Indian electronics, electrical industry should up exports to $100 billion in 5-7 years: Piyush Goyal

Commerce and Industry Minister Piyush Goyal has urged the Indian electronics and electrical industry to target $100 billion in exports over the next 5-7 years. He emphasized the need for resilient supply chains, better quality standards, and competitive pricing to achieve this goal. The industry is encouraged to prioritize consumer interests over protectionism.

India and ASEAN are set to hold the next discussion for a review of the 2009 free trade agreement in April, with talks progressing slowly. The review aims for an updated deal to address trade imbalances and misuse while enhancing balanced and sustainable trade relations between the two regions.

India and the UK will resume negotiations for a proposed free trade agreement after an eight-month hiatus, focusing on sectors like advanced manufacturing, clean energy, and financial services. The talks aim to resolve differences on tariff concessions and increase access for professionals, while promoting investment opportunities between the two economies.

India’s coal imports remained nearly unchanged at 201.30 million tonnes during April-December of the current fiscal year, compared to the same period last year. High domestic coal stocks and lower-than-expected demand contributed to the slight decline in import volumes, even as domestic production increased by 6.11 per cent.

Indian exports may face increased tariffs if the US imposes a reciprocal tariff hike, with farm products like shrimp and dairy being hardest hit. GTRI suggests proposing a ‘zero-for-zero’ tariff strategy to mitigate potential damage and to ensure minimal impact on India’s key export sectors.

India is considering reducing duties on certain US products that pose no significant threat to local industries under a proposed Bilateral Trade Agreement. Discussions have begun with stakeholders in sectors like auto and auto components. The government aims to protect its farm sector while evaluating the impact of US tariffs and exploring strategies to safeguard […]

India is set to raise import taxes on vegetable oils again within six months to assist oilseed farmers affected by plummeting domestic prices. This move may increase local oil prices, reduce demand, and lower imports of palm, soyoil, and sunflower oil.

Union Commerce & Industry Minister Piyush Goyal is optimistic about upcoming trade talks with the US, aiming for a major bilateral trade deal to bolster economic engagement. India has seen significant export growth, reaching $778.21 billion in 2023-24, with expectations to double trade with the US by 2030.

Indian refiners have cancelled orders for 70,000 metric tons of crude palm oil due to a rise in Malaysian prices and negative refining margins in India. This shift could affect Malaysian palm oil prices and support soyoil prices. Some refiners prefer soyoil imports, which are cheaper. Market speculation on increased import duty on palm oil […]

India has started preparing for its first bilateral trade agreement (BTA) talks with the US, involving sector-specific consultations. The commerce ministry aims to understand inter-ministerial interests and ensure alignment with potential tariff concessions and reciprocal tariffs, aiming to initiate detailed negotiations within ten days.