According to industry estimates, Indian carmakers are set to ship more than 675,000 vehicles in the fiscal year that ends March 31, recovering from a low of 404,000 reported in the aftermath of the pandemic in FY21. Around 663,000 cars were exported from the country in the last financial year. Vehicle exports were dominated by […]
Car shipments shifting back to pre-Covid gear; Maruti, Hyundai at the top
DGFT notifies policy for general authorisation for export of certain goods under SCOMET category
2 years ago
Commerce ministry’s SCOMET policy allows bulk licences for telecommunication and info security items. DGFT outlines the detailed application procedure, including online submission through SCOMET portal with specified information and technologies.
The government has issued a new policy for the export of certain telecom and information security-related items. Under this policy, one-time bulk licenses will be granted for these items under the SCOMET category. Exporters will need to apply for a license through the online SCOMET portal and follow the prescribed format. The policy aims to […]
A catastrophic bridge collapse in Baltimore’s Francis Scott Key Bridge leaves six presumed dead, disrupts 2.5 million tons of coal and car shipments, and highlights vulnerabilities in global supply chains. President Biden vows to rebuild as Baltimore faces weeks of reconstruction, impacting port operations and causing traffic diversions with potential economic repercussions.
India’s engineering exports to Russia doubled to USD 1.22 billion in the 2023-24 fiscal, according to the Engineering Export Promotion Council (EEPC). Exports to the US fell by 7% to USD 15.95 billion, while China’s shipments saw a marginal decline to USD 2.38 billion. Exports to the UAE and Australia, with which India signed an […]
The Goods and Services Tax (GST) authorities have issued notices to around 50 importers of spices, dry fruits, processed food, and poultry for storing products at warehouses different from the actual place of supply. They seek additional tax payments of approximately Rs 1,000 crore. Some importers have also been warned of registration cancellation.
Hindalco Industries, Shyam Sel & Power Ltd, Shree Venkateshwara Electrocast, Ravi Raj Foils, GLS Foils Product and LSKB Aluminium Foils have filed the application on behalf of the domestic industry seeking the probe.
Indian exporters are grappling with tax demands from customs for duty differentials on rice exports, impacting shipments due to new export duties to control domestic rice prices and financial constraints hindering payment.
Soomilduth Bholah, Mauritius’ Minister of Financial Services and Good Governance, recently visited India to encourage Indian investors to utilize Mauritius as a gateway to access emerging African markets. During his ‘India Business Mission’ covering major cities, Bholah emphasized Mauritius’ expertise in African markets and urged Indian companies to set up offices there for operations in […]
FIMI urges against export duty on low-grade iron ore to prevent revenue and job loss, impacting GDP and job creation. The mining sector faced issues with the duty in May 2022 but was later withdrawn.