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Feb 27

Adani Ports cross 300 million tonnes Cargo volumes to beat its own milestone

AHMEDABAD : Adani Ports and Special Economic Zone, a part of the diversified Adani Group, crossed 300 million tonne of cargo handling, thereby beating its own milestone. It took 329 days to reach the milestone, as compared to last year’s 354 days. The ports business of Adani Goup has registered growth since it started operations over two decades ago and continues to outperform all India cargo volume growth, with its market share rising rapidly. “The improvement in cargo volumes is Read Full Details…

Feb 26

Germany’s Scholz committed for Free Trade deal between India, EU

German Chancellor Olaf Scholz said on Saturday that he and India’s Prime Minister Narendra Modi were committed to sealing a free trade deal between India and the European Union (EU). “It’s an important topic and I’ll get personally involved,” Scholz said after his meeting with Modi in New Delhi. The EU and India revived negotiations to forge a free trade agreement last year with the aim of completing talks by the end of 2023. For the EU, a free trade Read Full Details…

Feb 21

Merchandise exporters to pay 18% GST on shipping costs: Govt

Merchandise exporters will have to cough up 18% goods and services tax, or GST, on the services of transportation of goods, a move that the industry says could lead to cash flow issues at a time when exports are declining. This follows a recommendation of the GST Council that the place of supply of transportation of goods must be determined on the location of the service receiver, rather than on the basis of destination of goods. Source : economictimes.indiatimes.com/news/ For Read Full Details…

Feb 19

Ragi to riches: India’s new millet campaign is about how the grain is good for people and planet

India has globally relaunched an old and failed brand — the millet. Called mota anaj (big grain), millet has been looked down upon as a coarse grain while wheat and rice have occupied pride of place as fine grains. New Delhi’s campaign to make millet a global brand has got a push with the United Nations accepting India’s proposal to declare 2023 as the International Year of Millets. The cereal has been gaining traction among the health-conscious in India and Read Full Details…

Feb 18

Notification Under S. 5 of FTDR Act Can’t Be Applied Retrospectively To Refuse Advance Authorization To Importer: Delhi High Court

The Delhi High Court has ruled that a notification issued under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (FTDR Act), which empowers the Central Government to formulate and announce the foreign trade policy, cannot be applied retrospectively by the Central Government. The bench of Justice Prathiba M. Singh held that once a notification issued under Section 5 of the FTDR Act is quashed by the Court, the same cannot be relied upon by the Directorate General Read Full Details…

Feb 17

India’s soymeal exports to soar as drought trims Argentine supply

Soymeal exports from India are increasing sharply as drought has hit output from top exporter Argentina, with 500,000 tonnes likely to be shipped from the South Asian country in February and March combined, three exporters said. The drop in Argentina’s output has driven up the South American producer’s prices, making Indian soymeal more competitive. India’s exports in the first four months of the 2022/23 marketing year, which began on Oct. 1, surged 65% to 631,000 tonnes, nearly matching the 644,000 Read Full Details…

Feb 17

In charts: How a global slowdown is effecting India’s exports and the economy

India’s labour intensive sectors could bear greater brunt of global deceleration in 2023. Global slowdown this year will be led by advanced economies, especially the US and the eurozone. Being two of India’s largest export destinations, a slowdown in their economies would imply lower demand for Indian exports. Sectors such as textiles, footwear, and leather depend significantly on these two regions, making them particularly vulnerable to a slowdown in these economies, according to an analysis by Crisil. S&P Global, in Read Full Details…

Feb 14

Foreign trade policy may be released in April

New Delhi: The government may announce the much-delayed Foreign Trade Policy (FTP) in April that will establish its long-term vision for exports and a policy for sectors such as e-commerce, an official aware of the plans said, at a time of heightened global economic volatility. The policy can allow for interventions to address immediate issues, and outline measures to accelerate releases and reduce the physical interface. The new FTP comes at a time when India’s outbound shipments are starting to Read Full Details…

Feb 13

EU seeks currency convertibility from India

NEW DELHI : The European Union has suggested that India liberalize its capital account restrictions as part of a comprehensive free trade agreement being discussed with New Delhi, according to the text of the latest negotiations. During the third round of India-EU FTA talks held between 28 November and 9 December, the EU proposed a chapter on capital movements, payments and transfers; however, the Indian side sought views on its purpose and scope, given that this would exceed India’s World Read Full Details…

Feb 13

E-commerce can propel exports

The upcoming Foreign Trade Policy can spell out a vision in this regard, given the growth of ‘e-shopping’ India has come a long way since the decade of the 1990s when its exports were mostly led by the services sector. Today, a strong focus on both services and manufacturing is providing strong tailwinds to Make in India for the world paradigm. This change did not happen by chance but due to relentless pursuit and participation of the industry under the Read Full Details…