The European Union is reviewing steel import safeguards, potentially impacting India’s steel exports. Lower quotas could mean higher tariffs on Indian steel entering the EU. This review comes amid falling EU demand and rising Chinese steel exports, driven by China’s struggling real estate sector.
Big impact on India’s steel exports? EU begins review of safeguards measures
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 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 […]
US to update its MTCR export control policies for India
10 months ago
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
10 months 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 […]
The Comptroller and Auditor General (CAG) has criticized the ineffectiveness of the Denied Entity List (DEL) mechanism under the Export Promotion Capital Goods (EPCG) scheme. The CAG highlighted the lack of verification of submitted documents and the issuance of authorizations without ensuring compliance with previous obligations.
Exclude precious metals from FTA ambit: GTRI
10 months 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 […]