Vol. XIII Issue no.55
Chennai, Feb 7 , 2012
US, India win WTO case against China on raw material exports
Washington, January 31: Led by the US, several countries, including India, Mexico and Brazil, have won their battle against China at the World Trade Organisation on export of raw material.
In a ruling, the WTO Appellate Body found China’s export restraints on several industrial ra
US, India win WTO case against China on raw material exports
Washington, January 31: Led by the US, several countries, including India, Mexico and Brazil, have won their battle against China at the World Trade Organisation on export of raw material.
In a ruling, the WTO Appellate Body found China’s export restraints on several industrial ra
Sri Lanka and India trade volumes reach all time high
Colombo, January 26: Bilateral trade between India and Sri Lanka had surged by over 70 per cent while touching an all time high of $ 5 billion, the Indian High Commissioner here said today. Indian companies have invested over $ 100 million in the island. Ashok K Kantha, the Indian envo
India - Thailand to sign FTA by mid-2012
New Delhi, January 25: India and Thailand will sign a free trade agreement by the middle of this year, Thai Prime Minister Yingluck Shinawatra said on Wednesday.
"I hope this free trade agreement with India will be in place by the middle of this year," Shinawatra said in a speech at a b
Government to simplify SEZ rules soon
New Delhi, January 24: The commerce ministry will announce rules to simplify and rationalize procedures to revive special economic zones, hoping to draw investors to these enclaves once touted as centres of export excellence.
The changes, which will be notified in a week, could include
EGoM to decide on basmati MEP on Feb 7
New Delhi, January 23: The government will consider lowering of the minimum export price (MEP) for basmati rice in a meeting of the Empowered Group of Ministers (EGom) on food scheduled for February 7. The Indian exporters have been demanding a lower MEP, which is $900 per to
White paper on wrong export numbers under preparation
New Delhi, January 16: The government is considering bringing out a white paper on what went wrong with the exports numbers that were revised down $9 billion for the first seven months of the fiscal. A panel, which includes chief economic advisor Kaushik Basu, director genera
Govt clears 20 FDI proposals worth Rs 1935 cr
New Delhi, January 10: The Government today approved 20 foreign direct investment proposals, including that of Sterlite Grid, Equitas Micro Finance and TV Vision, envisaging a total investment of Rs 1,935.24 crore.
The proposals were cleared following recommendations of the Foreign Inve
30 days more to apply for sugar export permits: Food Ministry
New Delhi, January 6: The Food Ministry has given one month more to mills and factories to apply for sugar export permits. "The government has considered the request of ISMA and NFCSF (industry bodies) and decided to extend the last date for submission of application for obta
FDI inflows up 36% at $23.68 bn in Jan-Oct
New Delhi, January 1: Foreign direct investment in India surged by 36 per cent to $23.68 billion during the January-October period this year, notwithstanding uncertain global economic environment.During January-October 2010, the country had attracted Foreign Direct Investment (FDI) wor
Exports held out despite slowdown but outlook cloudy
New Delhi, December 25: Despite the global downturn and major fluctuation in the value of the rupee, India's merchandise exports logged a robust rise during 2011 with experts attributing this to the government's focus on product and market diversification.
Merchandise exports that accou
Trade with Belgium goes beyond diamonds
Bangalore, December 24: Non-diamond trade dominated by small and medium enterprises has created certain dynamics for bi-lateral trade between Belgium and India. “Small enterprises in pharmaceuticals, biotech, clean energy and automotive ancillaries are shaping the bi-lateral
Online transmission of DES now at Krishnapatnam Port
New Delhi, December 24: The DGFT has issued Policy Circular No. 49 dated December 22, 2011, to state that Online transmission of DES (Advance Authorization and DFIA ) and EPCG has begun at Krishnapatnam Port (INKRI1 ) with effect from December 23, 2011.
Orissa stops iron ore exports permits to 2 ports
Bhubaneswar, December 12: Orissa has stopped issuing iron ore export permits for cargoes shipped via two ports in Andhra Pradesh, Orissa mines minister told Reuters.
"The Gangavaram and Kakinada ports did not cooperate" with the state mines and steel department's queries on the volume of the
Export growth in Nov up 4.2%; imports record 29.1% growth
New Delhi, December 9: India's exports in November grew marginally by 4.2 per cent with shipments in the month worth $22.3 billion. Exports in November 2010 were $21.4 billion.
Imports in the month were $35.9 billion, recording a 29.1 per cent growth from $27.8 billion in November 2010. This
Rising imports widen trade deficit with China
New Delhi, December 5: The trade deficit with China continues to soar at a blistering pace even as India is looking at aggressively increasing and strategising the reach of its products into the Chinese markets. The trade deficit which was $19 billion in 2009-10 rose to $23.87 billion in
CCEA okays interest relief of Rs. 2050 cr for exporters
New Delhi, December 3: The CCEA on Thursday approved R2,050 crore under the Interest Subvention scheme for handicrafts, handlooms, carpets and small & medium Enterprises sectors. The money will go towards meeting claims of exporters till the end of the scheme in March. The interest
Coffee exports jump 22% to 19403 tonnes in Nov
New Delhi, December 2: India’s coffee exports rebounded in November after witnessing a fall in the first month of the 2011-12 coffee year, rising by 22 per cent to 19,403 tonnes.
Exports stood at 15,927 tonnes in the same month of the 2010-11 coffee year (October-September), accor
Zero duty sugar imports extended till March
New Delhi, December 2: Sugar may not turn bitter for the time being, as the Finance Ministry on Thursday extended zero duty on imports for another four months till March 2012. The earlier notification expired on November 30.
Faced with high inflation, the government first al
Food inflation dips to 8% on base effect
New Delhi, December 1: Food inflation witnessed a sharp moderation to 8 per cent for the week ended November 19, its slowest pace in nearly four months and well below the 9.01 per cent rate reported in the previous week.The sharp dip was despite the fact that most agricultural items, bar
18 FDI proposals worth Rs 2,126 crore cleared
New Delhi, November 25: The Finance Ministry today approved 18 FDI proposals, including that of Dish TV and MCX, envisaging foreign investment of Rs 2,126 crore, while referring the application of Unitech Wireless to Cabinet.
The proposals were cleared following recommendations of Forei
Imports of sensitive items up 42.2 per cent in April-August
New Delhi, November 24: Imports of sensitive items, including pulses and edible oils, went up by 42.2 per cent to Rs 40,281 crore in the April-August period this year.
India's imports of sensitive items stood at Rs 28,317 crore in the year-ago period.
Import of pulses soared to Rs 3,34
India, Malaysia trade up 36% in Jan-July
New Delhi, November 23: Trade between India and Malaysia in January-July, 2011, grew 36% year-on-year to $7.264 billion, and is expected to exceed $10 billion by the end of the year.
At a seminar organised by the Indian High Commission in Malaysia and the commerce ministry, Malaysia’s m
Export of 1 mt sugar okayed
New Delhi November 23: The Union government on Tuesday allowed export of a million tonnes of sugar for the 2011-2012 crop marketing year that started in October and also lifted the stock holding limit on the sweetener from November 30. The move, which came after a persistent demand from
Govt reduces MEP for onions to $350/MT
New Delhi, November 19: The Director General of Foreign Trade has issued Notification No. 85 dated November 18, 2011, reducing the Minimum Export Price (MEP of onions (other than Bangalore Rose and Krishnapuram onions) to USD.350 per metric tonne.
Minimum Export Price (MEP)
Govt to take decision on sugar exports on Nov 21
New Delhi, November 17: The Food Minister, Mr K.V. Thomas, today said the government will take a decision on allowing sugar exports in the 2011-12 marketing year on November 21. The Empowered Group of Ministers (EGoM) on Food headed by the Finance Minister, Mr Pranab Mukherjee, is
SEZ exports grows 26% during April-Sept
New Delhi, November 16: Exports from Special Economic Zones during April-September 2011 grew by 26.2 per cent to Rs 1,76,479.69 crore, the Export Promotion Council for EOUs and SEZs (EPCES) said in a statement on Tuesday.
SEZ exports during 2010-11 had grown 43 per cent over the previous year
India-EU trade pact presents huge opportunities: Anand Sharma
New Delhi, November 15: Commerce Minister Anand Sharma today said the proposed India-EU trade agreement presents ample opportunities for both sides in goods and services. Sharma said the two sides are committed to the ambitious pact by early 2012. There have been 13 rounds of negot
EU exports to India in 2011 worth $36.5 bn
Brussels, November 15: The European Union Tuesday said its exports to India in the first eight months of 2011 were worth 26.9 billion euros (around $36.5 billion).
This was up by 22 percent from the same period in 2010, when exports to India were worth 22.1 billion euro, according to figures
Tyre exports up 30% in Apr-Sept
Kochi, November 13: Despite the global economic slowdown, tyre exports from India increased 30 per cent in the first half (H1) of the current financial year, according to the latest data by the Automotive Tyre Manufacturers Association (Atma). During April-September period, 3.7 million t
India initiates major free trade move in SAARC
Addu Atoll (Maldives), November 11: In a major trade liberalisation move, India Thursday announced the reduction of the 'sensitive list' for least developed countries under the South Asian Free Trade Area Agreement (SAFTA) from the existing 480 tariff lines to 25 tariff lines.
Prime Min
Board of Approval for SEZs to meet on Nov 23
New Delhi, November 10: The Board of Approval for Special Economic Zones headed by the Commerce Secretary, Mr Rahul Khullar, is scheduled to meet on November 23 to discuss matters like setting up of new SEZs in the country.
“The 49th meeting of the BoA for SEZs shall be held on November
Centre to export rice through diplomatic channels
Mumbai, November 7: The Centre will export rice through diplomatic channels to Nepal, Bangladesh and Sri Lanka, the Union Agriculture and Food Processing Industries Minister, Mr Sharad Pawar, said on Monday.
However, Indonesia, which had sought a similar arrangement, will have to buy th
RBI extends remittance flexibility to exporters
Mumbai, November 2: The Reserve Bank of India has extended the flexibility to exporters to repatriate their remittances upto a year, in the face of difficult business environment in world's developed markets. The liberalised norms will continue till September 30, 2012, RBI said in a noti
DGFT permits export of milk products manufactured prior to ban
New Delhi, November 1: The Director General of Foreign Trade has notified relaxation for export of casein and casein products that had already been manufactured prior to issue of ban vide Notification No. 23 dated February 18, 2011, subject to a limit of 1053.625 MTs. The names of
Govt plans to impose additional levies on cigarettes and diesel cars
New Delhi, November 1: The finance ministry is exploring plans to impose additional levies on cigarettes and diesel cars, measures that some officials think could help it earn much needed revenues without stoking inflation or hurting growth.
Taxes on services could also be increased under the
Commerce Ministry initiates exercise to revamp SEZs
New Delhi, October 29: Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
In view of various taxation and procedural
ISMA seeks nod for export of 20 lakh tonne of sugar
New Delhi, October 27: The apex industry body for private sugar mills, ISMA, has urged the government to immediately allow exports of at least 20 lakh tonne of the sweetener to improve their cash flows for making payment to cane farmers.
The top officials of Indian Sugar Mills Association (IS
ISMA seeks nod for export of 20 lakh tonne of sugar
New Delhi, October 27: The apex industry body for private sugar mills, ISMA, has urged the government to immediately allow exports of at least 20 lakh tonne of the sweetener to improve their cash flows for making payment to cane farmers.
The top officials of Indian Sugar Mills Association (IS
Govt to announce a package for exporters: Commerce Secretary
New Delhi, September 24: The government will soon announce a fresh package for exporters that will rejig incentives and address problems related to accessing foreign currency credit and rising rates of interest.
"Global conditions have changed, budgets have changed and interest rates ha
Forex reserves rise by $266 m to $316.76 b
Mumbai, September 23: India's foreign exchange reserves rose by $266 million to $316.763 billion in the week ended September 16, according to Reserve Bank of India's ‘Weekly Statistical Supplement'.
