Page 34 - Trade

Temporarily stop import of rough diamonds: Industry body ask members

The gems and jewellery industry has asked its members to stop import of rough diamonds for two months starting from October 15 amid slowing global demand and rising inventories of domestic players. "...demand for loose polished diamonds and jewellery from large consuming economies such as the USA and China have been materially affected over the last many quarters, on the back of all-time highs of 2021 and 2022, with a visible slowdown in orders. "As a result, our country's exports have declined by 25 per cent during January-August, with a similar trend in September. Due to such factors, our inventories in polished diamonds have increased over the past few months and prices are softer as an effect of this mismatch in demand vs. supply," according to a circular. The circular was issued jointly on Tuesday by the Gem Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Surat Diamond Bourse, Mumbai Diamond Merchants Association and Surat Diamond Association. Mining compani

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 .

Indo-US ties should vie for frictionless trade relationship: US Ambassador

India and the US need to strive towards a more ambitious and frictionless bilateral trade relationship, US Ambassador to India Eric Garcetti said here on Tuesday. Speaking at the 20th Indo-US Economic Summit organised by the Indo-American Chamber of Commerce, Garcetti lauded the recently concluded G20 Summit in New Delhi, saying India has demonstrated its global leadership through the "most successful" G20 in the history of the organisation. The theme of the 20th Indo-US Economic Summit is 'Sharing ideas and potential for a sustainable partnership between India and the US for the next 25 years'. "The goal that we should be setting for each other is how can we be more ambitious. Not just settle for another deal, not just settle for as we have done in the last few months bringing down the retaliatory tariffs and trade disputes between our countries. That's not good enough. "I think we need to close our eyes and dream of what this relationship can be like even more than we would imagi

Weekend Bites: India-Canada-Khalistan, women's Bill, and drugs on drones

In which we munch over the week's platter of news and views

India, Canada diplomatic row will not have material impact on exports: EEPC

The diplomatic row between India and Canada will not have a material impact on the country's exports, according to apex engineering body EEPC. India's exports to Canada stood at USD 4.1 billion in 2022-23. The export goods include pharmaceuticals, gems and jewellery, textiles, and machinery, while imports (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products. "We do not believe that the stand-off with Canada will have a material impact on our exports and trade, given our long-standing relationship. We expect the current stand-off to be temporary and to be resolved," EEPC (Engineering Export Promotion Council of India) Chairman Arun Kumar Garodia told PTI. He expressed hope that the stand-off would be resolved soon and India's outbound shipments to Canada will continue to grow. "India and Canada have been good partners as far as trading and cultural relations are concerned, for a significant time. The current stand-off between India and Canada seems to be a

Govt to make IT hardware import authorisation process online, seeks data

The government on Friday informed IT hardware players that the process of import authorisation for laptops, tablet, servers etc. will be completely online and has sought data of the past three years for the inbound shipments of mobile, IT and telecom products, sources aware of the development said. Industry players have been informed that the "import management system" portal, which will be managed by Directorate General of Foreign Trade (DGFT), will go live by the end of this month. "MeitY has informed companies that 'import management system' will go live by September end. It will be managed by DGFT. It has asked importers to feed their organisation data and import data subsequently for the past 3 years," a source, who did not wish to be identified, told PTI. The government has proposed to implement new rules for import of IT hardware from November 1. The new rule will allow imports of IT hardware by authorised firms. The import management system will handle imports related to .

Prez to inaugurate UP trade show, police urge public to avoid expressway

The trade show will have business hours from 11 am to 3 pm while the doors will open to the general public at 3 pm and remain open till 8 pm. Admission for the general public is free of charge

India counting on potash supplies despite diplomatic row with Canada

Ties between India and Canada deteriorated sharply after New Delhi and Ottawa expelled one of the other's diplomats in a dispute over the murder of a Sikh separatist leader

Close to achieving mutually beneficial free trade agreement: UK minister

India and the UK are very close to achieving a mutually beneficial free trade agreement (FTA) but the aspects left to agree on are the toughest ones, Britain's Business and Trade Secretary in charge of the negotiations has told a parliamentary panel. Kemi Badenoch was answering questions posed by the cross-party House of Commons Business and Trade Committee, which scrutinises the work of the Department of Business and Trade (DBT), on Tuesday when she was asked about the timeline for signing off on the FTA which has completed 12 rounds of negotiations. The Cabinet minister was specifically asked about some UK media reports suggesting that cricket fan British Prime Minister Rishi Sunak may be planning a return visit to India next month to sign the deal on the sidelines of the World Cup being hosted across the country. We have never set a deadline. I think this is a very optimistic briefing for newspapers, responded Badenoch. We are very close. It is possible, but I wouldn't be setti

India trade talks 'continue as before' amid Canada allegations: Britain

The UK government said on Tuesday that the "serious allegations" over the murder of a Sikh separatist leader in Canada will not impact its own ongoing trade negotiations with India. Prime Minister Rishi Sunak's spokesperson at 10 Downing Street was asked about the impact the issue may have on India-UK relations after a government spokesperson said the UK remains in "close touch" with the Canadian authorities. It follows Canadian Prime Minister Justin Trudeau's statement in Parliament on Monday that it is pursuing "credible allegations" of "potential" Indian links to the killing of Khalistani separatist leader Hardeep Singh Nijjar, the Chief of Khalistan Tiger Force and a designated terrorist. Canada also expelled an Indian diplomat. The Ministry of External Affairs (MEA) in New Delhi on Tuesday strongly rejected the claims as "absurd and motivated" and dismissed a senior Canadian diplomat in a reciprocal move. "We are in close touch with our Canadian partners about these serious ..

