Micro enterprises’ share in total exports rises, drops for SMEs

Micro enterprises’ exports grew to 6.63% in January, while small and medium enterprises’ shares decreased. Top MSME export sectors are engineering goods, gems, garments, rice, and chemicals. Various factors affect exports, including freight costs and Western world economic challenges.

Indian Prime Minister Narendra Modi plans to prioritize finalizing free trade agreements with Britain and Oman in the first 100 days of his potential new term, as per government sources. Talks with both nations are at advanced stages, aiming to boost India’s integration into global trade.

With these new initiatives, India has seen a surprising surge in exports of precious metals, minerals, automobiles, electronics, pharmaceuticals, organic chemicals, textiles, spices and defence equipment.

Pakistan’s potential trade resumption with India signals a significant policy shift, aiming to improve economic stability and reduce dependence on China, requiring careful diplomacy and consideration of India’s economic dominance.

India’s rice export prices increased this week due to higher duty on rice shipments, while Thailand’s demand remained low. The government imposed a 20% export duty on parboiled rice exports in August 2023 to control domestic rice prices. The customs department has demanded payment of duty differentials on rice exported in the last 18 months, […]

The clarification from Pakistan’s Foreign Office comes days after the new Foreign Minister Ishaq Dar said in London that Pakistan will seriously consider restoring trade ties with India that have remained suspended since August 2019.

The government has issued a new policy for the export of certain telecom and information security-related items. Under this policy, one-time bulk licenses will be granted for these items under the SCOMET category. Exporters will need to apply for a license through the online SCOMET portal and follow the prescribed format. The policy aims to […]

The Goods and Services Tax (GST) authorities have issued notices to around 50 importers of spices, dry fruits, processed food, and poultry for storing products at warehouses different from the actual place of supply. They seek additional tax payments of approximately Rs 1,000 crore. Some importers have also been warned of registration cancellation.

Hindalco Industries, Shyam Sel & Power Ltd, Shree Venkateshwara Electrocast, Ravi Raj Foils, GLS Foils Product and LSKB Aluminium Foils have filed the application on behalf of the domestic industry seeking the probe.

Indian exporters are grappling with tax demands from customs for duty differentials on rice exports, impacting shipments due to new export duties to control domestic rice prices and financial constraints hindering payment.