This rise in reserves, which is mainly on account of change in currency valuation,
Minimum price for tea exports proposed
Kolkata, September 23: The Tea Board Chairman has proposed introduction of a minimum price or quality benchmark for tea exports as part of an initiative to regain lost export market and address quality issues.
Commerce Ministry plans to amend SEZ Act
Kolkata, September 22: The Commerce Ministry plans to come out with draft guidelines to amend the Special Economic Zones (SEZ) Act, 2005. The draft guidelines would be put out on its Web site for public discussion within the next two to three weeks, said Dr Rahul Khullar, Commerce Secret
DEPB benefit available for cotton yarn and cotton
New Delhi, September 21: The exporters of cotton yarn can file on-line application for DEPB for the exports of “Cotton yarn including Melange yarn” and “Cotton” made from 04.08.2011. As regards the filing of applications for DEPB to the RA concerned for exports of &ldqu
India to allow free flow of food for UN aid programme
New Delhi, September 20: India will not impose export duty and other restrictions on food purchases by the United Nations World Food Programme, joining a global initiative to tackle scarcity of food and volatility in its prices.
"The issue was discussed at the G-20 and the government wi
Govt clears FDI proposals worth Rs 243 cr
New Delhi, September 19: The government today announced that it has cleared 12 proposals for foreign direct investment (FDI) in the country worth a total Rs 242.88 crore, including one from Indian Rotorcraft to carry out the assembly of both military and civil helicopters.
The Foreign Investm
India, ASEAN negotiations on FTA in services in October
New Delhi, September 18: India will press for an early conclusion of a pact with Southeast Asian nations for mutual opening of trade in services and liberalisation of investment norms when Asean officials visit here next month for talks.
India and the 10-nation Asean bloc already
Sensitive items import up 34.5% in April-June
New Delhi, September 18: Imports of sensitive items, including pulses and edible oil, went up by 34.5% to Rs 21,537 crore in April-June this year, from Rs 16,016 crore in the year-ago period.
The country's pulses imports soared by 27.2% to Rs 2,016.26 crore during the period under review from
WTO calls for simpler import permit in India’s foreign trade
New Delhi, September 15: India's import regime remains complex, particularly its licensing and permit system and its tariff structure, with the latter having multiple exemption and rates varying according to product, user or specific export promotion programme.
This is the nub of the Wo
Indonesia cuts export duty on refined palm oil
Washington, September 14: The Indonesian Government has changed the existing uniform export tax rate of 25 per cent for crude and refined palm oils and built an export tax differential between the two oils by announcing a duty cut to take effect from October 1. This downward revision of export
Car exports grow 22% between Apr-Aug of FY12
New Delhi, September 11: Domestic car sales may be on a downhill drive, but exports from India have risen 22.39% in April-August period this fiscal over the same period last financial year.
According to the latest data from Society of Indian Automobile Manufacturers, passenger car exports in
Foreign exchange reserves rise to $320.78 bn
Mumbai, September 10: Foreign exchange (forex) reserves rose by $1.61 billion to hit an all-time high of $320.78 billion for the week ended Sep 2 on the back of nearly $3 billion jump in the value of gold reserves, weekly statistical supplement of the Reserve Bank of India (RBI) showed.
The f
India extends unrestricted cotton exports beyond October 1
New Delhi, September 9: India will continue with unrestricted cotton exports in the new marketing year beginning Oct. 1, Trade Secretary Rahul Khullar told reporters on Friday.
The world's second biggest grower and exporter of cotton had allowed in July unrestricted exports of the fibre
Export growth up 44.2% at $24.3 b in Aug
New Delhi, September 9: India’s exports maintained sterling performance in August, growing year-on-year by 44.2 per cent to $24.3 billion, despite problems in major economies of the west. “Except iron ore, other sectors including engineering, chemicals and textiles have
Government working on new incentive scheme for exporters
New Delhi, September 8: In the backdrop of strong demands from exporters for retaining the incentive scheme, DEPB, Commerce and Industry Minister Anand Sharma on Wednesday met Finance Minister Pranab Mukherjee.
"While the DEPB will end on September 30, the commerce and finance ministries are
Govt bans onion export
New Delhi, September 9: The Centre has banned onion exports with immediate effect, while allowing exports of wheat and non-basmati rice. An Empowered Group of Ministers' (EGoM) meeting on Thursday evening decided to review the ban on onion exports every fortnight. Two lakh tonnes each of
Govt mulls increasing MEP of onions
New Delhi, September 7: To curb exports of onion and improve its supplies in the domestic markets, the government is contemplating increasing the minimum export price (MEP) of onions by almost $175 per tonne to $475 per tonne, but it may not immediately ban onion exports. Effectively it
Textiles and clothing exports to touch $32.35 billion in FY'12: Anand Sharma
New Delhi, September 5: The country's textiles and clothing exports are expected to touch USD 32.35 billion in the 2011-12 fiscal, Parliament was informed today. "An exports target of USD 32.35 billion has been prescribed for the textiles and clothing sector for 2011-12. During 201
India plans to delete 48 apparel items in FTA with Bangladesh
New Delhi, September 2: Prime Minister Manmohan Singh and chief ministers of eastern and northeastern states will push for a thaw in relations with Bangladesh by talking trade next week. And trade with Bangladesh invariably means textiles.
Bangladesh wants India to remove 61 items, including
Exports grow 82% in July
New Delhi, September 1: Exports surged by an impressive 81.79 per cent to $29.3 billion year-on-year in July, notwithstanding problems in the US and Europe, the two major markets for Indian merchandise.In July 2010, the shipments stood at $16.14 billion. Imports too jumped by 51.5 per ce
India, S. Africa target $15 b trade by 2014
New Delhi, August 29: Expressing the need to take steps to boost economic engagement, India and South Africa today agreed to enhance bilateral trade to $15 billion by 2014. In 2010, the two-way trade stood at $10 billion.
After attending the meeting of India-South Africa CEOs' For
123 FDI proposals worth Rs 19711 cr cleared in Apr-Aug 23
New Delhi, August 29: The government today said it has cleared 123 foreign direct investment (FDI) proposals worth Rs 19,711.17 crore during the current fiscal till August 23.
As of August 23 this year, 21 proposals are pending before the Foreign Investment Promotion Board (FIPB), Minis
Seafood exports cross the $2.8-billion mark
New Delhi, August 27: Buoyed by seafood exports crossing $2.8-billion mark in 2010-11, the Central Government on Friday set an ambitious target of $4 billion for this fiscal.
In an official statement here, the Commerce Ministry, citing figures from Marine Products Export Development Authority
Leather exports to touch $5.4 b by 2014: Assocham
New Delhi, August 27: Despite slowdown in European economies, leather exports from India are likely to register a growth of 13 per cent and touch $5.4 billion by 2014 from the current level of $3.8 billion, according to an Associated Chambers of Commerce and Industry (Assocham) study.&nb
India's exports to touch $300 bn in FY'12: Anand Sharma
Mumbai, August 26: Despite the slowdown in the world economy, the Government has set a target of USD 300 billion for exports this fiscal year. "In the first quarter (FY'12), we have achieved exports of USD 108 billion and we are hopeful of achieving exports of USD 300 billion in the curr
Thailand aims to take trade with India to $10 billion in next 2 years
Chennai, August 20: Thailand aims to increase the bilateral trade with India to $10 billion in the next two years, a senior official from the Southeast Asian nation said.
"Following the Thailand government's policy to strengthen the relationship with all countries, including Ind
Govt notifies additional 5 lakh tonnes of sugar exports
New Delhi, August 21: The government has notified exports of additional five lakh tonnes of sugar, which a panel of ministers had approved last week.
The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, had on August 12 decided to allow exports of an add
Govt clears 18 FDI proposals worth Rs 123 cr
New Delhi, August 17: The government today said it has approved 18 FDI proposals worth Rs 122.79 crore, including those of Pipavav Defence and Offshore Engineering Company, but has deferred a decision on the proposed sale of stake by Essar to Vodafone.
A total of 39 FDI proposals were taken u
EU frees Indian antibiotics from countervailing duty
New Delhi, August 18: Some Indian broad spectrum antibiotics will now become more competitive in the European Union with the EU scrapping the countervailing duty (CVD) on import of these drugs from India.
According to a recent EU communiqué from Brussels, the EU Council Regulatio
Imports of sensitive items up 1.3% in April
New Delhi, August 13: Import of sensitive items for April rose marginally by 1.3 per cent year-on-year to Rs 5,169 crore. It was Rs 5,103 crore in April 2010.
Imports of items including edible oil, pulses, cotton and silk, automobiles, products of small scale industries, spices, alcohol
Restrictions on cotton exports lifted: Rahul Khullar
New Delhi, August 1: The government has lifted export restrictions on cotton and allowed it to be shipped under open general licences (OGL) for the rest of the cotton season responding to a fall in prices of the commodity and its adequate availability in the country. "We have decided to
Restrictions on cotton exports lifted: Rahul Khullar
New Delhi, August 1: The government has lifted export restrictions on cotton and allowed it to be shipped under open general licences (OGL) for the rest of the cotton season responding to a fall in prices of the commodity and its adequate availability in the country. "We have decided to
Coffee exports up by 38 pc in April-July
New Delhi, August 1: India's coffee exports rose sharply by 38 per cent to 1,45,505 tonnes till July of the current fiscal on the back of strong global demand and high international prices, according to the Coffee Board of India. The country had shipped 1,05,345 tonnes during
Exports up 46% to $29b in June
New Delhi, August 1: India’s exports grew by an impressive 46.45 per cent to $29.21 billion in June 2011, despite uncertainty in the US and European markets.
Merchandise exports aggregated to $19.94 billion in June, 2010.
During the April-June quarter, overseas shipments gr
Spices export jumps 21 % in Q1
Kochi, July 28: The export ofspices has registered 21 % increase in value for the April-June 2011 period. In terms of quantity, there is, however, a 26 % decline. The export touched 1,16,900 tonnes valued at Rs 1885.24 crore. At $ 421.55 million, the rise in earnings in dollar term
Exim Bank offers LoC USD 20 million to Swaziland
Mumbai, July 27: Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 30, 2011 with the Government of the Kingdom of Swaziland making available to the latter, two Lines of Credit (LOCs), each for an amount of USD 10 million aggregating to USD 20 million (USD twe
Exim Bank provides LoC of USD 5 mn to Indo-Zambia bank
Mumbai, July 27: The Export-Import Bank of India made available under an agreement a Line of Credit of USD 5 million to the Indo-Zambia Bank for financing export of goods and services agreed to be financed by the Exim Bank under this Agreement. While no agency commission shall be payable
Exports from SEZs grow 23% in April-June
New Delhi, July 23: Exports from Special Economic Zones (SEZs) grew by 23% during the first quarter of the fiscal 2011-12, slower than the expansion in the aggregate shipments from the country during the period.
Merchandise exports from 143 operational SEZs totalled Rs 72,255 crore in the Apr
India's share in world trade rose to 1,4% in 2010
New Delhi, July 23: India's share in merchandise world trade rose from 0.7% in 2000 to 1.4% in 2010, making it the 20th largest exporter in the world, according to the WTO's 'World Trade Report 2011'. Amongst other things, the rising share in world trade can be attributed to a shift towa
India 10th in global services export list
New Delhi, July 22: India achieved 10th rank in export of services worldwide, while emerged as the 20th biggest merchandise exporter in 2010, according to a latest WTO report. In 2009, the country stood at the 12th and 22nd position globally in services and goods exports, respectiv
FIEO chief pitches for higher drawback rates
New Delhi, July 22: The Federation of Indian Export Organisations (FIEO) President, Mr Ramu S. Deora, who was in the Capital to brief the high-powered Drawback Committee Chaired by the Prime Minister Economic Advisory Council (PMEAC), pitched for reasonably better drawback rates to legions of
Board of Approval on SEZs to meet tomorrow
New Delhi, July 21: The government will consider proposals from six SEZ developers, including Parsvnath Group, to shelve their projects tomorrow, besides several requests for more time to develop special economic zones on account of the difficult business environment.