Trade talks between India, Canada have taken hit amid rise in tensions

On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory

Kolkata Port offers 25% rebate on power charges to boost perishable exports

Kolkata Port, now known as Syama Prasad Mookerjee Port, has offered a 25 per cent waiver on reefer container electricity charges for perishable exports at Kolkata Dock System to attract exporters of eastern and northeastern region who use other ports to ship their cargo, an official said on Sunday. The discount on power for reefers, short for refrigerated containers, will help Kolkata Port to boost exports of perishables considerably from here, the official said. These refrigerated containers play a pivotal role in maintaining the freshness and quality of perishable goods during transportation. "We have the largest infrastructure for reefer container park in the eastern coast and our aim is to take capacity utilisation to 70 per cent in the near term from below 50 per cent now. The rebate benefit will attract more cargo," deputy chairman Samrat Rahi told PTI. Rahi said the discount, which will be available to exporters for a year from now, will put Khidderpore dock in advantageous

Bharat Mandapam, Yashobhoomi to promote trade, employment: Piyush Goyal

The two world class convention and exhibition centres -- Bharat Mandapam at Pragati Maidan and Yashobhoomi at Dwarka -- will help promote trade, industry and employment, Commerce and Industry Minister Piyush Goyal said on Sunday. Prime Minister Narendra Modi dedicated the first phase of India International Convention and Expo Centre - 'Yashobhoomi' to the nation at Dwarka on Sunday, while the ITPO's Bharat Mandapam was inaugurated on July 26. India Trade Promotion Organization (ITPO) is an arm of the commerce ministry. "Bharat Mandapam and Yashobhoomi will promote trade, industry, export and employment. Yashobhoomi will promote MSME sector, farmers and artisans and provide new opportunities and markets for them," Goyal said. He added that steps to make laws simpler, supporting startups, and increasing trade will help to promote the country's economic growth. On PM Vishwakarma Yojana, Goyal said that the prime minister has recognised the hard work of artisans and the scheme will ho

Explore new markets to reach $10 bn exports by 2030: Goyal to spice sector

The spice industry should work together to explore new markets, strengthen the existing ones and focus on value-added products to reach USD 10 billion exports by 2030, Union Minister for Commerce and Industry Piyush Goyal said on Saturday. "Currently our total exports of spices is at USD 4 billion. Rather than exporting spice in the raw form only, we should look for value-added products as we go forward. We should start building up more markets by exploring new markets and strengthening the existing ones. We should look at creating factories for value-added products to reach USD 10 billion exports by 2030 for the spices sector," Goyal said addressing the World Spice Congress 2023. Citing an example, the minister said, during Covid-19 pandemic, the demand for turmeric grew tremendously because of its medicinal properties and in terms of exports it has the potential to reach USD 2 billion. "If we focus all our energy on tumeric by developing value-added products, turmeric exports alon

'Domestic manufacturing of premium lighting products may double in 3 yrs'

The Indian premium decorative lighting industry is focusing on domestic value addition to replace imports, and expects the localisation level to double from the current stage in the next three years as the demand is on the rise, a senior company official said. Localisation refers to locally producing or manufacturing components. It is beneficial for a sector as it cuts down the cost of the component or the whole product. The localisation and domestic manufacturing of premium lighting products is now around 20 per cent, which is expected to double in the next three years, said Usha International. president and business head (lighting) Vikas Gandhi. He explained that the volume did not support complete localisation, but the revival in the market with a boom in the housing and hospitality sectors has encouraged the company to promote local value addition. Currently, most of the imports are from China, according to the executive, whose company sells its products under the Tisva brand

Canada postpones October trade mission to India, offers no reason

This comes at a time when negotiations for a free trade agreement between India and Canada have been stalled, sources informed on Friday

The storytellers' bazaar

The enduring legacy of trade routes lies in shared stories and religious diversity. Can the India-Middle East-Europe Economic corridor harness this legacy to empower nations?

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

Imports from Russia doubles to $25.69 billion in Apr-Aug on oil, fertiliser

The country's imports from Russia almost doubled to USD 25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were USD 13.77 billion during April-August 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China dipped to USD 42 billion during the period against USD 43.96 billion in the same period last year. Similarly, imports from the US ..

India-UK FTA talks: Good progress on rules of bilateral investment treaty

The talks on the proposed free trade agreement between India and the UK are moving and there is "good progress" on issues such as rules of origin and bilateral investment treaty (BIT), a senior official said on Friday. These were few of the issues where there were differences between the two sides. "Many things are moving very fast. Like rules of origin and bilateral investment treaty, there is a good progress. Negotiations are happening... Towards the end of the deal, it is the difficult issues which are to be closed and therefore it requires more time and more deliberations," Commerce Secretary Sunil Barthwal told reporters here. He said that mobility is also one of the subjects which is being negotiated. The 'rules of origin' provision prescribe that minimal processing should happen in the FTA country so that the final manufactured product may be referred as goods originating in that country. Under this provision, a country that has inked an FTA with India cannot dump goods fro