Goyal said the global demand for these products is about Rs 1 lakh crore, which can grow up to Rs 10 lakh crore in the coming years and asked startups to come out with solutions that help in growth of the sector. He also said the cooperative sector, farming sector and the trade sector will […]
Organic goods exports can hit Rs 20K crore in 3 years: Piyush Goyal
In December, India shifted crude imports from Russia, the US, Venezuela, and Brazil to Iraq, the UAE, Kuwait, Angola, and Nigeria due to reduced exports from the former group. Russia’s monthly share dropped to 33.4% as higher domestic refining needs limited exports. India secured alternative supplies primarily from Iraq and the UAE.
The government has established a committee to create a consistent mechanism for publishing export-import data amid technical glitches. This follows steep downward revisions in gold and silver imports for April-November FY25 due to calculation errors. The revisions include revised electronics imports for April to November downgraded by $2.7 billion.
India organic products’ exports have potential to reach Rs 20,000 cr in 3 years: Piyush Goyal
1 year ago
India aims to increase organic product exports to Rs 20,000 crore in the next three years. Commerce Minister Piyush Goyal announced this while releasing the revised National Programme for Organic Production. New regulations will enhance clarity and transparency in organic product standards. The initiative seeks to boost India’s organic export sector, targeting USD 2 billion […]
Gold and silver import figures for April-November FY25 were revised significantly, with gold imports adjusted downward by $5 billion to $9.84 billion for November. This reduced the trade deficit and eased pressure on the rupee. The corrected gold import total for the period is $37.38 billion, down from the earlier $49.08 billion estimate.
India corrected its November gold import estimates, cutting them by $5 billion due to calculation errors. The revised imports stand at $9.84 billion, reducing the previously calculated trade deficit. Despite the correction, overall gold imports in 2024 have already surpassed those in 2023. India remains a key gold consumer, relying heavily on imports.
Exporters and freight agencies expressed concerns over high terminal handling charges at ports and low usage of dry ports, which contribute to logistics costs. They discussed these issues with commerce and industry minister Piyush Goyal. India is aiming for $800 billion in goods and services exports by fiscal 2025, up from $778 billion in the […]
India and Malaysia committed to enhancing cooperation in counter-terrorism, cyber security, defence, and maritime security. They agreed to institutionalise annual security dialogues, building on discussions initiated during Malaysian Prime Minister Ibrahim’s visit to India in August 2024, which elevated bilateral ties to a Comprehensive Strategic Partnership.
The Indian government has mandated certification under the National Programme for Organic Production (NPOP) for the export of organic products to ensure adherence to specific standards. With a target of USD 2 billion in exports by 2030, standards ensure product authenticity and quality, promoting exports to various global markets.
The government will not ask laptop makers to cut down imports immediately. It expects local production to grow, with HP and Dell boosting output from the next fiscal year. A new financial incentive plan is being finalised to attract chip makers. The target is to improve the competitiveness of India-made products without disrupting current supplies.