As many as 45 SEZ
Singapore imports from India up 48% in H1
Singapore, July 19: Singapore's imports from India increased by 48 per cent to 9.34 billion Singapore dollars (SGD) in the first half of this year from SGD 6.3 billion a year ago, according to data released by state trading agency International Enterprise today.
The city state's January-June
31 FDI proposals worth Rs.3845 crore cleared
New Delhi, July 20: The Government has approved 31 foreign direct investment proposals worth Rs 3,844.7 crore. This includes Rs 1,000 crore by Multiples Pvt Equity Fund- Scheme-1, Mumbai and Rs 750 crore by Cox & Kings. Cox & Kings' proposal is to use the investment t
India is 2nd largest recipient of WTO Aid for Trade: report
Geneva July 19: India remained the second largest recipient of WTO Aid for Trade (AfT) in 2009, receiving assistance of over $1.5 billion, even as global commitments to create physical and institutional infrastructure to multiply trade opportunities shot up to $40 billion, says a s
Import of Sensitive Items rises by 7.8% during April-March 2011
New Delhi, July 19: Total import of sensitive items for the period April-March 2011 has been Rs.70656 crores as compared to Rs.65565 crores during the corresponding period of last year thereby showing an increase of 7.8%. The gross import of all commodities during same period of curren
Ban on wheat exports lifted
New Delhi, July 16: The Government has decided to lift the over four-year-old ban on wheat exports, even as shipment of the grain is not viable at current global prices. The Government had banned wheat exports since early 2007 to boost domestic supply and contain inflation.
“Yes,
Exports of non-basmati rice allowed
New Delhi, July 12: The government on Monday allowed exports of one million tonnes of non-basmati rice, lifting an over three-year old ban, in the wake of overflowing godowns. The decision to this effect was taken by an Empowered Group of Ministers (EGoM) headed by finance minister Prana
Services exports up 3.2% in May
Mumbai, July 16: India's services exports stood at $ 11.83 bn in May, 2011, up almost 3.2 per cent in comparison to April. The country's total receipts from services exported stood at $ 11.46 bn in April, 2011, the Reserve Bank said in a statement.
Imports of services were also up 2.8 p
Exports of non-basmati rice allowed
New Delhi, July 12: The government on Monday allowed exports of one million tonnes of non-basmati rice, lifting an over three-year old ban, in the wake of overflowing godowns. The decision to this effect was taken by an Empowered Group of Ministers (EGoM) headed by finance minister Prana
Agri-products get protection under India-Malaysia FTA
New Delhi, July 3: Import of sensitive agri-products like palm oil, coffee, black tea and pepper from Malaysia will remain subject to high duty despite India operationalising free trade agreement (FTA) with the South East nation.
The bilateral Comprehensive Economic Cooperation Agreement (CEC
US, Europe drive May exports up 57%
New Delhi, July 1: Exports grew by 56.9 per cent year-on-year to $25.9 billion in May due to a rise in demand from the US and Europe.
Imports also surged by 54.08 per cent to $40.9 billion, leaving a trade deficit of $14.9 billion, as per official data released by the Commerce Ministry
Grain export curbs likely to be eased soon
New Delhi, June 29: India could decide soon to allow exports of a million tonne each of wheat and common rice as government stocks hit a record 65.6 million tonne, well above targets, two government sources said on Tuesday, according to a Reuters’ release.
A panel of ministers, he
India and Japan to implement CEPA from August 1
New Delhi, June 29: India and Japan are scheduled to implement a comprehensive free trade agreement from August 1 to boost bilateral trade between the countries to $25 billion by 2015. Under the Comprehensive Economic Partnership Agreement (CEPA), which was signed in February, the two major As
India-New Zealand FTA likely by 2012
New Delhi, June 28: Visiting New Zealand Prime Minister John Key, who arrived here on Monday on a three-day visit, said that India and New Zealand were likely to sign the Free Trade Agreement (FTA) by early next year. He is likely to focus on enhancing energy cooperation and trade ties w
BoA for SEZ to meet on July 22
New Delhi, June 25: The Board of Approval for special economic zones headed by Commerce Secretary Rahul Khullar is scheduled to meet on July 22 to discuss matters like setting up new SEZs in the country. The Development Commissioners have been asked to forward the proposals regardi
Kozhikode Cyberpark gets SEZ tag
Kozhikode, June 25: The Kerala government Friday announced that the proposed Cyberpark project here has been accorded the Special Economic Zone (SEZ) status by the union commerce ministry.
With the SEZ status, companies setting up shop here will get various tax and credit benefits.
Commin plans sectoral review of exports next month
New Delhi, June 23: The Commerce Ministry will initiate a sectoral review of exports next month in the light of widening merchandise trade deficit levels, postponed to enable the Export Promotion Councils concerned to be better prepared with inputs, official sources told Business Line.&n
HC strikes down DGFT formula for telco sops
Mumbai/New Delhi, June 22: Offering relief to Indian telecoms companies, the Bombay High Court has struck down a government body's formula for calculating incentives offered to service providers under the foreign trade policy. A division bench of Justice DY Chandrachud and Justice AV Moh
FDI down 9% in Jan-April
New Delhi, June 22: Foreign direct investment (FDI) into the country declined 9 per cent to $6.51 billion during January-April 2011 compared with $7.14 billion in the same period a year ago, according to the Industry Ministry data.
The service sector, which saw investments rise a
DA initiates probe into digital plate imports
New Delhi, June 17: The Designated Authority (DA) in the Ministry of Commerce has initiated a probe into alleged dumping of digital plates, used in the printing industry, from Japan and China to protect domestic players from cheap imports, acting on an application of domestic producers on the
Exim Bank to offer $36.6-m line of credit to Tanzania
Mumbai, June 15: The Export-Import Bank of India (Exim Bank) has entered into an agreement with Tanzania for extending a $36.65-million line of credit to finance exports and consultancy services for projects in the African nation.
The Line of Credit (LoC) is effective May 20 this year a
Sensitive items import up 9.3% in April-Feb 2010-11
New Delhi, June 15: Import of sensitive items during April 2010-February 2011 was at Rs 65,596 crore, up 9.3 per cent from Rs 60,011 crore during the corresponding period of the previous year, according to the data released by the Commerce Ministry on Tuesday.
Imports of sensitive items
DEPB to stay for 3 more months
New Delhi, June 11: The finance ministry has given a three-month extension to the popular export incentive scheme , the Duty Entitlement Passbook or DEPB, offering solace to its beneficiaries such as Bajaj Auto, TVS Suzuki , Reliance Industries and Bharat Forge .
The decision to extend
India to export 10 lakh nales cotton
Ahmedabad,, June 9 : At a high-level Group of Ministers (GoM) meeting headed by finance minister Pranab Mukherjee on Tuesday, the government allowed the export beyond the earlier ceiling of 55 lakh bales for the current cotton season (October 2010-September 2011).
The industry, which wa
Indo-German trade targeted at euro 20-bn by 2012
New Delhi, June 1: India and Germany set a target of scaling up trade to 20 billion euros by 2012 as India sought more German investment in areas of high-technology and infrastructure. The merchandise trade between the two countries grew 17% in 2010 to 15 billion euros.
Prime Minister Manmoha
China imposes duty on guar exports
Kolkata, May 31: Guar gum exporters from India are at a distinct disadvantage. China has imposed customs duty of 7% and 15% on guar exports from India, the world's largest exporter. But import from Pakistan is duty free. This preferential treatment is costing India in global market share
Handicrafts exports up 14% in April
New Delhi, May 27: Handicrafts exports grew about 14 per cent to $204 million in April year-on-year, mainly driven by the growing demand from the US and European markets.
In April last fiscal, the exports during the period stood at $179.9 million, according to the Export Promotion Counc
Exports from SEZs up 43% in 2010-11
New Delhi, May 18: The country's exports from its Special Economic Zones (SEZs) registered a robust 43 per cent growth in the fiscal 2010-11 at Rs 3,15,867.85 crore, against Rs 2,20,711.39 crore in the previous year, even as the overall export growth was 32.3 per cent in rupee term
EU's new import tariff rules may hit Indian exports
New Delhi, May 14: The European Union's whittling down its list of 176 such countries currently enjoying specific tariff preferences to 80 will probably impact Indian exports to the EU.
The EU's popular scheme called the Generalised System of Preferences (GSP) in vogue since 1971 allowi
DA recommends ADD on sodium tripoly phosphate from China
New Delhi, May 12: The Designated Authority (DA) in the Commerce Ministry has proposed imposition of definitive anti-dumping duty (ADD) on imported sodium tripoly phosphate (STPP) from China, following a complaint filed by Tata Chemicals Ltd.
STPP is a solid inorganic compound use
April exports seen up 34.4% y/y: Khullar
New Delhi, May 12: India's April exports provisionally rose an annual 34.4 percent while imports rose 14 percent Trade Secretary Rahul Khullar told reporters on Thursday.
India's exports grew a record 37.6 percent in the 2010/11 fiscal year that ended in March, as demand soared for engi
Finance Ministry rules out extension of DEPB
New Delhi, May 4: It seems curtains for the most popular exports incentive scheme, the duty entitlement passbook scheme, or DEPB. Finance Minister Pranab Mukherjee has written to Commerce Minister Anand Sharma making it clear that the scheme, due to expire on June 30 this year, could not
Government abolishes import duty on sugar till June
New Delhi, May 2: As a precautionary measure, the government has abolished import duty on sugar till June even as the country's domestic output is set to exceed domestic demand and mills are exporting the sweetener.
According to a notification issued by the Central Board of Excise
Exim Bank working on new lines in export finance
Mumbai, April 28: In a strategic move, the Export-Import Bank of India (Exim Bank) has decided to gradually get out of businesses where it is in direct competition with commercial banks. Towards this end, Exim Bank, according to its Chairman & Managing Director, Mr T.C.A.
EOUs can claim benefits under Chapter 3 of FTP
New Delhi, April 17: The Directorate General of Foreign Trade has clarified that Export Oriented Units (EOUs) are eligible for Chapter 3 benefits without “Declaration of Intent” on shipping bills for the period 1.4.2008 till 31.12.2010.
Vide its Policy Circular No. 28 (RE-20
India, China trade to touch $60 bn this yr: FIEO
New Delhi, April 15: Apex exporters body FIEO today exuded confidence that the bilateral trade between India and China would touch $60 billion this financial year.
To boost trade with China, Federation of Indian Export Organisations (FIEO) has sent a delegation of 100 businessmen from s
BRICS signs deal on using own currencies for credit, grants
Sanya (China), April 14: In a significant step towards enhanced economic cooperation, India and other BRICS (Brazil, Russia, India, China and South Africa) nations on Thursday signed an agreement that will enable them to provide credit to each other in local currencies and collaborate in capit
Auto exports soar 30% in FY11
New Delhi April 8: Automobile exports from India grew at a robust 29.64% in 2010-11 riding on two-wheelers and commercial vehicles despite a sluggish demand from Europe, one of the main markets for small cars.
According to the figures released by the Society of Indian Automobile Manufac
Stricter checks on food imports from Japan
New Delhi, April 8: India will not ban food imports from Japan immediately as no item has yet tested positive for radioactive contamination . All food imports, however, will now need mandatory 'no-radiation' certification from the Japanese authorities and also face radiation checks once
Japanese investments touch $1.2 b
Chennai, April 7: Japanese investment in India has increased manifold to touch $1.2 billion last year as against $12 million in the year 1989, according to Mr Takayuki Kitagawa, Acting Consul General of Japan in Chennai.
Similarly, the number of Japanese companies operating in Ind
Exporters’ false claims baffle govt
New Delhi, April 7: False claims on drawback from exporters has baffled the commerce ministry to such an extent that a mere Rs 650 crore of claims made by exporters have been refunded against claims worth Rs 2000 crore that have been filed.
The claims filed by exporters are over and above ref
SC lifts ban on iron ore shipments from Karnataka
New Delhi, April 5: The Supreme Court lifted a ban on iron ore shipments from Karnataka on Tuesday, lawyers in the court said.
