Foreign Trade, India Export & Import Policy | Economy News
India, Iran discuss development of Chabahar Port, trade relations
India and Iran reviewed their relationship, focusing on Chabahar port development, trade, and economic cooperation. They discussed ways to resume Iranian crude oil procurement, regional issues, and boosting tourism. Both sides stressed Chabahar’s role in Afghanistan’s reconstruction and their commitment to deeper multilateral cooperation in organizations like the UN, BRICS, and SCO.
Govt amends FTP to make stakeholder consultation mandatory for inclusive decision-making process
The Directorate General of Foreign Trade (DGFT) mandates stakeholder consultations for drafting Foreign Trade Policy to ensure inclusive participation. Amendments reflect the commitment to ease of doing business, but the government reserves final decision-making power to handle conflicting opinions.
India’s exports to cross USD 800 bn this fiscal: Piyush Goyal
Commerce and Industry Minister Piyush Goyal stated that despite global economic uncertainties, India’s exports of goods and services are anticipated to surpass USD 800 billion this fiscal, setting a new record. The previous fiscal year saw exports at USD 778 billion. India’s export basket is large, and services exports are growing rapidly, indicating a resilient economic performance amidst global challenges.
India’s December palm oil imports hit 9-month low as buyers prefer soyoil: Report
India’s palm oil imports in December hit a nine-month low at 503,000 metric tons due to soaring prices, driving refiners to switch to cheaper soyoil. Soyoil imports rose to 420,000 metric tons, while sunflower oil imports decreased 22%. Total edible oil imports fell 25% to 1.19 million tons.
No legal right to seek reasons for excluding feedback in foreign trade policy: Govt
The government announced that individuals have no legal right to demand reasons for their suggestions or feedback not being included in the Foreign Trade Policy (FTP). Views may be considered, but reasons for rejection will not be disclosed, especially if it could harm trade relations, national security, or conflict with government policies.
No legal right to demand reasons for excluding feedback in FTP: DGFT
The government announced that no individual has a legal right to demand reasons for their suggestions not being included in the Foreign Trade Policy. The Directorate General of Foreign Trade stated that the government may consult stakeholders but is not obligated to incorporate or explain the exclusion of their feedback.
India-EFTA trade pact likely to be implemented before end of 2025: Piyush Goyal
India is progressing rapidly towards implementing the FTA with the EFTA bloc, aiming for enactment by late 2025. The agreement promises $100 billion investment over 15 years, creating 1 million jobs in India. Notable concessions include reduced duties on Swiss watches and chocolates. Ongoing FTA talks with the UK and EU are also in focus.
India’s textile exports grew 7 pc to USD 21.35 bn during Apr-Oct period of FY25: Govt
India’s textiles and apparel exports, including handicrafts, rose by 7% to USD 21.35 billion from April-October FY 2024-25, led by Ready Made Garments. Imports in the sector declined slightly by 1% in the same period. Cotton Textiles and Man-Made Textiles saw notable export increases.
India is shooting itself in the foot on trade — again
President-elect Donald Trump has threatened tariffs on Indian imports, but India’s trade policy issue lies more in non-tariff barriers, specifically Quality Control Orders. These orders unpredictably restrict imports and harm local industries by monopolizing resources and fragmenting supply chains, ultimately hurting India’s economic productivity and job creation.
Shipments of banana, ghee, furniture, office stationery and solar photovoltaic modules growing rapidly in new markets
India is diversifying its export basket, focusing on products like banana, ghee, solar PV modules, and alcoholic beverages. The goal is to increase the global share of these products, targeting markets such as the US, EU, China, Japan, and more. Export revenues are expected to surge due to government incentives and global demand.
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India aims to double organic food exports to $1 bln
India aims to surpass $1 billion in organic product exports by next year, with significant growth in the last decade. The country is working on MRAs for delicate exports like fisheries. Tobacco exports are projected to grow 8% to over Rs 13,000 crore this year, maintaining controlled production.
Commerce ministry planning to expand food testing infrastructure to boost exports: Official
The Export Inspection Council (EIC) is planning to expand India’s food testing infrastructure to boost exports. A detailed study on gap assessment is underway and will be completed in 2-3 months. EIC aims to adopt advanced technologies and is forming mutual recognition agreements with different countries. New laboratories are being set up in Ahmedabad, Faridabad, and Mangalore.
Tobacco exports to cross Rs 13,000 cr this yr: Official
India’s tobacco exports are set to grow by over 8 per cent and exceed Rs 13,000 crore this year. The Tobacco Board supports farmers through various measures to enhance income and production quality. India’s production is regulated to meet domestic and export demands, ensuring stability for the tobacco industry.
Trade, tariff and Trump: How India can beat the big likely disruption in making
India should seek comprehensive engagement with the incoming Trump administration to address issues in trade, investment, technology, and finance. A focus on maintaining supply lines and diversifying markets is vital, particularly for sectors like pharmaceuticals, jewellery, and services. Leveraging opportunities from US tariff actions is crucial.
Trade war with India will not be in the interest of US, says RIS
Initiating a trade war with India is not beneficial for the US as previous policy shifts under the Trump administration showed temporary setbacks followed by recovery. India’s trade surplus with the US declined initially but later resumed growth due to resilient and strategic responses from India.
India’s goods, services exports likely to cross USD 800 bn in 2024: GTRI
India’s exports of goods and services are expected to surpass USD 814 billion in 2024, a 5.58 per cent increase from 2023. While machinery and electronics exports are growing, traditional sectors such as textiles and garments are declining, highlighting both opportunities and challenges amid sluggish global trade and geopolitical tensions.
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