Page 35 - Trade

Rice export ban a regulation, safeguards food security: India to WTO

India has said that the export ban on rice is a regulation rather than a restriction and is crucial for securing the food security of 1.4 billion people, according to an official. This was stated by India in response to concerns raised by a group of countries including the US during a meeting of the WTO's Committee on Agriculture in Geneva on September 27. The Geneva-based official said that in the meeting, India reiterated its commitment to ensure food security in importing countries by granting exemptions to those in need upon their governments' requests. The Indian government has already allowed exports of non-basmati rice to Bhutan (79,000 tonnes), UAE (75,000 tonnes), Mauritius (14,000 tonnes) and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL). On July 20 this year, India banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. "The Government of India has the commit

US, UK, Bangladesh leading source countries for India's FTAs in 2022: Data

The US, the UK and Bangladesh were the top three source countries for foreign tourist arrivals (FTAs) in India in 2022, according to official data. The data was shared by the Ministry of Tourism in a statement on the occasion of World Tourism Day on Wednesday. "Top 3 source countries for Foreign Tourist Arrivals (FTAs) in India during 2022 include United States of America (USA), Bangladesh and United Kingdom (UK)," the statement said. India received 6.19 million FTAs during 2022 as compared to 1.52 million in 2021, it said. There were 10.93 million FTAs in India during pre-pandemic year 2019. The tourism industry has shown good signs of revival after the pandemic, Union Minister of Tourism G Kishan Reddy had shared this in a written response to a query in Rajya Sabha in April. In the data, shared on Wednesday, the Ministry of Tourism also said that India received Rs 1,34,543 crore (USD 16.93 billion) in foreign exchange earnings, a "remarkable increase" from Rs 65,070 crore reco

Govt exempts 5% integrated GST on ocean freight imports from October 1

The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1. The Finance Ministry has notified changes to the IGST Act with regard to payment of integrated GST on 'ocean freight' on imported goods with effect from October 1. Currently, importers are required to pay 5 per cent GST under the Reverse Charge Mechanism. KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court's ruling in the case of Mohit Minerals and help explicitly mention the government's alignment to the position. "While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for the past period, where credit has not been availed," Jain added. Giving its ruling in the Mohit Minerals case, the Supreme Court in May last year had held that since the Indian importer is liable to pay IGST on the 'composite supply', comprising

Edible oil imports likely to fall 6% due to higher carryover stocks

The country is likely to import 9.5 million metric tons of palm oil next year against 10 million in 2022-23, he told a global conference on vegetable oils in Mumbai

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