India mulls extension of parboiled rice curbs ahead of key polls

India is considering extending an export levy on parboiled rice to control local prices before key polls, potentially raising the risk of higher global food inflation. The government may extend a 20% export levy, due to expire on October 15, to keep a lid on domestic prices.

India’s diesel exports to Europe reached a record high in September, driven by arbitrage profits and a seasonal decline in domestic demand. The surge in exports will help Europe build commercial stockpiles ahead of the winter heating season and limit price gains. However, experts predict that export volumes are unlikely to continue at the same […]

According to ET Now sources, the export curb is due to poor seasonal monsoon rainfall which is vital for India’s $3 trillion economy. It brings nearly 70 per cent of the rain the country needs to water crops and replenish reservoirs and aquifers, reported Reuters.

India and the UK are expected to sign a free trade agreement (FTA) at the end of this month, marking India’s first comprehensive deal with an industrialized nation. The agreement aims to boost bilateral trade beyond the current $20 billion. India has invited UK Prime Minister Rishi Sunak to visit India on October 28 to […]

The International Monetary Fund’s executive director, KV Subramanian, believes that India will be able to handle the spike in crude oil prices caused by the conflict in Gaza. He stated that India’s strong handling of the pandemic and its balanced approach to supply and demand measures have positioned the country well. However, he noted that […]

“Tanzania is our biggest export destination in Africa. Over the next few years, we are looking to make this another very fast-growing growth story,” Goyal said in the India-Tanzania Investment Forum organised by the Federation of Indian Chambers of Commerce and Industry.

The ongoing conflict between Hamas militants and Israel is likely to impact India’s ambitions of playing a bigger role in global trade. The recently announced India-Middle East-Europe Economic Corridor (IMEEC) may be affected by the conflict, leading to concerns in the markets. Oil prices have surged, gold demand has increased, and Indian stocks have tumbled […]

Commerce and industry Piyush Goyal launched a new initiative to issue IT system based automatic ‘Status Holder’ certificates to exporters under the Foreign Trade Policy 2023 under which the government will recognise about 20,000 exporters as Status Holders, up from 12,518 exporters recognised earlier.

The Indian government is considering imposing a 25% duty on the export of molasses due to an expected decline in sugar production. The move aims to increase the availability of molasses for domestic distilleries, helping them meet the government’s ethanol blending target. India experienced a dry August, causing damage to the sugarcane crop in key […]

These certificates provide certain privileges, including simplified procedures under foreign trade policy (FTP) and priority custom clearances on a self-declaration basis, exemption from compulsory negotiation of documents through banks, and exemption from filing bank guarantees for FTP schemes. Upon achieving prescribed export performance, status recognition as one, two, three, four and five-star export houses is […]