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Feb 13

India’s toy exports touch Rs 1,017 crore during April-December this fiscal

The country’s toy exports have touched Rs 1,017 crore during April-December period this fiscal, according to the government data. In 2021-22, the exports stood at Rs 2,601 crore. “Made in India toys continue to tap global markets! India’s toy exports rose to more than 6 times in April-December 2022 as compared to the same period in 2013,” commerce and industry minister Piyush Goyal said in a tweet. During April-December 2013-14, the shipments were at Rs 167 crore. The government is Read Full Details…

Feb 08

SOPA demands hike in import duty of all edible oils

New Delhi, Feb 7 (PTI) The Soyabean Processors Association of India (SOPA) on Tuesday demanded that the government should hike import duty on all edible oils as international prices are expected to remain low in view of record global soyabean output. At present, domestic edible prices have been continuously falling and are at a very low level, SOPA chairman Davish Jain said in a representation made to Commerce and Industry Minister Piyush Goyal. According to SOPA, the government should “increase Read Full Details…

Feb 08

India’s Export Import Trends for Merchandise Goods in FY 2021-22

Key drivers of India’s export growth during FY 2021-22 This is the first time India has achieved its ambitious target of crossing the US$400 billion mark in merchandise exports. Driving the surge in exports is pent up unmet demand during major waves of the COVID-19 pandemic as well as the expansionary monetary policy adopted by developed countries to deal with the impact of the pandemic. Major beneficiaries of India’s export growth include petroleum products (152.1 percent); cotton yarn, fabrics, made-ups, Read Full Details…

Feb 08

IEC: How to obtain Import and Export Licence, Import Export Code and what it entails

It may be an opportune time to start exporting your products, going by how India’s exports in categories such as engineering products, jewellery and electronics goods, among others, are going up. However, though diving into the overseas market looks promising, becoming an officially licensed exporter has a lot of compliances and regulations that one should be aware of. One of the foremost things to start with would be getting an Import Export Code (IEC). IEC is a mandatory unique 10-digit Read Full Details…

Feb 05

‘Rice diplomacy’ between India, Bangladesh and Myanmar

Bangladesh has offered over $40 a tonne more to Indian co-operatives to import 2.5 lakh tonnes of parboiled rice in a government-to-government deal compared with prices quoted by the private trade in a global import tender. The import deal will be through NCCF (National Cooperative Consumers Federation) and Kendriya Bhandar in two tranches with Dhaka getting rice at $443 and $443.5 a tonne each, according to media report. Two Indian co-operatives will export 2 lakh tonnes of rice under government-to-government Read Full Details…

Feb 05

Gold and silver jewellery to get a lot more expensive

Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars.Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on Read Full Details…

Feb 03

India’s services exports to cross USD 300 bn target for this fiscal: Piyush Goyal

The country’s services exports are doing “extremely well” and going by the current trend these outbound shipments would register about 20 per cent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. He said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure , and overstocking of various commodities. .. With all these Read Full Details…

Feb 03

India raises naphtha import tax to boost local sourcing

India has increased its tax on naphtha imports to 2.5pc from 1pc earlier with an aim to boost domestic sourcing of the petrochemical feedstock, budget documents the government released on 1 February show. The increase reverses a naphtha import tax cut the government made in May 2022 in response to rising costs of raw materials, providing reprieve to the plastic manufacturing industry. A surge in crude prices past $100/bl then had exacerbated production costs at naphtha-dependent ethylene producers. The new Read Full Details…

Feb 02

Budget 2023: Commerce Ministry urges reduction in gold import duties to boost jewellery exports

To address the current account deficit (CAD) and surging imports of the yellow metal, the Centre increased the import levy on gold from 10.75 per cent to 15 per cent in July of this year. 12.5 per cent is the standard customs charge on gold. The Commerce Ministry has requested that the import duty on gold be reduced in the upcoming Budget in order to boost exports and manufacturing in the gems and jewellery sector, PTI quoted sources as saying. Read Full Details…

Feb 01

HIGH DEMAND FOR MEDICINAL PLANTS IN INDIA

India has 15 agroclimatic zones that comprise ~18,000 types of plants, of which 6,000-7,000 have therapeutic properties. These medicinal plants are used in numerous applications in the Indian society and used to make medicines in traditional medical practices such as Ayurveda, Unani, Siddha, Sowa-Rigpa and homeopathy; also used in plant-based pharmaceutical companies. ~960 types of medicinal plants are traded, of which 178 species have yearly consumption levels of >100 metric tonnes. ~80% medicinal plants are extracted from the wild, while Read Full Details…