TRADE UPDATE #97

A Fresh Start

26/12/2020

The year-end approaches, and we’re seeing ourselves back to the drawing board to get the ball rolling for the next year. Following this strategy, the Federation of Indian Export Organisations (FIEO) met Finance Minister Nirmala Sitharaman to pitch new measures like tax reductions, fiscal support, provision, and more. The idea to keep the freight rates under check was also part of the discussion.

The current scenario also raised the bar for Union Budget 2021, as the COVID-19 pandemic maimed sectors severely. Thus, leading to exporters wanting just enough budget allocation to support the stressed sectors.

2020 has been a roll-a-coaster owing to the pandemic. We celebrate this year’s Christmas and another year-end, with the hope that good times are just around the corner.

Wishing you a Merry Christmas and Happy New Year!


EXPORTS

Exporters seek sector development fund

Exporters’ body Federation of Indian Export Organisations (FIEO) on Saturday met Finance Minister Nirmala Sitharaman and pitched for a host of measures to boost outbound shipments. These include the setting up of a development fund, bringing in a double tax deduction scheme, extending tax deductions on product development, providing fiscal support to attract private investment in the shipping industry to keep freight rates under check.


UNION BUDGET 2021

Exports sector: Budget expectations

Meanwhile, ahead of the Budget, exporters have raised a number of demands. The COVID19 pandemic has created significant stress on the sector, and considering this, it now wants enough budget allocation to the Department of Commerce to support the sector. The exports sector has long been struggling, and its contribution to GDP has declined in the last few years.


COMMODITY

Spice exports rise by 19 percent in the first half of fiscal, fetch India Rs 12,273 crore

Surpassing the seven lakh tonnes mark, spice exports from India grew 19 percent in the April-September period of this financial year compared to the corresponding period last year and fetched Rs 12,273.81 crore. Chilli


ECONOMY

Bottlenecks Wear Down World Economy’s Fleet of Container Ships

The world’s top container line, Copenhagen-based A.P. Moller-Maersk A/S, this month called the challenges “the most dramatic stress test of the past 75 years.” Other industry representatives say there are multiple reasons on land why the system is straining, like trucker shortages, surging e-commerce purchases, or Brexit stockpiling.


MSME

Delayed payments: MSMEs see 74% jump in rejected applications involving this much amount since March

MSEFCs, which are established by state governments and facilitate settlement of disputes on delayed payments for micro and small enterprises (MSEs), have rejected 11,042 applications as of December 23, 2020, up from 6,346 rejected applications as of March 4, 2020, according to the government data sourced from delayed payment monitoring system MSME Samadhaan


OTHER NEWS

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