“We are expecting modest recessions in Europe, US, but by the second half of the year, the worst of it will start to fade and we should be on a path of recovery when it comes to exports. But there will be a very gradual recovery in exports."
The extension of rules may discourage some Indian refiners, mainly private companies, from buying Russian fuels for re-exports to countries including those in Europe that have stopped purchases of refined products from Russia due to its invasion of Ukraine.
Exports of the grain from India, the world's second biggest producer, surged after Russia's invasion of Ukraine boosted global prices, but a sudden rise in temperatures in March 2022 shrivelled the crop and cut yields, pushing local prices higher.
Merchandise exports dropped by 8.8 percent to $33.88 billion during the month, whereas, imports declined to $51.31 billion.
In May last year, the government had banned exports of wheat to boost domestic availability and control prices In a written reply to Lok Sabha, Union Agriculture Minister Narendra Singh Tomar said, "At present, there is no proposal for lifting restriction on export of wheat before the Department of Agriculture and Farmers Welfare".
The details of the year-wise export of military hardware were provided in the Rajya Sabha by Minister of State for Defence Ajay Bhatt while replying to a question.
We are a very attractive industry for the defence and aerospace sectors because we follow the right systems and processes for defence and aerospace, says Kapur
The country has witnessed indiscriminate imports of low quality in the past, which has increased the trade deficit and has broken the back of our manufacturing, the Union minister said.
Sugar production stood at 35.9 million tonnes in the 2021-22 marketing year.
According to the MSME ministry, the market is getting bigger with the advancement of digital technologies and opening up of more export markets.
The EU is introducing the carbon border adjustment mechanism (CBAM) from October 1 this year. CBAM will translate into a 20-35 per cent tax on select imports into the EU starting January 1, 2026.
Romania said this week it was concerned by signs that neighbouring Ukraine was dredging the canal that slices through a shared, ecologically sensitive coastal region, and asked if it could check the site.
Falling exports and a slack in manufacturing and services drove the weakness in business activity, offsetting improvement in consumption drivers reflected by tax collections and job growth
The government official said that the agreement is helping India to promote its outbound shipments to the UAE.
The outbound shipments rose by 14.6 per cent year-on-year to USD 453.3 billion in 2022.
In January, India's merchandise trade deficit fell to a 12-month low of $17.8 billion, while the services trade surplus surged to an all-time high
Recovery in steel prices and reduction in debt levels are critical to outperformance
Merchandise imports in January also contracted 3.63 percent, the second consecutive month of fall, to $50.66 billion
"In 2021-22, the (seafood) exports figure was worth USD 7.76 billion, which was 17 per cent of our agriculture shipments. We have a target to achieve USD 14 billion by 2025," Union Minister of State for Commerce and Industry Anupriya Patel said.
Given the potential of rogue pharma exporters to kill off Indian pharmaceutical companies’ global potential, pharma exports must be brought under an export control regime of the kind used to regulate WMDs
India's edible oil imports in the first quarter of the 2022/23 marketing year - which started on Nov. 1 - rose 25% from a year ago to around 4.5 million tonnes, dealers said.
The government is taking steps to promote domestic manufacturing and exports of toys from the country and reduce imports from countries like China, which are of low quality.
Federation of Indian Export Organisations (FIEO) President A Sakthivel said that many of the changes in the customs duties will help to provide competitiveness to manufacturing and exports, besides attempting imports substitution.
Past economic cycles have shown that a global slowdown can, with a lag perhaps, have a “knock-on” effect on the domestic capex cycle
Today the demand for aircraft has jumped high. There is no surprise that Air India is looking for more aircraft, says Gupte