Container shipping giant A.P. Moller-Maersk A/S instructed any ships heading for the southern entrance of the Red Sea to halt their voyages following an attack on one of its vessels and spiraling risks to the merchant fleet in the area posed by Houthi militants. “Following the near-miss incident involving Maersk Gibraltar yesterday and yet another … Read more
Despite various headwinds, India’s overall foreign trade has shown steady growth. The country’s overall exports (merchandise and services combined) in October 2022 are estimated to be USD 58.36 billion, exhibiting a positive growth of 4.03 per cent over the same period last year. Overall imports in October 2022 are estimated to be USD 73 billion, … Read more
Even as many developed nations are witnessing inflation, agencies such as International Monetary Fund have branded India as a Bright Spot, says the Union Minister Even as many developed nations are witnessing inflation, agencies such as International Monetary Fund have branded India as a Bright Spot, says the Union Minister Union Minister of Commerce and Industry Piyush Goyal on … Read more
India is likely to clear exports of 1 million tonnes of wheat, in the first phase after it restricted shipments of the food grain, said trade sources. The government on May 13 banned exports of wheat amid accelerating inflation, but exempted shipments under contracts where letters of credit (LCs) had already been opened. The clearance … Read more
The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates will come into force on May 1, that would allow 90% of the country’s exports a duty-free access to the Emirates. Officials of the commerce and industry ministry will flag off the first consignment of goods from India to UAE 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
After a long lull since 2011, India is again embracing free trade deals. In the past year, New Delhi has inked two free trade deals — the first one was with Mauritius in February 2021 and the second with the United Arab Emirates (UAE) last month. A third, an early-harvest agreement — an interim deal … Read more
The commerce ministry has made it mandatory for exporters to file registration-cum-membership certificate (RCMC) applications through a common digital portal, a move aimed at promoting ease of doing business for the trading community. According to the Foreign Trade Policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters in order to avail benefits under the policy. … Read more
The government on Friday extended the last date for submitting applications to January 31, 2022 from December 31, 2021 for various export promotion schemes under the Foreign Trade Policy. The Directorate General of Foreign Trade (DGFT), in a notification, said that after January 31, 2022 no further applications would be allowed to be submitted and … Read more
India’s foreign trade is in comfortable position and the time has come for India to engage more with the world, Commerce and Industry Minister Piyush Goyal said on Saturday. The minister called upon the captains of Indian industry to set ambitious targets as the economy is poised for a sustained spell of rapid growth. Addressing … Read more