India likely to restrict sugar exports after poor monsoon rains

According to ET Now sources, the export curb is due to poor seasonal monsoon rainfall which is vital for India’s $3 trillion economy. It brings nearly 70 per cent of the rain the country needs to water crops and replenish reservoirs and aquifers, reported Reuters.

The International Monetary Fund’s executive director, KV Subramanian, believes that India will be able to handle the spike in crude oil prices caused by the conflict in Gaza. He stated that India’s strong handling of the pandemic and its balanced approach to supply and demand measures have positioned the country well. However, he noted that […]

India and the UK are expected to sign a free trade agreement (FTA) at the end of this month, marking India’s first comprehensive deal with an industrialized nation. The agreement aims to boost bilateral trade beyond the current $20 billion. India has invited UK Prime Minister Rishi Sunak to visit India on October 28 to […]

The ongoing conflict between Hamas militants and Israel is likely to impact India’s ambitions of playing a bigger role in global trade. The recently announced India-Middle East-Europe Economic Corridor (IMEEC) may be affected by the conflict, leading to concerns in the markets. Oil prices have surged, gold demand has increased, and Indian stocks have tumbled […]

India and the UK are hopeful for progress in the India-UK free trade agreement as UK Prime Minister Rishi Sunak considers a visit to India. The visit aims to have detailed discussions on the FTA and other bilateral matters. Although the agreement may not be finalized before the visit, it is expected to expedite the […]

“Tanzania is our biggest export destination in Africa. Over the next few years, we are looking to make this another very fast-growing growth story,” Goyal said in the India-Tanzania Investment Forum organised by the Federation of Indian Chambers of Commerce and Industry.

These certificates provide certain privileges, including simplified procedures under foreign trade policy (FTP) and priority custom clearances on a self-declaration basis, exemption from compulsory negotiation of documents through banks, and exemption from filing bank guarantees for FTP schemes. Upon achieving prescribed export performance, status recognition as one, two, three, four and five-star export houses is […]

The Indian government is considering imposing a 25% duty on the export of molasses due to an expected decline in sugar production. The move aims to increase the availability of molasses for domestic distilleries, helping them meet the government’s ethanol blending target. India experienced a dry August, causing damage to the sugarcane crop in key […]

Commerce and industry Piyush Goyal launched a new initiative to issue IT system based automatic ‘Status Holder’ certificates to exporters under the Foreign Trade Policy 2023 under which the government will recognise about 20,000 exporters as Status Holders, up from 12,518 exporters recognised earlier.

Total gems and jewellery trade between India and Israel stood at USD 2.04 billion in 2022-23 as against USD 2.8 billion in 2021-22.