Page 10 - Indian Exports

World recognizes India only option for large demand: Piyush Goyal

The Union Commerce Minister emphasized the unprecedented opportunity presented by 1.4 billion people aspiring for a better future

RBI permits banks to open additional current account for export proceeds

The Reserve Bank of India (RBI) on Friday permitted banks to open additional current account for exports proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters. To provide greater operational flexibility to exporters, banks maintaining special rupee vostro account as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions, RBI said in a notification. In July 2022, the RBI had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional ...

First trial shipment of bananas exported to Netherlands: Comm ministry

The commerce ministry on Friday said the first trial shipment of bananas has been exported to the Netherlands. For the trial shipment of bananas, Agricultural & Processed Food Products Export Development Authority (APEDA) has enlisted the support of ICAR-Central Institute for Subtropical Horticulture (CISH), Lucknow, for technical assistance while InI Farms has partnered with Del Monte for marketing and distribution in Europe, and Maersk for logistics, it said. It added that banana exports to the Netherlands would lead to higher prices and increased income for farmers. Despite being the world's largest banana producer, India's export share is currently just 1 per cent in the global market, though the country accounts for 26.45 per cent of the world's banana production at 35.36 million metric ton. In 2022-23, India exported bananas worth USD 176 million. "With the first trial shipment to the European market, it is estimated that India may be able to export bananas worth more than .

Global slowdown may take sheen off gems & jewellery industry in Rajasthan

The overseas demand has also shifted to light-weight stone-studded jewellery, of both precious and non-precious stones

Two-wheeler exports fell by 20% to 1.69 mn units in H1 of FY24: Siam

The ongoing Russia-Ukraine war, which began in February 2022, has created significant volatility in global fuel prices, further straining developing economies already weakened by the pandemic

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

Cashfree Payments, Global Trade Plaza partners to lift cross-border payment

Exporters will also receive auto-generated foreign inward remittances advice (e-FIRA), the company stated

Israel-Hamas war: Indian exporters may face higher premiums, shipping costs

Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates. "For merchandise exports of India, the war may lead to higher insurance premiums and shipping costs. India's ECGC may charge higher risk premiums from Indian firms exporting to Israel," think tank Global Trade Research Initiative (GTRI) said on Sunday. ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is wholly owned by the government of India. It was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services for ...

India can become $1 trn export-led automotive hub by 2035: Report

India is the fourth-largest global automotive market, generating $250 billion in FY23 and contributing 7.3 per cent to the national GDP

Credit quality of export, commodity-linked sectors to face pressure: Crisil

Rating upgrades outpace downgrades in H1FY24

Govt exempts 'Bangalore Rose' onion from export duty, subject to conditions

The government has exempted export of 'Bangalore Rose' onion from duty, subject to certain conditions. The Finance Ministry issued a notification granting exemption from export duty on Bangalore Rose onion provided that the exporter furnishes a certificate from the state horticulture commissioner, certifying the item and quantity of Bangalore Rose onion to be exported. In August, the government imposed a 40 per cent duty on export of all varieties of onions to increase domestic availability and check price rise in the local market.

FTAs help India's engineering exports surge 9% to UAE, Australia in Apr-Aug

The recent Free Trade Agreements (FTAs) with the United Arab Emirates (UAE) and Australia have injected fresh vigour into India's engineering exports, witnessing a notable 9 per cent surge in shipments to both nations during the April-August period of the current fiscal, an industry official said. This surge comes at a time when overall engineering exports have experienced a decline, EEPC India said on Friday. Engineering exports to the UAE during the April-August period of FY24 recorded a 9 per cent year-on-year growth, reaching USD 2.24 billion. Simultaneously, engineering exports to Australia also witnessed a substantial 9 per cent year-on-year upswing, amounting to USD 596.14 million compared to USD 548.62 million in the April-August period of FY23. "Engineering exports to UAE and Australia have been beneficial. At this juncture, we urge the government to consider more FTAs, not only with our traditional partners but also with non-traditional markets in Latin America and Africa,

Exporters seek more sops for value-added products under Rodtep scheme

Say current structure provides higher refund rates on lesser value-added goods

Govt extends export benefits under RoDTEP scheme by a year till June 2024

The government on Tuesday extended export benefits under the RoDTEP scheme for one more year till June 2024, according to an official release. The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state or local level. The scheme is operational since September 2021. "The RoDTEP support which was notified till 30th September 2023 is now being extended till 30th June 2024 at the same rates to the existing export items," the commerce ministry said in the release. It will help the exporting community to negotiate export contracts in the present international environment on better terms. The RoDTEP Committee has again been constituted in the Department of Revenue to review and recommend the ceiling rates under the RoDTEP Scheme for different export sectors, it .

High processing fees hindering growth of e-commerce exports: GTRI report

Banking issues like reluctance to process forex received through alternate channels and high processing fees are hindering the growth of e-commerce exports from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process fore

Weekend Bites: FM's wish, 15 yrs since Lehman fell, Taper Tantrum, Apple

In which we munch over the week's platter of news and views

Exports decline 7% to $34.48 bn in Aug, trade deficit stands at $24.16 bn

During April-August this fiscal, exports contracted by 11.9 per cent to $172.95 billion

IT companies' forex revenue exceeds earnings of other manufacturers in FY23

According to data, the combined forex revenue of listed IT companies grew by 20.7 per cent to reach Rs 5.14 trillion in FY23

With 23-fold increase, Indian defence exports reach Rs 16,000 crore mark

The Indian indigenous defence industry has achieved the success in expanding exports with sale of major defence systems including the BrahMos supersonic cruise missiles

Here's how Indian rice exporters are finding ways to get past the curbs

The exporters are overbilling so that they do not lose their export market share to Pakistan, which is another major competitor in rice exports