GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] New Delhi: US-India Strategic Partnership Forum President and CEO Mukesh Aghi on Monday emphasised that exports are going to be a major job creator for India as the country moves towards becoming a USD 5 trillion economy. Aghi, who was speaking at an event organised by the USISPF, also stressed that India and the US should continue to strengthen their economic engagements and increase the bilateral trade to USD 500 billion going forward. He said creating nearly 1.2 million jobs per month is going to be a challenge, highlighting the importance of job creation to ensure there is no social unrest among the youth. "As India's economy goes from 4 to 5 trillion dollars, one of the biggest job creators is going to be exports because we have a challenge and the challenge is how do we create 1.2 million jobs (in India) a month and unless we are able to meet that objective we will start seeing some kind of social unrest among the youth itself...," Aghi said. "...

[ad_1] India's oilmeals export declined 35 per cent last month to 2,13,744 tonnes due to lower shipments of soyabean meal, rapeseed meal and castorseed meal, according to industry data. The exports stood at 3,30,567 tonnes in the same month last year. In a statement on Tuesday, the Solvent Extractors' Association of India (SEA) said the total export of oilmeals during April-September 2024 fell 9 per cent to 20,82,533 tonnes compared to 22,76,120 tonnes in the corresponding period of the previous year, mainly due to a reduction in export of rapeseed meal and castorseed meal. In the first half of the current fiscal year, the export of soyabean meal jumped to 9.08 lakh tonnes against 5.86 lakh tonnes a year ago, due to higher imports by the UAE, Iran and France. Bangladesh, South Korea and Thailand are the major importers of rapeseed meal. Industry body SOPA has estimated Kharif soybean production at 125.18 lakh tonnes from last year's estimate of 118.74 lakh tonnes....

[ad_1] Export of oil meals from India, a major raw material for animal feed, has witnessed a drop of 35 per cent in September to 213,744 tonne compared to 330,567 tonne in September 2023, according to the data compiled by the Solvent Extractors Association of India (SEA). The overall export of oilmeals during April to September of FY24 declined by 9 per cent to 2,082,533 tonne compared to 2,276,120 tonne during the same period of last year mainly due to reduction in export of rapeseed meal, castorseed meal. In the first half of FY24, the export of soybean meal rose to 9.08 lakh tonne compared to 5.86 lakh tons in the same period of last year, thanks to higher imports by UAE., Iran and France. Bangladesh, South Korea and Thailand are the major importers of rapeseed meal. In the meantime, SOPA has estimated kharif soybean production at 125.18 lakh tonne compared to last year's estimate of 118.74 lakh tons. SOPA has reported the area sown at 118.3 lakh hectares lower than the g...

[ad_1] New Delhi: After gold, silver and platinum, dates imported from the UAE have come under India’s scanner with the government examining the possibility of the dry fruit from third countries being imported into the country by misusing the India-UAE Comprehensive Economic Partnership Agreement (CEPA). Officials said that industry has flagged concerns that the dry fruit from other countries, especially Pakistan, is being exported by the UAE under the pact.The effective import duty on fresh, soft and hard dates is between 20-30% but under the CEPA, their imports are duty-free. New Delhi imposes 200% duty on direct imports of all products from Pakistan since 2019.“Industry has flagged concerns that dates are coming from Pakistan via the UAE and undue benefiting from our trade pact,” said an official, adding that the ministries of commerce and industry, and finance are examining the issue.The CEPA came into effect May 1, 2022. India imported $277.24 million worth dates in FY24, o...

[ad_1] A trade deal with India remains a "priority" for the UK, Business and Trade Secretary Jonathan Reynolds said during the Labour Party-led government's flagship International Investment Summit in London which coincided with the launch of a new Industrial Strategy green paper. "The Gulf and India are the priority. I think there are clear economic and commercial reasons why we should pursue those," Reynolds said at the Guildhall on Monday. "Trade and international investment lie at the heart of our plan to drive growth for the whole country. That's because we know the UK has so much potential as one of the largest, most open economies, a legal system that sets global standards, a regulatory environment with some of the strongest safeguards for investment and the greatest incentives for innovation. We benefit from a skilled and diverse workforce, supported by an immigration system that draws talent from around the globe," he said. The UK i...

