India imposes import restrictions on low ash metallurgical coke for 6 months

India has imposed a six-month import restriction on low ash metallurgical coke from January 1, 2025, limiting imports from countries including Australia, China, and Russia. Import authorisation from DGFT is required, with country-specific quantitative restrictions in place during this period to ensure controlled imports within the specified limits.

Exporters requested a ₹750-crore marketing fund over three years to leverage a $25-billion export potential in the US, and a higher cap for interest subvention under export promotion schemes. They sought support amid declining goods exports and aimed to capitalize on opportunities from potential high US tariffs on Chinese goods.

India’s MoU with the US on critical minerals is viewed as progress, particularly for the EV sector, and aims to eventually qualify for benefits under the US Inflation Reduction Act. The agreement intends to boost investment and manufacturing in India. Additionally, ongoing FTA negotiations and trade expansions with countries like China and Russia are mentioned.

Depreciation of the Rupee benefits India’s exports more than appreciation benefits importers, according to an RBI study. The Real Effective Exchange Rate indicates improved trade balance with Rupee depreciation and deterioration with appreciation. The study analysed 40-currency and 6-currency REER indices, reflecting dynamic patterns of India’s trade.

Trump tariffs: Exporters are discussing with the government to capitalize on potential opportunities in the US market, especially in sectors like textiles, leather, chemicals, electronics, auto parts, and toys. Increased financial support and promotion in the US market are recommended to take advantage of the changing trade dynamics favoring India over China.

FIEO has developed a strategy to boost India’s exports to the US, aiming to seize opportunities from potential tariffs on Chinese goods under Trump. They seek government financial support for exhibitions and focus on key sectors like apparel, electronics, toys, footwear, and organic chemicals. FIEO also highlights liquidity issues and calls for relaxed payment rules […]

India extends duty-free import timeline for yellow peas until February 2025 to cool pulse prices. The duty on yellow peas was first implemented in 2017. India imports pulses primarily from Canada, Russia, Myanmar, Australia, and some African countries. Despite increased production, India’s demand surpasses domestic supply.

A top trade body, FICCI, has urged the Indian government to increase customs duty on polypropylene and polyethylene from 7.5% to 12.5% to prevent dumping from countries like China, protect domestic industry, and reduce import bills. These materials are essential in various industries including automotive and medical devices.

Switzerland confirmed the suspension of the Most Favoured Nation clause in its tax treaty with India will not hinder the ratification of their recently signed trade agreement. This suspension, impacting potential tax benefits, won’t negatively affect Swiss investments in India, according to the Swiss Embassy. The trade deal promises a substantial USD 100 billion investment […]

Experts met to discuss the I2U2 partnership. They explored its potential to reshape global cooperation and trade. The group focuses on economic and technological advancement. The experts talked about the India-Middle East-Europe Economic Corridor. They examined its role in connecting Asia, the Arabian Gulf, and Europe. The I2U2 partnership aims to boost various sectors.