As we approach towards the end of 2020, the global trade and domestic economy realigns towards recovery but in a reeling manner. New initiatives have been a pivotal go-to-step for the government, including the Production Linked Incentive (PLI) scheme and steps to solve the container situations at the ports. State-level focused policies such as the UP’s Export Policy will boost exports. Global landscape had been stuck in the dichotomy of trade agreements for expansion and hike in raw material prices, affecting one and all. Alan Wolff, Deputy Director-General, World Trade Organization (WTO) told G20 leaders to boost trade financing. It will help the government to critically utilize trade to help underwrite the economy and reform the institutional framework for world trade. The need of the hour is calling for better resilience, optimism, and outlook. A collaborative approach between countries, governments, and local businesses could be resulting in a differentiated win, which we all have been longing for weeks.
Trade Update
29TH NOVEMBER 2020
# 93
When crops do not move and factories are idled throughout the developing world, the global recovery will be delayed for all, Wolff, a U.S. citizen, told the leaders. A trade finance initiative should be seen as an essential part of improving the outlook for economic recovery
The sharp rise in Steel prices have adversely affected a large number of Micro, Small, and Medium Enterprises (MSMEs) in Tamil Nadu. According to Coimbatore District Small Scale Industries Association (CODISSIA) the prices of the commodity have jumped from Rs 37,000 per tonne to Rs 47,000 per tonne in the past six months and there is a secular upward trend for steels, plates, angles, etc.
We have proposed to increase freight subsidy under the new export policy. We are providing it already to make products competitive, Navneet Sehgal, Additional Chief Secretary (MSME and Export Promotion) said.
The qualifying parameters for Indian automobile makers may include minimum annual exports of 1,000 crores from India. Multinational corporations will have to show an annual global revenue of 10,000 crores in addition to the exports criterion for their local units to avail of the subsidies, the people cited above said, requesting anonymity.
Export of non-basmati rice is expected to double this year as Indian prices are 10% lower than rivals and output has fallen in Thailand and Vietnam, exporters said. Major buyers include China and countries in Africa and Southeast Asia. This year we will easily be able to export over 10 million tonnes of non-basmati rice compared to 5.04 million tonnes in the previous year, said BV Krishna Rao, president of the Rice Exporters Association.
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