[ad_1] The United Arab Emirates has agreed to look into issues raised by India over a sharp increase in UAE's exports of silver, platinum alloy and dry dates to the South Asian nation, India said on Tuesday. India and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA) in 2022 after 88 days of negotiations. The agreement has become a template for similar trade pacts the UAE has since signed with many other nations. The two countries held a meeting of the Joint Committee under CEPA on Monday, where officials discussed growth in bilateral trade. India raised the issue of higher imports of silver products, platinum alloy and dry dates and "urged UAE to verify compliance to the rules of origin norms and ensure that the rules are not circumvented," New Delhi said in a statement. UAE has agreed to examine India's concerns, it added. Office ProductivityAdvanced Excel Course - Financial Calculations & Excel Made EasyBy - Anirudh Saraf, Founder- Sa...

[ad_1] New Delhi: India doesn't expect an immediate impact on its trade ties with Canada due to the disrupted diplomatic relations and there is nothing to worry about at present, officials said, adding that the government doesn't expect Canadian pension funds to change stance."We don't expect an immediate impact. The bilateral trade isn't that big to significantly impact the overall trade basket," said an official, adding that New Delhi's recent trade talks with the US and the UAE indicated readiness for more investments in India.On Monday, New Delhi decided to withdraw its high commissioner from Canada, marking an escalation in the diplomatic tensions that began in September 2023 when Canadian Prime Minister Justin Trudeau accused India of involvement in the killing of a Canadian citizen and Sikh separatist leader. This allegation led to a back-and-forth expulsion of diplomats and paused the talks for a free trade agreement (FTA).Bilateral merchand...

[ad_1] India's crude oil imports from Russia rose by 11.7% to about 1.9 million barrels per day (bpd) in September, accounting for about two-fifths of the South Asian nation's overall crude imports in the month, tanker data obtained from industry sources showed. Overall, refiners in India imported a total of 4.7 million bpd of crude oil in September, marginally higher than in August and about 8.5% more than the same month a year ago, the data showed. The refiners have invested billions of dollars in plant upgrades, allowing them to process more crude grades, in an effort to reduce costs.India, the world's third largest oil importer and consumer, has emerged as the top buyer of discounted Russian seaborne oil after Western nations stopped buying from Moscow following its invasion of Ukraine.« Back to recommendation stories Crude from the Commonwealth of Independent States, comprising Russia, Kazakhstan and Azerbaijan, accounted for about 43% of India's overall imp...

[ad_1] India's trade deficit widened to $20.78 billion on an annual basis in September from $20.08 billion in the same month last year, data from the Commerce Ministry showed on Wednesday. As per a Reuters poll, the economists had expected the country's September data to be $25 billion. India's merchandise trade deficit widened to a ten-month high of $29.65 billion in August.India's merchandise exports in September stood at $34.58 billion, while imports were $55.36 billion, government data showed. In the previous month, merchandise exports were $34.71 billion, while imports stood at $64.36 billion.In September, services exports were an estimated $30.61 billion, while imports were $16.32 billion. In August, services exports were $30.69 billion and imports were $15.70 billion.Artificial Intelligence(AI)Master in Python Language Quickly Using the ChatGPT Open AIBy - Metla Sudha Sekhar, IT Specialist and DeveloperView Program Office ProductivityMastering Microsoft Of...

[ad_1] India is looking at expediting the free trade agreement talks with Australia in the next two months to bridge differences on the sensitive issues and close the negotiations, a senior government official said on Wednesday. "Otherwise Australia goes for election next year, maybe the (talks for the) agreement will go beyond that depending on the work, we are able to do in these two months," Additional Secretary in the Department of Commerce Rajesh Agrawal told reporters here. The eleventh round of negotiations are expected to be held next month. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) came into effect from December 2022. Now both the sides are negotiating to widen the scope of ECTA through a comprehensive economic cooperation agreement (CECA). The utilisation of the trade agreement so far is more than 80 per cent, which means that businesses of both the countries are benefitting out of this, he said. "They have guided the offi...

[ad_1] China has emerged as India's top import source with USD 56.29 billion worth of inbound shipments during the April-September period of this fiscal, according to the commerce ministry data. During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 5.62 per cent to USD 40.38 billion. The imports from China rose by 11.5 per cent during the first half of this fiscal. The imports stood at USD 50.48 billion during April-September 2023. During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed. Imports from Russia rose to USD 32.18 billion during April-September this fiscal from USD 30.43 billion a year ago. Similarly, the inbound shipments from the UAE rose to USD 31.46 billion from USD 20.70 billion in the first half of the last fiscal. During the period, the top 10 export destinations of the count...

