Export remission scheme may continue beyond Sept

The Indian government has decided to extend the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme beyond September, with a review planned for December. This decision comes amid a slowdown in goods exports. The scheme aims to refund various taxes and duties not covered by other rebate programs.

India and the US are negotiating a pact to enhance collaboration in critical minerals. Commerce Minister Piyush Goyal will visit Washington to discuss expanding supply chains and increasing bilateral trade. The visit aims to promote strategic partnerships and investment opportunities between the two countries.

Over 50 metric tonnes of Hilsa fish have arrived in West Bengal from Bangladesh for the Durga Puja festival. The Fish Importers’ Association expects a total of over 2000 metric tonnes by October 12. The consignment has been distributed to various wholesale markets, with prices ranging from Rs 900 to Rs 1500 per kg.

India has lifted the ban on non-basmati white rice exports and set a minimum export price of $490 per tonne. The ban, in place since July 2023, was lifted to address food security needs of various countries. Key export destinations include Kenya, Mozambique, and Cameroon.

India has lifted most of its rice export restrictions imposed in 2023, expecting higher crop yields due to above-average monsoon rains. India, which contributed over 40% of global rice exports in 2022, saw a 20% drop in exports due to the restrictions, impacting prices and demand globally.

The government lifted the ban on non-basmati white rice exports, effective immediately, while introducing a minimum export price (MEP) of USD 490 per tonne. This change follows a prohibition since July 20, 2023, aimed at enhancing domestic supply. The policy amendment is issued by the Directorate General of Foreign Trade.

The government has exempted non-basmati white rice from export duty and reduced the levy on parboiled rice to 10 per cent. The export duty on husked and paddy rice has also been lowered to 10 per cent. These changes, effective from September 27, 2024, aim to boost exports and enhance farmers’ income.

The Economic Advisory Council to the PM has recommended deregulating the felling and transit of high-value timber trees like Teak, Gurjan, and Mernati. This move aims to transform India from a timber importer to an exporter, boosting farmers’ income and improving soil carbon content.

India’s government has halved the export duty on parboiled rice from 20% to 10%, a year after the initial imposition due to production concerns. This decision follows the establishment of the Rice Federation Consulting Committee to address rice export challenges. Earlier in September, Centre removed the floor price for basmati rice, which is expected to […]

India will not purchase liquefied natural gas from Russia’s Arctic LNG 2 project, which is under Western sanctions due to the conflict in Ukraine. Oil Secretary Pankaj Jain confirmed that India avoids any sanctioned commodities. The Arctic LNG 2 project by Novatek faces restrictions from the United States and other Western nations.