India’s record-high trade deficit in November, fueled by a surge in gold imports, may be due to a data error. Officials potentially double-counted gold held in warehouses after a system change in July, overestimating imports by up to 30%. This error, if confirmed, could lead to revisions in trade figures and impact the rupee’s exchange […]
India’s record gold import said to be due to calculation error
India’s sugar mills could export up to 2 million metric tons of sugar this season due to improved domestic supply and falling local prices. The increased cane cultivation, driven by good water availability and lower prices of competing crops, is expected to lead to record sugar production in 2024-25.
President-elect Donald Trump emphasized his commitment to imposing reciprocal tariffs on countries like India and Brazil that levy high tariffs on US goods. He stated his administration would match tariffs imposed by other nations, ensuring fair trade practices. Trump’s Commerce Secretary nominee, Howard Lutnick, echoed this sentiment, highlighting reciprocity as a key principle for the […]
The Biden administration is finalizing a national security memorandum to update US export control policies, easing space sector collaboration with India. This move aims to reduce barriers for US companies partnering with Indian counterparts, fostering joint space exploration and technological advancements, including potential Indian astronaut participation in future US missions.
India launched its first subsidized cargo vessel service on National Waterways 1 and 2. The service connects Kolkata with Patna, Varanasi, and Guwahati, aiming to reduce congestion on roads and railways. Three vessels carrying cement, gypsum, and coal embarked on their maiden voyages under the Jalvahak scheme, which incentivizes long-haul cargo transport via waterways.
No problem with Adani funding Colombo Port project with own resources: Sri Lankan minister
1 year ago
Sri Lanka’s Ports Minister Bimal Rathnayaka expressed support for the Adani-led consortium’s deep-water container terminal at Colombo port, noting its importance for revenue generation. Adani Ports will fund the project through internal resources, bypassing a $553 million loan from the US DFC due to stalled negotiations. However, the government opposes Adani’s wind power project in […]
Exclude precious metals from FTA ambit: GTRI
1 year ago
India’s gold imports surged to a record $14.9 billion in November 2024, surpassing crude oil. Free trade agreements, like the one with the UAE, are blamed for fueling this increase through duty-free gold imports. A think tank recommends excluding precious metals from future FTAs to protect India’s trade balance and forex reserves.
India is poised to levy a temporary 25% tax on steel imports to counter inexpensive imports, primarily from China. Small manufacturers’ initial opposition subsided after assurances of reduced steel prices from larger domestic producers. A government investigation into the impact of cheap imports is expected to conclude within a month, paving the way for the […]
Trade between India and the UK boomed in 2024. HSBC data reveals payments from India to UK businesses jumped 121%. Payments from UK businesses to India also grew by 32%. Client referrals between HSBC India and HSBC UK increased. Both governments plan to restart FTA talks in 2025. This could further boost the GBP 42 […]
India is expanding its e-commerce export capabilities. Three companies have been shortlisted from five applicants, including DHL and Lexship, to establish export hubs. Two hubs near Delhi airport will launch in February 2024. These hubs will streamline customs and offer an easy re-import policy. The government aims to boost e-commerce exports significantly, targeting over USD […]