Posts

Over Rs 15k cr disbursed to exporters till December 25 this fiscal under duty refund scheme RoDTEP

Image
[ad_1] New Delhi: The government on Friday informed the Rajya Sabha that it has disbursed Rs 15,756.96 crore till December 25 this fiscal under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. It has benefited more than 1.11 lakh exporters so far this fiscal, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Rajya Sabha.The scheme was implemented on January 1, 2021. It refunds embedded taxes and duties that are not otherwise rebated under any other mechanism. The scheme helps ensure that Indian exports remain competitive in global markets by neutralising such taxes in a WTO-compliant manner.In FY22, the remission disbursed was Rs 14,798.42 crore, and in FY25, it rose to Rs 18,734.56 crore.Live Events Labour-intensive sectors such as textiles and apparel, marine products, agricultural products, chemicals, and engineering goods are among the key beneficiaries, and account for a substantial share of RoDTEP support and co...
Post a Comment
Read more

India protects key sectors under 'powerful' US trade deal, says Piyush Goyal

Image
[ad_1] New Delhi: India has a 'very good' and 'powerful' trade agreement with the United States, under which New Delhi has been able to protect all its sensitive sectors, Commerce and Industry Minister Piyush Goyal said on Friday.Speaking at a media event, Goyal said the trade deal would benefit both countries and that the process of building in preferential benefits available to India under the agreement was currently underway. "We have been able to protect all our sensitive sectors," Goyal said, adding that products of India's interest in agriculture had been safeguarded.Also Read: ‘Narendra Modi psychologically finished, govt gave away India’s energy security’: Rahul Gandhi on US trade deal"For example, no GM products can come in - no rice, wheat, corn, maize or soy meal. So all the products, and many, many more which we are sensitive about - no dairy, no poultry - they've all been kept out. It's a very powerful agreement. It's g...
Post a Comment
Read more

US opens trade probe into India, EU, China and others over forced labour policies

Image
[ad_1] The US has launched a trade investigation into 60 economies, including India, China, the EU, UK and Japan, to determine if their policies fail to prevent goods produced with forced labour. The office of the United States Trade Representative (USTR) on Thursday evening said it has requested consultations with the governments concerned and will hold public hearings on April 28 as part of the investigations under Section 301(b) of the Trade Act of 1974. “The investigations will determine whether acts, policies, and practices of each of these economies related to the failure to impose and effectively enforce a ban on the importation of goods produced with forced labour are unreasonable or discriminatory and burden or restrict US commerce,” it said.This comes a day after Washington announced a fresh probe into excess industrial capacity in 16 major trading partners including India under Section 301, which is designed to address unfair foreign practices affecting US commerce an...
Post a Comment
Read more

Trump’s uniform 15% tariff could benefit parts of Asia-Pacific: Moody’s

Image
[ad_1] A proposed uniform 15 per cent tariff by US President Donald Trump could offer relief to several Asia-Pacific economies that have been dealing with significantly higher, country-specific duties, according to Moody's Analytics.In a note released Tuesday, the firm said economies such as China and parts of Southeast Asia stand to gain the most from a standardised tariff regime. In contrast, the impact on countries like Japan, South Korea and Taiwan would be limited, as their existing base tariff rates are already close to 15 per cent.Also Read: India’s refund rollback lands exporters with a bigger bill"There is a lot of uncertainty, but we do know a few things. A uniform 15 per cent tariff would benefit some Asia-Pacific economies that have faced much steeper country-specific levies," the report said.The development follows a recent ruling by the US Supreme Court, which struck down the Trump administration’s country-specific tariff structure. In response, Trump...
Post a Comment
Read more

Indian textile exporter Gokaldas expects margin lift after US trade deal

Image
[ad_1] Indian textile maker Gokaldas Exports , a supplier to Walmart, sees pressure on its core earnings margins easing in fiscal 2027 as lower U.S. tariffs under India's trade deal begin to provide relief, its top executive told Reuters on Tuesday. The company, which derives about ‌75% of ⁠its standalone revenue ⁠from the U.S. and counts Walmart, Gap, and JCPenney among its clients, expects quarterly core profit margins to improve to the early double digits from 9.7% in the third quarter of fiscal 2026.However, Gokaldas did not specify an exact timeline, saying the benefits would materialise sometime after the second quarter of fiscal 2027. The ⁠company's margins ‌took a hit since the tariffs were imposed, as it offered discounts and absorbed part of the additional costs ⁠tied to the higher U.S. tariffs to preserve client relationships.India's $38 billion textile export sector has been struggling with elevated U.S. tariffs that were significantly steeper than those ...
Post a Comment
Read more

India-GCC FTA: Piyush Goyal signs Joint Statement for trade pact with Gulf Cooperation Council

Image
[ad_1] India and the Gulf Cooperation Council (GCC) signed the Joint Statement for a free trade agreement (FTA) on Monday, marking a major step towards deeper collaboration in key strategic areas. The signing took place in the presence of the distinguished delegations and representatives of both the parties.Minister of Commerce and Industry Piyush Goyal signed the key document with Jasem Mohammad Al Budaiwi, Secretary General of the GCC. The Gulf Cooperation Council (GCC) includes six member countries, namely Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait, Oman, and Bahrain.Also read: India sets sail to add more trade muscle as it signs FTA terms with Gulf Cooperation CouncilGoyal underscored that the relationship which is deeply rooted in shared history and cultural linkages, would get further impetus from a broad-based and mutually beneficial FTA. He also underlined that amidst global uncertainties, it is most opportune that discussions are starting on negotiating a r...
Post a Comment
Read more

India, Israel launch first round of FTA talks

Image
[ad_1] New Delhi: India and Israel on Tuesday began the first round of negotiations for a proposed Free Trade Agreement (FTA) in the national capital, with discussions scheduled from February 23 to 26, 2026.The talks follow the signing of the Terms of Reference (ToR) in November 2025, which laid down a formal framework to strengthen bilateral trade and economic cooperation.According to the Ministry of Commerce and Industry, technical teams from both sides are holding discussions on trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, customs procedures, trade facilitation and intellectual property rights.During the opening session, Commerce Secretary Rajesh Agrawal said the negotiations had commenced at an opportune time, coinciding with Prime Minister Narendra Modi’s visit to Israel from February 25–26. He highlighted opportunities in sectors such as innovation, science and technology, artificial intelligence, cybersecu...
Post a Comment
Read more