RBI said deepening of the contraction in global activity and trade, accentuated by the outbreak of COVID-19 and its rapid spread, has crippled external demand. This has impacted India’s exports and imports both of which have contracted sharply in recent months
The government is working on having a more liberalised FDI regime, in order to tackle the economic fallout of Covid-19 pandemic
Resolution of the current trade disputes may not be enough to change the trend in global trade.
Usage of petcoke, a dirtier alternative to coal, in the energy hungry country has come under scrutiny due to rising pollution levels in major cities.
The incentive came as a part of the mid term review of India’s Foreign Trade Policy (FTP) 2015-2020.
Commerce and Industry Minister Nirmala Sitharaman said the foreign trade policy (FTP) is in the process of a review.
August exports and imports are expected to remain in contractionary territory after tanking an annual 6.8 and 19 percent, respectively, in the previous month. Analysts at Moody's estimate the August trade deficit at USD 7.1 billion, a slight narrowing from July's USD 7.76 billion deficit.
The Centre will tweak SEZ and foreign trade legislations to make them compliant with the proposed Goods and Services Tax (GST) which would form the backbone of indirect tax reforms in the country soon, an official said.
The 'Special Advance Authorisation Scheme' will come into effect from September 1.
The meeting of the Consultative Committee of the Ministry of Commerce will be chaired by Commerce and Industry Minister Nirmala Sitharaman. The Director General of Foreign Trade will give a presentation on the foreign trade policy to the committee, which comprises 11 Members of Lok Sabha, and seven Members of Rajya Sabha.
The move is aimed at improving ease of doing business for exporters and importers. Commerce Secretary Rita Teaotia said that the step will help in exporters and importers in terms of facilitating the country's trade and reducing their transactions cost.
In an interview with CNBC-TV18, Soumya Kanti Ghosh, Chief Economic Advisor at State Bank of India (SBI) says gold monetisation can work only if incentives are given to banks.
The new policy will be effective for five years.
In this role, Arun M Kumar will lead the agency's efforts to assist and advocate for US companies in international markets.
China comes second with a value of USD 36.7 billion accounting for around 10 percent, while the US is third with USD 23.4 billions, a 6 percent share, followed by Saudi Arabia and the UK respectively with USD 23 billion and USD 15.2 billion.
In its 2014 study on "Going for Growth", The Organisation for Economic Co-operation and Development said momentum on reforms had slowed in the aftermath of the global financial crisis, with much of it now piecemeal and incremental.
But the outlook for 2014 is expected to be brighter as global demand picks up, giving more wiggle room for Chinese leaders to push through reforms to balance the world's second-largest economy.
Helped by market diversification and incentives announced in the foreign trade policy, India is likely to achieve the export target of USD 500 billion by 2013-14.
India's exports picked up in April after falling in March but only grew 3.2% from a year earlier.
Global cotton prices are likely to remain under pressure even after India banned exports, a senior Australian farm official said on Tuesday, as more production comes on stream from other producing countries.
A recent study by Kotak Securities has raised serious questions about the export boost India seems to be enjoying. That’s the key issue Karan Thapar discusses with his eminent panel on the latest episode of CNBC-TV18’s India Tonight.
Japan and India signed a free trade pact on Wednesday under which the hi-tech nation and the South Asian giant pledged to scrap tariffs on 94 per cent of goods within a decade.