The government has approved the export of 2 lakh tonnes of wheat to Nepal via National Cooperative Exports Limited (NCEL), despite a general wheat export ban. Separately, the DGFT exempted advance authorization holders, EOUs, and SEZs from the $3.5/kg minimum import price (MIP) condition on synthetic knitted fabric imports to support production and trade.
Govt permits export of 2 lakh tonne wheat to Nepal
Kolkata-based logistics firm WCIL has secured a Rs 139 crore material handling order from Vedanta Ltd. The order involves import, domestic, and export material handling at Vedanta’s Jharsuguda plant for four years. WCIL’s sales stood at Rs 1,685 crore as of March 31, 2024, with a net profit of Rs 80.35 crore.
India and Iran reviewed their relationship, focusing on Chabahar port development, trade, and economic cooperation. They discussed ways to resume Iranian crude oil procurement, regional issues, and boosting tourism. Both sides stressed Chabahar’s role in Afghanistan’s reconstruction and their commitment to deeper multilateral cooperation in organizations like the UN, BRICS, and SCO.
Govt amends FTP to make stakeholder consultation mandatory for inclusive decision-making process
1 year ago
The Directorate General of Foreign Trade (DGFT) mandates stakeholder consultations for drafting Foreign Trade Policy to ensure inclusive participation. Amendments reflect the commitment to ease of doing business, but the government reserves final decision-making power to handle conflicting opinions.
Commerce and Industry Minister Piyush Goyal stated that despite global economic uncertainties, India’s exports of goods and services are anticipated to surpass USD 800 billion this fiscal, setting a new record. The previous fiscal year saw exports at USD 778 billion. India’s export basket is large, and services exports are growing rapidly, indicating a resilient […]
India’s palm oil imports in December hit a nine-month low at 503,000 metric tons due to soaring prices, driving refiners to switch to cheaper soyoil. Soyoil imports rose to 420,000 metric tons, while sunflower oil imports decreased 22%. Total edible oil imports fell 25% to 1.19 million tons.
The government announced that individuals have no legal right to demand reasons for their suggestions or feedback not being included in the Foreign Trade Policy (FTP). Views may be considered, but reasons for rejection will not be disclosed, especially if it could harm trade relations, national security, or conflict with government policies.
The government announced that no individual has a legal right to demand reasons for their suggestions not being included in the Foreign Trade Policy. The Directorate General of Foreign Trade stated that the government may consult stakeholders but is not obligated to incorporate or explain the exclusion of their feedback.
India is progressing rapidly towards implementing the FTA with the EFTA bloc, aiming for enactment by late 2025. The agreement promises $100 billion investment over 15 years, creating 1 million jobs in India. Notable concessions include reduced duties on Swiss watches and chocolates. Ongoing FTA talks with the UK and EU are also in focus.
India’s textiles and apparel exports, including handicrafts, rose by 7% to USD 21.35 billion from April-October FY 2024-25, led by Ready Made Garments. Imports in the sector declined slightly by 1% in the same period. Cotton Textiles and Man-Made Textiles saw notable export increases.