India’s Russian oil imports edged up in February from January

India’s import of Russian oil in February increased slightly compared to January, following a trend of fluctuating imports due to geopolitical events. Despite challenges such as payment issues and sanctions, Indian refiners received shipments of Russian oil, making up a significant portion of the country’s overall oil imports.

Indian sponge iron producers push for export duties on low-grade iron ore to counter shortages. With 336 plants and 50M tons production, they face challenges as exports surge to China amidst concerns over higher export tax.

India’s merchandise exports are projected to hit USD 450 billion this fiscal, overcoming challenges like the Red Sea crisis. FIEO President Ashwani Kumar emphasized the need for marine insurance, reasonable freight charges, easy credit for MSMEs, and concluded free trade agreements to boost exports. Despite obstacles, exports rose 12% in February.

Modi’s Thimphu visit focused on enhancing energy, trade, and infrastructure ties with Bhutan amidst China’s influence. Discussions included security, military partnerships, tech collaborations, and economic development support, showcasing India’s commitment to strengthening bilateral relations.

In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process under Generalized Scheme of Preferences (GSP) with the UK DCTS effective from June 19, 2023.

The Directorate General of Foreign Trade (DGFT) in a notification, said that import of urea (for agriculture purpose) on government account shall be allowed either by designated state trading enterprises (STE) itself, or other entities authorised by the fertilizers department.

India may extend duty-free yellow peas imports beyond April to curb pulse inflation caused by reduced chana yield. Efforts include controlling food inflation pre-election. Concerns over Madhya Pradesh’s yield and high yellow peas imports are highlighted.

The fourteenth round of free trade agreement (FTA) negotiations between India and the UK has concluded, with the next round expected to commence after the Indian general elections. The negotiations, which began in January 2022, aim to enhance bilateral trade, currently valued at around GBP 38.1 billion annually. Both sides remain committed to reaching an […]

Commerce Secretary Sunil Barthwal leads progressing India-UK FTA negotiations, aiming to enhance economic ties. Talks cover 26 chapters, including intellectual property rights, with bilateral trade data showing an increase to USD 20.36 billion.

India’s Feb goods exports hit $41.40 billion, 11.9% up, with a $18.71 billion trade deficit. Merchandise exports increased 11.9% year-on-year to an 11-month high of $41.40 billion in February, while imports increased 12.2% a four-month high of $60.11 billion, led by gold imports which went up 133% to $6.15 billion.