India’s high quality labour-intensive goods to get benefit from FTA with UK; though overall gains limited: GTRI

In 2022-23, India’s merchandise exports to the UK were valued at USD 11.41 billion and out of this, USD 6 billion worth of goods such as petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture entered Britain at zero levy, it said.

Villagers along the India-Nepal border in Maharajganj are involved in smuggling rice into Nepal. Young unemployed men, women, and sometimes even the elderly act as carriers for local smugglers, delivering rice to warehouses set up across the border. Despite efforts to curb smuggling, over 111.2 tonnes of rice have been seized in the last four […]

The Indian government is considering a review of the minimum export price of basmati rice, which currently stands at USD 1,200 per tonne. Rice exporters associations have been requesting a reduction to around USD 850 per tonne. The government had previously decided not to allow exports below USD 1,200 per tonne to prevent the shipment […]

China has initiated dialogue with West Asia to align its Belt and Road Initiative (BRI) with Turkiye’s Middle Corridor Initiative. This move comes as China is concerned about India’s growing influence in the region through projects like the India Middle East Europe Economic Corridor (IMEC) and India-Israel-USA-UAE projects. Turkiye had opposed IMEC, which aims to […]

The ongoing conflict between Israel and Hamas poses several potential threats to the Indian economy. One major concern is the impact on oil prices, as India relies on imports for 85% of its oil needs. Higher oil prices could lead to increased import costs, fuel/fertilizer subsidies, and a weaker rupee, which would affect the country’s […]

India’s merchandise exports declined by 2.6% in September, reaching $34.5 billion. However, a 15% decrease in imports helped narrow the trade deficit to a five-month low of $19.4 billion. The government revised the export growth in August to 3.88% from an earlier reported contraction of 6.8%. Despite the decline, officials remain optimistic about positive growth […]

India and Brazil have set an “aspirational” target of increasing two-way trade to $50 billion by 2030, according to Commerce Secretary Sunil Barthwal. The current bilateral trade stands at $15.2 billion, and the two countries are aiming for $30 billion in the next 3-4 years. During discussions, the two sides also explored market access issues […]

The Indian government has extended the export duty on parboiled rice until March 31 next year. This move aims to maintain sufficient local stock and control domestic prices. The restrictions apply to all varieties of non-basmati rice, which make up about 25% of the country’s total rice exports. Earlier, the government also banned the export […]

India’s imports from Russia have increased by 67% to $30.42 billion during April-September this fiscal year. This surge is mainly due to higher shipments of crude oil and fertilizers. As a result, Russia has become India’s second-largest import source in the first half of this fiscal year. Russia’s share of India’s oil imports has risen […]

The eighth edition of the BRICS International Competition Conference, a biannual event, was held from October 11 to 13, with India playing the host after a gap of 10 years. The BRICS grouping comprises Brazil, Russia, India, China and South Africa. The next conference of the BRICS competition authorities will be hosted by South Africa […]