Govt slashes import duty on mobile parts

The Indian government has cut import taxes on some components of mobile phones in a bid to make the local industry more competitive. The move will help the likes of Apple and Samsung to ramp up exports, according to exports. The India Cellular and Electronics Association (ICEA) had earlier submitted a report comparing import duties […]

The US Ambassador to India, Eric Garcetti, described the Indo-US ties as a ‘multiplicative relationship’ and emphasized the need for more US investments to flow into India. He called for easier corporate tax practices and the removal of barriers for companies to invest in India. Garcetti also expressed his vision for India to become a […]

Experts agreed that the India-Australia Economic Cooperation and Trade Agreement (ECTA) was an important milestone in bilateral trade. Both sides deserved credit for sealing the deal, supported by political guidance from the highest levels. The early upward trends seen in levels of goods trade and a strong potential for greater services trade and business mobility […]

India’s low-sulphur diesel exports to Europe are set to hit a two-year low in January due to increased freight costs caused by Red Sea security risks. The decline in volumes is around 80% month-on-month. Meanwhile, India-origin exports of aviation fuel to Europe remain steady with an open arbitrage window and stable demand.

Gold imports to India surged 26.7% to $35.95 billion from April to December, compared to the same period a year earlier, driven by robust demand. In December alone, imports of the precious metal soared by 156.5% to $3 billion. Switzerland remains the largest source of gold imports, accounting for about 41% share, followed by the […]

The Red Sea shipping route is used for 30% of India’s imports and 50% of exports. Oil imports from Russia usually take this route. The Red Sea situation affects the global trade including that of India but the effects haven’t risen to a level that they become a cause of worry, Puri said.

The finance ministry’s economic review for January states that there is potential to enhance India’s exports by adding more quality and complexity. Despite global trends affecting foreign direct investment (FDI) flows to India, the country remains an attractive destination. FDI inflows have increased to 2.5% of GDP in FY15-23 compared to 2.2% in FY05-14.

The Global Trade Research Initiative (GTRI) warned that longer disruptions at the Red Sea trade route can harm manufacturing lines of sectors like electronics, automobiles, chemicals, consumer goods, and machinery. Just-in-time manufacturing processes are particularly vulnerable due to low inventory levels and reliance on timely arrivals. Disruptions in the Suez Canal can lead to delays […]

Industry leaders, government officials, and international experts will discuss India’s export control systems for sensitive goods and technologies at the National Conference on Strategic Trade Controls (NCSTC) on January 30. The conference will focus on India’s trade control for dual-use goods, software, and technologies known as Special Chemicals, Organisms, Materials, Equipment, and Technologies (SCOMET).