The government on Wednesday said it has directed the Export Credit Guarantee Corporation (ECGC) to maintain a moratorium on insurance rates for Indian exporters in the wake of the Red Sea crisis. Minister of State for Commerce and Industry Anupriya Patel said that the ECGC continues to provide insurance coverage to exporters. She said that […]
Task force setup to resolve non-tariff barriers: Govt to Parliament
India is engaging with the EU on the Carbon Border Adjustment Mechanism (CBAM) and preparing the domestic industry to comply with the norms. It opposes non-trade issues at the WTO. India insists that measures to combat climate change should not violate WTO rules or restrict international trade.
The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said. The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical shocks, and the Middle East crisis, leading to the intensification of the Red Sea crisis and deepening geo-economic fragmentation, among […]
The high-level inter-ministerial group on the Red Sea crisis, chaired by commerce secretary Sunil Barthwal, convenes to address shipment delays and rising cargo transport costs. Officials from various ministries will discuss measures to support exporters and ensure adequate credit flow. While India’s exports remain unaffected for now, diversion of shipping routes via the Cape of […]
The Indian Chamber of Commerce (ICC) has appointed Finance professional Sharad Bhandari as its Chief Representative for the United Arab Emirates (UAE), in a bid to enhance economic ties. With an impressive career spanning over 40 years, Bhandari brings extensive expertise in advising businesses in the UAE, Middle East, and the UK. As the Managing […]
India’s palm oil imports fell to a three-month low in January as refiners increased buying of rival soyoil due to negative refining margins for crude palm oil (CPO). Lower purchases by India, the world’s biggest importer of vegetable oils, could keep palm oil inventories elevated in top producers Indonesia and Malaysia and weigh on benchmark […]
India’s crude oil imports from Russia hit 12-month low but long-term appetite remains intact
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India’s crude oil imports from Russia dropped for the second consecutive month in January, reaching their lowest level in a year. However, experts believe that India’s long-term demand for Russian crude remains strong. The decline in Russian imports was offset by increased sourcing from Iraq, while supplies from Saudi Arabia also decreased.
Ship classification societies such as Lloyd’s Register certifies ships for sea worthiness by providing classification and compliance services to the marine and offshore industries, helping ship owners design, construct, operate, and decommission their assets safely as per environmental expectations. This is done by framing rules that are referred to as ‘class rules’.
JSW Infra, India’s second largest private port operator, plans to spend ₹6,000-7,000 crore over 3-4 years to increase its annual cargo handling capacity by over 40% to 250 million tonnes. The bulk of investment will be on two greenfield port projects in Karnataka and Odisha as well as the expansion of a cargo terminal. JSW […]
India is seeking greater market access for specific products like steel, rice, and shrimp in negotiations with South Korea for the upgradation of their existing free trade agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA). India has raised concerns about Korean firms not purchasing Indian steel and is demanding better market access for […]