Vol. XIII Issue no.55
Chennai, Sep 5 , 2010
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.
&ldq
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
