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June exports data to reflect faster recovery: Piyush Goyal.

Jul 06, 2020

The country's exports, after contracting drastically in April and May due to the COVID-19 pandemic, are 'recovering fast' and it will be reflected in the data for June, Commerce and Industry Minister Piyush Goyal said on Friday. Addressing export promotion councils through video conferencing, the minister said the June data will reflect the gains, 'with the merchandise export figures touching almost 88 per cent of the corresponding period last year.'
 
Most of the markets abroad have not been able to make such a 'remarkable' comeback, he said, adding imports are still far behind.
 
'The exports, after setbacks in the first two months of this financial year due to COVID-19, are recovering fast, as the unlock process gains and the economic activity makes a revival,' he said.
    
Source: The Economic Times



Two-way India- Bangladesh trade via West Bengal restored after Delhi's herculean efforts.

Jul 06, 2020

The impasse on the Indo-Bangladesh border trade through Petrapole-Benapole has finally been resolved with the first truck from Bangladesh entering India on Sunday since March restoring two-way bilateral trade following the Central government's franctic efforts led by MEA.
 
ET has learnt that this has been made possible following herculean efforts by MEA, MHA and Commerce as well as Indian High Commission in Dhaka. The West Bengal government had refused entry of trucks following fears of  the spread of Covid.
 
India-Bangladesh trade has remained disrupted since March 23 due to restrictions at Integrated Check Post (ICP) Petrapole- Benapole imposed by the Govt of West Bengal. The trade resumed at ICP Petrapole on April 29 but was soon halted on May 2, owing to some local protests at Petrapole.
    
Source: The Economic Times



Shun over-dependence on imports, certain geographies, deliver affordable products: Piyush Goyal tells industry.

Jul 06, 2020

Commerce and industry minister Piyush Goyal on Friday asked industry to reduce over-dependence on imports, certain geographies and deliver affordable products, stating that it is good that India’s imports are behind what they were last year even as exports have revived to a large extent and the economy is recovering.
 
Calling upon industry to shun over-dependence on imports and certain geographies, as this leads to long-term dire consequences, Goyal exhorted them to make in India, use indigenous resources and skilled manpower, produce quality products, and use the economies of scale to deliver affordable products.
 
His statement comes in the wake of India imposing a slew of restrictions to contain imports from China with which it has a burgeoning trade deficit.
    
Source: The Economic Times



India to save 20 pc logistic cost in supplies to CIS countries via Chabahar: Mandaviya.

Jul 06, 2020

By developing strategic Chabahar Port in Iran, Indian will reduce logistics cost by 20 per cent in container transport to CIS countries, bypassing China or Europe, Union Minister Mansukh Lal Mandaviya has said.
 
So far, CIS countries could be reached only via China or Europe, he said.
 
Chabahar port, located in the Sistan-Balochistan province at energy-rich Iran's southern coast, lies outside the Persian Gulf and is easily accessed from India's western coast, bypassing Pakistan.
 
'In a strategic development, loading and unloading of cargo has started at Chabahar Port. Container transport logistic cost to CIS countries will be reduced by 20 per cent through Chabahar. So far, cargo to CIS countries from India could be sent only via China or Europe.'
    
Source: Outlook India



Agriculture to rack up gains as pandemic roils the economy.

Jul 06, 2020

Agriculture and allied activities are expected to grow 2-3% in the ongoing fiscal year, on the back of favourable government policies and forecast of a normal monsoon, after a 4% expansion in fiscal 2020. Overall, the economy is forecast to contract up to 7% in fiscal 2021, indicating a deep decline in industry and services.
 
Agriculture is 'one bright spot' in the economy that will support a large section of population, even as services and manufacturing struggle to emerge from the impact of the coronavirus pandemic, say experts.  Agriculture and allied activities are expected to grow 2-3% in the ongoing fiscal year, on the back of favourable government policies and forecast of...
 
