The New Year has begun with some cheerful news, especially for the Pharmaceutical Industry. With covid-19 vaccines getting approved, India is likely to begin exporting them soon. The country makes about 60% of vaccines globally. In addition, according to the Ministry of Commerce's preliminary data, India’s exports slipped marginally by 0.8% in December 2020, with essential goods continuing to perform well. After a nine-month gap, Indian imports in December registered a positive growth of 7.6%. On another hand, in its latest Trade Policy Review for Asia, WTO asked India to lower down the average tariffs to ensure stable supplies of key products. Will India accommodate WTO's suggestions in the upcoming Exim policy 2021-26 -- only time could tell.
Trade Update
10TH JANUARY 2021
# 98
The country’s exports declined marginally by 0.8 percent to $26.89 billion in December 2020, due to contraction in sectors like petroleum, leather, and marine products, according to preliminary data released by the commerce ministry on Saturday.
After effectively addressing the internal movement of goods, attention is required as the Ministry of Commerce and Industry is getting set for working out the details of the new international trade policy.
Exports of basmati rice from India to Belgium have heightened by 60% in the initial eight months of the current fiscal year, while the Netherlands imports have practically multiplied twice.
India will begin exporting locally made coronavirus vaccines within a fortnight of their launch, a foreign ministry official has told the BBC. The official dismissed reports that India would ban exports of vaccines it is producing to meet local demand.
India’s average tariff increased to 14.3% in FY21 from 13% in FY15 with the country’s policymakers frequently using trade policy measures to encourage domestic production and curb inflation, the World Trade Organization (WTO) said in its latest Trade Policy Review for Asia’s third-largest economy.
- Madhya Pradesh CM inaugurates air cargo terminal at Devi Ahilya Bai Holkar Airport
- Expect recovery in global trade, exports in 2021: FIEO
- Exports of onions restart at Nashik
- Govt eases custom compliance, security requirements for MSMEs with relaxed AEO accreditation process
- Export benefits under RoDTEP subject to conditions