Karnataka, which accounts for a quarter of India's iron ore exports, banned shipments of iron ore from 10 ports and stopped its transport to other ports for exp
RBI extends relaxation by six months to bring back export proceeds
Mumbai, April 1: The Reserve Bank of India, in consultation with the Government, has extended by six months the relaxation whereby the amount representing the full export value of goods or software exported can be realised and repatriated in one year.
As per the RBI's notification of Ju
Exports up 39%, imports rise 24% in Q3
Mumbai, March 31: The country's exports grew at a higher pace than imports during the third quarter. Exports recorded a growth of 39.8 per cent, while imports registered a growth of 24.9 per cent, in the period October to December 2010, according to the Balance of Payment data released b
Engineering exports cross USD 50 bn mark in April-February
New Delhi, March 30: Breaching the crucial USD 50 billion mark, India's engineering exports grew by over 80 per cent in the April-February period of the current fiscal which is expected to end with USD 57 billion.
An impressive performance in the engineering exports has come about on th
Food min to notify sugar export via OGL this week
New Delhi, March 28: The food ministry will notify the government's decision to allow export of 5,00,000 tonne of sugar this week, a senior official has said.
Last week, an empowered group of ministers (eGoM) on food, headed by finance minister Pranab Mukherjee, allowed sugar exports under th
India, Africa target $70 bn trade by 2015
New Delhi, March 28: India and Africa have set a target to take two-way commerce to $70 billion by 2015 on the back of increasing economic engagement between the two sides.
Currently, bilateral trade between India and Africa stands at about $45 billion.
"We have set for ourselves a tar
Artha Infratech SEZ gets board’s approval
New Delhi, March 26: The Board of Approval (BoA) on Special Economic Zones (SEZ) approved only one SEZ unit in its meeting on Friday. Interestingly, the board delayed decision on the remaining four proposals which are scheduled to come up in the poll-bound states of West Bengal, Assam, Kerela
Exports rise over three-fold in 5 years despite rupee swings
New Delhi, March 26: India's exports expanded threefold over the last five years despite wild currency fluctuations, a telltale fact that points to the country's potential to be a large player in global trade, a report in ET said.
Small and medium exporters that account for about 45-50%
Govt clears sugar exports up to 5 lakh tonnes
New Delhi, March 24: An empowered group of ministers (EGoM) on food allowed sugar exports of up to five lakh tonnes on Tuesday, amid signs of oversupply and a moderation in food inflation.
The food ministry had notified five lakh tonnes of sugar exports under Open General Licence in Dec
US to continue dumping duty on Indian shrimps
Kochi, March 17: The US International Trade Commission has decided that revoking anti-dumping duty on shrimp imports from India would be injurious to the US seafood industry. The decision to continue with the anti-dumping duties came at the end of the sunset review which commenced on Jan
India, Nigeria trade to touch $ 12 bn in 2010-11
New Delhi, March 16: The bilateral trade between India and Nigeria is expected to touch USD 12 billion in the current fiscal, Commerce and Industry Minister Anand Sharma today said here.
In a bilateral meeting with Nigerian Foreign Minister Henry Odein Ajumogobia, Sharma said that the b
Exim Bank offers $50-m line of credit to Malawi
Mumbai, March 16: The Export-Import Bank of India (Exim Bank) has entered into an agreement with Malawi for providing a $50-million line of credit for financing exports and consultancy services for projects in the African nation.
The credit agreement under the line of credit (LoC) was with ef
‘Govt aiming to increase exports to $450 b in three years'
Hyderabad, March 12: In its bid to ensure that the country's trade deficit does not go up, the Government is looking at doubling exports to $450 billion in the next three years, a senior foreign trade official said today.
“By March 31 this year, the Government of India thought exports s
Govt may lift ban on export of wheat
New Delhi, March 12: The ban on wheat exports, imposed since 2007, may be lifted this time to tap the huge global market that is facing supply shortage due to drought in Russia.
“We are in the process of collecting all relevant information about stocks and availability before refe
EU puts barriers for India’s textile, garment exports
New Delhi, March 10: The government on Wednesday said European Union (EU) has been raising non-trade barriers like labelling and certification against India’s textiles and garments exports.
“Yes Sir, EU has been raising protective barriers against textiles and garment
February exports provisionally up 49.8 per cent y-o-y
New Delhi, March 10: India's February exports were provisionally up an annual 49.8 per cent at $23.6 billion, while imports rose 21.2 per cent to $31.7 billion, Trade Secretary Rahul Khullar said on Thursday. With February's data, Asia's third-largest economy has crossed its earlier annu
India-Brazil trade to increase to $10 bn
New Delhi, March 8: The Commerce and Industry Minister, Mr Anand Sharma, said on Tuesday that the India-Brazil bilateral trade would increase to $10 billion in the next few years from $7.73 billion in 2010, after his meeting with Mr Antonio Patriota, Minister of External Relations, Brazi
Soyameal exports jump over 2-fold in Feb
New Delhi, March 8: India’s soyameal exports jumped by more than two-fold to 5.45 lakh tonnes during last month compared with 2.18 lakh tonnes in February 2010, the Indore-based Soyabean Processors Association (SOPA) said in a statement today.
During October-February 2010-11, expo
DGFT’s ‘No’ to transitional arrangement for export of milk and casein products
New Delhi, February 24: The Director General of Foreign Trade has stated that transitional arrangements will not be applicable for the export of milk powders (including skimmed milk powder, whole milk powder, dairy whitener and infant milk foods), Casein and Casein products export of whi
Com Min favours tax sops for doubling exports to $450 bn
New Delhi, February 24: Amid concerns over the widening trade deficit, Commerce Ministry on Wednesday favoured continuation of stimulus for exporters in the forthcoming Budget to help the country double exports to USD 450 billion in three years.
The suggestion formed part of a draft pap
G&J exports up 22% per cent in January
New Delhi, February 24: India’s gems and jewellery exports jumped by about 22 per cent year—on—year to $ 2.86 billion in January on the back of healthy demand from Western markets like the US and Europe.
“We are witnessing good demand for gems and jewellery expor
EPCES demand extension of EOU scheme
New Delhi, February 22: Industry body EPCES has asked the Government to extend the tax benefits offered under the Export-Oriented Unit (EOU) scheme for another five years in the forthcoming Budget to give a boost to the manufacturing sector.
Under the EOU scheme that was introduced in 1
Engineering exports may touch USD 52 bn this fiscal
New Delhi, February 18: India's engineering exports may touch USD 52 billion in value terms during the current fiscal as the shipments have surpassed the projected target of USD 42 billion, largely on increasing demand from the US and Latin American markets.
"We expect the engineering e
US Pharmacopeia launches free online medicines compendium
Hyderabad, February 17: The US Pharmacopeia (USP) has launched a free, online Medicines Compendium for use in India. The initial focus on the compendium would be on developing standards for medicines approved by the Drug Controller General of India (DGCI), Mr Roger L. Williams, Chi
Govt lifts ban on onion exports
New Delhi, February 18: The Centre on Thursday decided to completely lift the ban on onion exports, but set a minimum export price of $600 a tonne as a precaution against further price rise of the item. The decision, taken by an Empowered Group of Ministers (EGoM) on Food, fo
India- Malaysia ink comprehensive economic cooperation pact
Kuala Lumpur, February 18: India and Malaysia today signed a landmark pact that paves the way for freer flow of trade in goods and services, besides enhanced investment and economic cooperation between the two countries.
The Comprehensive Economic Cooperation Agreement (CECA) was signed
Imports may turn costlier
New Delhi, February 13: Imports are likely to become costlier from March 1. In a bid to bring down the current account deficit to 3 per cent from the current 3.5 per cent, customs duties are likely to be raised slightly in the forthcoming Budget.
Dr C. Rangarajan, Chairman of the Prime Minist
Soyameal exports rise by 70% in Oct-Jan
New Delhi, February 13: Soyameal exports rose by 70% to Rs 3,754.31 crore in the October-January period of the current oil year on account of sharp rise in volumes, compared to Rs 2,207.89 crore in the year-ago period, according to the industry data.
Oil year runs from October to Septem
Exporters get Rs 500-cr worth sops
New Delhi, February 11: The Commerce Ministry on Friday announced new incentives worth Rs 500 crore to exporters of certain items to help them tide over the uneven global economic recovery including problems in Europe as well as the rising interest rate situation. Announcing the so
Export growth up 32.5% in Jan
New Delhi, February 12: The country’s exports grew by a healthy 32.5 per cent year-on-year to $20.6 billion in January 2011 on account of increasing demand in the western markets. During April-January this fiscal, the country’s shipments went up by 29.4 per cent to $184
India to sign free trade pact with Japan on Feb 16
New Delhi, February 10: India will sign a comprehensive market opening trade pact with Japan on February 16 that would enable both the countries to reduce or eliminate duties on most of the goods and services.
The country would also ink the free trade pact with Malaysia in the same week
Budget to extend software sops, hike I-T exemption
New Delhi, February 10: Tax incentives to software companies under Sections 10A and 10B are set to continue next year, with a change in the basis of benefits from profit-linked to investment-linked.
A senior finance ministry official told Business Standard that the Budget 2011-2012 is likely
Selective rice exports allowed
New Delhi, February 10: Ending a prolonged ban since 2008 on the export of non- Basmati rice, an empowered group of ministers (EGoM) on food decided on Wednesday to conditionally open exports of premium varieties, including Sona Masoori , Ponni and Matta. The rice varieties to be e
Gems, jewellery exports set to cross $30 b
New Delhi, February 9: The country’s gems and jewellery exports are likely to cross the targeted $30 billion during the current fiscal due to a healthy demand from the western markets like the US and Europe.
Exports are expected to rise 17.8 per cent to $33 billion in 2010-11, the
Stop looking for sops; Mukherjee to exporters
New Delhi, February 8: Ahead of the Budget, Finance Minister Pranab Mukherjee on Tuesday said exporters will have to "fight" their own battle and stop expecting fiscal incentives from the government.
"Government only can play its part. Ultimately, exporters will have to compete and figh
Govt sets up panel to revamp EOU scheme
New Delhi, February 7: After expiry of tax benefits for the Export Oriented Units, the Government has set up a panel to revamp the 30-year EOU scheme in sync with the changing business environment and gel with the Special Economic Zones.
The Commerce Ministry has constituted a committee
India-US bilateral trade rises by 30% in 2010
Washington, February 2: The Indo-US bilateral trade is expected to increase by more than 30% in the first 11 months of 2010 to touch $50 billion. The bilateral trade could even touch the magical figure of $50 billion when the statistics for December are available, officials said, adding
Exports up by 36.4% in Dec to $22.5 b
New Delhi, February 1: The country’s exports went up by 36.4 per cent year-on-year, highest in the last 33—months to $22.5 billion in December 2010. The country’s merchandise exports in December 2009 stood at $16.4 billion.
However, imports contracted by 11
Govt to scan all drug exports from July
New Delhi, January 29: India has made it mandatory for all pharmaceutical exporters to send their shipments under a trace and track surveillance system to prevent spurious drugs manufacturers in countries like China to pass off their medicines as Indian products.
The system would be mad
Spices exports up 16% during April-Dec
Kochi, January 25: Spices exports were up 16 per cent in value to Rs 4,880.56 crore (Rs 4222.56 crore) during April-December 2010. The increase in the total value realisation was mainly driven by a spurt in the price of spices in the global markets. Meanwhile, export volumes moved up mar
Anti-dumping duty on acetone imports likely
New Delhi, January 24: India is likely to impose anti-dumping duty of up to $94.96 per tonne on acetone imports from Japan and Thailand to protect the domestic industry. The Directorate General of Anti-Dumping and Allied Duties (DGAD), a nodal investigation agency under the Commerc
India's likely trade deficit in 2010-11 at $115-125bn: DGFT
Kolkata, January 22: India's trade deficit will widen till March 2011 and is likely to be between $115 and 125 billion, Anup Pujari, Director General of Foreign Trade, said here today on the sidelines of a CII-organised interactive session.
