USD 19 billion in the year, surpassing the pre-pandemic figure. We hosted several high-profile Invest India events in partnership with local institutions. An India-South Africa Investment Network was formed to drive more connections and conversations among the investment community. We hosted several capacity-building sessions for South African entrepreneurs through India Entrepreneurs Forum," India's Consul General Mahesh Kumar said. With the India Business Forum, representing the 150 Indian companies with a presence in South Africa, we started sector-specific meetings to have more focused engagements with Indian businesses in South Africa," he added. At a seminar, he also urged South African investors to reconsider the need for Western ..

How Indian enterprise evolved: From bazaars to the Reliance empire

Lakshmi Subramanian's book provides a sweeping view of Indian business history, from pre-modern trade to corporate giants like Reliance, highlighting entrepreneurs and industrial evolution

Dr Manmohan Singh trusted India's trade capacity to compete at global level

He introduced a dual exchange rate mechanism in February 1992 and unified exchange rate mechanism in February 1993, effectively engineering a further devaluation of about 30 per cent

India eyes $25 billion export opportunity in US amid China tariff dispute

These sectors include electronics and electrical equipment, footwear, textiles and garments, furniture and home decor, automotive components, toys, and chemicals

Govt initiates anti-dumping probe into LNG fuel tanks imports from China

India has initiated a probe into alleged dumping of LNG fuel tanks from China following a complaint by a domestic player, according to a commerce ministry notification. The commerce ministry's investigation arm, Directorate General of Trade Remedies (DGTR), is probing the dumping of liquified natural gas (LNG) fuel tanks as imports are allegedly hurting the margins of the domestic industry. Inox India Ltd has filed an application seeking the imposition of anti-dumping duty, stating that the cheap imports are causing material injury to the domestic industry. The tanks are used to contain and carry methane gas in large vehicles such as trucks. "On the basis of the duly substantiated written application submitted by the domestic industry and having reached satisfaction based on the prima facie evidence submitted by domestic industry about dumping of subject goods...the Authority, hereby, initiates an anti-dumping investigation," the DGTR has said in a notification. If it is establish

Exporters seek Rs 750 cr to tap US potential amid tariff threats on China

Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES). "A marketing scheme to focus on the US with a corpus of Rs 250 crore per year (Rs 750 crore overall) for three years may be launched to generate additional exports of USD 25 billion," Kumar said. He said that higher tariffs on China can create a significant opportunity for Indian exports, particularly in sectors where China has previously been a dominant supplier. Based on a study undertaken by FIEO, India can replace China in sectors like electronics and electrical equipment (USD 10 billion additional export

India prepares for possible trade talks with US after Trump takes office

While aiming to protect its manufacturers from potential US tariff hikes on its exports, India is exploring ways to strengthen ties with Washington

Commerce ministry may face possible repeat of 2011 trade data error

The commerce ministry this time around may witness a repeat of 2011 when a discrepancy of about USD 9 billion was detected in the trade data for the April-November period. This time, the issue involves suspected errors in calculating gold import figures for November 2024. In 2011, there was over-reporting of export data on account of miss-classifications and double counting due to problems in the computer software, which was getting upgraded. Noticing an unusual surge in the gold imports in November this year, pushing the country's trade deficit to a record, a commerce ministry official on Wednesday said that DGCIS (Directorate General of Commercial Intelligence and Statistics) has taken up detailed examination of the gold import data and reconciliation would be done with the data received by CBIC (Central Board of Indirect Taxes and Customs). The country's gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase, mainly on account of ..

Govt needs to properly monitor export promotion scheme EPCG: CAG report

The commerce ministry needs to properly monitor the scheme to promote exports, EPCG, as it not only allows duty-free imports of capital goods but also grants a long gestation period for meeting the export obligation, according to a CAG audit report. The scheme allows import of capital goods for pre-production, production, and post-production at nil customs duty but subject to meeting export obligations. The report also said the import of capital goods from ports other than the registered port without adhering to the prescribed procedure involves the risk of importing the goods from multiple ports using the same authorisation that have revenue implications and has the risk of misuse of the bonds. The customs and regional authorities should monitor such cases scrupulously and invoke penal action for non-compliance, CAG said in a statement. It has presented the performance audit report on the scheme in Parliament. "The scheme not only allows duty-free imports of capital goods but als

Over 700 business leaders participate in India-Russia Dialogue in Moscow

The forum also focused on increasing bilateral trade and fostering cultural exchanges

In two minds on China: Policymakers split over attracting Chinese FDI

Following the Galwan clash between the two countries' forces in 2020, India imposed restrictions on investments from countries it shares a land border with to curb opportunistic takeovers

President Murmu highlights need to expand trade between India, Armenia

Recalling centuries-old cultural linkage between India and Armenia, President Droupadi Murmu said on Monday that there is a need to expand bilateral trade between the two countries. During a meeting with a parliamentary delegation from Armenia, she noted the close cooperation between the two countries at global multilateral fora and appreciated Armenia's membership of the International Solar Alliance and its participation in all three Voice of Global South Summits. The delegation, led by Alen Simonyan, the president of the National Assembly of the Republic of Armenia, called on Murmu at Rashtrapati Bhavan here. Welcoming the delegates, the President recalled the centuries-old cultural linkages between India and Armenia and the multifaceted contemporary relationship based on shared values of democracy, according to an official statement. Murmu expressed India's willingness to continue contributing to capacity building and skill development in Armenia through "our various development

India's electronics exports may dominate trade negotiations with US

India's electronics exports, driving over 62% trade surplus, to dominate US talks

India, Norway to discuss ways to increase trade, investment ties on Monday

India and Norway will on Monday discuss ways to enhance trade and investments ties between the two countries, an official statement said on Saturday. The talks will be held between Commerce and Industry Minister Piyush Goyal and Norwegian industry delegation led by May-Elin Stener, Ambassador of Norway to India. The India-Norway Business Roundtable will be be held in Mumbai. "Minister Goyal is expected to hold discussions on key opportunities and trends for further Norwegian investments in India, and potential areas of collaboration," the commerce and industry ministry said. A significant focus of the discussion will be on the recent Free Trade Agreement (FTA) between India and the EFTA countries, which holds immense potential for both nations, it said. "India is particularly keen on attracting USD 100 billion in investments from the EFTA countries, as outlined in the agreement," it added. It said the two sides will assess the opportunities in investment partnerships in logistics