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.
India’s July edible oil imports to surge to record on robust palm buying, sources say
India’s sweeping shipping reforms aim to create jobs and remove customs duties on vessel components and warship spare parts. Supported by Nirmala Sitharaman and Sarbananda Sonowal under Maritime India Vision 2047, they include leasing, cruise tourism, tax exemptions, simpler foreign shipping company tax regimes, IFSCA links, and addressing low overseas cargo share through shipbuilding repairs […]
Budget aims to position India as a global leader in maritime innovation: Minister Sonowal
1 year ago
The Union Budget 2024-25, presented by PM Modi and FM Sitharaman, focuses on maritime innovation, job creation, economic growth, and shipping reforms. It includes MSMEs, cruise tourism, shipbuilding, GST simplification, MAKV 2047, inclusive banking, Northeast development, Assam flood management, Pradhan Mantri Janjatiya Unnat Gram Abhiyan, heavy engineering, and boosts agriculture benefiting ‘Annadata’.
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.
India has revamped customs duties to support domestic manufacturing and align with global value chains. Changes include adjustments for mobile phones, electronics, precious metals, critical minerals, and more. The aim is to promote local value addition and boost export competitiveness.
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 […]
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.
Niklaus-Samuel Gugger, a Swiss politician and member of the National Council of Switzerland, has praised the recently signed European Free Trade Agreement (EFTA) between Switzerland and India. The agreement, which was signed 16 years ago, aims to increase foreign direct investments in India by $100 billion over the next 15 years and create 1 million […]
The Global Trade Research Initiative (GTRI) warns that increasing Chinese FDI in India could potentially undermine its long-term economic security and strategic autonomy. The GTRI suggests that Chinese firms’ dependence on India for manufacturing capabilities could lead to supply chain vulnerabilities and geopolitical risks.