Page 2 - Exports

Goods and services exports may reach $1 trillion each by 2030: Piyush Goyal

India's goods and services exports are growing at a healthy rate and are expected to be around USD 1 trillion each by 2030, Commerce and Industry Minister Piyush Goyal said on Tuesday. The country's merchandise and services exports touched an all-time high of USD 422 billion and USD 254 billion, respectively, in 2021-22. "My own estimates seem to suggest that we will converge (goods and services exports) by 2030...seven years from now at about USD 1 trillion of goods and USD 1 trillion of services (exports). "That is the trajectory I can see which will mean merchandise doing 8- 9.5 per cent and services doing anywhere between 16-17 per cent, Goyal said here at an event. The services sector, driven by the IT industry, has created a potential not only in terms of jobs, giving value to talent, but also providing India with an opportunity to showcase to the world its strengths, he added. He also said that every country wants to invest in India because of its startup ecosystem. "The w

Economic activity cools down in Jan amid slowdown fears, exports fell 6.58%

The Reserve Bank of India, which has raised borrowing costs six times since May to 6.50%, is seen increasing interest rates again in its April review amid inflation topping estimates

Global majors finally return to Tiruppur after a long dry spell

Weave revival story as knitwear exports rise 11.6% in rupee terms

Exports: As services catch up with goods, should India's focus shift?

The country would need push forward on both for medium-term sustainability, say economists

Apple takes a bigger bite of India's smartphone exports pie: ICEA

Rs 30K-cr worth of iPhones, which is 40% of total exports, shipped out in first 10 months of FY23

India's seafood exports to reach all-time high of $8 bn despite hurdles

Country's seafood exports are likely to reach an all-time high of $ 8 billion in FY 2022-23 despite three years of a sluggish global market caused by the pandemic, logistical hurdles

Russia plans caps on crude oil discounts to as low as $25 per barrel

Proposal: Discount of $34 in April, $31 in May, $28 in June and $25 in July'

ABB steps up focus on manufacturing amid revival in the capex cycle

Plan is to increase number of factories in country; position India as global hub for exports

ICEA to help UP become a global IT and electronics manufacturing hub

The India Cellular and Electronics Association (ICEA) signed a MoU with the UP govt to facilitate investments as the electronics manufacturing and skill hub to cater to domestic demand and exports

Pak minister urges export-oriented policies to accelerate economic growth

Minister for Planning, Development and Special Initiatives Ahsan Iqbal made the remarks during a roundtable with the country's exporters to review the progress of the exports and issues being faced

Budget 2023: Allocation to schemes for boosting exports increased

Allocation for the commerce department's key Remission of Duties and Taxes on Export Products (RoDTEP) scheme has been increased by 10 per cent

Schemes for MSMEs in Budget 2023 to help boost exports, says AEPC

Various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country's exports, AEPC said on Thursday. Finance Minister Nirmala Sitharaman in her Budget speech said a revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that the focus on infrastructure, investment, green growth, youth power and inclusive development will boost India's journey to be the fastest-growing robust economy. The announcement to cover more sectors under the PLI scheme and support to the MSME sector will help thrust exports and investment in the country. Rs 9,000-crore corpus for a revamped credit guarantee scheme will surely alleviate the stress of small and medium enterprises in India, he said. As desired by exporters, the increased allocation for the interest equalization (subsidy) scheme from Rs 2,376 crore

Budget 2023-24: Customs duty rejig to boost domestic manufacturing

As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys

Economic Survey highlights India's diversifying merchandise trade: FIEO

Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation of Indian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, South Africa and Saudi Arabia, have led to the increase in exports by up to 2 times," he said. The ongoing trade negotiations with the UK, EU, Canada, and Israel will also add further impetus to our exports, he added. "Reducing the cost of logistics in the country, which now to the tune of 14-15 per cent, comparable to the global benchmark, will help in making our exports more competitive worldwide," Sakthivel said. Yogesh Gupta, Regional Chairman, FIEO (Eastern Region), said the exporter fraternity is expecting fiscal support and affordable credit, from the upcoming budget. "A need of the hour is t

Budget's focus will be on promoting exports, millets, employment: Khattar

Haryana Chief Minister Manohar Lal Khattar said that state's budget for 2023-2024 will focus on promoting exports, products made from millets, and employment opportunities

Weak exports remain an overhang in the near term for Bajaj Auto

Strong realisations helped the company beat estimates in Q3

Chatroom: 'Export duty is not part of the price paid or payable for goods'

you must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)

Iffco, Amul, three others to promote exports of new co-op society

The new cooperative will also provide proper institutional support for aggregation of exportable surplus, working capital, logistics, technical know-how and training

DGFT simplifies composition fee for export obligation extension

The previous formula for composition fee was convoluted and difficult to understand, which made the process more tedious and strenuous for exporters

India's merchandise trade crosses the $1-trillion mark in 2022

Outbound shipments grew 13.7 per cent year-on-year (YoY) in 2022, while imports rose by 21 per cent, commerce and industry ministry's data showed