India scrapped an export tax levied on low grade iron ore lumps and fines with below 58% iron content, in a notification late on Friday, reversing an earlier order from May when it had raised the tax to a steep 50% to rein-in inflation. In the notification, which takes effect on Saturday, the government also … Read more
Robust returns on sugar exports helped sugar mills from Uttar Pradesh to trade their export quota at a premium of about 10% over the prevailing market price for export of white sugar. According to trade sources, UP mills have sold 5-6 lakh tonnes of their export quota at an average price of Rs 4/kg. The … Read more
Bharat Forge which has diversified heavily into defence manufacturing in the last few years, has developed a range of products including a range of artillery guns. Bharat Forge which has diversified heavily into defence manufacturing in the last few years, has developed a range of products including a range of artillery guns. Pune-based Bharat Forge … Read more
As India seeks to push agricultural exports beyond the record $50 billion achieved in FY22, buyers from Canada, the UK, Vietnam, Nigeria and Kenya will participate in South Asia’s largest expo of food and hospitality that New Delhi will host next week, officials said. India Trade Promotion Organisation (ITPO), a public sector undertaking under the … Read more
SBI Research on Friday said that India’s current account deficit in the current fiscal may reach a decade high even as the country’s export growth could be sustained. India recorded a CAD of 1.2% of GDP in April-December 2021. “FY23 will be a challenging year since as per our estimates, CAD will breach the 2.5% … Read more
Pharma products, electrical machinery, vehicles, plastics, furniture and textiles are among the 14 product categories that the Confederation of Indian Industry (CII) has identified for India to clock $1 trillion merchandise exports by 2030. These would contribute over half of the target while the rest would be met fuels and gems & jewellery, among others. … Read more
The government on Monday restricted the export of Agar oil and Agarwood chips and powder. Their exports were free earlier. The Directorate General of Foreign Trade notified an annual export quota of 25,000 kg for Agarwood chips and powder, and 1,500 kg for Agar oil. The DGFT said that applications for an export license obtained … Read more
The government on Wednesday clarified that India does not export genetically modified (GM) rice as there is no commercial variety of such crop in the country and its cultivation is also banned here. The clarification from the commerce ministry came following a news report regarding food recall linked to alleged GM rice from India. “It … Read more
The government on Thursday imposed a limit on the total entitlement under the Services Export from India Scheme (SEIS) for shipments made during 2019-20, at Rs 5 crore per exporter. Under the scheme, depending on the nature of services, the government gives duty credit scrips or a reward at 3-5% of net foreign exchange earned … Read more
Swiss exports of gold to India plunged in May, Swiss customs data showed, as the world’s second-biggest bullion consumer grappled with a surge in coronavirus infections. Shipments from Switzerland to China, the biggest gold market, remained strong for a second month, the data showed. Switzerland is the world’s largest gold refining centre and transit hub. … Read more