India's trade deficit rose to $82.4 billion during t
FTA with EU only by year-end
New Delhi, January 22: The formal signing of the Free Trade Agreement (FTA) with the European Union is likely to be by the end of this year at the India-EU summit. Talking to a group of journalists here, Delegation of European Union Ambassador Daniele Smadja said negotiations on th
Exports may exceed $210 b in 2010-11, says DGFT
Kolkata, January 21: The recent improvement in the export performance has made it possible for the country's total exports in 2010-11 to cross $210-billion mark, Mr Anup Kumar Pujari, Director General Foreign Trade, said on the sidelines of an interactive session organised by the Confede
20 SEZ developers given more time to execute projects
New Delhi, January 18 The government has given more time to 20 SEZ developers, including Tata Consultancy Services (TCS) and Mahindra World City, to execute their projects.
At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also allowed f
Job-oriented export firms to get sops: Anand Sharma
New Delhi, January 16: The government proposes to announce incentives for some labour-intensive export sectors like tea, handicrafts and readymade garments, which lagged behind in regaining the global market. The Directorate-General of Foreign Trade (DGFT) in the of the commerce ministry
India to sign free trade deals with Japan, Malaysia in Feb
Singapore, January 15: India has finalised free trade agreements (FTA) with Japan and Malaysia and will sign the deals in February, the country's minister for commerce and industry, Anand Sharma , said on Friday.
"Much more will come when we sign the final agreements, which will g
Rubber imports double to Rs 2,000 cr in April-Oct
New Delhi, January 10: With domestic supplies not meeting demands, rubber imports have risen 93.1 per cent to Rs 2,026.84 crore from Rs 1,049.6 crore during April-October 2009, according to data released by the Commerce and Industry Ministry on Monday. Last month, to increase domes
Import of sensitive items rise by 14 pc from Apr-Oct
New Delhi, January 10: India's import of sensitive items, including pulses, vegetables and automobiles have risen by 14.1 per cent to Rs 40,499 crore during the April-October period of the current fiscal, compared to Rs 35,487 crore in the same period of last fiscal, official data said today.
I-T department expects Rs 4.5 lakh crore in tax kitty this fiscal
New Delhi, January 9: “Our tax collection is growing at a healthy 19%. At this rate we should be able to collect about Rs 4.5 lakh crore for this fiscal. But we need to remember that the total refunds are also growing at an equal pace. So, we will have to wait and see. The finance minist
DGFT moots QR as Safeguard measure
New Delhi, January 9: The Directorate General of Foreign Trade has put on its site draft rules on the proposal to impose quantitative restriction as safeguard measure. These rules will be called the Quantitative Restrictions as Safeguard Measures (Identification, Assessment and Imp
Exports grow highest in 33 months in December
New Delhi, January 8: India's exports showed a "remarkable" annual growth of 36.4 per cent, highest in 33 months with consignments in December 2010 raising prospects of the country exporting USD 215-225 billion worth of merchandise in the current fiscal.
Exports in December aggregated U
India extends export ban on pulses until further order
New Delhi, December 31: India, the world's biggest producer and consumer of pulses, has extended ban on pulses exports until further order, farm minister Sharad Pawar said on Tuesday.
The government had banned exports of pulses in June 2006. India has also imposed stock limit on sugar for thr
India's share of global trade set to cross USD half trillion
New Delhi, December 31: Emerging from the grip of a crippling recession, world trade is set to surge by 13.5 per cent in 2010, with a resurgent India contributing over half a trillion dollars to global commerce for the first time in history.
With global trade coming out of a "painful ec
DA initiates dumping probe into aniline from EU
New Delhi, December 25: The Designated Authority (DA) in the Commerce Ministry has begun an anti-dumping probe into the import of aniline from the European Union (EU) following a petition from Gujarat Narmada Valley Fertilisers Company Ltd, supported by Hindustan Organic Chemicals Ltd (H
More sops for exports in mid-Jan: Sharma
New Delhi, December 24: The government will announce more sops in mid-January for the export sectors that continue to languish in the global market, commerce and industry minister Anand Sharma has said. Consultations between the commerce department and various export sectors are over and
Dumping probe initiated on Chinese polyester geogrid
New Delhi, December 22: The Designated Authority in the Commerce Ministry has commenced anti-dumping investigation into the import of geogrid/geostrips/geostraps made of Polyester or Glass Fibre in all its forms from China, following a petition filed by Techfab India Industries Ltd, on b
India Inc sealed record M&A deals in 2010
New Delhi, December 22: Riding high on its insatiable appetite for foreign assets, India Inc announced merger and acquisition deals worth a record USD 55 billion this year, including a record number of billion-dollar transactions.
"Indian companies are ready to pay what they perceive to
DGFT modifies cotton export policy
New Delhi, December 17: The Director General of Foreign Trade has stipulated that the contracts for export of cotton (not carded or combed), Cotton waste (including yarn waste and garnetted stock), and cotton (carded or combed) falling under Chapter 52, shall be registered with the Direc
Govt allows setting up of pulses processing units in SEZ
New Delhi, December 8: Despite it being a banned export item, government has allowed four firms to set up units to process pulses in SEZs provided they import the raw material. Special economic zones (SEZs) are export-oriented entities and contributed about 35% to the country’s outward s
Nov exports up 27% to $19 b
New Delhi, December 8: Exports in November rose 26.8 per cent to $18.9 billion year-on-year, prompting the Government to exude confidence that the outbound shipments will touch $215 billion this fiscal. “Exports are doing pretty well... at this rate, four months from now it (
Oilmeal exports up 42% in Nov
Chennai, December 7: According to latest data compiled by the Solvent Extractions' Association of India (SEA), oilmeal/extraction exports during November jumped 42 per cent to 4.92 lakh tonnes (lt) as against 3.46 lakh tonnes the same period last year. . Oilmeal exports aggregated 23.8 l
Exemption granted to edible oil export clarified
New Delhi, December 3: Certain exports of edible oil were granted exemption from this prohibition, namely (a) export of Castor Oil (b) export of coconut oil from Cochin Port (c) Deemed export of edible oils(as input raw material) from DTA to 100% EOUs for production of non-edible g
Export of Wheel Nuts: Wires import allowed as input
New Delhi, November 30: The Director General of Foreign Trade has also permitted wires as an admissible input to be imported under the condition that such wire must be of larger diameter than the exported end product, i.e. Nyloc Self Locking Nuts, Steel Locking Nuts and Wheel Nuts
DEPB benefit not available for Cotton yarn export
New Delhi, November 30: The DGFT has clarified that benefit of DEPB under Sl. No. 22D of the Misc. products is available only when Standard Input Output Norms (SION) exist for a product, but no DEPB rate has been notified. In the case of Cotton Yarn, it is not that DEPB Rate has no
No Export of Sugar under OGL
New Delhi, November 26: In a written reply to a question in the Rajya Sabha, Prof. K.V. Thomas, Minister of State for Agriculture, said that no decision to export sugar under Open General Licence has been taken by the Government. After the actual figures/dependable estimates of productio
Textiles exports may touch $24 billion in 2010-11
New Delhi, November 24: With the revival of demand in Western markets, India's textile exports may grow up to $24 billion in 2010-11 from an estimated $20 billion in the previous US fiscal, industry and government officials have said.
"In 2009-10, our textiles exports are estimated at $20 bil
India's edible oil imports may grow 6-7 pct/yr
New Delhi, November 22: India's edible oil imports could grow 6-7 per cent per year to 12 million tonnes by 2015 amid rising demand and stagnant oilseed output, Pranav Adani, managing director of Adani Wilmar said. "The level of import can go up to 12 million tonnes by 2015," Adani, whos
Unido releases guidebook on private standards for exporters
New Delhi, November 22: Exporters of items such as garments, footwear and furniture from developing countries, who are clueless about private standards of importing countries, would now have a guidebook to help them access global production and supply chains.
The United National Industrial De
Export of Gum Karaya now under OGL
New Delhi, November 18: The Director General of Foreign Trade has issued Notification No.10(RE-10)/2009-14 dated November 15, 2010, to make export of Gum Karaya under ‘Free’ list. The notification has also permitted exporters to register with Tribal Co-operative Marketing Fed
Procedure modified under value authorization
New Delhi, November 3: The Director General of Foreign Trade has modified para 4.21 of the Handbook of Procedures to state that wherever exports are prior to 27.8.09, enhancement in CIF / FOB values shall be subject to a minimum value addition (VA) of 15% or the value addition prescribed in Ap
SEZ exports jump 56% in H1
New Delhi, November 1: Exports from special economic zones (SEZs) grew by 56 per cent to Rs 1,39,841 crore during April-September 2010-11 over the year-ago period. In the first half of 2009-10, the exports from the tax-free enclaves stood at Rs 89,750 crore.
During 2009-10 fiscal,
Coffee exports up 67 per cent in October
New Delhi, November 1: India's coffee exports rose by 67 per cent to 25,000 tonnes in October, the first month of the 2010-11 crop year, on the back of strong global demand and lower prices. "We have exported 25,000 tonnes of coffee in October, this year, against 15,000 tonnes in t
IT firms can now transfer goods from STPIs to SEZs
New Delhi, October 30: In a significant move that would come as a huge relief to the IT sector, the commerce ministry in a notification on Thursday clarified that IT companies could freely transfer goods from Software Technology Parks of India (STPI) units to special economic zone (SEZ)
Sugar export may be hiked by 10 lakh tonnes
New Delhi, October 24: The Centre may permit sugar exports of 10 lakh tonnes beyond the re-export obligations of advance licence holders after Diwali. The export of this additional quantity may, however, be subject to strict conditions, including stipulation of a two-month-period fExporters expect demand, but wary of currency rates
New Delhi, October 24: According to a survey conducted by Ficci conducted during September-October among 254 exporting having a turnover ranging from Rs.50 lakh to Rs. 22,000 crore, Indian exporters are optimistic about rise in demand in key markets such as the US and European Union (EU)
French Prez visit to boost Indo-French trade
Chennai, October 24: The bilateral trade between India and France is poised to touch $12 billion by 2012 against $8 billion in 2009, said Pierre Fournier, French consul general, Puducherry. French President Nicolas Sarkozy’s visit to India in December, will further strengthen
More sops to struggling sectors on the anvil
New Delhi, October 23: The Commerce and Industry Minister, Mr Anand Sharma, said the Government would extend incentives to struggling sectors after the sectoral review in December. He said that that reaching the 2010-11 export target of $200 billion depends on the demand in the overseas
India's trade deficit is world's third largest
New Delhi, October 21: India has the world's third largest merchandise trade deficit after the US and the UK, according to data from the World Trade Organisation's just-released International Trade Statistics 2010.
In 2009, the country's trade deficit – arising from its import of
'Govt to notify Food Safety & Standard Act Soon'
New Delhi, October 17: The government is expected to notify new rules on food safety in December to regulate manufacture, sale and import of food items.
"Ministry has already finalised the rules and regulations for the implementation of the food safety and standards act (FSSA), 2006 andIndia-Kenya to enhance bilateral trade to $ 2.5 Billion by 2012-13
New Delhi, October 14: India and Kenya have decided to enhance the level of cooperation between the two countries in the spirit of South-South cooperation. This was decided in a meeting between Mr. Anand Sharma, Minister of Commerce and Industry, Government of India and Mr. Raila Amolo O
India wants US to remove export control on high-tech trade
Washington, October 11: India has taken up with the US the issue of export control in high-technology trade, and pressed for a number of Indian units to be removed from its restricted entity list, the Union Finance Minister, Mr Pranab Mukherjee, has said.
Speaking to media persons at th
Trade with COMESA rises more than three-fold
Pune, October 9: India's total trade with the Common Market for Eastern and Southern Africa (COMESA) region rose more than three fold and presents opportunities to enhance the bilateral commercial relations, a study conducted by Export and Import Bank of India (EXIM) has said.
