Page 22 - Trade

RBI proposes to change regulations on export, import transactions

The RBI on Tuesday proposed rationalising regulations that cover export and import transactions with an aim to promote ease of doing business and empower banks to provide more efficient service to their foreign exchange customers. The central bank has issued 'Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 Draft Regulations and Directions' in this regard. As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said. The draft also proposes that an exporter who has not realised the full value of export within the time specified may be caution listed by the authorised dealer. An exporter who has been caution listed can undertake export

Govt begins anti-dumping probe into glass fibre imports from China, Bahrain

India has initiated an anti-dumping probe into the import of glass fibre from China, Thailand, Bahrain following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of glass fibres and its articles originating in or exported from these countries. Glass fibre or fibre glass is reinforced plastic that is strong, lightweight, flexible and can be moulded into many complex shapes. It has many industrial and domestic uses. Owens-Corning (India) has filed the application seeking initiation of an anti-dumping investigation on the imports. The applicant has alleged that material injury is being caused to the domestic industry due to the alleged dumped imports and has requested for the imposition of anti-dumping duties. "On the basis of the duly substantiated written application submitted by the applicant and having rea

Gold demand still lacklustre, jewellers expect import duty cut in Budget

Indian dealers offered a discount of up to $9 an ounce over official domestic prices â€" inclusive of 15% import and 3% sales levies, versus last week's discount of $13

DGTR for continuation of duty on some steel pipes from China, Vietnam

The commerce ministry's investigation arm DGTR has recommended the continuation of countervailing or anti-subsidy duty on welded stainless steel pipes and tubes from China and Vietnam to guard domestic players. In a notification, the Directorate General of Trade Remedies (DGTR) has said that there is a likelihood of injury to the domestic industry in the event of cessation of present countervailing duty on the imports from these two nations. "The authority has reached a conclusion that the duty imposed on subject goods is required to be extended further...The authority recommends extension of countervailing duties on imports of the product under consideration," the DGTR has said. The directorate has recommended a duty of up to 29.88 per cent on the product. The finance ministry takes the final decision to impose this duty. In its probe, the DGTR has concluded that in case of cessation of anti-subsidy duty, the domestic industry is likely to incur financial losses. Chinese produce

Centre should probe alleged leak of confidential data from ICEGATE

The CBIC has cautioned the public that fraudulent persons posing as Customs officers are using phone calls/SMSes, with specific intent to extract money by causing fear of immediate penal action

Signify aims double-digit growth from Indian business in 2024: CEO

Signify, formerly known as Philips Lighting, is targeting double-digit growth from its India business in 2024, a top company official has said. The company, which overall leads the Indian lighting market, also has plans to increase exports from India to other markets, playing a bigger role, Signify CEO and MD Sumit Joshi said. "India is a very important market not because of the domestic market which we have, but also the role which India could play for the world for Signify is becoming far more important," Joshi told PTI. On the domestic market, in which Signify operates in the consumer segment (B2C) and the professional lighting solutions (B2B) vertical, he said the company has been able to "extend its leadership". When asked about the growth, Joshi said: "I think we will continue to do on the consumer part of the business on volume we will continue to grow. In the first half, we are growing in high single digits, hopefully after the budget during the festivals, the numbers will

Rice exporter GRM Overseas to raise Rs 136.5 cr via issue of share warrants

GRM Overseas, one of the leading Indian basmati rice exporters, on Friday said it will raise Rs 136.5 crore through issue of share warrants on a preferential basis to 33 promoters and non-promoter investors. The company's board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs 150, including a premium of Rs 148 per warrant. The board has approved the fund raise of Rs 136.5 core through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors, according to a regulatory filing. "The fund raised will also be used for expanding the '10X' Brand in India, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities," the company said in a statement. These activities may be undertaken directly by the company or through its subsidiaries or joint ventures. The ..

'EU laws on sustainable products to hurt exports from developing nations'

Since most products covered are consumer products, the price rise may lead to inflation in the EU, the report said

India has sufficient wheat stocks, no plans to change import duty: Govt

India has sufficient wheat stocks to meet domestic requirements and undertake market interventions, if required, to keep prices stable, the government said on Thursday, adding that it has no plans to alter the import duty on the grain for now. The Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution, is closely monitoring the market price of wheat, it said in a statement. "Suitable interventions, as warranted, shall be undertaken to ensure that there is no hoarding by unscrupulous elements and the price remains stable," the statement said. During the 2024 rabi marketing season, the department reported wheat production of 112 million tonnes. The state-run Food Corporation of India (FCI) has procured around 26.6 million tonnes of the grain until June 11. After meeting the requirement for the public distribution system and other welfare schemes, estimated at around 18.4 million tonnes, sufficient wheat stock will be available

Exports from special economic zones up 4% to $163.69 bn in 2023-24

Exports from special economic zones (SEZs) rose by over 4 per cent to USD 163.69 billion in 2023-24 even though the country's total shipments dipped by more than 3 per cent in the last fiscal. According to the data of the commerce ministry, exports from these zones stood at USD 157.24 billion in 2022-23 and USD 133 billion in 2021-22. SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. As many as 423 such zones have been approved by the government, out of which 280 are operational as of March 31 this year. As many as 5,711 units are approved in these zones till December 31, 2023. The data also showed that as on December 31, 2023, over Rs 6.92 lakh crore have been invested in these zones and a total of 30.70 lakh people are employed there. The ma