..said, while underscoring that increased agricultural output had not translated into corresponding income growth for the rural sector in the past.  'The last two-three years have seen record growth in food grain production and this year is not an exception. But has that translated into income growth in the rural sector? I don't think that has happened,' Ghosh said.
    
Source: The Economic Times



India may see first monthly trade surplus in 18 years.

Jul 06, 2020

India may register its first monthly trade surplus in over 18 years in June as the pace of contraction of exports is estimated to have slowed down to around 12%, while imports are seen to have fallen almost 49% during the month. 
 
Initial estimates for June, available with the commerce department, show a trade surplus of around $786 million, with imports pegged at $21.1 billion and exports at $21.9 billion. The last time India had a positive balance on the trade account was in January 2002 when it had a surplus of $10 million with exports of $4.3 billion. 
    
Source: The Times of India



'Border Haats' to boost economy, people's ties: Experts.

Jul 06, 2020

The 'Border Haats' along the India-Bangladesh frontier must restart soon while maintaining necessary precautions against Covid-19, including social distancing as these markets boost the economy, fortify ties among the people of the two neighbouring states, and also check illegal trades, experts and economists said as they urged the Centre to prioritise.
 
The four 'Border Haats', set up in Meghalaya and Tripura in 2011, 2012 and 2015, have remained closed since March as precautionary measures against the outbreak of the novel Coronavirus forced a lockdown, causing immense loss to the people living near these borders.
 
Experts, academicians, researchers and economists from India as well as Bangladesh, while speaking at a day-long discussion on a virtual platform earlier this week observed that the prolonged closure of 'Border Haats' (markets) would lead to hardship that could egg the people in these areas to pick up informal cross-border trade.
    
Source: Outlook India



At 42.7 m, June e-way bills close to pre-Covid days.

Jul 06, 2020

More than 42.7 million e-way bills were generated in June with a total value of '12.4 lakh crore, higher than the March numbers of over 40 million bills that clocked value of '11.43 lakh crore, indicating that the movement of goods was getting close to the levels of prelockdown days.
 
E-way bill, or electronic way bill, is a document that needs to be generated by registered GST taxpayers for inter-state movement of goods if the value of the consignment is more than Rs 50,000. It is one of the prominent indicators of economic activity. On June 30, the last day of Unlock 1.0, more than 1.83 million e-way bills were generated – the highest since the enforcement of the lockdown – with goods value of over Rs 54,500 crore, data released by Goods and Services Tax Network (GSTN) on Sunday showed.
 
E-way bill generation used to be around 1.85 million on an average every day during the days before the Covid-19 outbreak.
    
Source: The Economic Times



Sowing up 87 percent since monsoon onset.

Jul 06, 2020

Farm activity has seen an uptick in June, aided by heavy rainfall, with 87% more area coming under cultivation of various key crops so far in the season compared to last year.
 
Rice, grown across 40% of the total area during the kharif season, is up 39%, while oilseeds area has increased by more than three times and cultivation of pulses has quadrupled.
 
'The government has surplus food grain production. But we need to grow pulses and oilseeds, for which we are dependent on imports. By bringing more area under oilseeds, we will become self-reliant,' said agriculture commissioner S K Malhotra.
    
Source: The Economic Times



Push for infrastructure, privatisation to revive India's growth: Tarun Bajaj, Economic Affairs Secretary.

Jul 06, 2020

Big infrastructure and privatisation drives are in the works to give growth a boost with the government watching as many as 14 indicators every week to keep tabs on economic recovery, economic affairs secretary Tarun Bajaj told ET.  The cabinet secretary has already held a meeting to get the infrastructure plan going and finance minister Nirmala Sitharaman..
 
...made as part of the Atmanirbhar package were being monitored closely, to the level of implementation.  The government had announced a host of measures including a credit guarantee scheme for MSMEs and policy measures including removal of restrictions on sale of farm produce as part of the self-reliance programme aimed at reviving the economy and reducing dependence on imports.
    
Source: The Economic Times



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