Page 6 - Indian Export

New FTAs, lower cost of power, logistics to help boost exports: PHDCCI

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,

Rupee reaches 83.25 against US dollar after fall of 2 paise in early trade

The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and weak domestic equity markets restricted the rupee movement and the local currency edged lower by 2 paise to 83.25 in early trade. The rupee closed at 83.23 against the greenback on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was flat at 104.35. Brent crude futures, the global oil benchmark, recovered from overnight losses to trade higher by 0.40 per cent at USD 77.73 per barrel. Indian basket oil futures were down 0.85 per cent at USD 83.09 per barrel. Brent crude futures for December delivery plunged up to 5 per cent to a four-month low of USD 77.42 per barrel on Thursday as weak jobs data from the US led t

Festival gold rush widens India's trade deficit to new high in October

The services exports in October were valued at $28.70 billion as compared to $29.37 billion in September and imports were $14.32 billion against $14.91 billion in the previous month

Export contraction narrows in September; govt sees 'green shoots'

Outbound shipments fall 2.6%; imports decline 15%

US biggest export destination for Indian smartphones in Apr-Jul: Govt data

India exported smartphones worth USD 4.67 billion in April-July this fiscal, following a multifold jump in shipments to the US, which emerged as the biggest destination for India-made devices, according to government data. The smartphone exports to the US jumped multiple times to USD 1.67 billion during the first four months of this fiscal against USD 284.6 million a year ago, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms. The US was followed by the UAE (USD 836.36 million), the Netherlands (USD 379.3 million), the UK (USD 336.27 million), Italy (USD 245.7 million), and the Czech Republic (USD 230.25 million). Overall India's export of smartphones in 2022-23 was USD 10.95 billion. During April-July 2023-24, smartphone exports soared by 99.52 per cent over April-July 2022-23. Prior to 2022-23, the smartphone exports were non-existent, so the data was not captured. After the announcement of the Product Linked Incentives (PLI) sche

Centre establishes National Turmeric Board, expected to reach $1 bn by 2030

National Turmeric Board to increase awareness and consumption of turmeric and develop new markets internationally to increase exports

43% of India's exports to EU to be hit by green regulations: Report

Textiles, chemicals, certain consumer electronics products among trade categories that could be affected

Onion auctions to resume at APMCs in Nashik from Aug 24: Traders' rep

Onion auctions at all APMCs in Maharashtra's Nashik district, closed for three days now, will resume from Thursday as traders protesting the imposition of 40 per cent export duty on the key kitchen staple have decided to withdraw the agitation, a traders' representative here said on Wednesday. The decision was taken in a meeting of the representatives of traders-exporters and farmers with Union minister Dr Bharati Pawar here on Wednesday. After the meeting, Pawar also said a representative of the traders in Nashik informed in the meeting that they are withdrawing the decision of closure of onion auctions at the Agriculture Produce Market Committees (APMCs) and the operations there will start tomorrow. "About the 40 per cent export duty, we will request the Union government to rethink and take a positive decision on the issue," she said. Pawar, the Union Minister of State for Health and Family Welfare, is the member of Parliament from Dindori in Nashik. Onion auctions at most of th

India's foreign trade crosses $800 bn mark in first 6 months of 2023: GTRI

A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the USD 800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to USD 385.4 billion during January-June this year, as against USD 379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to USD 415.5 billion during the six months of this year, as against USD 441.7 billion in January-June 2022. "India's foreign trade (exports and imports of merchandise and services) reached USD 800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022), the report said. Standalone, goods exports dipped by 8.1 per cent to USD 218.7 billion, while imports contracted by 8.3 per cent to USD 325.

Exports to UK holding up among top 10 destinations of Indian exports

India and the UK are currently negotiating a Free Trade Agreement (FTA). Out of the total 26 chapters in the proposed FTA, 19 chapters have been closed

'No impact of US, EU crisis on CEAT, exports to be 25% of revenue in 2 yrs'

The share of exports in our revenue is around 19.5%. We are targeting to increase it to 25% in the next 2 years, said Arnab Banerjee, MD & CEO, CEAT

Q1 a washout, exporters pin hope on North America for a turnaround

Slowdown in key economies, as well as geopolitical tensions resulted in sluggish demand for Indian goods

Rice prices to climb further after India export ban, trade at standstill

In Thailand, the world's second biggest exporter, suppliers were waiting to find out prices before signing new deals

Export preparedness: Tamil Nadu takes top spot, Gujarat slips to 4th

The ranking is based on four main pillars: Policy, business ecosystem, export ecosystem and export performance

MSMEs to face headwinds due to economic slowdown in US, Europe: CRISIL

A fifth of the MSME sector by value is expected to witness an increase in working capital requirement this fiscal, the report said

A downer for air cargo: What accounts for stagnation of industry in FY23

The global economic downturn, issues with China and a shift towards sea and surface transport have impacted both the domestic and international business in FY23

Quality check: India needs to restore faith in the 'world's pharmacy'

For more than a decade, it has been clear that too many medicine makers in India have not been doing their duty by their customers, here and abroad

Post-pandemic, a double-digit surge in India's exports to Germany

The spike, which comes amid a recession in the European nation, is led by a surge in the sale of telecom instruments

Chinese technicians may get faster visas to India to help set up factories

Chinese technicians and engineers need to visit India to set up factories and machinery in the country and a faster visa could make this process smoother

PLI footprint in India-China trade

India's goods imports from China during FY23 touched $98.5 billion, at a growth rate of 4.2 per cent, while India's global imports grew at 16.1 per cent during this fiscal year