Brics calls for enhanced use of local currencies in trade between members

At the meeting, the ministers recognised the need for a comprehensive reform of the global financial architecture

Macron hosting Biden for state visit as he looks to resolve trade tensions

President Joe Biden is being feted by French President Emmanuel Macron with a state visit Saturday as the two allies aim to show off their partnership on global security issues and move past trade tensions. Biden and Macron attended ceremonies marking the 80th anniversary of D-Day on Thursday and met separately the following day with Ukrainian President Volodymyr Zelenskyy in Paris. The leaders both used those engagements used to underscore the urgent need to support Kyiv's fight against Russia's invasion. But Macron and Biden have often chafed at the pace of support for Ukraine, especially as the United States, by far the largest contributor to Kyiv's defense, was forced to pause aid shipments for months while congressional Republicans held up an assistance package. The state visit began with a ceremony at the Arc de Triomphe, including a wreath-laying at France's tomb of the unknown soldier, and a military parade along the Champs-lyses leading to the lyse Palace, where the two wil

'IT services export from STPI register unit crossed Rs 9 trillion in FY24'

IT services exports from STPI-registered units have crossed Rs 9 lakh crore in the 2024 financial year, a senior official said on Wednesday. While speaking at the 33rd Foundation Day of Software Technology Parks of India, Director General Arvind Gupta announced an initiative towards developing India's sovereign cloud journey under the brand name 'Ananta', which will be a hyperscale cloud made by Indians for Indians. Apart from the conventional Compute Infrastructure Services (IAAS), Ananta will also offer PAAS, SAAS and GPU-based services. "STPI has played a very crucial and important role for nurturing the IT industry so that it could have reached this stage. The exports from STPI registered units have also reached Rs 9.19 lakh crore," Gupta said. The STPI registered units in the first year of its establishment in 1991 reported exports of Rs 17 crore. STPI at the event signed a memorandum of understanding with Sabudh Foundation for creating skill-development initiatives and nurtu

Adopting global standards to help India improve quality of goods: GTRI

Steps such as adoption of international standards, using risk-based regulations, and modern infrastructure development will help further improve quality of goods manufactured and exported from India, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also recommended support to small and medium enterprises, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems. These suggestions come at a time when India is on the fast track to issue Quality Control Orders (QCOs) and Compulsory Registration Orders (CROs) with a view to curb imports of sub-standard goods from countries like China, boost domestic manufacturing and push exports of high-quality goods from the country. GTRI Founder Ajay Srivastava said that to fully capitalize on these initiatives, it is crucial to comprehensively .

At $10,000, shipping container rates are again the talk of global trade

With capacity stretched by more than five months of attacks on vessels in the Red Sea, the container shipping industry is scrambling to meet demand that's picking up in the US and Europe

India to begin wheat imports after six years, to shore up reserves

As the new-season wheat harvest rolls in, the government is likely to wait until after June to scrap the import tax, in time for Russia's harvest, the sources said

'Silver imports in 4 months surpass all of 2023 due to solar panel demand'

Increased imports by the world's biggest silver consumer could support global prices, which are trading near their highest level in more than a decade

Trade strains boost cargo freights at pace recalling Covid 'chaos'

Some of the catalysts for the monthlong advance in seaborne freight rates stem more from worry than optimism

Exports of marine products contract 9% to $7.3 bn in 2023-24 on slow demand

Exports of marine products contracted by 8.74 per cent to USD 7.37 billion during 2023-24 due to demand slowdown in key markets of the US and Europe, according to the commerce ministry data. Indian exporters, however, expressed confidence that in 2024-25, marine exports would register a healthy growth as they are getting good orders. The shipments stood at USD 8 billion in 2022-23, the data showed. According to exporters, demand slowdown, high inflation in developed economies and increasing exports of frozen shrimp from Ecuador to America are some of the reasons for dip in India's exports last fiscal. Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said that as the US has imposed anti-dumping duty on Ecuador, "our products would now compete and increase exports". He said that the order books are healthy so far. "Now frozen shrimp from India and Ecuador will compete in the US market and we are hopeful to gain. In 2024-25, our exports will register go

Coffee exports rise 12% to $1.28 billion in 2023-24 on higher demand

India's coffee exports rose by 12.22 per cent to USD 1.28 billion in 2023-24 on higher demand for Robusta coffee in the global markets, according to the commerce ministry data. The country exported coffee worth USD 1.14 billion in 2022-23. India is Asia's third-largest producer and exporter of coffee. The country grows Arabica and Robusta varieties. Arabica coffee beans have less caffeine content than the Robusta. Arabica has sweet and smoother taste, while Robusta is generally more bitter and harsher on the taste buds. In volume terms, coffee shipments from India rose 13.35 per cent to 1,25,631 tonnes during the January-March period of 2023-24. The country had exported 1,10,830 tonnes of coffee in the same period in 2023. Italy, Russia, the UAE, Germany and Turkey are major coffee export destinations for India.