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Market News
India’s trade with Russia, Ukraine grew since FY21: Government to Parliament.
Apr 07, 2022
India’s imports from Russia rose to $8.69 billion in the first 11 months of 2021-22, which is 58% higher than the total imports of $5.48 billion recorded in the full financial year 2020-21, the government told Parliament on Wednesday.
India’s exports to Russia rose to $3.18 billion in April–February period of 2021-22 from $2.65 billion recorded in the full year 2020-21, minister of state for commerce and industry Anupriya Patel said in a written reply in the Lok Sabha.
India’s trade with Ukraine has also increased to $3.09 billion in the first 11 months of 2021-22 from $2.59 billion in 2020-21.
'The effect of the war on exports/imports from Russia and Ukraine can be assessed only after the situation stabilises,' Patel said.
Neighbouring nations trade
The government has bilateral institutional mechanism with several countries including its neighboring countries, except with Pakistan, under which discussions on trade, investment and economic issues are held at mutual convenience.
'Yes sir. Department of Commerce has bilateral institutional mechanism with several countries including its neighboring countries, except with Pakistan,' Patel replied to a question on whether India is discussing some fresh trade investments and economic issues individually with each of its neighboring countries- China, Bhutan, Nepal, Pakistan, Afghanistan, Bangladesh and Myanmar.
Various such bilateral meetings have been held in last four years, in which the trade, investment and economic issues of mutual interest such as strengthening of border trade infrastructure, technical barriers to trade, sanitary and phytosanitary measures, cooperation in customs, facilitation of trade through railways, land and sea ports, harmonization of standards, etc have been discussed from time to time.
Patel said that resolution of these issues and implementation of various projects and programs of mutual interests has yielded positive outcomes which is reflected in India’s increasing total trade with these countries- from $112.15 billion in the year 2017-18 to $135.77 billion in April 2021-Feb 2022.
Startups
As of March 28, 2022, the number of recognized startups are 66,810 in FY22
from 726 in FY17. There is at least one recognized startup from every state and UT and nearly 50% of the recognized startups are from Tier-II and III cities. Recognized startups are spread across over 640 districts and have reported creation of more than 7 lakh jobs.
More than 4,500 Startups have been recognized in sectors relating to emerging technologies such as Internet of Things (IoT), robotics, artificial intelligence, analytics, Lok Sabha was told.
Apple imports
The government told Parliament that no abnormal imports of apples from Afghanistan have been noticed during the current year, with only 1947.19 tons, valued at $1.82 million, having been imported during the period April 2021 to January 2022.
Duty free imports of apple are allowed from Afghanistan under the South Asia Free Trade Area agreement, subject to adherence to prescribed Rules of Origin.
Replying to the question if Himachal Pradesh, Uttarakhand and union territory of Kashmir had brought the matter to the union government’s notice, Patel said: 'A number of representations were received in this regard'.
The matter was brought to the notice of the Central Board of Indirect Taxes and Customs for strict compliance to RoOs with respect to apple imports from Afghanistan.
economictimes
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