Budget 2024: Exporters body seeks global shipping line, extension of manufacturing sop till 2027

The Federation of Indian Export Organisations (FIEO) has urged the government to develop a global shipping line in partnership with the private sector and provide tax incentives for research and marketing activities in the upcoming Budget. It also suggests extending the sunset date for commencing manufacturing and increasing weighted tax deductions for R&D.

On the other hand, players operating in sectors like textiles, chemicals and capital goods may not be immediately impacted because of better ability to pass on higher costs, or because of a weaker trade cycle, Crisil said.

The Global Trade Research Initiative (GTRI) said for this the CBIC (Central Board of Indirect Taxes and Customs) must use services of communication experts for help in drafting easy to understand notifications containing necessary details.

India will secure the interests of its poor fisherpeople at the upcoming WTO ministerial conference. New Delhi proposes allowing developing countries to give subsidies to their fisherpeople in their exclusive economic zone. India emphasizes polluter-pays and differentiated responsibility principles. India opposes the developed countries’ proposal for top subsidisers to notify the WTO of new subsidy […]

The DGFT urges the Gem & Jewellery Export Promotion Council to promote e-commerce for gold jewellery exports, aiming to position India as a leading global supplier. Highlighting India’s significant gold buying power, DGFT stresses the need for streamlined exports across diverse demand.

India’s coffee exports declined 5.4% in 2023 to 3.77 lakh tonne due to a fall in Robusta coffee shipments. Arabica and Robusta are the coffee varieties grown in India, with Arabica having a sweeter taste and Robusta being more bitter. The export of Robusta beans decreased by 15%, while Arabica beans saw a 5.79% increase.

The plan is to come up with a comprehensive action plan to bridge India’s trade deficit with China and align India’s trading strategies with emerging geopolitical situations and potential risks to safeguard its supply chains, which have seen major disruption during the outbreak of the pandemic.

Strong domestic demand is putting pressure on India’s corn supplies, leading to a tightening of the corn balance sheet, according to Garima Jain, Deputy CEO and Head of Grains for India at Louis Dreyfus Company. India, which has been a key corn exporter in Asia, is experiencing a decline in shipments due to increased local […]

India’s top priorities for the MC13 include securing a permanent solution for its public stockholding (PSH) programme. This programme seeks flexibility in food procurement and pricing, crucial for India’s food security needs. The PSH programme is a policy tool under which the government procures crops like rice and wheat from farmers at minimum support price […]

India’s sunflower oil imports are set to decline as prices rally due to increased freight rates. Buyers are shifting to rival vegetable oils available at a discount. Recent Houthi attacks have compelled shipping companies to reroute trade, increasing time and costs. The elevated freight rates have lifted the landed cost of sunflower oil above that […]