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12 Apr, 2024 News Image Commerce Ministry may seek five-year extension of interest equalisation scheme for exporters.
The Commerce Ministry is likely to seek further extension of the interest equalisation scheme on pre- and post-shipment rupee export credit for another five years to promote the country’s outbound shipments, an official has said.
The scheme will end on June 30 this year.

 Source:  thehindubusinessline.com
12 Apr, 2024 News Image Majority of principal commodities exported to China record positive growth in 2023: Comm Min data.
As many as 90 principal commodities like iron ore, telecom instruments and electronic components exported to China have recorded a positive growth in 2023 out of the total 161 such goods shipped to the neighbouring country, according to commerce ministry data.
These 90 commodities account for 67.7 per cent of India's export basket to China, while 71 products that have registered a negative export growth in 2023 constitute 32.3 per cent, the data showed.

 Source:  economictimes.indiatimes.com
12 Apr, 2024 News Image ADB raises India s growth forecast to 7% for FY25; FY26 growth at 7.2%.
Indian economy will likely grow 7% in FY25 growth compared with 6.7% projected earlier, as public and private investment, along with gradual improvement in the rural economy, support growth, Asian Development Bank said Thursday.
'The Government of India’s efforts to boost infrastructure development while undertaking fiscal consolidation and provide an enabling business environment will help in increased manufacturing competitiveness to augment exports and drive future growth,' said Mio Oka, ADB India director, noting India will retain its tag as fastest growing major economy.

 Source:  economictimes.indiatimes.com
12 Apr, 2024 News Image Britain suspends import duties on over 100 items.
Britain on Thursday suspended import duties on more than 100 items, including car parts and fruit juice, until June 2026, responding to industry demand as ministers seek to help domestic firms keep a lid on costs.
The government said it would implement 126 new tariff suspensions on goods which aren't produced in sufficient quantities in Britain. It also said 11 other existing suspensions would be extended.

 Source:  reuters.com
12 Apr, 2024 News Image Disclosure of pulses stock mandatory from April 15.

The government has made it mandatory for pulses importers, millers, stockists, traders, and processors to disclose their stocks of all pulses from April 15 to prevent hoarding as it suspects a large quantity of imported legumes are lying in customs warehouses.


 Source:  economictimes.indiatimes.com
12 Apr, 2024 News Image India reviewing Asean trade pact with an eye to boost domestic manufacturing.

India has begun looking at several products where taxes on input items are higher compared to the finished goods as part of a comprehensive review of its trade pact with the 10-member Asean to correct several anomalies that have undermined domestic manufacturing.


 Source:  economictimes.indiatimes.com
12 Apr, 2024 News Image Wheat procurement reaches near 1.5 million tonnes, up by 41%.

Wheat procurement by the Food Corporation of India (FCI) for the Centre’s buffer stocks has reached 1.44 million tonnes (mt) - 41 per cent higher than 1.03 mt in the year-ago period. However, this year procurement began on March 13, starting from Rajasthan. Though the Government has set a target to buy 37.29 mt in the marketing year beginning April 1, officials have said that the 'realistic' procurement may be 31-32 mt.


 Source:  thehindubusinessline.com
12 Apr, 2024 News Image Global trade to pickup in 2024: WTO.
Global goods trade is expected to pick up gradually this year following a contraction in 2023, the World Trade Organization (WTO) said in a forecast Wednesday. The volume of world merchandise trade should increase by 2.6% in 2024 and 3.3% in 2025 after falling 1.2% in 2023, it said but cautioned that regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks to the forecast.
 

 Source:  economictimes.indiatimes.com
12 Apr, 2024 News Image US trade mission to visit India to explore opportunities in agribusiness.
A high-powered US trade delegation will visit India later this month to explore opportunities in the country's huge agribusiness sector and further promote American products among India's rising middle class. 'India represents a growth economy for the US agribusinesses seeking to capture an increasing share of the household food purchases in the fifth-largest economy in the world,' said Under Secretary of Agriculture for Trade and Foreign Agricultural Affair Alexis Taylor.
 

 Source:  economictimes.indiatimes.com
10 Apr, 2024 News Image India s NCEL to export 1,600 tonnes of white rice to Singapore.
India’s National Cooperative Export Ltd, jointly owned by India’s five top cooperative organisations, will export 1,600 tonnes of white rice to Singapore following successful negotiations with the island nation’s aggregator. 
'We will soon negotiate to export 2,000 tonnes more. The shipment will be done in April itself,' said Jayen Mehta, Managing Director, Gujarat Cooperative Milk Marketing Federation (GCMMF), which owns the Amul brand. As Amul is one of the promoters of NCEL, Mehta is its operational head.
 

 Source:  thehindubusinessline.com