The government is considering lifting the ban on exporting certain non-basmati rice varieties, according to Food Secretary Sanjeev Chopra. The export ban on non-basmati white rice has been in place since July 20, 2023, to boost domestic supply. Chopra noted that there is ample stock and retail prices are under control.
Govt mulling lifting ban on non-basmati rice export: Food Secretary
India’s diamond sector is in crisis with a sharp decline in imports and exports over the past three years, leading to defaults, factory closures, and job losses. A significant inventory of unprocessed rough diamonds is piling up due to reduced orders and competition from lab-grown diamonds, exacerbating the situation.
Freight rates at Indian ports have surged nearly 70% year-on-year in August, driven by global shipping disruptions and sustained demand. This increase, after a two-year gap, is likely to impact the cost burden of Indian companies with international exposure. Rates have fluctuated since 2020 due to various geopolitical issues and supply chain disruptions.
India’s trade gap surged to a 10-month high of $29.65 billion in August due to declining exports and record gold imports. Commerce Secretary Sunil Barthwal cited global economic challenges but emphasized strong domestic consumption and growth in non-petroleum sectors, indicating that the high trade deficit is not currently a major concern.
India’s exports contracted by 9.3 per cent in August due to Red Sea disruptions and logistical challenges, with petroleum product exports dropping 37.56 per cent. The trade gap widened to USD 29.65 billion. Exporters face issues like lack of shipping space and irregular schedules. Measures like extending the RoDTEP Scheme are suggested to support exporters.
The commerce ministry has introduced several measures to support MSME exporters facing global challenges. These include the launch of the ‘Trade Connect e-Platform’ and an e-commerce export hub, enhanced insurance cover, and reduced compliance burdens. The initiatives aim to boost India’s share in the global e-commerce market and improve access to key international markets.
India’s exports to China fell by 22.44% to USD 1 billion in August, while imports rose by 15.55% to USD 10.8 billion, resulting in a trade deficit. Exports to other countries like the US and UAE also declined, while imports from several nations increased.
India and the UK are set to resume talks in October for a proposed free trade agreement, aiming to resolve pending issues. Both nations seek market access for goods and services, with India focusing on skilled professionals and the UK on reducing import duties. Bilateral trade has seen recent growth.
The Great Eastern Shipping Company, India’s largest private ocean carrier, is considering entering the container shipping sector. This move could help mitigate risks associated with oil trade as the world shifts towards green energy. The company prefers to invest countercyclically and may enter the market when it is weaker.
Tuticorin Intl container terminal dedicated to nation; to reduce logistics costs, save forex
2 years ago
The Tuticorin International Container Terminal was inaugurated by Union Minister Sarbananda Sonowal, enhancing VOC Port’s capacity. Prime Minister Modi highlighted its deep draft and significant berth length. The terminal aims to reduce logistics costs, save foreign exchange, and promote gender diversity with 40% female employees. Multiple development projects were also launched.