Duty refund scheme may be extended beyond September

The government aims to extend the duty remission scheme for exporters beyond September but is still awaiting approval for interest subvention from the finance ministry. The scheme, known as RoDTEP, is expected to continue to help maintain export competitiveness.

Trade and commerce between India and Bangladesh have resumed, with trucks carrying essential commodities. Indian High Commissioner in Bangladesh discussed mutual interests with Chief Advisor Muhammad Yunus. Projects by India in Bangladesh were impacted due to unrest but will resume when safe. The friendship pipeline project for high-speed diesel is operational since March 2023, though […]

India’s crude soyabean oil imports surged to 4,54,639 tonnes in August, while local soyabean prices fell below the minimum support price (MSP). The Solvent Extractors Association (SEA) suggested increasing import duties on edible oils to support farmers. Total vegetable oil imports declined to 15.63 lakh tonnes from 18.66 lakh tonnes a year ago.

India and the US are collaborating to become self-reliant in critical minerals, strengthen supply chains, and adopt advanced technologies. Commerce and Industry Minister Piyush Goyal announced his upcoming visit to Washington for the India-US CEO Forum. He emphasized the strategic relationship between the two nations and their shared interests in bilateral and geopolitical issues.

The launch of the India-UAE virtual trade corridor and MAITRI interface aims to streamline trade under the India-Middle East-Europe Economic Corridor. The Virtual Trade Corridor will reduce administrative processes, logistics costs, and enhance ease of doing business. MAITRI integrates Indian and UAE portals to optimize efficiencies and regulatory compliance.

India will impose tariffs of 12% to 30% on certain steel products from China and Vietnam to protect local industry. The tariffs, targeting welded stainless steel pipes and tubes, will be in place for five years. This move follows strained relations between India and China since their 2020 border clash.

The government has launched the Trade Connect ePlatform to streamline export and import information for entrepreneurs. Developed with various ministries and organizations, it aims to connect over 6 lakh IEC holders and provide real-time trade-related data. The portal will be updated regularly and include additional services in its second version by 2025.

Union Minister Rajiv Ranjan Singh announced plans to boost annual seafood exports to Rs 1 lakh crore from Rs 60,000 crore. He highlighted the government’s efforts in the fishery sector, including infrastructure development and technological improvements. The government aims to strengthen the sector’s foundation over the next five years for overall national growth.

The central government will procure soyabean at Minimum Support Price in Maharashtra, Karnataka, and Telangana to support farmers. Meanwhile, the edible oil industry is urging a 15% increase in import duties on cooking oils to counteract cheap imports and stabilize domestic prices.

External Affairs Minister S Jaishankar stated that India is open to doing business with China, but the sectors and terms need careful consideration. Speaking in Berlin, he emphasized the complexity of the issue. On the Russia-Ukraine conflict, he mentioned that both countries should negotiate an end and India is willing to offer advice if requested.