Page 28 - Trade

Govt extends export incentive scheme for apparel, garment till March 2026

The government on Thursday approved the continuation of an export incentive scheme - RoSCTL - for apparel, garments and made-ups up to March 31, 2026. The Rebate of State and Central Taxes and Levies (RoSCTL) scheme is aimed at compensating for the state and central taxes and levies in addition to the rebate provided under duty drawback scheme on export of apparel/garments and made-ups. "The Union Cabinet chaired by Prime Minister Narendra Modi approved the continuation of scheme for RoSCTL for export of apparel/garments and made-ups up to March 31, 2026," an official statement said. It said that the move will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long-term delivery. "The continuation of RoSCTL will ensure predictability and stability in policy regime, help remove the burden of taxes and levies and provide level-playing field on the principle that goods are exported an

Conflict in West Asia remains growing risk for energy markets: J P Morgan

Recent attacks on vessels in the Red Sea by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia

In separate missions, Navy rescues two hijacked vessels in Arabian Sea

The Indian Navy rescued an Iranian-flagged fishing vessel with 19 Pakistani crew members and a Sri Lankan trawler in two swift operations after armed pirates hijacked the boats in the Arabian Sea amid deteriorating security situation arising out of Iran-backed Houthi rebels targeting various cargo ships in the region. Indian warship INS Somalia rescued fishing vessel (FV) Al Naeemi from 11 Somali pirates off the east coast of Somalia on Monday, in the second such rescue of an Iranian-flagged vessel in the troubled region, officials said. In total, the Indian Navy rescued three hijacked vessels in the Arabian Sea since January 28. "Indian naval ship Sumitra, having thwarted the piracy attempt on FV Iman, has carried out yet another successful anti-piracy operation off the east coast of Somalia, rescuing fishing vessel Al Naeemi and her 19 Pakistani crew from 11 Somali pirates," Navy spokesperson Commander Vivek Madhwal said. The warship had responded to a distress call from FV Iman

Red Sea crisis: Exports, higher freight impacts wire maker R R Kabel

Attacks by Yemen's Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted up tensions in the Middle East as the Gaza war rages on

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

As demand for fast deliveries surge, industry struggles on EV transition

All of this comes with a hefty climate footprint. FedEx Corp., United Parcel Service Inc. and DHL Group

China threat an opportunity for India-US ties, strong FTA: Congressman Issa

The "threat" posed by China offers an opportunity for the US and India to make strong agreements, including a genuine Free Trade Agreement (FTA) to ensure that the two countries will look at each other as first partners, according to Darrell Issa, an influential American lawmaker. Issa, a Republican Congressman from California, said this during a conversation with Aparna Pande, Research Fellow, India, and South Asia with the think tank Hudson Institute here on Monday. Agreeing that the India-US relationship today does seem to be based in no small part on the China threat, he said, Having said that, I view this China threat as an opportunity to do with that we did not do. The items produced in China could be produced in India, at substantially similar costs (and) would more than allow for India to substantially replace its dirty fuel with clean fuel, Issa said. But that requires that the two countries really make strong agreements, including a genuine Free Trade Agreement (FTA), one

Customs to ease export norms for certain dual-use goods, says DGFT

The government is working to liberalise export norms for certain products which have dual-use like chemicals for companies that have proven track record, a senior official said on Tuesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that dual-use goods and technologies are sensitive and if it goes in the wrong hands of non-state actors, it can cause serious disruptions globally. A small group of rebels in Yemen have disrupted the global trade as they are attacking foreign commercial ships with drones and missiles. "We are working with the industry, with the ministry of external affairs, and with the customs to ensure that a whole lot of sectors are liberalised for those companies which have proven track record of responsible use and responsible exports," Sranagi said here at the 'National Conference on Strategic Trade Controls'. It was organised by the DGFT and the external affairs ministry here. Dual use implies the usage of these goods and technologies in