[ad_1] India's merchandise exports grew in September after two months of contraction, on the back of a rise in the shipments of engineering, chemical, plastic, pharma and electronic goods and readymade garments.Trade deficit narrowed to a five-month low but widened from a year earlier, official data released on Wednesday showed.Merchandise exports grew 0.5% from a year earlier to $34.58 billion in September while trade deficit widened to $20.78 billion from $20.08 billion. Exports were down 0.4% from the previous month when the trade gap was $29.7 billion.Goods imports increased 1.6% to $55.36 billion compared with $54.49 billion in the year-ago month.Commerce secretary Sunil Barthwal said exports both in September and during the first six months of FY25 have recorded positive growth despite global uncertainties.For the first six months of 2024-25, goods exports were 1% higher whereas imports were up 6.1%."We have done well despite global difficulties," Barthwal sa...

[ad_1] Worsening diplomatic ties between India and Canada; the largest supplier of pulses to the country in the previous financial year, are unlikely to make the commodity more expensive for consumers, said traders and industry executives.Ample imported stocks of yellow peas, increase in domestic production of pulses and availability of yellow peas and lentils from Russia and Australia will help keep prices stable, they said.Although yellow peas are consumed in households only in a few states in eastern India, they are used as a substitute for chana, tur, moong and expensive dals in out-of-home consumption food items. By allowing duty-free imports of yellow peas without quantitative restrictions, the Indian government sought to increase the overall supply of pulses in the country, thus reducing demand pressure on the expensive pulses, which were in short supply, according to the executives. “We have a stock of 9 lakh tonnes of yellow peas now and another 7 lakh tonnes are in tra...

[ad_1] New Delhi: India's net oil and gas import bill rose a fifth to $69 billion in the first half of the current fiscal year as domestic production failed to catch up with the consumption growth.India imports crude oil, liquefied natural gas (LNG) and refined products such as LPG, petcoke and fuel oil. It also exports refined products such as diesel, petrol and jet fuel.Crude oil imports were worth $71.3 billion during April-September, up 11% from $63.7 billion. Crude imports rose 4% in volume terms. Brent, the international crude benchmark, averaged $81 per barrel this fiscal year compared to $82 in the previous year.India's import of refined products increased 13% to $12.1 billion while exports fell 7% to $22 billion.India's inability to find a major oil discovery for years has weighed on its crude production, as matured fields like Mumbai High have witnessed a consistent decline in output. ONGC, which accounts for two-thirds of India's crude production, has ...

[ad_1] India has extended a new line of credit amounting to Rs 487.60 crore to the government of Mauritius for financing of a water pipeline replacement project, the Ministry of External Affairs said on Thursday. "This is the first-ever rupee-denominated Line of Credit to have been extended by India for project financing to any country under the Indian Development and Economic Assistance Scheme (IDEAS)," the ministry said in a statement. The project envisages replacement of nearly 100 km of obsolete water pipeline in Mauritius. The government of India-supported line of credit will be financed by the State Bank of India at concessional terms. External Affairs Minister S Jaishankar made the formal offer to his Mauritian counterpart, Maneesh Gobin, which has now been accepted by the government of Mauritius, it said. "This is yet another reflection of India's long-standing commitment to overall socio-economic development of countries in the Global South. India...

[ad_1] The government of India on Friday reduced the duty on export of parboiled rice from 20 per cent to 10 per cent. The move comes a year after Centre imposed 20 per cent duty on export on the staple food, amidst fears that India could suffer from shortage in its production.This decision was taken after India recorded below average rainfall in 2023. The order was later extended till March 31, 2024. In July, the government formed the Rice Federation Consulting Committee, headed by the Ministry of Commerce to deal with the issue of rice exports.Earlier in September, Centre removed the floor price for basmati rice, which is expected to trigger an influx in orders from Europe, the American continents and the Middle East, a report by Reuters suggested. With this move, the world's largest rice exporter may record an increase in its share for the staple food in the global market, according to leading exporters.India's retail inflation spiked to 3.65 per cent on an annual bas...

