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Export Growth
Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to focus on making high quality products to tap global markets as export competitiveness will not come from government subsidies or support. He also said that the government is putting its effort to nudge industry to get into the manufacturing of high quality products as it is a "tough" task to get industry to accept that they should be making quality goods. Initially, the government faced a huge amount of opposition from the industry on quality control orders. "Our export competitiveness is not going to come from subsidies or government support. It is not going to come from our closing the doors to the rest of the world. If we are looking at self-reliant India, it can only happen when India will be self-confident and that confidence will only come when we all decide that quality is not our job, it is our duty," the minister said. He added that if the Indian industry is not competitive in any product, that
Says India must come up with a similar scheme as EU's CBAM to help industry become more carbon neutral
In India, the trade union movement is very fragmented and at its weakest since independence. So, the fears of workers disrupting critical activities like port operations are very low
In the "Conservative" case, if exports grow at the rate of 10 per cent, India would have to wait until 2032-33 to meet the target of $1 trillion in exports
The RoDTEP scheme allows refunds of the embedded non-creditable central, state and local levies paid on inputs to exporters and is compliant with World Trade Organisation (WTO) norms
The commerce ministry's committee, which is reviewing the eligibility criteria for the election of office bearers of export promotion councils (EPCs) and apex exporters body FIEO, is expected to submit its report by end of this month, an official said. Exporters have urged the ministry for early release of the report so that elections can be conducted in the councils and Federation of Indian Export Organisations (FIEO) as per the new criteria. The official said that a draft report was circulated to the councils and suggestions have been sought. "We have received the feedback. The committee will review that and the report would be submitted to the higher authorities of the ministry," the official added. In May this year, the ministry decided to review the eligibility criteria for the election to make them more inclusive and representative. A three-member panel was constituted to review the existing guidelines and make suitable recommendations about representation of different ...
Ministry seeks Cabinet's approval regarding RoSCTL scheme
India's labour-intensive export sectors such as apparels, marine products, plastics, and gems and jewellery are showing a "troubling pattern" as the country is experiencing a decline in global market share across these segments during the last five years, a FIEO report has said. Apex exporters body Federation of Indian Export Organisations (FIEO) also said that a note of caution is warranted regarding a distinct spike in export growth of roughly USD 40 billion as this particular surge is likely attributed to a rerouting of crude oil trade routes via India to Europe. This phenomenon may not be sustainable in the coming years, it said. It added that the most "pressing concern" regarding the negative export growth is the "poor" performance of labour-intensive sectors. In a country like India, these sectors hold immense significance not only for their job creation potential but also for their substantial contribution to net high-value addition. "Addressing this challenge requires a ..
he Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14
India's merchandise exports had risen 6.7 per cent to $450.4 billion in FY23
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'. It is also not true that countries world over are rushing to do FTAs and in fact these pacts are "enthusiastically" embraced mainly by east Asian economies or countries that have lowered their customs duties close to zero. "Major industrial countries/regions do FTAs selectively. The USA has no FTA with significant economies like
CBIC come across 12-13 cases of import-export data leaks to dark web
The country's musical instruments exports have increased to Rs 172 crore during April-September this fiscal against Rs 49 crore in the same period of 2013-14. Commerce and Industry Minister Piyush Goyal said in a tweet that the exports have risen to more than 3.5 times in the first six months of the current fiscal. "India's exports of musical instruments rose to more than 3.5 times in April-September 2022, as compared to the same period in 2013," Goyal said. On the jump in exports, Prime Minister Narendra Modi said the growth is encouraging. "With Indian music gaining popularity worldwide, there is a great opportunity to further grow in this sector," Modi tweeted.
Prices of rice exported from India held firm near their highest level in more than a year this week as demand from neighbouring Bangladesh remained strong
The Indian manufacturing sector, which received a fillip in FY22 due to export growth, is likely to be hit by a slump in foreign trade activity in FY23, a report said on Thursday.
China's export growth continued to rise in July, sending trade surplus to a record high, according to government data
The conditions for the strategic divestment of IDBI Bank could facilitate its merger with other financial entities, including commercial banks, said an official. Read more in our top headlines
Rating agency expects the company's FY23 revenue to increase by around 30%, lower than its forecast.
Should recent events at Axis MF worry retail investors? Is India's export growth momentum sustainable? Cab power stocks build momentum amid the energy crisis. What is an e-passport? All answers here
Should recent events at Axis MF worry retail investors? Is India's export growth momentum sustainable? Cab power stocks build momentum amid the energy crisis. What is an e-passport? All answers here