Page 12 - Indian Exports

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

Govt fixes sugar exports quota at 5,841 tn for EU under TRQ scheme

India on Friday notified sugar exports of 5,841 tonnes to the European Union under the tariff-rate quota (TRQ) scheme for 2023-24 (October 2023 to September 2024). TRQ is a quota for a volume of exports that enters the European Union (EU) with relatively low tariffs. After the quota reaches its limit, a higher tariff is applicable to additional shipments. "The Director General of Foreign Trade hereby allocates quantity of 5,841 MT for export of sugar to EU from India under TRQ for the year 2023-24 (October 2023 to September 2024)," an official notification said. It said that a Certificate of Origin, if required, for preferential export of sugar to EU, shall be issued by the Additional Director General of Foreign Trade, Mumbai on the recommendation of APEDA regarding the entity and quantity for which it is eligible. The quota will be operated by the Agriculture and Processed Food Products Export Development Authority (APEDA) as the implementing agency for the export of TRQ items to

Co-monitoring mechanism for steel exports between India, US at final stage

India and the US are in the final stages of setting up a joint monitoring mechanism to enable domestic exports of certain steel and aluminium products to America without paying extra duties, an official said. Indian exports of these products attract additional duties in the US as Washington, in 2018, imposed a 25 per cent import duty on steel products and 10 per cent on certain aluminium products on grounds of national security. In retaliation, India in June 2019 imposed additional customs duties on 28 American products. During the visit of Prime Minister Narendra Modi in June, the two countries decided to remove trade irritants and as part of that both sides agreed to end six trade disputes at the World Trade Organisation (WTO). They have mutually resolved those six disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019. The US, on its part, has agreed to provide greater market access to

Indian embassies, consulates well-placed to help Indian businesses: Singh

Union Minister Rajkumar Ranjan Singh on Wednesday said that Indian embassies and consulates are well-placed to help the country's businesses explore new markets for exports. India's growth and prosperity are intrinsically linked to its ability to tap into global markets and focusing on the incredible products and services that it has to offer, Singh, the Union Minister of State for External Affairs said. Stating that India has representation in almost all the countries of the world, he said "Our embassies and consulates are equipped with commercial representatives." He said that they are "well-placed" to help Indian businesses explore new markets. "Trust, quality and assured supply are the key components for the long-term success of any export business," the minister said. Stating that India is looking to increase its exports to two trillion USD by 2030, Singh said "Our export target of 2030 will be equivalent to Brazil's or Canada's total GDP today." He expressed confidence that

Govt's policy neither beneficial to farmers nor consumers: Sena (UBT)

The Shiv Sena (UBT) on Tuesday slammed the Centre over its decision to impose 40 per cent export duty on onions and claimed the government's policy is neither beneficial to farmers nor consumers. An editorial in the Sena (UBT) mouthpiece 'Saamana' further claimed the Modi government gives assurances of doubling the income of farmers, but works in a way that they do not even get the expected income. On August 19, the central government imposed 40 per cent export duty on onions to restrict outward shipments and boost local availability, amid apprehension about the kharif output and signs of firming of retail prices. The decision led to protests by farmers and traders in various parts of Maharashtra, especially in Nashik district. The policy of the government is neither beneficial to farmers nor consumers, the editorial in Saamana said. Whenever there is a chance for farmers to earn a little more money, the government either resorts to export duty or ban on exports, the Marathi daily

Domino effect: India rice export ban puts market on edge for similar curbs

Thailand, Vietnam and Pakistan, world's second, third and fourth biggest exporters, respectively, have said they are keen to boost sales since demand for their crops has been rising after India's ban

First trial shipment of fresh pomegranate exported to US: Commerce ministry

The commerce ministry on Tuesday said the first trial shipment of fresh pomegranate has been exported to the US through the air route. It was facilitated by the Agricultural and Processed Food Products Export Development Authority (APEDA). APEDA Chairman Abhishek Dev said the increase in pomegranate exports to the US would result in higher price realisation and an increase in farmers' income. "As the long-distance market and high cost was prohibitive in commencing commercial operations, the export of trial shipment of pomegranate would help in building capacities among Indian exporters and US importers by ensuring that quality fruits are exported," it said. Buoyed by the acceptance of Indian mangoes in the US, exporters are hopeful that pomegranate would also become a successful product there. 'Bhagwa' pomegranate from Maharashtra has substantial export potential and almost 50 per cent of the fruit's export from the country is from the state's Solapur district. In 2022-23, 62,280

WTO ranks India 18th in merchandise exports

India is ranked 7th in the list of services exporters with exports of $309 billion and 4.4 per cent of global services trade share

Indian exports face bigger threat from Asia-Pacific than West: CRISIL

CRISIL also said that the share of the US and the EU in India's goods exports has been on the rise since 2021 and it is eating into the share of the APAC region

Razorpay offers savings on overseas bank transfers for Indian exporters

Fintech company Razorpay on Wednesday announced the launch of its MoneySaver Export Account to offer up to 50 per cent savings on international bank transfers for Indian exporters. The company will help small and mid-size exporters open an account in a country of their choice and receive payments locally via Razorpay's platform, hence avoiding chargebacks and transfer costs. The initiative allows exporters to receive international bank transfers from 160 countries, it added. Users can access the feature on the Razorpay dashboard. All payments will come with an electronic Foreign Inward Remittance Statement, the company said. Rahul Kothari, Chief Business Officer, Razorpay, said the service already supports over 10,000 exporters.

Tamil Nadu tops NITI's Export Preparedness Index 2022 among coastal states

Tamil Nadu has pipped Maharashtra and Gujarat to emerge as the top state among coastal states in the Niti Aayog's Export Preparedness Index 2022. The index is aimed at assessing the readiness of the states in terms of their export potential and performance. Tamil Nadu is followed by Maharashtra, Karnataka, Gujarat, Andhra Pradesh, Odisha, West Bengal and Kerala in that order in the ranking of coastal states, according to the government think tank's report released on Monday. Among hilly/Himalayan states, Uttarakhand has ranked at the top position. It is followed by Himachal Pradesh, Manipur, Tripura, Sikkim, Nagaland, Meghalaya, Arunachal Pradesh and Mizoram in that order. Haryana topped the chart among the landlocked regions. It was followed by Telangana, Uttar Pradesh, Punjab, Madhya Pradesh and Rajasthan. In the category of union territories/small states, Goa was ranked first. Jammu and Kashmir, Delhi, Andaman and Nicobar and Ladakh were ranked second, third, fourth and fifth,

India's trade deficit falls to $20.13 bn in June from $22.1 bn in May

Services exports in June were $27.12 billion, while imports were $15.88 billion

Restoration of GSP benefits by US need of hour: CII EXIM committee chair

An early solution for restoration of GSP benefits by the US to Indian exporters is the need of the hour as it would help further boost the bilateral trade, Chairman of the CII national committee on EXIM Sanjay Budhia said on Wednesday. India and the US have agreed to discuss New Delhi's demand for restoration of Generalized System of Preferences (GSP) benefits to domestic exporters and now both sides will commence discussions to find a solution. The previous Trump administration in the US revoked GSP from India in 2019. GSP allows eligible developing countries to export duty-free goods to the US. Budhia said about two-thirds of the US imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in America for domestic consumption or for export. GSP also helps American consumers by eliminating duties on a variety of usually inexpensive consumer goods, he said adding these benefits are real and tangible. Both sides have mutu