India will face over USD 14.6 bn in additional duties, if US imposes 20 per cent tariff: BCG Report

India’s trade is set to grow by 6.4% annually, reaching USD 1.8 trillion by 2033, driven by its potential as a global manufacturing hub. ASEAN’s trade is also expected to rise by 3.7% annually. The report highlights the impact of US tariffs on global trade dynamics and the increased focus on the Global South.

Depreciation of the rupee against the US dollar is providing limited benefits to Indian exporters due to high import content in shipments and global market uncertainties. Exporters face increased costs for raw materials and other dollar-denominated expenses. This rise offsets the benefits of a weaker rupee. The falling rupee also impacts imports, foreign education, and […]

Apple has reached over ₹1 lakh crore in iPhone exports from India in 2024. Exports hit a record $12.8 billion, up 42% from the previous year. Local value addition increased to 15-20%, and domestic production surged nearly 46%. Apple secured $9 billion in exports in 2023, benefiting from the PLI scheme for smartphones.

Commerce Minister Piyush Goyal has assured garlic traders that their concerns over illegal Chinese garlic imports will be investigated. Traders highlighted the impact of these imports on the market and alleged that garlic was being routed via Afghanistan, Iran, and Iraq. Garlic imports to India stood at USD 7 million during April-October, mainly from Afghanistan […]

Rosatom announced a record cargo shipment of 37.9 million tons via the Northern Sea Route in 2024. The year also marked the launch of new icebreakers and saw a record number of transit voyages and navigation permits. The development of the Great Northern Sea Route is poised to enhance connectivity across Russia, Europe, and the […]

In December, India shifted crude imports from Russia, the US, Venezuela, and Brazil to Iraq, the UAE, Kuwait, Angola, and Nigeria due to reduced exports from the former group. Russia’s monthly share dropped to 33.4% as higher domestic refining needs limited exports. India secured alternative supplies primarily from Iraq and the UAE.

Goyal said the global demand for these products is about Rs 1 lakh crore, which can grow up to Rs 10 lakh crore in the coming years and asked startups to come out with solutions that help in growth of the sector. He also said the cooperative sector, farming sector and the trade sector will […]

India’s commerce ministry’s arm DGCIS revised import data for gold, silver, and electronics from April to November 2024. The revisions showed significant drops in reported imports. GTRI highlighted the importance of accurate trade documentation. Ensuring more accurate and timely data collection will improve trade policy, revenue calculations, and economic planning and avoid future corrections.

The government has established a committee to create a consistent mechanism for publishing export-import data amid technical glitches. This follows steep downward revisions in gold and silver imports for April-November FY25 due to calculation errors. The revisions include revised electronics imports for April to November downgraded by $2.7 billion.

India aims to increase organic product exports to Rs 20,000 crore in the next three years. Commerce Minister Piyush Goyal announced this while releasing the revised National Programme for Organic Production. New regulations will enhance clarity and transparency in organic product standards. The initiative seeks to boost India’s organic export sector, targeting USD 2 billion […]