India’s sunflower oil imports surged by 51% in March, hitting the second-highest level on record, driven by lower prices prompting refiners to increase purchases and reduce buying of palm oil. This shift could cap the rally in palm oil futures, while higher sunflower oil imports are expected to reduce Black Sea region inventories.
India’s sunoil imports hit second-highest level as palm oil retreats
India’s External Affairs Minister, S Jaishankar, has highlighted the government’s concern over the ban on Russian-origin unpolished diamonds by the EU and G7 nations, which could adversely affect the domestic diamond polishing industry, particularly in Surat, Gujarat. Jaishankar emphasized efforts to delay, soften, or prevent the ban altogether, considering it a priority issue.
India’s imports from China saw a 3% decline in calendar year 2023 compared to 2022, according to the commerce and industry ministry. Meanwhile, exports to both China and the EU increased by 7.1% and 2.1%, respectively, during the same period. This announcement follows a recent report by the United Nations Conference on Trade and Development […]
India investigates ‘Insoluble Sulphur’ dumping from China and Japan, potentially leading to anti-dumping duties. The process aims for fair trade practices under WTO regulations, protecting domestic industries from cheap imports.
In March, India’s imports of Russian oil increased by over 7% compared to February, as refiners opted for cheaper options amidst geopolitical tensions. Despite ongoing sanctions, Russia remained India’s top oil supplier, followed by Iraq and Saudi Arabia. India reduced monthly purchases from Saudi Arabia while increasing those from Iraq.
In 2022-23, processed food exports from India amounted to $10.6 billion, increasing at 22.4% compound annual growth rate in five years while the overall agricultural and food exports were around $53 billion, growing 6% year-on-year. India aims to increase agricultural exports to $100 billion by 2029-30 from around $53 billion now.
India-Uzbekistan strategic partnership thrives on mutual respect and shared values. The countries collaborate across various sectors like trade, investment, tourism, energy, and culture, contributing to stability and development in Central and South Asia.
The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) […]
India’s export sector, notably electronics, shows promising growth with smartphone exports projected to exceed USD 15 billion in FY2024. Ajay Srivastava highlights trends and emphasizes the need to revive traditional sectors for global competitiveness.
India urged to lead in proactive international trade policy for developed country status by 2047. Calls for coherent negotiation strategies, evidence-based discourse, and SME inclusion. Emphasis on aligning with evolving WTO dynamics and preparing White Paper for government bodies.