The Indian government has initiated trade in the Indian rupee with its neighbouring countries, including Nepal, Bhutan, Bangladesh and Sri Lanka, among others. The Reserve Bank of India has approved 34 applications from Russian banks for the opening of Special Rupee Vostro Accounts (SRVA) in 14 Indian commercial banks, according to Minister of State for […]
Govt has started trade with neighbouring countries in INR, says Anupriya Patel
India’s imports from China in at least 25 major commodity groups increased in fiscal 2023, including consumer electronics, auto components, and iron and steel products. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi’s efforts to reduce its trade deficit with China since border tensions flared in […]
Government to sell five million tonnes of wheat, 2.5 million tonnes of rice in open market
2 years ago
The Indian government is planning to sell 5 million tonnes of wheat and 2.5 million tones of rice from its stocks in the open market to stabilise prices, in addition to the sale of 1.5 million tonnes of wheat and 0.5 million tonnes of rice announced earlier. Domestic prices of staple foods have been increasing […]
India’s Directorate General of Trade Remedies (DGTR) has become highly selective in levying dumping duty, with rejection rates rising from 0.7% to 43% since August 2020. The country’s Atmanirbhar Bharat campaign after the pandemic appears to have increased the DGTR’s rejection rates.
India’s toy exports have surged by 60% since 2018-19, rising from $203.46m to $325.72m in 2022-23, according to a statement by Minister of State for Commerce and Industry Som Parkash to Parliament. In contrast, imports showed a 57% dip, dropping from $371.69m in 2018-19 to $158.70m in 2022-23.
India, US mutually resolve 2 trade disputes: WTO
2 years ago
“The circulation of the two panel reports is a formality given that the two sides reached mutually acceptable solutions to the disputes in July. The panel did not issue any findings on the claims made by them in the respective disputes,” said an official.
The PHD Chamber of Commerce and Industry has written to the Central Board of Indirect Taxes and Customs calling for a one-off amnesty scheme to resolve issues that arose from a new provision in India’s goods and services tax rules. The provision was designed to protect government revenue from exporters making refunds under integrated GST […]
Gujarat Minister for MSMEs, Cottage, Khadi and Rural Industries Balwantsinh Rajput said: “One of our key priorities has been to boost exports from Gujarat and through this partnership with Amazon, we aim to empower lakhs of MSMEs in Gujarat to embrace e-commerce exports.”
Thailand is unlikely to halt its rice shipments, as the country benefits from the suspension of Indian rice exports. Commerce Minister Jurin Laksanawisit has assured that the government will ensure a sufficient rice output for both domestic consumption and export. The country has shipped 4.8 million metric tonnes of rice in the first seven months […]
The Indian IT hardware industry wants the government to provide clarity on operational details for import licenses so they are able to make contingency plans, senior executives have said. The current lack of clarity includes details around quota, validity of licence, whether there is demand for single or multiple licences for different ports, and whether […]