India’s shipping ministry suggested constructing a seaport next to Bharat Petroleum Corp’s planned refinery in Andhra Pradesh to cut costs. The refinery could act as a key customer for the port. Andhra Pradesh proposed offering land at Machilipatnam, Ramayapatnam, or Mulapeta for the complex.
Shipping ministry offers to build Port in Andhra Pradesh alongside planned refinery
The ties between the two countries nosedived after India abrogated Article 370 of the Constitution, revoking the special status of Jammu and Kashmir and bifurcating the State into two Union Territories on August 5, 2019.
India is a leading exporter of deoiled rice bran, which is used in the cattle feed industry.
Global Trade Research Initiative proposed changes to the India-UAE partnership to address potential misuse and revenue loss. They recommended removing duty concessions on precious metals and altering rules of origin norms. The suggestions aim to curb the influx of duty-free gold, silver, and jewellery that is impacting India’s jewellery sector and government revenue.
The government is readying a scheme to incentivise parcel movement on the Ganga, Brahmaputra and Barak rivers in the first phase. A discount of up to 35% on the invoice value for transporting goods is expected to be offered by a subsidiary of state-run Shipping Corporation of India, with the government reimbursing the company for […]
Finding new items to sell overseas is crucial as muted global demand, geopolitical challenges and a drop in crude, commodities and metal prices dragged India’s goods export growth to an eight-month low in July, with outbound shipments contracting 1.47% to $33.98 billion.
India’s exports of medicines have gained significant market share in the US, standing as the third-largest import source in 2023. With exports worth USD 9 billion, India’s share rose to 13.1 per cent. The country also saw notable growth in antibiotics exports to Italy and MRI apparatus exports to Germany, reflecting efforts in boosting domestic […]
The Indian government plans to revise its foreign direct investment (FDI) policy, holding stakeholder consultations. Commerce Secretary Sunil Barthwal indicated that the Department for Promotion of Industry and Internal Trade is working on the new policy. There is speculation on easing Chinese investment norms to reduce the trade deficit, as advised by the Economic Survey. […]
Exports contract in July; trade deficit widens
2 years ago
India’s export growth for July fell to an eight-month low due to decreased global demand and declining prices of crude, commodities, and metals. Goods exports contracted by 1.47% to $33.98 billion, mainly due to lower petroleum product exports. Imports increased by 7.45% to $57.48 billion, widening the trade deficit to $23.5 billion. This was driven […]
India is seeking a review of specific provisions in its free trade agreement (CEPA) with the UAE, which began on May 1, 2022. Commerce Secretary Sunil Barthwal indicated ongoing discussions about value addition norms and customs duty reductions. The UAE is India’s third-largest trading partner, with $83.65 billion in bilateral trade for 2023-24. Concerns have […]