Commerce and Industry Minister Piyush Goyal stated that India’s dairy sector will not receive duty concessions under any Free Trade Agreements due to its sensitivity involving small farmers’ livelihoods. He emphasized that even with recent agreements like EFTA, dairy remains protected. Talks with Australia also highlighted this stance.
Dairy is sensitive sector; no plans to open up in any FTAs: Piyush Goyal
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.
India’s removal of the floor price for basmati rice exports is expected to boost orders from the Middle East, Europe, and the Americas. This policy change allows Indian exporters to offer more competitive prices globally, potentially increasing export volumes. India’s basmati rice production is also anticipated to rise by 10-12% this year due to a […]
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 […]
India’s gem & jewellery exports in August fell by 18.79% to USD 2012.51 million compared to last year. The decline is due to global consumption slowdown amid geo-political tensions. Exports of cut and polished diamonds, lab-grown diamonds, gold jewellery, and coloured gemstones also saw significant drops.
Indian refiners cancel 1,00,000 metric tons of palm oil purchases on duty hike, price rise
1 year ago
Indian refiners have cancelled 1,00,000 metric tons of palm oil purchases for delivery between October and December. This move follows New Delhi’s decision to raise import duties due to a surge in overseas prices. The cancellations may impact Malaysian palm oil prices and shift demand towards soyoil.
The Indian government is planning to boost yacht tourism and personal boating by developing an ecosystem for it, according to ports, shipping and waterways minister Sarbananda Sonowal. Despite having a 7,500-kilometre coastline, India lacks international-standard marinas. The initiative aims to create employment opportunities and take advantage of the country’s vast coastline.