India will not buy from Russia’s sanctioned Arctic LNG 2 project: Oil secretary Pankaj Jain

India will not purchase liquefied natural gas from Russia’s Arctic LNG 2 project, which is under Western sanctions due to the conflict in Ukraine. Oil Secretary Pankaj Jain confirmed that India avoids any sanctioned commodities. The Arctic LNG 2 project by Novatek faces restrictions from the United States and other Western nations.

India and Egypt have identified key areas for collaboration, including international trade settlement, digital payments, and investment in the Suez Canal Economic Zone. They also discussed market access issues on agricultural products and agreed to resolve them promptly. Both countries aim to increase trade and investment, with the next Joint Trade Committee meeting scheduled for […]

India’s steelmakers have urged the government to double tariffs on steel imports to 15% to counter a surge in cheaper shipments from China. The Indian Steel Association expressed concerns about the impact of these imports on local producers and requested additional measures to protect the industry.

The government’s inconsistent policies on laptop import restrictions have led to increased business uncertainty and costs, according to think tank GTRI. To promote local manufacturing and reduce reliance on China, a stable and long-term policy is needed. Import restrictions could encourage global tech giants to shift production to India.

Industry body Ficci has urged for strict punishment and enhanced surveillance to combat illicit trade, which is estimated at Rs 7.97 lakh crore annually across five key sectors, including apparel and FMCG. The illicit market in packaged foods alone was Rs 2.23 lakh crore in 2022-23, over one-fourth of the country’s packaged food market.

Industry experts at the Indo-US Economic Summit called for lower tariffs and harmonisation of local norms to boost India-US agricultural trade. Key concerns include supply chain disruptions, absence of a free trade agreement, and local quality norms. Experts also emphasized sustainability, technology integration, and private sector participation to enhance productivity and export growth.

The Federation of Indian Export Organisations (FIEO) has urged the government to extend the interest equalisation scheme for five years to boost credit flow amid a 13-month decline in goods exports. The scheme, aiding MSME exporters, is set to end on September 30. FIEO also signed an MoU with Stenn to enhance SME financing.

India has extended its import management system for IT hardware products like laptops and tablets until December 31, 2024. Importers must apply for new authorizations starting January 1, 2025. The move aims to monitor imports without disrupting market supply and encourage local production.

The Federation of Indian Export Organisations (FIEO) has urged the government to extend the interest subvention scheme for five years to boost credit flow and support exports. The scheme, set to end on September 30, provides interest benefits on pre- and post-shipment rupee export credit, aiding MSMEs facing financing challenges.

Commerce and industry minister Piyush Goyal has urged Australian pension funds to invest in India’s renewable energy, manufacturing, education, fintech, and agritech sectors. He highlighted India’s digitalisation growth and potential for collaboration in data infrastructure and coastal tourism during his visit to Australia. Goyal also discussed critical minerals sector cooperation with Tania Constable, CEO of […]