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

Gold imports rise 26.7% to $35.95 billion in Apr-Dec on healthy demand

India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to USD 35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at USD 28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to USD 3 billion, as per the data released by the commerce ministry. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 188.02 billion in the first three-quarters of this fiscal against USD 212.34 billion in April-December 2022. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the period dipped by 16.16 per cent to USD 24.3 billion. India's current account deficit declined sharply to 1 per cent of the GDP or USD 8.3 bill

Customs 2.0 in offing, to provide fully automated stakeholder service: Govt

Revenue Secretary Sanjay Malhotra on Saturday said the customs department is developing a fully automated trade interface system, Customs 2.0, which would also help in improving its score in the World Bank's ranking. Speaking on the International Customs Day 2024 celebrations, organised by the Central Board of Indirect Taxes and Customs (CBIC), Malhotra said technology is going to be the main driver in improving customs processes. The World Bank's Logistics Performance Index 2023, which was released in April last year, had ranked Customs processes at 47th spot, down from 40th position in 2018. "India is on course to become the third largest economy surpassing GDP of USD 5 trillion. Yet we are ranked 47th out of 139 countries in the World Bank report'. There is a huge scope for improvement for us not only in terms of score but also in terms of ranking, Malhotra said. He said the systems division in Customs is preparing for a Customs 2.0 to ensure that all processes in customs and wi

Houthi attack: Navy deploys fire-fighting team on board British oil tanker

The Indian Navy on Saturday said its guided missile destroyer INS Visakhapatnam has deployed a team to help fire-fighting efforts on board British oil tanker MV Marlin Luanda which has got 22 Indian and one Bangladeshi crew members. According to foreign media reports, the tanker caught fire after a missile attack by Yemen's Houthi militants, the latest incident linked to the Iran-backed group in the key shipping route Gulf of Aden. On a request from MV Marlin Luanda, INS Visakhapatnam has deployed its NBCD team along with fire-fighting equipment to render assistance to the crew towards augmenting fire-fighting efforts on board the distressed ship, a Navy spokesperson said. "The Indian Navy remains steadfast and committed towards safeguarding MVs (merchant vessels) and ensuring safety of life at sea," the Indian Navy said. The operator of the British oil tanker has said the vessel had been "struck by a missile in the Gulf of Aden after transiting the Red Sea", according to the ...

US antitrust inquiry targets OpenAI, Anthropic's deals with big tech firms

In a statement, Microsoft said it would provide the FTC information to complete its review and that collaboration by American companies put the US ahead in AI

China presses Iran to rein in Houthi attacks in Red Sea, says report

Freight through Suez Canal down 45% since Houthi attacks

Red Sea crisis pushes costs of fuel tanker above $100,000 per day

The cost to ship refined products from the Middle East to Japan added another 3% to $101,000 a day on Thursday, according to data from the Baltic Exchange in London

SC junks review plea on overvaluation in capital goods' import by Adani cos

According to a lawyer associated with the case, the court had found that the project cost of APML and APRL was either similar or lower than the price of their competitors

Agricultural commodities may be significantly impacted by Red Sea crisis

The Red Sea crisis has led to a 122% rise in freight costs in the last few months, according to ICRA

Govt nod to proposal to set up trade committee of India, Dominican Republic

The government on Wednesday approved a proposal to sign a protocol for setting up a Joint Economic and Trade Committee (JETCO) between India and Caribbean nation Dominican Republic. A decision in this regard was taken in a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi here. The joint committee, an official statement said, will provide a platform for the exchange of information between various authorities and their counterparts. "This would help in facilitating trade of goods and services and consequentially help in better employment opportunities for professionals in both the countries," it said. The Cabinet "approved the proposal for signing of a protocol for the establishment of JETCO between the (Indian) Department of Commerce and the Ministry of Foreign Affairs of the Dominican Republic," the statement said. At present, there is no bilateral institutional mechanism between the two nations on trade and commerce, it added. India primarily imports gold fr

TVS, Bajaj Auto forecast lingering challenges to recovery of exports

On top of festive season, Bajaj Auto also benefited from strong demand for its premium motorcycles, led by the two Triumph models

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