In India, declaring a 4-digit HSN code is mandatory on goods and services tax (GST) invoices by businesses with turnover up to Rs 5 crore and a 6-digit code on invoices by businesses with a turnover of more than Rs 5 crore
ET Explainer: What’s in a number? A lot when it is numerical code HSN
Indian goods worth USD 3.7 billion entering Oman to get boost by free trade agreement: GTRI report
2 years ago
India and Oman are in the process of negotiating a Comprehensive Economic Partnership Agreement (CEPA), and a report by think tank Global Trade Reproach Initiative (GTRI) highlights that over 83.5% of Indian goods, worth $3.7 billion, such as gasoline, iron and steel, electronics, and machinery, could receive a significant boost in Oman once the agreement […]
The contracting firm — Howe Engineering Projects (India) Pvt Ltd. — contains the core operations of a business called PMC Projects Pvt Ltd. that India’s government alleged in 2014 was being used by billionaire Gautam Adani’s empire to siphon money overseas. Adani denied all wrongdoing and the probe’s findings were dismissed in 2017 by an […]
The share of MSME products in India’s exports increased from 43.59% in FY23 to 45.03% in FY22, with a growth from 49.35% in 2020-21 to 49.77% in 2019-20. The share of MSME manufacturing gross value added (GVA) in India’s manufacturing GVA also increased from 40.3% in FY21 to 40.83% in FY22. The number of MSMEs […]
In the fiscal year 2022-23, India spent Rs 27,131 crore on copper imports, an increase from Rs 21,985 crore in the previous year, as per information shared in Parliament. Responding to a query in the Rajya Sabha, Coal and Mines Minister Pralhad Joshi stated that India’s refined copper production in FY2022-23 was 5.55 lakh tonnes, […]
The government has extended the ban on exporting de-oiled rice bran, a key component in cattle and poultry feed, until March 31, 2024. The move aims to stabilize domestic feed prices and curb the rise in milk prices. Experts suggest the ban will enhance product availability locally. However, the Solvent Extractors Association of India urged […]
India can be goods supplier for global south, says Harvard University’s Ricardo Hausmann
2 years ago
Hausmann, who is also Rafik Hariri professor of the practice of international political economy at Harvard Kennedy School, said India provided opportunity for companies to set up operations in the country, as it had a huge domestic market with a large supply of labour, especially engineers, at a time when the world needed both. He […]
India seeks to settle WTO import duty dispute with EU on ICT goods through free trade talks
2 years ago
Following a ruling of the World Trade Organisation’s (WTO) dispute panel on April 17 that import duties imposed by India on certain information and technology (ICT) products such as mobile phones and components, base stations, integrated circuits and optical instruments violate global trading norms, India and the European Union (EU) are discussing ways to resolve […]
Noting the sharp rise in visa application processing numbers, which hit a record 2 lakh in 2023 compared to pre-COVID levels of 1.6-1.7 lakh, he said this trend would lead to enhanced trade and cultural ties between India and Switzerland in the years ahead.
The export of agri-commodities, including basmati rice, decreased to 17.93 lakh tonnes in September compared to 27.94 lakh tonnes in August, according to APEDA. Exports of farm items fell to nearly 18 lakh tonnes due to restrictions on rice varieties. The total export of agri-commodities in April-September was 172.27 lakh tonnes.