Page 9 - Indian Exports

India-EFTA agreement aligns tariff concessions with investment promotion

In exchange for tariff reduction, EFTA countries will increase foreign investments in India

Exporters urge exemption from 45-day payment rule for supplies from MSEs

Indian exporters have urged the government to exempt them from the 45-day payment rule for goods bought from micro and small enterprises (MSEs) as it will impact their businesses. In a letter to Prime Minister Narendra Modi, chiefs of major export promotion councils and federation of Indian export organisations have appealed to waive the export companies from section 43B(h) of the Income Tax law. The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) Act, 2006. Especially, companies must pay within 45 days if there is an agreement, and within 15 days in the absence of such a pact. If they do not meet these deadlines, they can not deduct these expenses for tax purposes. "Our humble request is to consider the export communit

Centre to purchase 1,650 tonnes of onions for exports to Bangladesh

India had imposed an export ban on onions between December 31 to March 31, amid surging domestic prices; however, permitted the export of 64,400 tonnes to UAE and Bangladesh, earlier this month

India slowly gaining electronics export market foothold from China: Study

The impact is most pronounced in the UK and US, where geopolitical tensions with China have increased in recent years

Apparel industry needs to focus on synthetic fabrics to boost exports: GTRI

The Global Trade Research Initiative (GTRI) said that due to weak synthetics, India's apparel industry is a horse running with one leg tied

India, UAE sign agreement to develop trans-continental trade corridor

The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia

Walmart procured goods worth $30 bn from India in 20 yrs for global ops

Walmart has sourced goods worth over USD 30 billion from the Indian market in the last two decades for its global operations, a company official said on Tuesday. Now the Bentonville-headquartered firm has a goal to triple its sourcing of goods from India up to worth USD 10 billion per year by 2027, said Walmart Inc Executive Vice President, Sourcing Andrea Albright. Walmart is encouraging MSMEs (Micro, Small and Medium Enterprises) and entrepreneurs with proper training and believes that there is a tremendous opportunity to continue to contribute to India's growing economy, she said. The company has been doing business in India for the last 25 years, Albright said. "We have already sourced more than USD 30 billion in products from India," she said speaking at the Walmart Growth Summit here. The company is building an ecosystem and taking a people-led approach to connect its work across the country. "Investing in high growth markets like India helps us strengthen our relationships

India exported 0.78 MT coal to neighbouring countries in Apr-Nov: Govt

India's coal export to neighbouring countries was 0.78 Million Tonnes (MT) in the April-November period of the ongoing fiscal, Parliament was informed on Thursday. Among the neighbouring countries, India exports coal to Nepal, Bangladesh, and Bhutan. Replying to a question in Lok Sabha, Coal Minister Pralhad Joshi said, "Coal export by the country during the last three years... is 2.945 MT in 2020-21, 1.316 MT in 2021-22, 1.166 MT in 2022-23 and 0.78 MT in 2023-24 (up to November)." Most of the coal produced in the country is consumed domestically. The major coal consuming sectors in the country are power, steel, cement, sponge-iron, and fertiliser. As the primary source of commercial energy in India, coal accounts for half of our energy consumption and remains the dominant fuel for power generation due to its reliability compared to other renewable energy sources.

Red Sea crisis: India on track to export record-low diesel to Europe in Jan

Volumes have so far declined by roughly 80% month-on-month to 33,400-58,000 barrels per day (bpd), Kpler, LSEG and Vortexa shiptracking data showed

Budget 2024 LIVE news: Auto firms seek continued push for green mobility

Budget LIVE: Ahead of Lok Sabha elections, Finance Minister Nirmala Sitharaman will be presenting the interim budget on February 1, catch all the Budget related updates here

Coffee exports from India decline by 5.4% to 377,000 tonne in 2023

Coffee shipments from India declined 5.4 per cent to 3.77 lakh tonne in 2023 due to a fall in the shipment of Robusta coffee, according to the official data. The country had exported 3.98 lakh tonne of coffee in 2022. India, Asia's third-largest producer and exporter, grows Arabica and Robusta variety of coffee. Arabica coffee bean has lesser caffeine content than the Robusta. Arabica has a sweet and smoother taste, while the Robusta is generally more bitter and harsher on the taste buds. According to the Coffee Board of India's latest data, export of Robusta coffee bean declined 15 per cent to 1.87 lakh tonne in 2023, from 2.20 lakh tonne in the previous year. However, the shipment of Arabica coffee bean rose 5.79 per cent to 46,869 tonne in 2023 from 44,302 tonne in the previous year. Even Instant Coffee exports rose 6.68 per cent to Rs 1.42 lakh tonne as against 1.33 lakh tonne in the said period, as per the data. In terms of value, total coffee exports were at Rs 9,580.58 cr

Red Sea impact: Who would a price rise hurt the most?

