Page 9 - Indian Exports

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

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