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Trade and Commerce

TREND | 26 Sep 2024

Headroom to cut petrol, diesel prices by 2-3/litre: ICRA

Business Line

Price of crude oil India imports averaged $74 per barrel in September, down from about $83-84 a barrel in March when petrol and diesel prices were last cut by 2 per litre

Headroom to slash petrol, diesel prices by Rs 2-3 per litre: Icra

Business Standard | 26 Sep 2024

Trade and Commerce

TREND | 25 Sep 2024

Govt's policy flip-flops on imports of gadgets raises biz uncertainty: GTRI

Business Standard

The government's policy flip-flops on restricting imports of laptops and similar products have increased business uncertainty and costs, think tank GTRI said on Wednesday. A decisive and consistent policy is crucial to encourage global technology companies to shift manufacturing units to India and build a robust electronics supply chain, it added. To promote local manufacturing and reduce reliance on China, the government must announce a stable and long-term policy, it noted. India, it said, is bound by the ITA-1 (information technology) agreement of the World Trade Organisation (WTO) and cannot raise import duties, leaving import restrictions as the primary tool for fostering domestic production. However, the repeated extensions of import authorisations and delays in implementing a clear Import Management System (IMS) have undermined these efforts, the think tank said. "A decisive, consistent policy is crucial to encourage global tech companies to shift manufacturing to India and

Inbound tourists trail pandemic levels, but forex earnings up: Report

Business Standard | 25 Sep 2024 1 more

Trade and Commerce

TREND | 24 Sep 2024

Importers of laptops, PCs get a breather with extension of import authorisation system till Dec 31

Business Line

Fresh authorisations will be needed from January 1, 2025, subject to guidance to be shared shortly, says DGFT

Government Allows Laptop, Tablet Importers To Apply For Permit Till December

NDTV Profit | 24 Sep 2024

Trade and Commerce

TREND | 24 Sep 2024

FIEO urges Centre to extend interest subvention scheme for 5 years

Business Standard

Apex exporters body FIEO on Tuesday urged the government to extend the interest subvention scheme for five years to help increase credit flow in the sector in order to boost the country's shipments, which registered a steepest decline in 13-month falling 9.3 per cent in August to USD 34.71 billion. Earlier this month, the government extended the interest equalisation/subvention scheme, which provides interest benefits, on pre- and post-shipment rupee export credit for one more month till September 30. "The scheme will end on September 30. We have requested for it to be extended for five years. If there is no interest equalization scheme, then we will lose some markets and some orders," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai told reporters here. The scheme helps exporters from identified sectors and all MSME (micro, small and medium enterprise) manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global .

Trade and Commerce

TREND | 23 Sep 2024

Next meeting of IPEF's Supply Chain Council in Dec: Commerce ministry

Business Standard

The next meeting of the Supply Chain Council, set up under an agreement of the 14-member IPEF, will be held in December, the commerce ministry said on Monday. The IPEF (Indo-Pacific Economic Framework for Prosperity) bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the pillars except the trade. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc. The Supply Chain Resilience Agreement came into effect on February 24. It seeks to strengthen supply chains through engagement among the partner countries. Under this agreement, three institutional bodies have be

Trade and Commerce

TREND | 22 Sep 2024

Fish Importers' Assn hails Bangladesh's decision to lift Hilsa export ban

Business Standard

The Fish Importers' Association on Sunday welcomed Bangladesh's interim government's decision to allow the export of over 3,000 tonnes of Hilsa to India during the upcoming Durga Puja festivities. The association said it was a "good and positive" response, which will satiate the taste buds of Bengalis during the festive season. "We expect the first consignment of Hilsa to arrive in markets in Kolkata and its neighbourhood via the Petrapole border by September 26," Association secretary Syed Anwar Maqsood told PTI here. "It's fine even if 500 of the 3,000 tonnes arrive in the first phase... let Hilsa lovers of West Bengal get a chance to savour their favourite Padma Hilsa from Bangladesh. We thank the interim government for understanding the situation following requests from India. Hilsa is sent every year during Durga Puja. We hope the export of Hilsa to India becomes a more regular affair in the coming days," he said. Maqsood, in a letter to Bangladesh's interim government on...

Trade and Commerce

TREND | 20 Sep 2024

India-Asean FTA talks: Goyal calls for addressing local industry's concerns

Business Standard

India on Friday called for addressing the concerns of its domestic industries affected by the existing free trade agreement (FTA) with the 10-nation bloc ASEAN as the two regions negotiate a review of the pact. Commerce and Industry Minister Piyush Goyal has also emphasized the need to rectify the inequitable tariff liberalization under the agreement. Goyal said this during the stock-taking exercise of the progress of review talks for the India-ASEAN free trade agreement in goods (AITIGA) in Laos. All the ministers took note of the progress in negotiations for the review of the agreement. "Minister Goyal in his intervention stressed the need for addressing injury to industries from the existing FTA and the inequitable tariff liberalisation during the review. He also cited India's ongoing efforts of integrating with other economies through FTAs and highlighted the urgency in upgrading AITIGA which otherwise may lead to diversion of bilateral trade to other regions, the commerce...

Trade and Commerce

TREND | 20 Sep 2024

Cutting port charges, buying vessels to help boost export ambitions: CII

Business Standard

The government's measures such as cutting certain port charges and purchasing additional container vessels by Shipping Corp will help boost export competitiveness, Chairman of the CII national committee on EXIM Sanjay Budhia said on Friday. He said that these initiatives will significantly benefit the Indian industry by easing export operations. "This move will reduce logistical bottlenecks, enhance cost efficiency for exporters, and improve the competitiveness of Indian goods in global markets," Budhia, who is also Managing Director of Patton Group, said. Industries will experience smoother trade flows, shorter delivery times, and lower costs, fostering growth in exports and making Indian products more attractive to international buyers, he added. The measures will also significantly improve export competitiveness by decreasing the overall costs involved in shipping goods and will help make Indian exports more competitively priced in international markets, Budhia said. "It would

Trade and Commerce

TREND | 20 Sep 2024

Is India really the Tariff King'? Not really, says a new report

Business Today

GTRI says all countries levy high import duties on some products to protect domestic industry; US should consider FTA with India to get zero tariff market access

Trade and Commerce

TREND | 20 Sep 2024

India's ready-made garment exports surge 11.9% to $1.26 billion in August 2024

Business Line

Engagement with old FTA partners like Japan, Korea starting to yield results, say exporters