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 […]
Exporters flag terminal fee, low dry ports use to Piyush Goyal
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.
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.
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.
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 […]
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.
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.