FTAs with UAE & Australia boosted engineering exports by 9% in April-August period

Engineering exports from India to the UAE and Australia have increased by 9% in the April-August period of the current financial year, providing a boost to overall engineering exports, which have seen a decline during the same period. Engineering exports to Russia have also surged by 178% during this period.

Anupriya Patel, India’s minister of state for commerce and industry, has said that the climate agenda at the world forum should not be used to introduce measures that restrict trade and investment cooperation. Speaking at the 22nd Meeting of Ministers of the Shanghai Cooperation Organization (SCO), Patel emphasized the importance of safeguarding the core principles […]

At a Committee on Agriculture meeting at the World Trade Organization (WTO) on Wednesday, Japan, Australia, Brazil, the EU, the UK and the US, among others, raised concerns over the impact of the ban on the global food market, highlighting its significance as the world’s largest rice exporter, accounting for over 40% of global exports.

The Export-Import Bank of India predicts a 4.8% decline in merchandise exports for the second quarter of 2023-24 compared to the previous year. This is due to a slowdown in major trading partners and global geopolitical uncertainty. The bank expects India’s merchandise exports to reach $105.4 billion in July-September FY24. Non-oil exports are projected to […]

India has defended its export ban on rice, stating that it is a regulation rather than a restriction and is necessary for the food security of its 1.4 billion people. India reiterated its commitment to ensuring food security in importing countries through exemptions granted upon request. The government has allowed exports of non-basmati rice to […]

The Indian government is continuing to purchase lentils from Canada despite the strained diplomatic relations between the two countries. This is part of India’s efforts to build buffer stocks and stabilize the high prices of pulses. Two central government agencies have issued tenders to procure red lentils from the local market as well as through […]

KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court’s ruling in the case of Mohit Minerals and help explicitly mention the government’s alignment to the position. “While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for […]

The gems and jewellery industry in India has urged its members to stop importing rough diamonds for two months starting from October 15. This move comes as a result of slowing global demand and rising inventories of domestic players. The circular, issued jointly by various industry associations, highlighted the decline in exports and the increase […]

India’s vegetable oil imports are expected to decrease by 6% in the new marketing year, starting in November, due to higher carryover stocks of oilseeds. The country, which is the largest importer of vegetable oils globally, is projected to purchase 15.6 million metric tons of cooking oils in the 2023-24 oil year, down from 16.6 […]

India- Canada ties: The deteriorating Canada-India relationship is now threatening their economies. A potential trade deal is at risk, which could hinder India’s efforts to attract Western investment and serve as an alternative to China. Canada’s supply of potash to India may be affected, along with the higher education sector, as Indian students may avoid […]