Draft agricultural export policy targets ambitious growth, stable regime

Source: Business Standard, Mar 20, 2018

New Delhi: The promise of no further restrictions on processed agricultural export, a stable export policy regime for farm products and streamlining of the current APMC laws are part of the changes suggested to double agri export to $60 billion by 2022. Issued on Monday by the commerce and industry ministry, the draft policy on agri export aims to push India into the list of the top 10 countries in this regard, while doubling India’s share of global export in the category.

Read the rest of this entry »

India-US trade feud reaches critical turn, casts shadow on newfound bonhomie

download (3)Source: The Economic Times, Feb 23, 2018

NEW DELHI: US businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi’s move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade.

Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple Inc is concerned its iPhones have become even more expensive in the price-conscious $10 billion smartphone market.

Read the rest of this entry »

India’s external sector prospects look bright: Survey

Source: The Economic Times, Jan 29, 2018

The prospects of the country’s external sector look bright in the coming years as global trade is expected to increase, although rise in oil prices could create problems, the Economic Survey said today.

The survey for 2017-18 was tabled in Parliament today by Finance Minister Arun Jaitley.

“The prospects for India’s external sector in this and coming year look bright with world trade projected to grow at 4.2 per cent and 4 per cent in 2017 and 2018 respectively from 2.4 per cent in 2016; trade of major partner countries improving and above all India’s export growth also picking up,” it said. It added however that the downside risks lie in the rise in oil prices.

Read the rest of this entry »

India flags off first shipment via Chabahar to Afghanistan

Source: Financial Express, Oct 30, 2017

India on Sunday sent its first consignment of wheat to Afghanistan through the Chabahar port in Iran. This is considered as a major leap for India and its strategic outreach to landlocked Afghanistan, to which Pakistan has so far blocked access. Another six shipments of wheat will be sent to Afghanistan over the next few months, reported the Indian Express. The shipment was flagged off from the Kandla port in Gujarat yesterday. External Affairs Minister Sushma Swaraj and her Afghan counterpart Salahuddin Rabbani were part of the ceremony through video conferencing. “The shipment of wheat is a landmark moment as it will pave the way for operationalisation of the Chabahar port as an alternate, reliable and robust connectivity for Afghanistan,” the ministry of external affairs (MEA) said in a statement, reported PTI.

Read the rest of this entry »

Finance Ministry, Railways working on ways to cut logistics cost for exports

Source: The Economic Times, Nov 25, 2016

NEW DELHI: The finance and railways ministries are working on ways to cut logistics costs which make exports uncompetitive, Commerce and Industry Minister Nirmala Sitharaman said today.

The Minister said that she has discussed the increasing logistics costs with the Finance Minister. “I have very clearly stated that logistics costs are increasing and therefore, we are becoming less competitive… We have definitely asked different authorities at different levels. We have asked the Railways and the Finance Ministers to look into this. They are working on it,” she told PTI in an interview.

“We do not want this kind of a cost which is not due to the inefficiency of the manufacturer,” she added.

Read the rest of this entry »

Trade deficit at 3-month low, exports fall 20.2%

indexSource: The Economic Times, Jun 17, 2015

NEW DELHI: Persistent weakness in global demand and the lower value of oil products led India’s merchandise exports to fall for the sixth straight month in May, while a decline in gold imports helped the trade deficit narrow to a three-month low.

Imports recorded the fastest fall in 15 months, with non-oil and non-gold inbound shipments contracting for the first time in at least a year, indicating the fragility of domestic economic activity. Exports fell 20.2 per cent in May from a year earlier and imports declined 16.5 per cent, leaving a trade deficit of $10.4 billion, data released by the Ministry of Commerce & Industry showed on Tuesday. Key export sectors such as gems and jewellery, engineering goods, leather and petroleum declined.

Read the rest of this entry »

India eyes 15% jump in medicine exports this fiscal

India eyes 15% jump in medicine exports this fiscalSource: The Economic Times, May 21, 2015

Hyderabad: Indian drug makers are hopeful of achieving double digit growth in exports this fiscal after being confined to single digit growth for two years, helped by factors such as several medicines going off patent, strengthening dollar and access to new markets in Asia.

“We hope to achieve 10-15 per cent growth in export of pharmaceutical products during the current fiscal,” said PV Appaji, director general at Pharmaceuticals Export Promotion Council (Pharmexcil). This optimism is driven mainly by anticipated increase in the US Food & Drug Administration (FDA) approvals as a large quantum of medicines are going off patent.

“Increased focus of Indian drug makers on complex and high value generics and growing acceptance to our generics in key new markets like Japan and appreciating dollar should also help us achieve the targeted exports,” Appaji told ET.

Read the rest of this entry »