[ad_1] The government has exempted non-basmati white rice from export duty, while reducing the levy on parboiled rice to 10 per cent. The duty cut comes within a fortnight of the government removing the minimum export price on basmati rice. In a notification issued late Friday, the revenue department under the finance ministry said it has also reduced export duty on husked (brown rice), and rice in the husk (paddy or rough) to 10 per cent. The export duty on these varieties of rice, as well as non-basmati white rice, was 20 per cent so far. These duty changes are effective from September 27, 2024, the notification said. Earlier this month, the government scrapped the minimum export price for basmati rice to boost outbound shipments and enhance farmers' income. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/govt-exempts-non-basmati-rice-...

[ad_1] India has lifted its ban on non-basmati white rice exports and introduced a minimum export price of $490 per metric ton, according to a government order issued on Saturday. This move comes as the nation, the world's largest rice exporter, sees an increase in rice inventories and prepares for the upcoming harvest season.The government initially banned the overseas shipment of non-basmati white rice on July 20, 2023, to enhance domestic supply. However, the directorate general of foreign trade (DGFT) noted in a recent notification that the policy has been amended from "prohibited to free," provided that the export meets the newly established minimum price."The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) ...is amended from prohibited to free, subject to MEP of USD 490 per tonne with immediate effect and until further orders," stated the DGFT in the notification.FinanceFinancial Reporti...

[ad_1] Over 50 metric tonnes of Hilsa have reached West Bengal from Bangladesh, after the interim government in the neighbouring country allowed export of the fish to till mid-October during the Durga puja festival, importers said on Saturday. Another consignment of the same amount of 'Padmar Ilish' (hilsa caught from Padma river), a favourite delicacy of Bengalis, is expected very soon. The Fish Importers' Association recently wrote to Bangladesh's interim government urging it to allow export of Hilsa as it has been doing during the festival as a goodwill gesture for the last five years. "The first consignment of over 50 metric tonnes arrived two days back via Petrapole border. It was sent to several wholesale markets in Kolkata and districts. Another consignment of around 50 MT is expected to arrive in a day," Association secretary Syed Anwar Maqsood told PTI.The weight of each exported Hilsa is from 700 grams to 1 kg and the price ranges between Rs 9...

[ad_1] New Delhi: India on Saturday removed the blanket ban on exports of non-basmati white rice and imposed a minimum export price (MEP) of $490 per tonne.The exports of non-basmati white rice were prohibited since July 20, 2023.“The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) …is amended from prohibited to free, subject to MEP of $490 per tonne with immediate effect and until further orders,” the directorate general of foreign trade (DGFT) said in a notification.In July 2023, New Delhi had prohibited the export of non-basmati white rice but had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries. It has exported rice to Nepal, Mauritius, Namibia and other African nations.Data ScienceSQL for Data Science along with Data Analytics and Data VisualizationBy - Metla Sudha Sekhar, Developer and Lead Instructor...

[ad_1] India has removed most of the export curbs it imposed on rice shipments in 2023 with immediate effect, as above-average monsoon rains are expected to boost crop yields amid overflowing stocks in state granaries. Here are some facts explaining India's importance to the global rice trade: * India accounted for more than 40% of the world's rice exports in 2022, a record 22.2 million metric tons out of a total of 55.4 million. * India's exports were bigger than the combined shipments of the world's next four biggest exporters: Thailand, Vietnam, Pakistan and the United States.* India exports rice to more than 140 countries * Top buyers of Indian non-basmati rice include: Benin, Bangladesh, Angola, Cameroon, Djibouti, Guinea, Ivory Coast, Kenya and Nepal. * Iran, Iraq and Saudi Arabia mainly buy premium basmati rice from India. * Restrictions in 2023 cut India's rice exports by 20% to 17.8 million tons and exports in the first seven months of 2024 were down...

[ad_1] New Delhi: India and the US are negotiating a pact to enhance collaboration in essential critical minerals, and the issue will figure during the visit of Commerce and Industry Minister Piyush Goyal to Washington this week. At the invitation of the US Secretary of Commerce Gina Raimondo, Goyal will undertake a visit from September 30-October 3. The commerce ministry said, in a statement on Sunday, that Goyal and Raimondo will also discuss steps to expand and diversify critical minerals supply chains between India and the US. "The two sides are negotiating a MoU which intends to enhance bilateral collaboration to increase and diversify essential critical mineral supply chains and leverage their complementary strengths," it said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. They are particularly in demand for the production of batt...

