Exporters seek exemption from 45-day payment rule for supplies from MSEs

The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) […]

India’s export sector, notably electronics, shows promising growth with smartphone exports projected to exceed USD 15 billion in FY2024. Ajay Srivastava highlights trends and emphasizes the need to revive traditional sectors for global competitiveness.

India urged to lead in proactive international trade policy for developed country status by 2047. Calls for coherent negotiation strategies, evidence-based discourse, and SME inclusion. Emphasis on aligning with evolving WTO dynamics and preparing White Paper for government bodies.

The United States has expressed ongoing concerns about India’s restrictions on the import of certain information and communications technology (ICT) products, including laptops, tablets, and servers. In its National Trade Estimate Report on Foreign Trade Barriers for 2024, the US Trade Representative highlighted issues such as politically motivated content takedown requests and complex customs procedures […]

In its National Trade Estimate Report on Foreign Trade Barriers 2024, the US Trade Representative (USTR) said: “Since 2021, US firms have been subject to an increasing number of takedown requests for content and user accounts related to issues that appear politically motivated”.

Micro enterprises’ exports grew to 6.63% in January, while small and medium enterprises’ shares decreased. Top MSME export sectors are engineering goods, gems, garments, rice, and chemicals. Various factors affect exports, including freight costs and Western world economic challenges.

Indian Prime Minister Narendra Modi plans to prioritize finalizing free trade agreements with Britain and Oman in the first 100 days of his potential new term, as per government sources. Talks with both nations are at advanced stages, aiming to boost India’s integration into global trade.

With these new initiatives, India has seen a surprising surge in exports of precious metals, minerals, automobiles, electronics, pharmaceuticals, organic chemicals, textiles, spices and defence equipment.

Pakistan’s potential trade resumption with India signals a significant policy shift, aiming to improve economic stability and reduce dependence on China, requiring careful diplomacy and consideration of India’s economic dominance.

India’s rice export prices increased this week due to higher duty on rice shipments, while Thailand’s demand remained low. The government imposed a 20% export duty on parboiled rice exports in August 2023 to control domestic rice prices. The customs department has demanded payment of duty differentials on rice exported in the last 18 months, […]