The Indian economy will not remain untouched by the effect of Houthi attacks. Indian exports and imports will be adversely affected if the Red Sea route cannot be used

'Engineering goods exports grow 10.20% in Dec amid global challenges'

Despite various challenges arising out of geopolitical tension and tight financial conditions in major advanced economies, India's engineering goods exports recorded a year-on-year growth of 10.20 per cent to USD 10.04 billion in December 2023. While this represents a strong rebound, the sector still faces uncertainties due to the prevailing global economic conditions, an EEPC official said. "It has been a challenging period for engineering exporters. Tensions in Europe and now in West Asia have posed significant downside risks," Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said. "Projections indicate a potential slowdown in global growth in 2024, and factors such as high interest rates and low consumer spending are expected to continue affecting the sector this year," he said. Considering these factors, EEPC maintains a cautious optimism and hopes that geo-political tension will ease, leading to an improvement in the global macroeconomic situation, ...

Leaf out of China's playbook: India may create green channel for e-commerce

Under the plan, e-commerce export zones may be developed near airports where export clearances are quicker

Optimistic about $2 trillion export target by 2030, says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Saturday expressed optimism that the country will meet its ambitious USD 2 trillion export target by 2030, notwithstanding geopolitical headwinds and inflationary concerns. Speaking at the inauguration of the Patsan Bhavan, which houses the Jute Commissioner's office and headquarters of Jute Corporation of India and National Jute Board, in New Town, Kolkata, Goyal acknowledged the challenging global situation. He cited the Ukraine war, the Israel conflict and issues related to the Red Sea as factors impacting trade. "To address low food grain production and curb domestic inflation, we have implemented restrictions. However, despite all these challenges, India's exports will continue to grow, aiming at reaching USD 2 trillion by 2030 from the current USD 770-775 billion," Goyal said. He highlighted the potential of the jute industry, stating that with "contribution from the jute sector and concerted efforts from the Centre and sta

Keen to expand ECGC cover, form committee to boost jewellery export: Goyal

Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector. "We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased. "If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show. The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start

India exports 8,606 tonnes of raw cane sugar to US under TRQ scheme

Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports

Agriculture exports relying on 5 items make sector volatile: GTRI

India's agri export basket is dependent on just five commodities including rice and sugar and this makes the sector vulnerable to fluctuations in global prices and demand, a report by economic think tank GTRI said. The Global Trade Research Initiative (GTRI) said that these five products -- basmati rice, non-basmati rice, sugar, spices, and oil meals -- account for 51.5 per cent of India's total agriculture exports. Furthermore, India grapples with various domestic challenges, including infrastructural deficits, quality control issues, and non-tariff barriers, all of which impede the growth and competitiveness of the country's agricultural sector, it said. "This makes them (agri exports) vulnerable to fluctuations in global prices and demand," it said, adding these commodities also face frequent export bans in India. At present export of non-basmati rice is banned from India and the country is also fighting at the WTO (World Trade Organisation) to protect subsidies to rice and whea

India's trade deficit fell to $20.58 billion in Nov as imports shrank 4.3%

Trade deficit: The exports, however, fell less sharply by 2.8% in November to $33.90 billion from $34.89 billion a year ago

Agri-commodities exports decline to 1.79 million tonnes in Sept: APEDA

Export of agri-commodities, including basmati rice, declined to 17.93 lakh tonnes in September this year compared to 27.94 lakh tonnes in the previous month, according to agri-export promotion body APEDA. Exports of agri-commodities in April and May were around 33 lakh tonnes each. However, shipments of farm items fell to nearly 18 lakh tonnes due to several restrictions on the export of various varieties of rice, including broken rice and non-basmati white rice. Export of agricultural items stood at 27.94 lakh tonnes in August of the 2023-24 fiscal, according to the data maintained by the Agricultural and Processed Food Products Export Development Authority (APEDA). In value terms, the export of farm items declined to Rs 14,153 crore during September from Rs 18,128 crore in August of this fiscal. Much of the exports in September were non-basmati exports which stood at 4.25 lakh tonne, basmati rice at 1.21 lakh tonne, fresh onions at 1.51 lakh tonne, and buffalo meat at 1,21,427 ..