Indian refiners have cancelled orders for 70,000 metric tons of crude palm oil due to a rise in Malaysian prices and negative refining margins in India. This shift could affect Malaysian palm oil prices and support soyoil prices. Some refiners prefer soyoil imports, which are cheaper. Market speculation on increased import duty on palm oil […]
Indian refiners cancel palm oil orders due to price surge
Trade between India and Russia via the INSTC has doubled in the past year, significantly reducing delivery times and costs. Bilateral trade reached a record USD 66 billion in 2024, with plans to achieve USD 100 billion by 2030. Pharmaceuticals are among the key sectors for further trade diversification.
Govt eases norms for import of vintage cars
1 year ago
The government has eased import norms for “vintage motor vehicles” by actual users. Previously limited to cars manufactured before January 1, 1950, imports are now allowed for broader vintage classifications. However, these vehicles must comply with the Motor Vehicles Act, 1988, if used on public roads.
Donald Trump criticized Tesla’s potential factory in India as “very unfair” during an interview with Elon Musk, citing high import tariffs. Musk confirmed India’s 100% tariff on U.S. auto imports. Tesla has begun hiring in India, raising speculation about its market entry.
India is considering a free trade agreement with Qatar, but economic caution is advised, particularly in the petrochemical sector. The Global Trade Research Initiative highlights the need for careful evaluation to ensure domestic industries and trade balances are not adversely impacted.
U.S. President Donald Trump plans to impose 25% or higher tariffs on semiconductors and pharmaceutical imports, increasing over a year. This move is likely to impact India’s pharmaceutical industry heavily as the U.S. is their largest market, accounting for significant revenue of major Indian drugmakers like Sun Pharmaceutical, Dr Reddy’s, and Cipla.
NMDC Group PJSC inks Rs 21,000-crore investment proposal with JNPA for Vadhvan Port project
1 year ago
NMDC Group PJSC has agreed to invest Rs 21,000 crore for the development of Vadhvan Port in Maharashtra, collaborating with Jawaharlal Nehru Port Authority. This partnership aims to enhance India’s port infrastructure by focusing on dredging, reclamation, and shore protection at the new greenfield port.
Union Minister Sarbananda Sonowal inaugurated the Inland Waterways Terminal at Jogighopa, Assam, sending the first shipment to Bangladesh. The terminal is strategically situated to boost trade with Bhutan and Bangladesh and is expected to handle 1.1 million tonnes of cargo annually by 2027.
India, Qatar forge strategic partnership, set $28 billion trade goal at Modi-Al Thani summit
1 year ago
India and Qatar have elevated their relationship to a strategic partnership, aiming to double their trade from $14 billion in the next five years. They signed multiple agreements, focusing on trade, investment, energy cooperation, and counterterrorism efforts, while also discussing the Middle East situation.
Minister of State for Commerce and Industry Jitin Prasada states that India is devising strategies to protect domestic exporters amid rising global protectionism. With a substantial domestic market, India is negotiating free trade agreements on equal terms and aims for USD 118 billion in engineering exports by 2024-25.