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.
We’re concerned, not worried, about Red Sea situation: Hardeep Singh Puri
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.
India has identified electronics, engineering goods, textiles, marine & agriculture, toys, pharmaceuticals, and ecommerce as the sectors that could help achieve its $1-trillion goods export target by FY30. The commerce and industry ministry study predicts that these sectors could generate around $670 billion of exports by 2029-30.
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).
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 […]
The ongoing crisis around the Red Sea shipping route, resulting from Houthi attacks on commercial vessels, may impact various industries in India. The Red Sea route via the Suez Canal accounts for 50% of the country’s exports and 30% of imports. Sectors like agricultural commodities and marine foods, due to perishable goods and lean margins, […]
Exports from Kolkata port may be hit due to soaring freight rate, rice ban, geopolitical turmoil
2 years ago
Exports from Kolkata port, a key gateway to eastern India, are facing challenges such as geopolitical tensions, a government-imposed rice export ban, and soaring ocean freight costs. Key export items like engineering goods, shrimp, and rice have been impacted. Freight charges, especially for West Coast destinations, have surged by 30-50% since December 2023 due to […]
UNCTAD has expressed deep concerns about the global trade disruption caused by the ongoing Red Sea crisis. The organization emphasized the adverse impact on developing nations, warning of repercussions on global food prices due to longer cargo routes and higher freight rates.
India’s rice output is expected to drop this fiscal year for the first time in eight years, raising the prospect of New Delhi extending curbs on exports of the grain to control food prices in the lead-up to elections.
“The pomegranates were first processed at the pack house of Kay Bee Exports and then irradiated at the Irradiation Facility Centre (IFC) of Maharashtra State Agricultural Marketing Board (MSAMB) at Vashi in the presence of the US inspector to Florida in USA,” said MSAMB in a release.