TRADE UPDATE #101

Shot in the Arm

30/01/2021

Even before the covid-19 pandemic hit Indian shores, exports from the country have been struggling for the last few years and it is likely to continue to contract in the coming future. According to the Economic Survey 2021, Indian exports are likely to dip by 5.8% and imports by 11.3% during the second half of the current financial year.

However, the government is optimistic that the recently rolled Remission of Duties or Taxes on Export Products (RoDTEP) and the production-linked incentive (PLI) scheme will boost exports. Besides, Finance Minister Nirmala Sitharaman is also likely to make significant allocations in the upcoming Union Budget 2021 to encourage the MSME exports via e-commerce and other digital mediums.


STATE EXPORTS

Odisha records 55% increase in export despite COVID distress

Despite the unprecedented disruptions caused by the Covid19 pandemic, exports from Odisha have registered a growth of 55 per cent (pc) in the current financial year till November 2020 over the same period in the previous fiscal, Chief Minister Naveen Patnaik said on Friday.


UNION BUDGET 2021

Govt may announce steps in Budget to promote ecommerce exports, imports: Report

The government in the budget next week is expected to announce measures such as extending the facility of bulk clearance for e-commerce imports and exports with a view to promoting the growth of this fast-growing segment in the country, sources said.


INTERNATIONAL TRADE

Economic Survey 2021: Why Bangladesh Has Beaten India In Export Growth

Bangladesh exports posted a compounded annual growth rate of 8.6% over 2011-2019 versus India’s export growth of 0.9% and a world average of 0.4%, the survey said. This outperformance, the survey said, is because Bangladesh “exports those commodities in which it has competitive advantage”.


BILATERAL TRADE

Enhanced trade partnership first step towards UK-India FTA, says UK minister

Britain and India are committed to an enhanced trade partnership as the first step towards a positive free trade agreement in future and plans are expected to be further formalised during the visit of Prime Minister Boris Johnson to India in the coming months, the UK's Minister for South Asia has said.


COMMODITY

Rice exports up 80.37% to 11.58 million tonne in April-December

The total value of the rice exports including basmati and non-basmati rice increased by 44% to Rs 44,894 crore compared with Rs 31,194 crore in the corresponding period last fiscal, said Vinod Kaul, executive director, All India Rice Exporters Association.


OTHER NEWS

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