Container Crunch

Last month, India's overall exports hovered around US$ 56Bn, a 35.16% increase from the same period in the previous year. Happy with the country's upward trajectory, union minister Piyush Goyal recently announced that India is on its way to hitting a historic high on exports of goods and services this year. Moreover, the minister said India attracted 'record' foreign direct investments in the last seven years due to significant structural reforms undertaken by the government, and the trend is likely to carry on.

On the other side, the shortage of containers continues to cast a shadow over the global supply chains, making life more difficult for Indian exporters. Due to the limited availability of containers at major ports like Kolkata, businesses on the nation's east coast are burdened with an additional process of transporting goods via roadways to Mumbai or Kochi to find shipping lines that are headed to the required destinations. Besides this, MSME minister Narayan Rane expressed his desire to improve the economic performance of MSMEs based in the country's northeast region and claimed that this is currently the topmost priority of the ministry of MSME. We hope the government aids the seven sisters of India and helps in their development.

Overall exports rise 35.1% to $56.4 bn; imports up 57.3% to $68.09 bn in October

India's overall exports in October 2021 are estimated to be $56.51 billion, exhibiting a growth of 35.16 per cent over the same period last year. Imports, however, are estimated to be at $68.09 billion, growing at 57.32 per cent over the same period last year.

New-gen issues in India's line of sight as it eyes trade deals

As India goes into firming up trade deals with developed nations like Australia, the United Kingdom (UK) and the regional bloc, and the European Union (EU), it will have to be well prepared to negotiate on new-generation issues, such as data protection regulation, e-commerce, and environment.

Exporters in east go to west Indian ports

Until a few weeks ago Patton International, an engineering goods company, was moving more than half its containers from Kolkata to Mumbai for exports to the US due to the shortage of containers on the east coast.

Northeast region topmost priority of MSME Ministry: Narayan Rane

MSME Minister Narayan Rane on Thursday said that India can develop only when the Northeast region develops and it is also the topmost priority of the Ministry of MSME. Rane was speaking at the North-East MSME Conclave in Guwahati organised by the ministry to further explore MSMEs’ growth potential in the region. “The correlation between the Indian economy and the MSME sector’s performance has never been more aligned. This would continue to grow even closer in the upcoming years,” the ministry said in a statement citing Rane.

India seeks duty-free access for leather goods in trade pacts, $10 billion exports by 2025

Commerce and industry minister Piyush Goyal on Wednesday said that India is seeking duty free market access for its leather goods in countries, including UAE, UK and Australia, with which it is negotiating Free Trade Agreements (FTAs).