India mulls imposing 25% duty on molasses exports

The Indian government is considering imposing a 25% duty on the export of molasses due to an expected decline in sugar production. The move aims to increase the availability of molasses for domestic distilleries, helping them meet the government’s ethanol blending target. India experienced a dry August, causing damage to the sugarcane crop in key […]

Commerce and industry Piyush Goyal launched a new initiative to issue IT system based automatic ‘Status Holder’ certificates to exporters under the Foreign Trade Policy 2023 under which the government will recognise about 20,000 exporters as Status Holders, up from 12,518 exporters recognised earlier.

These certificates provide certain privileges, including simplified procedures under foreign trade policy (FTP) and priority custom clearances on a self-declaration basis, exemption from compulsory negotiation of documents through banks, and exemption from filing bank guarantees for FTP schemes. Upon achieving prescribed export performance, status recognition as one, two, three, four and five-star export houses is […]

Total gems and jewellery trade between India and Israel stood at USD 2.04 billion in 2022-23 as against USD 2.8 billion in 2021-22.

India and Peru will begin the next round of negotiations for a trade agreement on October 10. The agreement aims to promote bilateral trade and investments by reducing or eliminating customs duties on goods traded between the two countries. Discussions will cover various issues including rules of origin, trade in goods, customs procedures, and trade […]

India and Tanzania are set to sign 15 agreements covering various areas of cooperation during President Samia Suluhu Hassan’s visit to India. The visit aims to elevate bilateral relations to a strategic partnership and enhance trade and investment between the two countries. Tanzania expects an announcement on the extension of a water project, as India […]

The US was followed by the UAE (USD 836.36 million), the Netherlands (USD 379.3 million), the UK (USD 336.27 million), Italy (USD 245.7 million), and the Czech Republic (USD 230.25 million).

India Exim Bank is focusing on expanding exports to new markets and collaborating with existing ones to foster growth amid economic slowdown and geopolitical challenges. The bank is not concerned about its exposure in Canada and believes that the situation has adequate attention from the government.

While this may reduce exporters’ profits but it will not impact trade volumes unless the war escalates, it said. India’s outbound shipments to Israel in FY23 were $8.4 billion with diesel, cut and unpolished diamonds, and electronics and telecom components like integrated circuits, parts of photovoltaic cells being the top exports whereas total imports of […]

India’s demand for walnuts from California is expected to double in the next decade as more people become aware of their health benefits. California walnuts currently account for 99% of the US supply and nearly 50% of global trade. Despite disruptions caused by the pandemic, exports of California walnuts to India are now increasing again.