[ad_1] Kolkata: Even as India lifted its ban on export of non-basmati white rice, the exporters in West Bengal, which is a major rice-producing state, rejoiced, calling it ‘game-changer’.The Centre lifted the ban on the export of non-basmati white rice on Friday with immediate effect, according to a notification. The government has also reduced the export duty on parboiled rice to 10 percent from 20 per cent.In July 2023, the government imposed the ban to ensure the domestic supply of rice and keep prices under control.A leading rice exporter from Bengal, Halder Venture Limited Managing Director & CEO Keshab Kumar Halder lauded the government’s move. “This strategic move will not only boost the income of exporters but also empower farmers, who can expect higher returns with the impending arrival of the new kharif crop,” he said.West Bengal is the largest rice-producing state in India, contributing over 15% to the country's total rice production. The state has a favorable...

[ad_1] New Delhi: Amid a slowdown in India's goods exports, the government has decided to continue with a crucial remission benefits scheme for exporters that was due to lapse on September 30.The benefits under Remission of Duties and Taxes on Exported Products (RoDTEP) will continue beyond September and the government will review the scheme in December, officials said."RoDTEP will be reviewed in December and at present, the situation is not conducive to discontinue the scheme," said an official, who did not wish to be identified.The scheme aims to refund taxes and duties that are not rebated under any other scheme. These include various central, state and local levies that are incurred in the process of manufacturing and distribution of exported products but are not refunded through schemes such as goods and services tax or duty drawback. The current RoDTEP benefit rates range between 0.3-4.3%. The budget allocated ₹16,575 crore to the scheme for 2024-25.As per th...

[ad_1] Central Asian states - Uzbekistan & Turkmenistan express interest to join International North South Transport Corridor (INSTC) to trade with India as the viable route to the Indian Ocean Region ahead of the BRICS Summit in Kazan that would among other matters lay emphasis on inclusive connectivity corridors.Uzbekistan in particular is keen to harness the full potential of INSTC as well as the Chabahar Port in the backdrop of the Bilateral Investment Treaty (BIT) signed in Tashkent on Friday during the visit of Finance Minister Nirmala Sitharaman. Uzbekistan has sent its first cargo to India via INSTC recently. “The BIT between India and Uzbekistan assures appropriate protection to Uzbekistan investors in India and Indian investors in Uzbekistan, in light of relevant international precedents and practices. It will increase the comfort level and boost the confidence of investors by assuring a minimum standard of treatment and non-discrimination, while providing for an i...

[ad_1] In his monthly ‘Mann ki Baat’ address, Prime Minister Narendra Modi has appealed to the people to use ‘Made in India’ products during the ongoing festive season. Starting with Ganesh Chaturthi, the festive season will last nearly two months and include Navratri, Dussehra, Diwali and Chhath. This is the time when cheap Made-in-China goods flood Indian market. PM Modi has asked people to buy not just earthen lamps. "Merely buying earthen lamps is not ‘Vocal for Local'. You should promote local products made in your area more and more. Any such product, that has been made with the sweat of an Indian artisan, that is made on Indian soil, is our pride –– we always have to lend glory to this pride,” he said.How Indians are rejecting cheap Chinese goodsDespite complex trade relations between India and China, people have started buying more Made-in-India goods during festive season. PM Modi referred to the completion of a decade of the ‘Make in India’ initiative where al...

[ad_1] Exports of clean oil-product exports from India jumped to their highest since March 2022 as refinery shutdowns in Europe led to a spike in demand from overseas buyers, including nations in Africa.Shipments of diesel, gasoline and jet fuel from the world’s fourth-largest refiner swelled to 1.5 million barrels a day in September, up about 39% on-year, according to Kpler data.BloombergWhile India is a major crude-oil importer — where refiners are largely configured to service domestic consumption — private processors also service substantial overseas requirements. Last month, European refiners cut processing due to maintenance and poor margins, limiting local supplies and hitting their exports to Africa.“The open diesel arbitrage to Europe has been driven by lower supplies due to the region’s planned and unplanned refinery maintenance,” said Serena Huang, head of APAC analysis at Vortexa.Artificial Intelligence(AI)Java Programming with ChatGPT: Learn using Generative AIBy - ...