Indian Exports

Defence sector reforms delivering good results: PM on record high exports

With defence exports reaching an all-time high, Prime Minister Narendra Modi said on Saturday that it shows the reforms in this sector over the last few years are delivering good results. The government will keep supporting efforts to make India a defence production hub, he tweeted. The prime minister was reacting to Defence Minister Rajnath Singh's tweet that India's defence exports reached an all-time high of Rs 15,920 crore in the fiscal year which ended on Friday. It is a remarkable achievement for the country, Singh said. Modi said, "Excellent! A clear manifestation of India's talent and the enthusiasm towards 'Make in India.' It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub.

Why the answer to India's export and employment worries may lie in R&D

Even if 'China plus One' offers new labour-intensive opportunities, India's trading success may lie more in value-added exports, and spending on R&D and innovation will pave the way, writes T N Ninan

India unveils 'dynamic' foreign trade policy, eyes $2 trn exports by 2030

India on Friday came out with a 'dynamic and responsive' foreign trade policy with the objective of raising the country's outward shipments to USD 2 trillion by 2030, making Indian Rupee a global currency and incentivising e-commerce exports. The approach of Foreign Trade Policy (FTP) 2023 is to move from 'incentive to remission' based regime; encourage collaboration between exporters, states, districts and Indian Missions; reduce transaction cost; and develop more export hubs. India is likely to cross USD 765 billion merchandise and services exports in financial year 2022-23 which ends on Friday. The total exports were USD 676 billion in previous fiscal year. Unlike the practice of 5-year FTPs, this time the government has come out with a dynamic and responsive trade policy without any end date, and will be updated as per the emerging global scenario. "We have ensured there is no end date to this policy, it will be updated from time to time," said Director General of Foreign Trade

India should target $350 bn exports through e-commerce by 2030: GTRI

India should target USD 350 billion worth of goods export through e-commerce by 2030 and for that the government needs to address pain points of the sector by taking steps like formulating a separate policy, a report by economic think tank GTRI said. The Global Trade Research Initiative (GTRI) said the current e-commerce export provisions in India are a patchwork over the rules framed for regular B2B (business-to-business) exporters. India's e-commerce exports have the potential to grow at a faster pace than its IT exports did in the early 2000s, it said. With Global business-to-consumer (B2C) e-commerce exports estimated to grow from USD 800 billion to USD 8 trillion by 2030, India's strengths in high-demand customized products, expanding seller base, and higher profit margins per unit of export place it in a prime position to benefit from this trend. GTRI has identified 21 action points for accelerating the country's exports through online medium. India's current e-commerce expo

India's export cushion

Rising services surplus is likely to offset the goods trade deficit in the short and medium term

Indian exports dip for third consecutive month by 8.8% to $33.88 bn in Feb

India's exports dipped in February for the third consecutive month by 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion recorded in the corresponding month last year. The country's trade deficit in February stood at USD 17.43 billion. During April-February this fiscal, however, the country's overall merchandise exports rose by 7.5 per cent to USD 405.94 billion. Imports during the period increased by 18.82 per cent to USD 653.47 billion.

India's exports to cross $750 billion this fiscal, says Piyush Goyal

The country's goods and services exports are marching ahead to cross USD 750 billion in the current financial year and talks for expanding rupee trade with certain countries are at an advanced stage, Commerce and Industry Minister Piyush Goyal said on Monday. Goyal said that last year the exports reached an all time high of USD 676 billion. We are inching close and marching ahead to cross USD 750 billion of goods and services exports in 2022-23We are expanding rupee trade with several countries, many of which are at an advanced stage of dialogue and finalisation., he said here at the CII partnership summit. Earlier, exports used to hover at around USD 500 billion every year, he added. India's merchandise exports during April-January this fiscal have increased to USD 369.25 billion as against USD 340.28 billion in the same period last year. Services exports during the 10-months period are estimated at USD 272 billion. Further the minister made 10 recommendations to promote global

Indian exporters need to adapt strategy given low rupee premiums: Analysts

Premiums are not expected to move back to the 4%-5% level given the inflation outlook and the likelihood that the Fed will keep rates higher for longer

Rajasthan is aiming to become a major exporting state: REPC Official

Rajasthan is aiming to become a major exporting state in the coming years, an official of the Rajasthan Export Promotion Council (REPC) has said. The state had exported goods worth Rs 72,000 crore in 2021-22, out of which 11 per cent were handicraft items, REPC Chairman Rajiv Arora said. "The current fiscal is very turbulent due to geopolitics for which freight costs have risen exorbitantly. But we are expecting that exports from the state in 2022-23 will be around Rs 82,000 crore," Arora said. In its first international EXPO at Jodhpur on March 20-22, the REPC will showcase the state's products like handicrafts, textiles, garments, agricultural products, spices, stone and marble ware, he said here on Wednesday. The state is laying focus on the MSME sector, Arora said adding that the government has decided to give interest subvention for projects up to Rs 50 crore. The state government has also stated in its industrial policy that incentives will be given for asset creation. Besid

Chatroom: 'Seller and buyer can agree to deviate from Incoterms'

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

India limits wheat exports through the govt route as prices rise

This is starting from November last year

India's exports may rise by 3-5% this fiscal to $435 billion: FIEO

India's exports are expected to grow by 3-5 per cent to USD 435-445 billion in this fiscal, exporters' body FIEO said on Friday. In 2021-22, the country's exports touched an all-time high of USD 422 billion. Federation of Indian Export Organisations (FIEO) President A Sakthivel said that the coming months are going to be little challenging unless both global economic growth and geopolitical situation improve drastically. "However, we will be on course to cross the previous year's goods export target quite easily touching almost USD 435-445 billion with a growth of over 3-5 per cent this fiscal," he said in a statement. Contracting for the second month in a row, India's exports dipped by 6.58 per cent to USD 32.91 billion in January due to a slowdown in global demand. Cumulatively, the country's merchandise exports during April-January 2022-23 rose 8.51 per cent to USD 369.25 billion. Sakthivel said that FIEO in its continuous endeavour to handhold and mentor the exporting communi

PI Industries stock gains from CSM business and margin expansion

Robust order book, product pipeline will ensure steady growth of agrochem player

Trade deficit hits 1-year low at $17.75 billion; exports, imports contract

Exports drop in 19 out of 30 sectors in Jan

India's January exports fall by 6.58% to $32.91 bn, imports down 3.63%

India's exports in January dipped by 6.58 per cent to USD 32.91 billion, as against USD 35.23 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Trade deficit in January stood at USD 17.75 billion. Imports in January also declined by 3.63 per cent to USD 50.66 billion, as against USD 52.57 billion in the same month last year. During April-January this fiscal, however, the country's merchandise exports rose by 8.51 per cent to USD 369.25 billion. Imports during the period increased by 21.89 per cent to USD 602.20 billion.

Indian exporters boost euro hedges after rally to near two-year high

There is an urgency among exporters to hedge following the euro's rally to above 88, a treasury sales official at a private bank said

Indian refiners may buy Russian oil for domestic demand, export own: Report

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

Apple supplier in India begins making parts of AirPods for export

Apple is building out production in India to reduce its reliance on China, where US trade restrictions and Covid-related disruptions have made manufacturing more risky

Commerce Ministry relaxes EPCG norms to promote ease of doing biz

The latest relaxation will be available for hotel, healthcare, and educational sectors, the commerce ministry said

Exports of Grand Vitara commence; first shipment goes to Latin America

Maruti Suzuki India aims to export the model to more than 60 countries across Latin America, Africa, Middle East, ASEAN and neighboring regions