The Ministry of Ports, Shipping and Waterways (MoPSW) is developing a shipbuilding scheme to incentivize Indian shipyards until 2035. Ports Secretary T.K. Ramachandran aims for India to rank among the top 10 shipbuilding nations by 2030 and the top five by 2047, from 22nd currently. The policy includes financial assistance for green shipping initiatives.
New shipbuilding scheme in the works; will incentivise Indian shipyards till 2035
The finance ministry has been monitoring the recent West Asian conflict due to concerns over its potential impact on oil prices, capital flows, and shipping costs. Officials asserted that India’s solid economic position would cushion against serious impacts. The larger concern was a potential US recession. Markets saw declines in Indian stocks and a drop […]
According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country. India’s exports of perishable goods are facing challenges at the border. Bangladesh Prime Minister Sheikh Hasina has resigned, and an interim government is taking over in the country.
Indo-Bangla trade ‘halted’ amid crisis
2 years ago
Indo-Bangladesh trade has effectively halted due to unrest in Bangladesh following Prime Minister Sheikh Hasina’s resignation on Monday. A three-day trade holiday, excluding essential services, was announced by the Bangladesh government, disrupting export and import activities at land ports.
Plans for a Rs 41,000-crore transhipment port at Great Nicobar Island are set, with implementation starting soon. The project, receiving environmental clearances, involves public-private investments to achieve a capacity of 16 million containers annually. The first phase, costing Rs 18,000 crore, aims for completion by 2028. Additional infrastructure like an airport and power plant is […]
The Embassy of India, in cooperation with IndCham, relaunched the Indian Chamber of Commerce in Indonesia, aiming to enhance economic collaboration. Attended by business leaders and professionals, the event underscored the significance of India-Indonesia relations and their joint pursuit of growth targets. The revamped Chamber focuses on fostering new collaborations.
World Bank B-Ready index groundwork kicks off
2 years ago
India has initiated preparations for the World Bank’s new B-Ready index, replacing the Doing Business index. The report will evaluate aspects of business environments, including trade and taxation. The commerce ministry is collecting data on e-commerce to improve India’s digital trade capabilities, aiming for ecommerce exports of $200-300 billion by 2030.
India seeks duty concession on cars, commercial vehicles, machinery in FTA with Sri Lanka
2 years ago
India is seeking customs duty concessions on goods such as cars, commercial vehicles, and machinery from Sri Lanka under a comprehensive free trade agreement (FTA). The 14th round of talks between senior officials of India and Sri Lanka concluded in Colombo, focusing on rules of origin, goods, services, and technical barriers for trade. Sri Lanka […]
India and Asean will meet from November 19 to 22, 2024, for the next phase of negotiations on their free trade agreement. The third round was completed in August 2023 in Jakarta. The review seeks to alleviate barriers and promote mutually beneficial trade. India-ASEAN trade stood at USD 41.
The next round of talks for reviewing the India-Asean free trade agreement in goods is scheduled for November, according to the commerce and industry ministry. ASEAN, which includes 10 countries, has been actively engaged in these discussions.