Exporters

In case there is a change in the policy, the transition time in that case will help the exporter execute the contract, giving some certainty for the exporter

Foreign trade policy must engage with realities of world trade

The matter will be heard next on March 23

Finance minister Nirmala Sitharaman on Wednesday exhorted exporters to be receptive and 'foresee' how the recession or slowing economy abroad will pan out for them, while asking them to constantly engage with the government. Stating that external uncertainties are far more 'unpredictable' and therefore challenging, Sitharaman said in a post-pandemic, post-war world, and where there is a repeat occurence of virus, there is no fixed 'template' to deal with uncertainties. With regard to imports, she assured the industry that the government is looking at specific items to see which are going to be consistently needed for next few years as well as those whose import could hurt domestic manufacturers. "The changes abroad, recession abroad or the slowing economy abroad are all going to be challenge for Indian exporters. So Indian exporters will have to be far more receptive of what is happening there or even foresee how that will pan out for them and keep constantly engaging with the ...

Amid rising risks to external demand, the government is concerned about widening trade deficit, bringing the focus back on curbing non-essential imports

Apex court seeks details from revenue department as it reserves final order

The rupee was at 82.78 per dollar by 10:05 a.m. IST, having firmed up to 82.75. The currency closed at 82.8575 on Wednesday

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said. Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals. "Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said. According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia. "Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are

The meeting took place at a time when external demand is waning as exporters are facing global headwinds of high inflation, currency depreciation and geopolitical tensions

There is a need to go beyond the usual buyer-seller meets and get more aggressive towards their ways to sell products in the Australian market, people aware of the matter told Business Standard

US e-commerce giant cuts subscription fee for new exporters joining Global Selling programme

Export invoicing in INR is already allowed but the payment must come through Vostro Accounts maintained by foreign banks with a bank in India

DGFT makes key amendments to foreign trade policy

Union Finance Minister Nirmala Sitharaman on Friday asked States to adopt a multi-modal approach and ensure logistics did not become a burden on exporters. She said the PM Gati Shakti was a beautiful protocol with which a synergy could be brought in. Delivering the inaugural address after inaugurating the third campus of the Indian Institute of Foreign Trade in Kakinada, Sitharaman referred to 'One District-One Product' and 'Vocal for Local', initiatives, aimed at promoting local products and creating their export markets. She said the Commerce Ministry was working on getting an export policy that would help the exporters by giving them incentives and promoting many things. There's a repetitive and very relevant line that the Commerce Minister refers to We can't be exporting taxes.' We also should identify ways in which those taxes whether Centre, State or local that are on these products should be removed so that we don't burden their exporters, the Finance Minister said. The

Industry body CII on Thursday suggested the government a number of measures, including lowering freight and power costs for exporters and setting up a shipping regulator, to promote outbound shipments. CII National Committee on EXIM Chairman and Patton Group's MD Sanjay Budhia also asked for fast-tracking establishment of an export promotion body. There is also a need to do an internal export promotion and marketing exercise to get more businesses on the export markets, he said at the CII's national exports summit here. "Can we consider lower freight and power costs for exporters? It is not required to have subsidies but calibrated rates so that exporters are not cross subsidising other consumers. In this regard, including electricity costs under GST could be a way out to lower tax incidence," Budhia said. He added that the government can consider a carve-out under the national logistics policy for investments in trade-related infrastructure. States should be encouraged to work on

An organisation of exporters wrote to Union Finance Minister Nirmala Sitharaman, urging her to extend the Goods and Services Tax (GST) exemption on export freight that lapsed on September 30. The Federation of Indian Export Organizations (FIEO) expressed concern that if the exemption is not extended, it will add to their liquidity challenges amid rising interest rates. Since its introduction in 2018, the government had extended the exemption twice till September this year. "Overseas freight rates had increased by 300350 per cent from preCovid levels. Now, there has been a slight decline in such rates, but these are still 200250 per cent higher than that of the 2019 levels," FIEO President A Sakthivel said. If the exemption is not renewed, exporters will be required to pay GST at 18 per cent on export freight, which will increase the logistical costs for Indian goods in the international market, he said. "Due to the recent increase in interest rates by the Reserve Bank of India, t

"The country is facing a shortage of foreign currency due to higher import bills and weaknesses of Bangladeshi taka against dollar in recent times," the SBI said

It is difficult to understand why the exporters want the taxpayers' money to further their businesses

Exporters that have shipped goods and expect to earn euros, pounds and the yen are eyeing ways to manage the currency risk as the dollar surges against its major peers

It is not clear if the changes will be part of the existing FTP or the new policy that the DGFT hopes to unveil in Sept