Report stresses on robust ecosystem to achieve $1 trn goods exports by FY30

A PwC report, “VIKSIT: An Approach for India to Achieve $1 Trillion Exports,” outlines essential public and private sector strategies to boost India’s export growth. Launched by Commerce Minister Piyush Goyal, the report emphasizes creating a robust export ecosystem to meet the target by 2029-30.

TuneCore, a digital self-publishing music service, will boost its investments in India, which has become its third-largest market for new artist additions and revenue growth. Chief Executive Andreea Gleeson highlighted that India is the company’s second-largest office globally by headcount, with 83 employees based in Mumbai since 2020.

India’s pulse imports were projected to drop to 40-45 lakh tonnes from 47.38 lakh tonnes last year due to good monsoons driving up domestic production. IPGA called for a long-term policy for the pulses market and import duties on yellow peas. Retail prices were expected to fall with increased domestic supply.

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 […]

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.

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.

Trade between the two countries through land ports at Petrapole, Gojadanga, Mahadipur, and Fulbari in West Bengal has been affected, while some passenger movement has been reported but turnout remains low, sources said.

Trade between northeastern Indian states and Bangladesh has slowed following political upheaval in Bangladesh, including Prime Minister Sheikh Hasina’s resignation and the Army stepping in. Trade through key border points has reduced, though some movement continues. Officials are optimistic about trade normalizing soon despite the high alert along the border.

The Confederation of Indian Industry (CII) proposed several measures to bolster BIMSTEC Economic Cooperation. Recommendations included finalising a regional FTA in phases, easing FDI restrictions, automating customs agencies, and expediting transport connectivity initiatives. CII emphasized expanding collaboration in skill development, e-commerce, and digital infrastructure to boost regional integration.

The finance ministry has been monitoring the recent West Asian conflict due to concerns over its potential impact on oil prices, capital flows, and shipping costs. Officials asserted that India’s solid economic position would cushion against serious impacts. The larger concern was a potential US recession. Markets saw declines in Indian stocks and a drop […]