Smartphone shipments in July-September

Source: Financial Express, Nov 12, 2019

New Delhi: The domestic smartphone market registered one of its best performances 20191113-6during third quarter of calendar year 2019, carrying a shipment size of almost 47 million units with handsets in the Rs. 21,000-35,500 range emerging as the fastest growing segment.

Attractive schemes and discounts aided the mid-range segment (Rs. 14,000-35,000) during the quarter to increase its share at the expense of the low-end price category.

As per the latest numbers by IDC, the smartphone market shipped a record 46.6 million units in the Q3 2019, with 26.5% quarter-on-quarter growth and 9.3% year-on-year, driven by multiple online sales festivals, new model launches, and price corrections on a few key models by various brands.

“While the low-end price segment of $200 (Rs. 14,000) still accounted for 80% of overall India smartphone market in Q3 2019, its share dropped 5 percentage points year-on-year at the cost of the mid-range segment of $200-500, gaining 5 percentage points to 18.9%,” IDC said.

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APEDA eyes US$ 60 billion agriculture exports with support of new policy

Source: IBEF.org, Nov 11, 2019

20191113-1With the help of the new agriculture export policy, the agri exports from India is likely to reach the export target of US$ 60 billion by the year 2022, said Agricultural and Processed Food Products Export Development Authority (APEDA) a statutory body under Ministry of Commerce. The policy has acted as a bridge between Ministry of Commerce and Ministry of Agriculture helping in to reach the target.

“Achieving an agriculture export target of US$ 60 billion by 2022 does not look ambitious, given the current global market conditions. More so, because India’s export basket largely comprises meat, marine products, and basmati rice whose demand in the world market is on constant increase,” said Mr. Tarun Bajaj, GM, APEDA.

“With an integrated approach and better cooperation among the two union ministries for boosting agriculture production and trade increase export of organic food products as well as to double Agri-exports to US$ 60 billion by 2022 from current $38 billion” said Mr. Bajaj.

APEDA gives a platform to display India’s quality produce to the global market along with promoting the export of various agricultural commodities. Mr. Bajaj added, “After the announcement of Agri Export Policy (AEP) by the government, all the concerned ministries which includes Ministry of Commerce, Ministry of Agriculture, Ministry of Animal Husbandry, Ministry of Food Processing Industries and other agencies are working in close coordination, they are also focusing on exports. In addition, involving states since they also have an important role in encouraging exports of agriculture products from the region.”

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SEPC for adding more services under export incentive scheme to boost shipments

Source: The Economic Times, Nov 10, 2019

NEW DELHI: Services Export Promotion Council has urged the Commerce Ministry to widen scope of incentive scheme SEIS by bringing more services under it to promote the sector in overseas markets, a senior official has said.

20191111-3The foreign trade policy provides tax incentives under Service Exports from India Scheme (SEIS) to several services sector.

Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India.

“We have asked the commerce ministry to widen the scope of SEIS by including more services in the list like animation and VFX under audio visual services,” Services Export Promotion Council (SEPC) Director General Sangeeta Godbole has said.

She said the council is working with the Commerce Ministry on the matter.

Currently, nine broad categories of services are there in the list, including professional, communication, construction, educational, environmental, tourism and transport.”In each of these categories, we would like to add more services by broadening the list,” she added.

Incentives to services exporters under the scheme during the 2018-19 stood at Rs 4,262.8 crore with a total of 6,376 number of SEIS scrips issued.

This incentive to exporters to offset infrastructural inefficiencies and associated costs involved to increase services export.

Scrips or certificates provided under the scheme can be used for payment of basic and additional customs duties on goods imported. These are freely transferable. If an exporter is not in a position to use the scrip, they can sold in open market.
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Govt may impose 25% safeguard duty on imports of single-mode optical fibre

Source: Financial Express, Nov 08, 2019

The government may impose a provisional safeguard duty of 25% on imports of single-20191108-6mode optical fibre, used for signal transmission, based on a Commerce Ministry investigation that found a sudden and significant surge in the imports of the fibre.

The Directorate General of Trade Remedies (DGTR) , the ministry’s investigation arm, initiated the probe in September following a complaint from the domestic industry.

The preliminary findings concluded that the product is being imported in increased quantities and may cause a serious damage to the domestic industry, DGTR said.

“Existing critical circumstances justify the immediate imposition of a provisional safeguard duty in order to save the domestic industry manufacturing like or directly competitive products,” it said.

“Considering the critical circumstances and the extent of serious injury, pending final determination of rate of safeguard duty, a provisional safeguard duty of 25 per cent is proposed to be imposed on the imports of single mode optical fibre…from all countries, ” according to a notification of the DGTR.

However, certain developing countries would be exempted from this decision, it said.

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Indian, Thailand ports trusts sign three MoUs to reduce sea travel time

Source: Business Standard, Nov 07, 2019

Visakhapatnam: Three agreements have been signed between Ranong Port (Thailand) 20191108-4and port trusts of Chennai, Visakhapatnam and Kolkata, with an aim to reduce sea travel time between the two countries to more than a half.

The memoranda of understanding (MoUs) were signed during the two-day BIMSTEC conclave of ports which concluded here on Thursday. It was the first such conclave.

The MoUs will contribute to BIMSTEC objective of strengthening connectivity and is part of India’s Act East Policy, said an official release.

“These MoUs will enhance economic partnership by cutting down the sea travel time between India and Thailand from 10-15 days to seven days,” it added.

The Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation (BIMSTEC) links five countries from South Asia (Bangladesh, Bhutan, Nepal, India and Sri Lanka) and two from South-East Asia (Myanmar and Thailand).

The BIMSTEC region brings together 1.67 billion people or 22 per cent of the world’s population and a combined gross domestic product of USD 3.71 trillion.

While inaugurating the conclave, Union Minister of State for Shipping (Independent Charge) Mansukh Mandaviya said India was keen on forging deep relations with BIMSTEC member countries.

Two-wheeler exports from India rise 19.5% in April-January

Source: The Hindu Business Line, Feb 10, 2019

New Delhi: At a time when two-wheeler manufacturers are finding sales moving at a slow pace in the domestic market, their exports have risen by 19.49 per cent in the April-January period this fiscal, according to the latest data from auto industry body SIAM.

Total two-wheeler exports during the period stood at 27,59,935 units as compared with 23,09,805 units a year ago, showed the Society of Indian Automobile Manufacturers (SIAM) data. The growth in exports of two-wheelers from the country is driven mainly by motorcycles and scooters.

Motorcycle shipments to foreign markets during the period stood at 24,12,800 units as against 20,34,250 units in the corresponding period last fiscal, up 18.61 per cent. Likewise, scooter exports zoomed by 26.67 per cent to 3,32,197 units as compared to 2,62,253 units in the year-ago period, SIAM said. Exports of mopeds grew by 12.3 per cent to 14,938 units, against 13,302 units a year ago. Read the rest of this entry »

Indian cotton fabric, yarn exports fall due to high duties: Study

Source: The Economic Times, Feb 10, 2019

New Delhi: India is lagging in cotton exports to major markets due to a duty disadvantage vis-a-vis Bangladesh, Vietnam and Pakistan, a Confederation of Indian Textile Industry (CITI) study found.

Indian export of cotton yarn to the likes of the European Union (EU) and China slumped 25% in the past five years, while fabric export fell 7%. Read the rest of this entry »