Page 8 - Indian Export

ISMA hails sugar export policy, confident of govt nod for add'l 3 mn tons

Indian Sugar Mills Association (ISMA) on Monday welcomed the government's decision to allow export of 6 million tonnes of sugar till May 31, of the 2022-23 season and expressed confidence of getting export nod for additional 3 million tonnes. While the industry had requested the government to allow exports of 9 million tonnes of sugar, the Food Ministry on November 5, permitted only 6 million tonnes on a quota basis till May 31 of the 2022-23 season (October-September). The government has said it could reconsider further quantities after assessing the domestic production. "Sugar industry is confident that the government will allow sugar exports of additional 3 million tonnes," ISMA said in a statement. This would ensure steady domestic prices, enabling timely cane price payment to farmers and lower inventory levels ensuring there are no additional costs incurred by mills, it added. ISMA hailed the government's sugar export policy and said the tradable quota scheme will ensure ...

Panel on tax refunds for exports from SEZs, EOUs to submit report on Dec 20

The government panel tasked to determine tax refund rates for overseas shipments from special economic zones and export-oriented units under export promotion scheme RoDTEP will submit its report on December 20, an official said. These sectors were left out in the earlier exercise which was conducted in August 2021. The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai. The other two members include former CBEC member Y G Parand

India has been leading defence exporter in recent years, says report

India has emerged as a leading defence exporter in recent years and could fulfill Africa's maritime, aerospace and defence requirements, with Mauritius, Mozambique and Seychelles becoming the major buyers of Indian arms during 2017-2021, according to a research report released here. The report by India Exim Bank, titled Reinvigorating India's Economic Engagements with Southern Africa', was released at the inauguration of the CII-Exim Bank Regional Conclave on India-Southern Africa Growth Partnership, where government officials and captains of business and industry are meeting on Tuesday to discuss a wide range of areas of potential cooperation. The report also suggested a shift from India's current approach to India's defence and security cooperation with Africa and other developing countries, which remains need-based and focuses on empowering through training, capacity building, and humanitarian assistance. Increased cooperation in areas of aerospace, defence, maritime equipment a

Indian exporters hold off dollar sales eyeing better returns, hurting rupee

Indian exporters are holding back on dollar sales on hopes of a further slide in the rupee, eyeing a windfall as the local currency plumbs record lows this year

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Indian exporters keeping fingers crossed as recession clouds loom over EU

Exporters are keeping their fingers crossed due to "visible" recessionary trends in the European Union (EU) as it could affect demand for domestic goods in that market in the coming months. The EU is one of major export destinations for Indian exporters, accounting for about 15 per cent of India's total outbound shipments. "There are visible symptoms of recession in the EU. Energy crisis is looming there. Buyers are delaying orders from India. They are concerned but hopeful," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He, however, added that the situation in the EU provides an opportunity for Indian exporters to enhance efforts to boost exports to countries like Russia. "Sanction of Russia gives us an opportunity to tap that market," Sahai said, expressing confidence that India's total merchandise exports would reach USD 470 billion in 2022-23 as against USD 420 billion in 2021-22. Biswajit Dhar, a professor of economics at Jawaharlal Nehru

TMS Ep274: India's exports, Maruti, hospital stocks, real driving emissions

Have India's exports hit a rough patch? Is Maruti's attempt to become a premium brand succeeding? What is keeping analysts upbeat on hospital stocks? What are real driving emissions? Answers here

Dip in demand from China, Italy may have hit India's merchandise exports

India's merchandise exports contracted 3.5% to $33.6 bn in September

Indian PV exports to pick up speed as select companies step on the gas

E-passenger vehicles to open a new frontier for Made-in-India cars in the long term

Expedite sugar export policy, need to do 8 mn tonnes next yr: ISMA to govt

The apex sugar body has urged the govt to not experiment with a new export system

Diwali an auspicious date to sign India-UK FTA: British High Commissioner

Currently, both countries are at the last leg of negotiations towards a trade deal that kick-started in January

Toy sector pitches for PLI scheme, export council to promote growth

Extending the PLI scheme to the toy sector and setting up a separate export promotion council would propel the sector by creating jobs and boosting exports, industry experts said. Currently, the Production Linked Incentive (PLI) scheme covers 14 sectors like pharma and white goods, and aims to boost domestic manufacturing and exports. Little Genius Toys Pvt Ltd CEO Naresh Kumar Gautam said although support measures announced by the government are helping the industry, the PLI scheme and a council would give further impetus as it holds huge potential for creation of jobs. The government has significantly increased import duty from 20 per cent to 60 per cent, introduced quality norms and mandated sample testing of each consignment and no permission for sale unless the quality testing is successful. At present, the toy industry is going through its golden period. The support measures are helping in bigger ways. But I would like to request the government to include the toy sector in th

India's non-petroleum exports to UAE underperform after FTA, shows data

In comparison, India's overall non-petroleum exports grew 8 per cent during May-July while overall exports grew 15.1 per cent during the same period

New foreign trade policy may focus on non-fiscal measures to boost exports

The policy could throw light on how India may want to be integrated into the global value chain, for which realignment has started, and factors that have affected the integration

Why India remains a marginal player in global fruit and veggie market

Though a major producer, lack of infra has meant that country accounts for just 1% of market share, and relies predominantly on neighbours

Centre garners Rs 3,000 crore from windfall tax on oil and gas firms

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel

Govt orders restrictions on export of maida, semolina and wheat flour

Last month, the government had curbed exports of wheat flour and before that it had banned wheat exports on May 13

Exporters meet Piyush Goyal, flag concerns on demand from Western nations

According to preliminary data released by the commerce ministry on Tuesday, merchandise exports declined to a five-month low of $35.2 billion in July

Share of dollar, euro in Indian trade payments up 30% since 1990s: IMF data

Research shows effect of dollar fluctuations on bilateral trade; RBI mechanism to pay in Indian rupees may help settle trade with Russia and Sri Lanka, remove risks of dealing in greenback

India's export curbs, tax hike to exacerbate global diesel, petrol shortage

India's latest measures aimed at boosting domestic oil supplies could reduce its diesel and gasoline exports in the second half of the year