India remains net importer of steel in Apr-Jan; imports surge over 20 pc to 8 MT

India remained a net importer of steel, with a notable 20.3% increase in imports, reaching 8.29 million tonnes from April to January this fiscal year. Meanwhile, steel exports fell by 28.9% to 3.994 million tonnes. Industry leaders raise concerns about the impact of increased imports, particularly from China, on competitiveness, urging higher customs duties on […]

India’s exports are set to achieve a record USD 800 billion in the 2024-25 fiscal year, as Commerce and Industry Minister Piyush Goyal announced. Goyal also noted that certain imports are essential due to domestic shortages, and an increase in imports is indicative of rising domestic consumption, creating jobs and attracting investment.

Commerce and Industry Minister Piyush Goyal addressed the Rajya Sabha, stating that India is negotiating with the European Union to resolve issues arising from new EU trade regulations, including the deforestation Act. The discussions aim for mutual resolutions that do not harm Indian industries. Goyal emphasized reciprocity in quality certification and strong actions against unfair […]

The Indian government is assessing the impact of US tariffs imposed on China and is consulting with industry representatives. India expects to benefit from increased US orders but is cautious about potential negative effects, including the risk of Chinese goods being dumped in the country due to excess capacity.

Negotiations for a Free Trade Agreement between India and Oman progress well, with another round of talks planned to resolve remaining issues. Progress was boosted by Commerce Minister Piyush Goyal’s visit to Muscat. The deal aims to expand economic cooperation, significantly reducing or eliminating customs duties on traded goods and easing trade norms.

India is reviewing import tariffs on over 30 items, including luxury cars and solar cells, to potentially increase imports from the US. This move aims to reduce average tariffs and improve trade ties amid global trade tensions. Consultations with local industry and various govt departments will determine the potential tariff reductions.

The government has extended the ban on exports of de-oiled rice bran till September 30, 2025, to help control domestic prices and ensure availability for cattle feed. Additionally, DGFT has updated norms regarding wastage and standard input-output for the export of jewellery to align with duty-free metal imports.

The renewed US-China trade war, sparked by Trump’s policies, presents India with lucrative economic opportunities from trade diversions and increased exports. While India stands to gain, it must navigate carefully to avoid falling into protectionist traps set by either superpower. Modi’s potential visit to the US could secure favorable trade terms.

India and the European Union are negotiating product-specific rules of origin for their bilateral free trade agreement to prevent circumvention and the inflow of cheap imports. The discussions include chemicals and textiles sectors, with the tenth round of negotiations scheduled for mid-March in Brussels.

India’s fruits and vegetable exports have surged by 47.3% from 2019-2020 to 2023-2024, fueled by financial aid schemes from APEDA. The support includes developing essential export facilities and quality management systems, participating in trade fairs, and expanding into 17 new markets over the last three years.