During 20
Oilmeal exports jump 53% in September
New Delhi, October 6: Oilmeal exports from the country increased by 53 per cent to 3.54 lakh tonnes in September this year against 2.31 lakh tonnes in September 2009, the Solvent Extractors Association of India has said in a statement. During the first half of the current fiscal, e
India tops list of Dubai trade partners
Dubai, October 5: India was Dubai's biggest direct trade partner in the first seven months of 2010, with bilateral transactions between the two countries amounting to over 85 billion dirhams ($ 23.14 billion) during the period, as per statistics issued by the Dubai Customs department.
I
Coffee exports rebound by 60 pc to 2.71 lakh tonnes
New Delhi, October 1: The country's coffee exports surged by 60 per cent to 2,71,859 tonnes in the 2009-10 crop year, ending September, on the back of higher production, the Coffee Board said today.
"Higher domestic supply has driven exports. The shipments have risen to 2.71
August exports up 22.5% at $16.64 bn: govt
New Delhi, October 1: India's exports rose for the tenth straight month in August, growing an annual 22.5 per cent to $16.64 billion, government data on Friday showed.
Imports for the month rose 32.2 per cent to $29.7 billion, widening the country's trade deficit to $13.04 billion.
Commerce secretary aims to double exports by 2014
New Delhi, October 1: India must double its exports to $400 billion in four years to rein in the widening trade deficit, the top commerce ministry official said Thursday. Rahul Khullar, the commerce secretary, was commenting on the impact of burgeoning import growth on the country's trad
Govt to ease imports of plastic waste to SEZs
New Delhi, September 28: Amid strong protests from within, the government is planning to liberalise the import of plastic waste for recycling in special economic zones (SEZs), despite the fact that most of the recycled waste are now sold to Indian buyers instead of re-exporting them as per rul
India, Malaysia conclude CECA talks
New Delhi, September 27: India and Malaysia is likely to soon sign a comprehensive bilateral trade pact as the two sides have closed two-year long negotiations in Kuala Lumpur last week. "The seventh and last round of the talks has been completed...the Comprehensive Economic Cooperatio
Finmin to set deadline to make SEZs operational
Mumbai, September 28: The Finance Ministry has proposed timeline for developers to notify SEZs is March 31, 2012, and for unit-holders March 31, 2014. “We do not want SEZs to lie like that (non-functional). They should start functioning and that is why the deadline has been set,&rd
Zero import duty on rice likely to be extended till Sep 2011
New Delhi, September 26: The government is likely to extend the period of duty-free import of rice for an year, till September next year, as part of measures to control food inflation, which is hovering at over 15 per cent. The deadline to avail the customs duty exemption on rice imports
New export norm to identify origin, maker of drugs
Hyderabad, September 24: The Union Government will announce new regulations for pharmaceutical exports soon to clearly identify the origin of the product and its manufacturer. “The idea behind the move is to tackle the campaigns on the quality of Indian generics and their wro
FDI proposals worth Rs.2,727 crore okayed
New Delhi, September 23: The government has given a nod to 24 foreign direct investment proposals worth Rs 2,727 crore. It has also okayed HDIL’s plans to issue warrants up to Rs 747 crore, besides Rs.1,100 crore investment in power sector by Asian Genco Pte Ltd of Singapore.
Export grows 22.5% in August 2010
New Delhi, September 15: India’s exports registered a growth of 22.5% in August, 2010, at US $ 16.64 billion. Announcing this at a press interaction here today, Shri Rahul Khullar, Commerce Secretary, stated that during April-August 2010-11, exports reached a level of US $ 85.27 bi
Veg oil imports in August cross 1 mt
Chennai, September 14: Import of vegetable oil in August, including edible and non-edible oils, hit a new record by crossing one million tonnes (mt), the highest imports in a single month since 1994. The imports totalled 1,065,641 tonnes, consisting of 1,000,942 tonnes (up by 64 pe
Import of Sensitive Items rose 13.6% during Q1
New Delhi, September 14: The total import of sensitive items for the period April-June 2010 has been Rs.16,190.13 crore as compared to Rs.14,252.09 crore during the corresponding period of last year thereby showing an increase of 13.6%. The gross import of all commodities during same period of
Finmin mulls cut in tax refund rates
New Delhi, September 13: The finance ministry plans to cut tax refund rates for exporters by up to a quarter as it looks to unwind the remaining fiscal stimulus measures announced in 2008 to prop the economy during the global economic downturn, a decision that could hurt the country&rsqu
Export faciliation centre planned in Puducherry
Puducherry, September 8: An export facilitation centre (EFC) would be set up here to aid and assist entrepreneurs in export related activities. The EFC, to be established by Puducherry Industries Promotion Development and Investment Corporation (PIPDIC) at a cost of Rs 2.09 crores, was p
Govt mulls incentives for services exports
New Delhi, September 9: After giving incentives mainly to manufacturer-exporters in the recent Foreign Trade Policy review, the Commerce Ministry will now rationalize the Served From India Scheme (SFIS) to give a helping hand to the $100-billion services exports sector.
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DGFT amends Appendices
New Delhi, September 8: The Director General of Foreign Trade has issued two Public Notices Nos. 8 and 9 (RE-2010)/2009-14, dated September 6 and 7 respectively, amending Appendices 25C, 25D and 22A, pertaining to BG format, LUT format and BRC.
A salient feature of the amendments is that &ldq
Govt should allow export of foodgrains: CIFA
New Delhi, September 7: Amid availability of large stocks of rice and wheat, the government should allow the export of foodgrains to needy people in Africa and other countries, the Consortium of Indian Farmers Associations (CIFA) today said in a letter written to the Prime Minister.
Government should allow export of food grains: CIFA
New Delhi, Sep 6: Amid availability of large stocks of rice and wheat, the government should allow the export of foodgrains to needy people in Africa and other countries, the Consortium of Indian Farmers Associations (CIFA) today said."The government should immediately start exports of food stocks t
Busy with state visits in Nov, govt targets FTAs
September 5: New Delhi: Ahead of three high-level state visits scheduled from from November, the government has underlined the importance of economic cooperation in a world that is still recovering from the global economic meltdown.
At a recently concluded second edition of the Consultative Com
India may not reach $200 billion export target
September 6: New Delhi: Indian industry and exporters fear India will not be able to meet its merchandise export target of $200 billion during this financial year in view of the poor performance during the last few months till July.
Though commerce Minister Anand Sharma is confident that the countr
India to miss $200 bn export target: Assocham
New Delhi, September 5: Industry body Assocham has said that India may miss the $200 billion export target for 2010-11 due to sluggish demand in Europe, contrary to the government's assertion of meeting the target. "India's exports would be around $180 billion against the target le
Soyameal export jumps 38% in August: SOPA
New Delhi, September 5: Soyameal exports in August rose sharply by over 38 per cent to 1.7 lakh tonnes in comparison to the same month last year, the Soyabean Processors Association of India (SOPA) has said. The total export of soyameal, used mainly as animal feed, till August during the
World coffee exports slump by 5.2%
New Delhi, September 5: Global coffee exports have slumped by 5.2 per cent to 78.45 million bags in the first ten months of the 2009-10 crop year, though shipments jumped in India and Indonesia, says UK-based international coffee body. The exports stood at 82.73 million bags, 60 kg
Cap on cotton exports to be revised in mid-November
New Delhi, September 4: The Government has said the ceiling of up to 55 lakh bales of cotton export effective October 1 will be revised in mid-November and shipments beyond that would attract export duty. “This decision will be subject to review, which will be held on November 15,&
Centre's permits export of coconut oil from 13 ports
Kochi, September 2: The Centre has granted permission for exporting about 10,000 tonnes of coconut oil from 13 ports, Minister of State for Agriculture K V Thomas said today. Restriction on coconut oil export has been removed and it has been decided to permit export in five kg pack
World trade grows by 25 pc in 2nd quarter
Geneva, September 1: World trade continued to rebound strongly in the first half of this year, rising by over a quarter from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organization figures showed on Wednesday.
Global exports of merc
Exports in July grow 13% to $16.2 b
New Delhi, September 1: Exports in July grew by 13.2 per cent, the slowest so far this fiscal, to $16.24 billion due to weak demand in major markets like the US and Europe.
The Union Commerce Secretary, Dr Rahul Khullar, had recently said that export growth is likely to slow down in the remai
Finished leather included under FPS
New Delhi, September 1: In order to give a boost to the languishing leather industry, the Director General of Foreign Trade has included ‘Finished Leather’ under Table 4 of Focus Product Scheme (FPS) in the current Foreign Trade Policy in Appendix 37D (Sl.Nos. 159 to 161), vi
Dumping probe on soda ash imports initiated
New Delhi, September 1: The Director General of Anti-dumping duty in the Ministry of Commerce has initiated anti-dumping investigations into soda ash imports from China, the European Union (EU), Kenya, Pakistan, Iran, Ukraine and the US, following a petition filed by Alkali Manufacturers
India to implement FTA with Indonesia, Cambodia soon
New Delhi, August 31: India will soon implement the free trade agreement (FTA) in goods with two more Asean countries—Indonesia, Cambodia—by slashing duties on hundreds of products including seafood, chemicals, apparel and tyres. In turn the two countries will also slash impo
Govt allows export of rice and wheat to B’desh
New Delhi, August 31: The Director General of Foreign Trade has permitted export of 3 lakh tonnes of non-basmati rice (parboiled) and 2 lakh tonnes of wheat to Bangladesh, vide Notification Nos. 3 and 4 (RE-2010), both dated August 30, 2010. The said quantities have been apportioned betw
DGFT grants exemption to specified goods imported for CWG
New Delhi, August 28: The Director General of Foreign Trade has granted exemption from DGFT import authorization for import of air conditions containing HCFC and certain types of telecom equipments and second-hand goods, required for the purpose of organizing the Commonwealth Games.vide Notifi
Export curbs on cotton yarn likely to go
New Delhi, August 27: The Centre may remove restrictions on export of surplus cotton yarn produced in the country that is over and above the quantity required by the domestic textile industry, a senior government official has said. Officials from the agriculture, textile and commerce min
Quality logo for Indian seafood launched
Kochi, August 26: With the objective of obtaining greater credibility and confidence for Indian seafood products in the international markets, the Marine Products Export Development Authority (MPEDA) has launched its export quality logo. The introduction of the new logo is expected
Spices export rises 12% in volume
Kochi, August 25: During April-July, spices exports increased 12 per cent in volume to 1,93,875 tonnes (1,72,510 tonnes), while the value realisation was up 17 per cent to Rs 2,084.96 crore (Rs 1,775.39 crore). Spices exports fetched $454.10 million ($374.68 million) in foreign exchange,
India-Asean ties set to strengthen
New Delhi, August 25: Shri Anand Sharma, Minister of Commerce and Industry is leading an Official Delegation to Vietnam to review the India-ASEAN Services & Investment negotiations along with his ASEAN (Association of South East Asian Nations) countries’ counterparts during 26-
Exports transaction cost to be cut by 40 pc
New Delhi, August 24: The government has taken steps to reduce exports transaction cost by at least 40 percent within a few months and may extend stimulus package to sectors which are not covered in the policy supplement announcement.
"We target to bring down the transaction cost by 40
FY11 trade deficit seen at $120 billion: Khullar
New Delhi, August 24: India's trade deficit for the current fiscal year that ends in March 2011 is expected to be at least $120 billion, Trade Secretary Rahul Khullar said, adding that rising trade deficit is a matter of concern. India's July trade deficit is seen at $12.93 billion. &nda
Another export sector review in Dec.: Sharma
New Delhi, August 24: A day after announcing export support measures, Commerce and Industry Minister Anand Sharma today said his ministry would conduct another review of the impact of the trade policy and performance of different sectors in December. "We will have another sectoral
Tax breaks for SEZ units under study
New Delhi, August 23: Unveiling the annual supplement of the Foreign Trade Policy for 2010-11, the Commerce Minister, Anand Sharma said that tax breaks for special economic zones (SEZs) in the proposed Direct Taxes Code (DTC) would be addressed when the final version of the DTC is sent to Parl
Export ban on non-basmati rice, wheat to stay for now
New Delhi, August 23: Tthere is no proposal to rollback the restrictions on exports of commodities including non-basmati rice and wheat. Basmati rice exports will continue to be allowed, Commerce and Industry Minister, Mr Anand Sharma, told a press conference after unveiling the annual supplem
Govt extends sops, confident of USD 200 bn exports
New Delhi, August 23: The government today extended sops worth Rs 1,052 crore to exporters, particularly for the labour-intensive textile, handicrafts and leather sectors, to help them see through the fragile economic recovery globally. "We are not yet out of the woods," Commerce a
Engineering exports grow 26% to $3.2 bn in July
New Delhi, August 22: India's engineering exports jumped about 26 per cent to $3.21 billion in July year-on- year, mainly due to revival in the US demand. "Demand is reviving in the US, but still there are less orders from the European markets," Engineering Export Promotion Council
Iron ore exports dip 28% in July
New Delhi, August 22: Iron ore exports saw a 28 per cent drop in July to around 4.74 million tonnes, hurt by lower demand from key importer China, slowdown in the mining activity due to monsoons and also partially due to the export ban imposed by Karnataka Government.
