Last week’s trade landscape was covered with data, reports, deals, and negotiations. According to the government, Indian exports slipped by 9%. The fall was led by engineering, chemicals, and petroleum products. While on the other hand, the country’s trade deficit narrowed to US$ 9.96 billion.
Commerce Minister Piyush Goyal chaired the Board of Trade meeting last Wednesday. The minister called for better co-operation from states to build a stronger nation in order to achieve the transformational goals. The government also shared its plans for a dedicated freight corridor of which 40%( approximately 1,100 Kms ) will be completed by the end of this financial year. With these recent developments, the trajectory has shifted from uncertain times towards the road to recovery, staying resilient still remains a sought after business trait for now.
Trade Update
6TH DECEMBER 2020
# 94
India’s exports fell 9 percent to USD 23.43 billion in November due to a drop in shipments of segments such as petroleum products, engineering, and chemicals, even as the trade deficit narrowed to USD 9.96 billion during the month, according to official data released on Wednesday.
The ongoing negotiation to curb harmful fisheries subsidies at the World Trade Organisation (WTO) is facing a deadlock due to deeply fixed positions of members over special and differential treatment (S&DT) concessions for developing countries. While India, South Africa, and some others are insisting on carve-outs for poorer nations to protect the subsidies of small fishers, there are others who want them to take on full commitments with longer timelines or technical support, a Geneva-based official told BusinessLine
A meeting of the Board of Trade (BOT) was held on Wednesday under the chairmanship of the Commerce and Industry Minister Piyush Goyal, through video conference. The meeting focused on the new Foreign Trade Policy (FTP) (2021-26) and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.
:The current regulations under Goods and Services Tax (GST) framework and how thats interpreted is causing several problems for some of the engineering companies, Engineering Export Promotion Council ( EEPC) said. EEPC has reached out to the government and asked it to iron out these issues.
The government is working to begin commercial operations on the dedicated freight corridor, of which around 1,100 km, or 40% of the total route is likely to be commissioned by the end of the current financial year, a senior official has said. Dedicated Freight Corridor Corporation of India (DFCCIL), which is implementing the project, has set up a business development unit to form tieups for commercial operations on the commissioned sections next year.
- Govt seeks proposals to setup export promotion council for Technical Textiles
- Focus on value addition, quality & safety requirements by implementing traceability solutions key to increase Indian spices export: D Sathiyan
- Tech imports lift manufacturing exports
- Rice exports rise 43% to 11.95 million tonnes in October