1.   

RBI extends 2% interest subsidy scheme for exporters

The Reserve Bank Tuesday extended the 2 percent interest subsidy scheme by another year on rupee export credit to the labour-oriented and small scale sectors to cushion them from slowdown in markets like the US and Europe. Exporters of handicrafts, handlooms, readymade garments, processed agriculture products and carpets will be eligible for interest subvention to be available up to March 31, 2013, the Reserve Bank of India (RBI) said.

2.   

Developing countries account for bulk of India’s exports

Developing countries in Asia, Africa and Latin America were the primary target of Indian exporters in April-December 2011. These nations cumulatively accounted for 40.3 per cent of Indian exports in the period. A sizeable chunk of India’s imports, at 33.4 per cent, also came from these countries. However, in terms of their percentage share of overall exports, shipments to Asian developing economies have declined to 29.3 per cent in the first nine months of FY 12 from 30.9 per cent in the previous fiscal.

3.   

India to sell 3 mln T wheat to private firms

India will offer 3 million tonnes of wheat to local commercial biscuit makers and flour mills at $210 per tonne, Food Minister K.V. Thomas said on Tuesday, as part of efforts to trim huge stockpiles vulnerable to rot and decay. The government would also supply 6 million tonnes of extra rice and wheat to states to offer the poor at cheap rates, Thomas told reporters after a ministers' meeting.

4.   

India-Israel trade will rise with FTA

Signing of a Free Trade Agreement (FTA) between India and Israel will increase the bilateral trade between the two nations from the existing $5 billion to $15 billion, said Israeli Ambassador to India Alon Ushpiz here on Tuesday. "The moment we sign the FTA the high tech products would dominate trade. Our future lies in high tech products," said Ushpiz at an interactive session here hosted by the CII Suresh Neotia Centre of Excellence for Leadership.