India & China committed to promote a favourable environment to enable continuous growth of bilateral trade and investment, strengthen their efforts to promote more balanced and healthier development of trade and economic cooperation and further enhance the closer development partnership between two countries.
India to host Dubai like mega shopping fests to boost Exports:
As part of the steps taken to boost exports, India will organise annual mega shopping festivals, similar to the ones held in Dubai, to facilitate exchange between global producers and consumers, Finance Minister Nirmala Sitharaman said recently.
She said that these "mega shopping festivals" will be held at four destinations across the Country and their themes will vary.
The Govt is expected to soon announce measures for certain sectors, including gems & jewellery, to boost the country’s subdued exports. For Labour- intensive sector Govt is looking at cutting import duty on coloured gem stones & polished diamonds from current 7.5%.
China and the United States have agreed to hold trade talks in early October in Washington. Before that, trade teams from the two countries will hold consultations in mid-September to take actions to create favorable conditions, said China`s Commerce Ministry in a statement.
India will overtake China as the largest importer of coking coal by 2025, Fitch Solutions Macro Research said on Friday. "We forecast India's coking coal consumption to grow at an annual average rate of 5.4 per cent between 2019 and 2028, driven by an equally robust expansion in steel production in the country,"
India's July petrol imports hit highest in at least 8 years:
India's petrol imports rose to 230,000 tonnes in July, the highest since at least April 2011, data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC).
Trading with World : Export Promotion Schemes provided by Govt to boost exports from India
After the "Make in India" initiative by the Modi Government, Indian exports have increased manifold. There are numerous export schemes, financial aids and other benefits provided by the Government of India to exporters which have led to this increase in exports.
India, Russia to boost ties to achieve $30 bn bilateral trade by 2025:
This was emphasised upon by Russia's Deputy Prime Minister Yuri Trutnev and Commerce and Industry Minister Piyush Goyal during a business session from August 11-13 in Vladivostok, Russia.
US-China trade war: India's gem and jewellery export gets a boost: The US Government announcing a 10 per cent tariff covering new commodities imported from China has some good news for India's gem and jewellery industry.If the tariff is actually implemented, China’s gold jewellery export to US will not be viable and Indian exporters will get an opportunity to fill that gap.
Ship-Agents welcomes Mumbai Port’s decision to raise draft levels: Mumbai Port’s decision to raise the draft level to 10.3 metres and 11 metres to dock vessels at BPX and BPS respectively, subject to low tides being over 60 cm has been welcomed by maritime fraternity.This has avoided the waiting period for the vessels arriving with deep drafts till the tide is favorable for berthing.With the raising of the draft levels, the vessels operators can now improve turnaround time and reduce the additional costs incurred in loading and unloading cargo.
Shipping Ministry to Increase tonnages of Export - Import & Coastal cargo on Indian Ships:
The Shipping industry continues to be affected by chronic problems related to ageing fleet, inability to participate in critical sectors and large-ticket contracts of LNG trade & carriage.
Due to the recent incidents in the Strait of Hormuz & the significantly increasing insurance costs in the Middle East region, Most of The Liners are implementing Extra Risk Coverage Surcharge based on the scope: Around 36-50 USD per TEU. Within Middle East: July 5, 2019.
India is likely to revamp its customs duty regime, weeding out some exemptions & correcting inverted duty structures to give a boost to the government’s. Make in India manufacturing initiative exports. Some of these measures could be announced in the budget for FY20 on 5th July.
Indian spot iron ore cargo volume has recently found a considerable amount of strength. 6 Indian spot iron ore cargoes surfaced in the market last week, which marks the largest amount seen since the Week Ending March 30, 2012.
High Level Advisory Group, headed by Dr. Surjit S. Bhalla, has made several recommendations for boosting India’s share & importance in global merchandise & services trade. Among other things, its report identifies tax reforms to boost exports & investment channels for exports.
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The US and India are expected to lead capacity growth in the global LNG liquefaction and regasification industries from planned and announced (new-build) projects, respectively during the outlook period 2019-2023.
Budget 2019: Engineering exporters seek fiscal relief :
They demanded that income tax exemption should be provided on the profits derived on transfer of export incentive scrips like MEIS (Merchandise Exports from India Scheme) and SEIS (Service Exports from India Scheme).
India may boost exports of 350 products to US, China amid trade war. Around 151 products including diesel and certain chemicals have the advantage to displace the US exports to China & 203 Indian goods including rubber have the advantage to displace Chinese exports to the US.
India imposes higher customs duties on 28 US products, including almond, apple, pulses & walnut in response to higher tariffs imposed by Washington on Indian Products such as steel & aluminum.
RBI extends RTGS transaction timings from 4:30 pm to 6 pm which is effective from 1st June 2019. The transactions will now take place under 3 windows: 8am to 11am,11am to 1pm and 1pm to 6pm.
*GST REFUND will be simplified for Exporters*
Finance Ministry to make Single Authority for Sanctioning and Processing Refunds for GST may be constituted by August to speed up refund process for exporters.
The Process Leads to liquidity crunch among exporters.
India, Japan signed deal with Sri Lanka to develop a deep-sea container terminal.
India's Ambassador to China Vikram Misri said the trade between India & China is set to cross the $100-billion mark in 2019 for the first time.
Jawaharlal Nehru Port Trust (JNPT) has enhanced its operational efficiency by dredging the navigational channel to 15 metres, thereby enabling it to berth larger vessels that can carry more consignments at a time, as well as reduced shipping and handling cost.
As per the data furnished by the Ministry of Commerce and Industry electronic goods, organic & inorganic chemicals, pharmaceuticals and engineering goods showed high Exports growth of 3.93% on a year-on-year basis in May 2019.On other hand Imports also grew by 4.31%