While July exports were
China seeks to boost trade
Shanghai, August 18: China on Wednesday said it is keen to import more products from India, but is also looking to enhance export volumes to its neighbour on account of a slowdown in US and European markets.
Receiving an Indian trade delegation led by Minister of State for Commerce and Indust
Norms for plastic recycling units in SEZs by mid-Sept
New Delhi, August 18: The Government will bring out by mid-September stringent norms for plastics recycling units in Special Economic Zones (SEZ) in the wake of concerns over hazardous waste generated by the industry, the Commerce Secretary, Dr Rahul Khullar, has said.
, Dr Khullar said
Sensitive items' import up 14.2 per cent in Apr-May
New Delhi, August 16: India's foodgrain import soared to Rs 31.28 crore and that of milk and dairy products to Rs 204.65 crore in April-May 2010 over the year ago period. During the year-ago period, the foodgrain import bill was only Rs 1.22 crore and of milk and other diary items was Rs
India-Canada bilateral trade to increase to $15 bn by 2015
Toronto, August 16: Canada has identified India as a priority market in its global commerce strategy and committed to increase its bilateral trade with the country to $15 billion by 2015. "Canada would like to take economic relationship with India to a new level in trade. It has id
India opposed to liberal import of used goods
New Delhi, August 16: India has opposed suggestion by some developed countries for more liberal trade in remanufactured goods or refurbished old products fearing it could harm the country’s domestic industry and also have environmental ramifications.
In a submission to the World T
Law to impose control on export of sensitive dual-use technology passed
New Delhi, August 12: Parliament today passed a law to impose tighter control on export of sensitive dual-use technology and also enable the government to impose restrictions on import surge to protect domestic industry. "The amendment bill will enable stricter regulation of export in te
More cos may be allowed to export on self-verification
New Delhi, August 13: Exports of leather, handicraft, carpets and some engineering goods are likely to get fresh incentives in the annual review of the Foreign Trade Policy to enable them tide over the poor demand in the Western markets.
The commerce and industry minister Anand Sharma i
Exports rise 33% in April-May; Trade deficit widens
Kozhikode, August 12: India's merchandise exports stood at $33 billion during April-May 2010, marking an increase of 33.2 per cent as against a decline of 33.3 per cent during the same months in the previous year.
The exports in May were $16.1 billion, which showed a growth of 31.1 per
India, Egypt trade touch $3 billion
Cairo, August 11: Despite the global financial crisis, trade volume between India and Egypt stood at $3 billion in the last fiscal, the Indian Ambassador to Egypt, Mr R. Swaminatan, has said at a press briefing to mark the Indian Independence Day.
He said the financial crisis had &ldquo
Parliament passes Trade Marks (Amendment) Bill
New Delhi, August 10: The Rajya Sabha on Tuesday passed by voice vote the Trade Marks (Amendment) Bill, 2009 that allows any person or an enterprise to seek registration or trade mark in any of the 84 member countries of the Madrid Protocol through a single application. The Bill was passed by
Bill for tighter control over sensitive technology exports approved
New Delhi, August 11: The Rajya Sabha has approved amendments to the Foreign Trade (Development and Regulation) Act, 1992, to enable the government to impose quantitative restrictions in case of import surge in merchandise to protect the domestic industry.
Replying to the debate, Mr. Sh
Export credit interest subvention for more sectors
Mumbai, August 10: Four more sectors — leather and leather manufactures, jute manufacturing including floor covering, engineering goods, and textiles — will be covered under the scheme of interest subvention of 2 percentage points on pre- and post-shipment rupee export credit
12 FDI proposals approved
New Delhi, August 9: Based on the recommendations of Foreign Investment Promotion Board (FIPB), the Government on Monday has approved 12 proposals for Foreign Direct Investment (FDI) worth Rs 2,305.835 crore. These include the Rs 715-crore from KKR Mauritius Cement Investments for
List of sectors to get exports sops soon
New Delhi, August 9: The number of export sectors that will receive a fresh package of incentives by the month-end will be decided this week when the commerce and revenue departments take a call on the size of the package. The commerce department has drawn up a priority list of sectors t
Exporters not enthused about trade policy
New Delhi, August 8: With the government focusing on financial consolidation, exporters are not hoping for any major incentive aside from a procedural tinkering from the annual review of the foreign trade policy later this month. "Exporters are not expecting much (in terms of )fina
US to act tough on apparel exporters using child labour
New Delhi, August 5: Indian apparel exporters are in fresh trouble as the United States government has put India among a list of 28 countries that use child labour in the Executive Order 13126 list last September. However, India’s current stand that there is no incidence of f
Handicraft exports up by 19 pc in July
New Delhi, August 5: India's handicraft exports grew by 19 per cent to over USD 120 million in July on the back of increasing demand for the Christmas season compared to USD 101 million in July 2009, according to the Export Promotion for Handicrafts (EPCH) Chairman Raj Malhotra.&nb
Foreign Trade Policy review by month-end
New Delhi, August 5: The government is likely to review the Foreign Trade Policy (FTP) of 2009-2014 by the end of this month or early September. This is to assist those labour-intensive export sectors which have not been able to stabilise despite several measures to boost these after the
Municipality ‘cannot demand' property tax from MEPZ: HC
Chennai, August 4: The Madras High Court has held that the Tambaram Municipality “cannot demand any property tax” from the Madras Export Processing Zone in respect of its administrative building situated on the National Highway, Tambaram.
Allowing a writ petition from the
Coffee exports jump 53%
New Delhi, August 2: Coffee exports surged by 53 per cent in the first seven months of this year to 1.78 lakh tonnes on the back of higher domestic output, according to the Coffee Board. The country had exported 1.16 lakh tonnes in the same period last year.
“The rise in the shipm
Steel imports up 25% in 2009-10
New Delhi, August 1: Steel imports for the year 2009-10 have risen 25 per cent at 7,296 million tonnes, as compared to 5.839 mt in 2008-09, according to the provisional figures released by the Joint Plant Committee. the figure shot up to 7.296 mt last year, BL has reported.
The Mi
Telecom sector excluded from export promotion benefit
Mumbai, August 3: The Ministry of Commerce has taken the telecom sector out of its export promotion scheme — Served from India Scheme (SFIS) — with retrospective effect.
“The decision to bar the telecom sector from this benefit had already been taken while framing the Foreig
Bansoon on imported mobiles with high radiation levels
New Delhi, August 2: The Directorate-General of Foreign Trade (DGFT) will shortly issue new rules in effect banning import of phones that emit radiation higher than what is permitted under the Specific Absorption Rates (SAR) standards. SAR shows the amount of radio waves absorbed b
SEZ units must pay property tax, says HC
Chennai, July 31: Private entrepreneurs having their units in the Special Economic Zone (SEZ) cannot seek exemption from property tax unless specific exemptions are given by the state government and the local body concerned, the Madras high court has ruled.
"There is no provision under
ADB proposes Asia-wide free trade pact
New Delhi, July 30: The Asian Development Bank has proposed an ‘Asia-wide Free Trade Agreement' by consolidating all the FTAs entered into by the countries in the region, as well as the setting up of an Asian Monetary Fund (AMF).
Addressing a seminar here on Wednesday that the ADB
Govt allows export of 3 LT of rice, wheat to B'desh, Nepal
New Delhi, July 28: The government has allowed export of 3,00,000 tonnes of rice and wheat through diplomatic channels to Bangladesh and Nepal. "There was some request from the External Affairs Ministry for additional quantity (of foodgrains for export) to Bangladesh and Nep
Exports from SEZs zoomed 121%
New Delhi, July 28: In sharp contrast to the slowdown in India's external trade last fiscal, exports from special economic zones (SEZs) grew by a whopping 121.4 percent, the commerce ministry said today. Exports from SEZs during 2009-10 stood at Rs.2,20,711.39 crore ($49 billion).
Europe tightens norm for seafood imports
Kochi, July 27: With seafood exports to India's biggest export destination, the EU, facing turbulent days ahead, the trade is beginning to look to the East for succour and safety. “Exports to the EU are beginning to get tougher and costlier as new conditions such as inspection of 2
Gems, jewellery exports up 75% in June
New Delhi, July 25: Gems and jewellery exports jumped 75 per cent to $3.08 billion in June on increasing demand from major markets like US and Europe, compared to $1.76 billion in the same month last fiscal, according to the Gems and Jewellery Export Promotion Council (GJEPC) data.
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Engineering exports up 90%
New Delhi, July 21: Engineering exports jumped by about 90 per cent on year-on-year basis in June to $5.1 billion despite concerns of financial problems in some European economies. “Demand is reviving in the US, but in the European markets, there is a demand compression,&rdqu
HEPC eyeing handloom exports worth Rs 1,350 cr
Madurai, July 21: The Handloom Export Promotion Council (HEPC) will participate in overseas textile festivals during this year for identification of new markets and better penetration in existing ones to achieve the export target of Rs 1,350 crore, a top official said.
"We plan to parti
Govt to take steps to cut exporters' transaction cost
New Delhi, July 22: The government today said it has completed a study on measures to substantially reduce the transaction cost incurred by exporters to make them globally competitive. The study covered six sectors, including textiles, gems and jewellery, leather and garments
Govt relaxes norms for setting up SEZ in small towns
New Delhi, July 22: In a significant move to spread out industrialisation and decongest big cities like Mumbai and Chennai, the government has drastically reduced the minimum built-up area requirement for SEZs in small towns. In the new rules notified for the Special Economic Zones
Desai Fruits to embark on contract farming in TN
Tiruchi, July 15: Gujarat-based Desai Fruits and Vegetables is all set to replicate its success in Tamil Nadu, with plans for large-scale contractual farming and banana export. The company would commence operations within three to four months in Tamil Nadu “as the state has t
India-Singapore trade touches SGD 14.87 billion in H1
Singapore, July 14: India and Singapore trade totaled SGD 14.87 billion in the first six months of this year, up 45 per cent from SGD 10.8 billion in the same period a year ago, the Singapore trade agency said today.
Singapore's June imports from India more than doubled to SGD 1.3
IT/ITeS SEZ in Kochi Infopark approved
Kochi, July 15: The Centre has granted formal approval for the development of an IT/ITeS Special Economic Zone on approx 31 acres of Phase II of the Infopark project here. The park will offer the first plug-and-play BPO facility in the State. The budget for the current financial ye
Handicraft exports up 21% at $136 m in June
New Delhi, July 14: Handicraft exports grew by over 21 per cent to $136 million in June over the year-ago period, thanks to increasing Christmas orders. Exports stood at $112.29 in June 2009, according to the Export Promotion Council for Handicrafts (EPCH).
The EPCH Chairman, Mr Raj MalDEPB likely to be extended beyond Dec 31
New Delhi, July 14: The popular tax incentive to exporters, duty reimbursement on imported inputs going into exports, is likely to be extended beyond the end of the year to at least till the time the proposed goods and services tax, or GST, is rolled out. The commerce department co
No export duty on transfer of goods to SEZs, rules SC
New Delhi, July 13: The Supreme Court today said transfer of goods to special economic zones (SEZs) from areas outside these tax-free enclaves would not attract export duty.
