India’s trade deficit with China grew at a slower pace from 2014-15 to 2023-24 compared to the previous decade, highlighting government efforts to control excessive imports. Exports to China stood at $16.65 billion, with imports at $101.75 billion. Minister Piyush Goyal noted improved electronic components and mobile phone import reduction due to government’s initiatives.
India has highest trade deficit with China but gap narrowing: Goyal
Govt eases norms for EPCG license holders
2 years ago
The government eased norms for the Export Promotion Capital Goods (EPCG) scheme to boost ease of doing business. Licence holders now have three years to submit a certificate from customs authorities confirming machine installation after importing. Earlier, they had only six months.
India has ended its silver and platinum imports from the UAE due to removal of concessionary duties, as per a recent trade agreement. The cessation follows New Delhi’s decision to reduce import taxes, diminishing the duty arbitrage bullion dealers had been exploiting. On Tuesday, the world’s second-largest bullion consumer cut import duties on gold and […]
India and UK launch tech initiative as new British foreign minister makes his first official visit
2 years ago
India and the United Kingdom launched a new technology security initiative during the British foreign secretary’s first official visit to India, aiming to enhance economic growth and collaboration. The agreement involves cooperation on critical technologies like AI and telecoms, as well as strengthening ties in areas such as climate, trade, and education. Discussions also focused […]
Ship leasing in GIFT city to get a boost from variable capital company structure proposal
2 years ago
The central government’s upcoming ship owning and leasing entity is set to gain from new permits for companies with a variable capital structure, as announced in the Union Budget 2024-25. Initiatives such as this are part of broader reforms aimed at revitalizing the Indian shipping industry, which has seen a decline in its share of […]
India purchased a record amount of edible oils for July delivery, driven by increased palm oil and soyoil purchases ahead of anticipated import duty hikes. Imports are projected to reach 1.92 million metric tons, up 26% from the previous month. These actions are expected to reduce inventories in top producer countries and support benchmark prices.
Shipping sector gets a boost from Budget 2024
2 years ago
The budget also extends the period for exporting goods imported for repairs from six months to one year. Additionally, the time-limit for re-importing goods for repairs under warranty is increased from three years to five years.
The Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha has been met with enthusiasm from the UK business and investor community. Key proposals include a fall in the Corporate Tax rate for foreign companies from 40 to 35% and the abolition of the “Angel Tax.” Experts believe that the budget’s announcements […]
India has made significant progress in global logistics rankings, according to the Economic Survey for 2024
2 years ago
The Economic Survey 2024 highlighted significant advancements in India’s logistics sector, including improved global rankings, digitalization efforts, and efficiency gains. Key initiatives like PM Gati Shakti and National Logistics Policy have contributed to enhanced competitiveness and trade facilitation.
India’s IT services exports show a shift in composition with a decline in software share and a rise in other business services, according to Economic Survey. The growth of GCCs is highlighted, with revenue projected to reach $100 billion by 2030. However, IT sector hiring has slowed down in FY24, signaling potential challenges ahead.