Higher duties on Chinese face masks, syringes and needles, medical gloves and natural graphite provides a significant opportunity for India, GTRI also added
"Despite the World Trade Organization (WTO) expecting a 2.6 per cent rise in trade volume for 2024, the value of world merchandise trade is still seen to decline by 1.2 per cent in 2024 from 2023, continuing the trend of trade values falling behind the trade volumes," the think tank said.
Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports.
The Global Trade Research Initiative (GTRI) said these five products — basmati rice, non-basmati rice, sugar, spices, and oil meals — account for 51.5 per cent of India's total agriculture exports.
The Global Trade Research Initiative (GTRI) said that European Commissioner Wopke Hoekstra remarks that the sole aim of CBAM (Carbon Border Adjustment Mechanism) is to prevent carbon leakage which has significant "flaws".
The official said that the Canadian pension funds are getting higher returns in India, and they have investments in the Indian infrastructure sector.
The GST Council has exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule will kick in from October 1.