A Bench comprising Justice D K Jain and Justice H L Dattu dismissed the contention of the Centre that any t
3 SEZ proposals cleared by Govt
New Delhi, July 13: Amid doubts over continuation of tax sops to new Special Economic Zones (SEZs), the Government has approved three fresh proposals including that of Videocon Industries. Even as the economy took to recovery, the renewal of interest in SEZs was missing as the draf
Farm exports show marginal rise in 2009-10
New Delhi, July 12: According to latest data from the Agricultural & Processed Food Products Export Development Authority (Apeda), exports went up to Rs 34,686 in 2009-10, up from Rs 34, 450 crore during the previous financial year.
The continued ban on exports of non-basmati rice s
June car sales up 30.8 pct y/y
New Delhi, July 8: Car sales in India rose an annual 30.8 percent in June, an industry body said on Thursday, as a rapidly expanding economy continues to pull buyers to showrooms.
Firms sold 141,184 cars in the month, compared with 107,948 units a year ago, data from the Society of Indi
India-Malaysia trade pact to be ready by September
Kuala Lumpur, July 7: India and Malaysia today said the Comprehensive Economic Cooperation Agreement between the two countries is expected to be ready by
September, in time for Indian Prime Minister Manmohan Singh's visit here in November this year.
Indian Trade and Commerce Minister A
NRI, foreigners’ India investment rises 28%
New Delhi, July 5: The net claim of foreigners and non-resident Indians (NRIs) on India rose by $34.5 billion to $157.6 billion during the last quarter of 2009-10 from previous three months, as revealed by the International Investment Position of India. The latest figure indicates a jump
India, China discuss JVs in third countries
Beijing, July 5: India and China on Sunday discussed the possibility of working in collaborative projects in third countries, including joint initiatives in Afghanistan to tap large mineral resources, as part of efforts to broadbase their relationship. National Security Adviser (NSA) Shiv Shan
Textile exporters face tough times in US: FICI
New Delhi, July 5: The Indian textile industry is facing tough competition in the US, as exporters from smaller countries like Bangladesh and Vietnam, are cornering the lucrative market at a faster pace, a FICCI study said. Bangladesh, Vietnam and Indonesia managed to increase their shar
Engineering exports up 29% in May
New Delhi, July 4: Engineering exports increased by 29 per cent year-on-year in May to $3.2 billion as the US largely made up for the drop in orders from crisis ridden Europe. Engineering exports stood at $2.4 billion in May 2009. Growth in these consignments was more or less in line wit
Tea exports up 19% in Jan-May
New Delhi, July 4: Strong demand from the Middle East region coupled with a price increase in Sri Lanka pushed India’s tea exports up by 19 per cent to 71.17 million kg in the first five months of the year, Tea Board Chairman, Mr Basudeb Banerjee said.
During the first five months
Interests of SEZ investors will be protected: Sharma
New Delhi, July 3: Amid growing concerns that the new draft Direct Tax Code (DTC) casts a shadow on the future viability of the special economic zones (SEZs), Union Commerce and Industry Minister Anand Sharma has met Finance Minister Pranab Mukherjee and asserted that the interests of the SEZ
Silk goods export could double in two years
Bangalore, July 4: Export earnings from silk goods are expected to nearly double to Rs 4,500 crore in two years with increasing production of raw silk and the government’s focus on expanding mulberry acreage and upgrading technology, Union minister for textiles, Dayanidhi Maran said on S
Apr-May trade gap rises to $21.71 bn
New Delhi, July 3: India’s trade deficit in Apr-May widened to $21.71 billion from $14.51 billion a year ago as imports rose faster than exports on rapid recovery in manufacturing sector, government data showed on Thursday. Exports in the first two months on 2010-11 increased 35.7% to $3
Government to end cotton export curbs
Mumbai, July 3: India, the world’s second-largest cotton grower and exporter, will end curbs on overseas sales in the new crop year amid forecasts for a record harvest, according to a government official. “The next season, we won’t have these restrictions,” AB Jos
Forex reserves rise to $277 b
Mumbai, July 2: Foreign exchange reserves were up by $1.011 billion to $276.980 billion for the week ending June 25, on account of revaluation gains. For the week ended June 18, foreign exchange reserves were up by $3.186 billion to $275.969 billion.
According to figures released
US ends duty-free status for gold necklaces from India
Washington, July 1: The US has ended duty-free status for gold necklaces from India as the product was found to be sufficiently competitive in American markets.
"After assessing which products should continue to benefit from duty-free treatment under GSP (Generalised System of Preferenc
Exports rise 35.1% in May
New Delhi, July 1: India’s merchandise exports rose for the seventh straight month in May, even as the euro zone crisis raised questions about resilience of the exports growth in the coming months. Exports showed an annual expansion of 35.1% in terms of value to $16.1 billion in May, pro
Basmati exporters to haul European lab to court for 'biased' report
New Delhi, June 30: India’s multi-million basmati industry is ready to shoot off legal notices against the Hamburg-based private testing firm, Eurofins, for its recently issued reports to buyers suggesting that Indian basmati has elevated levels (0.03%) of carbedenzum and isoprothiApril spices exports up 28pc
New Delhi, June 28: India's spices exports increased 28 per cent, both in value and volume terms, in April this year over the same month last year, according to the Spices Board. While in quantity terms exports reached 56,910 tonnes in the month under review, in value-terms, it rosFTA talks with Canada soon
New Delhi, June 26: India and Canada could start negotiations on a free trade agreement for opening up markets in goods, investments and services by the end of this year. The feasibility study by the joint study group appointed by the two governments is almost ready, and the two si
Govt may not extend tax concessions for EoUs beyond March
Kolkata, June 26: The Union Government might not review or consider the extension of the Sunset Clause to the export-oriented units (EoUs), beyond the earlier set deadline of March 31, 2011. “There is no discussion on this (extension of sunset clause) now, it might not be con
India-led M&As touch $40 bn. in January-June 2010
Mumbai, June 25: Indian transactions accounted for a sixth of the total Asian mergers and acquisitions deals of $242.1 billion from 5,078 deals, a rise of 21%. Bharti’s acquisition of Zain assets in Africa for $10.7 billion tops the Asian list, ET has said in a report.
M&As in
Tax benefits for SEZs will not be profit linked, says revenue secy
New Delhi, June 25: Finance ministry on Thursday ruled out any profit-linked tax benefit to special economic zones (SEZs) under the proposed Direct Taxes Code (DTC), aimed at reforming tax structure in the country. “There will be no profit-linked deductions for special economic zon
India pleads for pruning US entry list
Washington, June 24: Mr. Anand Sharma, Union Minister of Commerce and Industry during his meeting with the US Secretary of Commerce Mr. Gary Locke in Washington DC yesterday, highlighted the concerns on the US export control regime as applicable to India and sought their early removal prior to
FMC nod needed to trade in overseas commodities
Mumbai, June 24: India's commodity regulator's approval will be required for trading in commodity bourses abroad either directly or through joint ventures and subsidiaries, the Forward Markets Commission (FMC) said on Thursday. FMC regulates India's commodity futures trade launched
India-Spain to raise trade and investments
New Delhi, June 24: At ninth session of the India-Spain Joint Commission for Economic Cooperation at Madrid on June 21, Mr. Anand Sharma, Minister for Commerce & Industry, had with Mr. Miguel Sebastian, Minister of Industry, Tourism and Trade, Spain, both sides felt that there is a lot of
Handicraft export up 19% in May
New Delhi, June 23: India's handicraft export grew by about 19 per cent to over $154.16 million in May over the year-ago period, thanks to the increasing demand from the US market. The handicraft export stood at $129.60 in the same period last fiscal, according to the Export PromotGold imports plunge 50% in May
Mumbai, June 22: Gold imports have declined by over 50 per cent to 17 tonnes in May compared with 34.2 tonnes in April due to surge in prices following the Euro zone crisis.
As per data given by the Bombay Bullion Association, the prices had touched a high of Rs 18,629 per 10 grams in MIndo-Russian trade to treble to $20 bn by 2015
St. Petersburg, June 19: New Delhi and Moscow will increase cooperation in sectors like energy, pharmaceuticals, and IT, among others to triple bilateral trade to $20 billion by 2015 from the current $7.4 billion. According to a PTI release, the visiting Commerce and Industry Minister An
Spices exports touch all-time high
Kochi, June 19: Despite the slowdown in major consuming markets, export of spices and spice products from India recorded an all-time high both in volume and value in 2009-10 at 5,02,750 tonnes and Rs 5,560.50 crore ($1173.75 million), respectively, even as pepper exports to US and EU dipEU bans import of Indian honey
New Delhi, June 18: The 27-nation European Union has banned imports of Indian honey, alleging that consignments of the natural nectar from the country are
contaminated with lead.
Commerce Secretary Rahul Khullar today said the government was looking at ways to resolve the
Ban on cotton exports to be lifted from October 1
New Delhi, June 19: The Centre on Friday said that export restrictions on cotton would be lifted from October 1 when the new crop starts arriving in the market. “The current export restrictions are essentially till September 30. From October 1, when the new cotton year begins, we shallExports post 35% growth in May, imports up 30.8%
New Delhi, June 18 : Exports in May were worth $16.1 billion against $12 billion in May 2009. Sectors such as iron ore, oil and leather have done well in April and May due to a slight demand recovery in major markets like the US.
However, the Government said it was concerned about the E
Modified STPI scheme to be placed before Cabinet
New Delhi, June 18: The modified Software Technology Parks of India (STPI) scheme, which aims at treating units present in software technology parks (STPs) and special economic zones (SEZs) on a par, will be presented before the Union Cabinet by the end of the month. The modified S
Commerce Ministry for export credit at 7.5-8%
New Delhi, June 17: The Commerce Ministry wants export credit to be given by banks at 7.5-8 per cent in the new base rate regime starting July 1. Exporters now get credit at around 9-10.5 per cent, which is around 2.5 percentage points below the Prime Lending Rate of each bank.&nbs
G&J exports up by 31.24 pc
New Delhi, June 17: Gems and jewellery exports rose by 31.24 per cent to USD 2.46 billion in May on the back of jump in shipments of cut and polished diamonds, as against USD 1.87 billion in May 2009.
Cut and polished diamonds exports grew to USD 1.79 billion in May, up 73.44 per Commerce department to oppose DTC on SEZ units
New Delhi, June 17: The commerce department is set to oppose the finance ministry’s proposal for withdrawing tax exemptions for new industrial units coming up in special economic zones (SEZs) after the direct tax code (DTC) is implemented the next fiscal year. The revised dra
SEZ units also to get sops under DTC: Govt
New Delhi, June 15: The government on Tuesday said developers of special economic zones as well as units therein will continue to get incentives like income tax exemption under the proposed direct tax code (DTC). "The provision to protect profit-linked deductions of units already o
Government allows industrial units SEZ unit migration
New Delhi, June 16: The government has allowed industrial units to shift from one special economic zones (SEZ) to another after approval of the apex authority, the board of approval (BOA). The permission to relocate units will be given on a case-to-case basis by the BOA, a commerce
Basmati exports cross 2 mt in FY10
New Delhi, June 15: India’s basmati (aromatic) rice exports crossed a record 2 million tonne (mt) in the last financial, largely because of bumper local harvest and strong demand from Gulf countries, particularly for the newly classified PUSA 1121 variety.
Non-basmati rice was oneImport of sensitive items jumps 40.5% in 2009-10
New Delhi, June 15: Import of milk, foodgrains, edible oils and pulses, considered sensitive for domestic producers, surged by 40.5 per cent in 2009-10 to Rs 65,564 crore. According to official data, the import bill for such items was Rs 46,667 crore in 2008-09. Products such
DCGI bans raw material import from 10 Chinese firms
New Delhi, June 15: The Drug Controller General of India (DCGI) has banned import of raw material from 10 Chinese drug companies for supplying products without having the mandatory drug manufacturing standards, people familiar with the matter said. These raw materials include clotrim
