AEPC is requesting the government remove certain tax provisions and customs duties to support apparel exporters. They have also asked for an interest equalization rate and extension of tax benefits for new manufacturing units. Additionally, they want the e-commerce cap and export realization period increased to encourage growth in the sector.
Apparel exporters seek tax incentives in Budget to boost shipments
India and Iran reviewed their relationship, focusing on Chabahar port development, trade, and economic cooperation. They discussed ways to resume Iranian crude oil procurement, regional issues, and boosting tourism. Both sides stressed Chabahar’s role in Afghanistan’s reconstruction and their commitment to deeper multilateral cooperation in organizations like the UN, BRICS, and SCO.
Commerce and Industry Minister Piyush Goyal stated that despite global economic uncertainties, India’s exports of goods and services are anticipated to surpass USD 800 billion this fiscal, setting a new record. The previous fiscal year saw exports at USD 778 billion. India’s export basket is large, and services exports are growing rapidly, indicating a resilient […]
Govt amends FTP to make stakeholder consultation mandatory for inclusive decision-making process
1 year ago
The Directorate General of Foreign Trade (DGFT) mandates stakeholder consultations for drafting Foreign Trade Policy to ensure inclusive participation. Amendments reflect the commitment to ease of doing business, but the government reserves final decision-making power to handle conflicting opinions.
India’s palm oil imports in December hit a nine-month low at 503,000 metric tons due to soaring prices, driving refiners to switch to cheaper soyoil. Soyoil imports rose to 420,000 metric tons, while sunflower oil imports decreased 22%. Total edible oil imports fell 25% to 1.19 million tons.
The government announced that individuals have no legal right to demand reasons for their suggestions or feedback not being included in the Foreign Trade Policy (FTP). Views may be considered, but reasons for rejection will not be disclosed, especially if it could harm trade relations, national security, or conflict with government policies.
India is progressing rapidly towards implementing the FTA with the EFTA bloc, aiming for enactment by late 2025. The agreement promises $100 billion investment over 15 years, creating 1 million jobs in India. Notable concessions include reduced duties on Swiss watches and chocolates. Ongoing FTA talks with the UK and EU are also in focus.
The government announced that no individual has a legal right to demand reasons for their suggestions not being included in the Foreign Trade Policy. The Directorate General of Foreign Trade stated that the government may consult stakeholders but is not obligated to incorporate or explain the exclusion of their feedback.
India’s textiles and apparel exports, including handicrafts, rose by 7% to USD 21.35 billion from April-October FY 2024-25, led by Ready Made Garments. Imports in the sector declined slightly by 1% in the same period. Cotton Textiles and Man-Made Textiles saw notable export increases.
President-elect Donald Trump has threatened tariffs on Indian imports, but India’s trade policy issue lies more in non-tariff barriers, specifically Quality Control Orders. These orders unpredictably restrict imports and harm local industries by monopolizing resources and fragmenting supply chains, ultimately hurting India’s economic productivity and job creation.