Trade between India and Bangladesh through the Petrapole land port resumed Thursday under heavy security after being halted since August 5 following the fall of Sheikh Hasina’s government in Bangladesh. Despite partial trade resumption through other ports in West Bengal on Wednesday, Petrapole remained closed until Thursday. This port handles the highest bilateral trade between […]
Indo-Bangla trade resumes from Petrapole land port amid tight security
Aim for $50 billion leather, footwear exports by 2030, one crore jobs, Piyush Goyal tells industry
2 years ago
Commerce and Industry Minister Piyush Goyal encouraged the leather and footwear industry to aim for $50 billion in exports by 2030. At the India International Footwear Fair, he stressed the potential for job growth to one crore and leveraging free trade agreements. He discussed a Rs 2,600 crore incentive scheme and urged compliance with quality […]
Last year, the 14 IPEF nations inked a supply chain resilience agreement to reduce dependence on China and shift production of critical sectors and key goods to member countries. The IPEF includes India, Australia, the US, Japan, Fiji, South Korea, New Zealand, Singapore and Thailand, representing 40% of global gross domestic product and 28% of […]
The two-day CII BIMSTEC Business Summit 2024 in New Delhi highlighted the need for concluding the BIMSTEC Free Trade Agreement and promoting investments to boost intra-regional trade. Key focus areas include connectivity, agriculture, energy, and technology. An annual business summit and the establishment of a BIMSTEC Industry Chamber were proposed.
India’s garment sector could see a 10-20% rise in export orders in the next 18 months amid Bangladesh’s political unrest. This could bolster apparel exports by $2-3 billion annually. Exporters emphasize preparedness for potential trade shifts, especially with Bangladesh’s expected LDC status change by 2027. Tiruppur anticipates a 10% order increase.
Duty hike effect: Onion exports down by 50%
2 years ago
India’s onion exports fell over 50 percent in June, hindered by a minimum export price of $550 per tonne and a 40 percent export duty, making Indian onions costlier than competitors. Exporters are pushing for the removal of these policies, arguing that domestic supply is ample. Up to July 2024, 2.
Bangladesh unrest: Buyers hesitant to place orders in India unless govt tweaks policies, says AEPC
2 years ago
The AEPC Chairman observed that buyers will continue to be hesitant to place their orders in India unless Government of India tweaks its import policies to allow greater and easier access to imported man-made fabrics, trims and accessories.
By July of the 2024-25 fiscal year, India had exported 2.6 lakh tonnes of onions following the lifting of the export ban in May. The lifted ban required a minimum export price and an export duty. Maharashtra was a key player in procurement efforts, resulting in higher earnings for onion farmers compared to 2023.
Exports of Indian two-wheelers, trucks, and buses to Bangladesh have been heavily impacted due to ongoing civil unrest. Key manufacturers like Bajaj Auto and Hero MotoCorp have seen a decline in their export volumes. Bangladesh’s share in India’s automotive exports has been shrinking since the pandemic, with a significant drop noted in the last fiscal […]
S&P Global Ratings, Director, Sovereign and International Public Finance Ratings (Asia-Pacific), Andrew Wood said that S&P expects domestic demand conditions in Bangladesh in this period of time to be weak and probably going to entail less support for exports from other countries, including India, into Bangladesh.