From May 1, India and UAE’s Free Trade Agreement has come into effect which will help domestic exporters in various sectors like agriculture, textile, dry fruits, gems and jewellery to get duty-free access to the UAE market. On Sunday, the Central Board of Indirect Taxes and Customs and the Directorate General of Foreign Trade (DGFT) issued notification for the operationalisation of the agreement. The Commerce Secretary BVR Subrahmanyam handed over the Certificate of Origin to three exporters from the gem and jewellery sector in Delhi as a gesture for operationalising the agreem
On Wednesday, Indonesia once again widened the scope of its export ban on raw materials for cooking oil including crude and refined palm oil along with other products. This latest round of flip-flops might have a direct impact on the Indian edible oil. India is one of the biggest importers of Indonesian palm oil and this export ban brings the nation to square one. Earlier this month, it was clarified the ban would not cover crude palm oil, which is widely consumed. The nation consumed nearly 12-12.5 million toned of edible oil of which around 63% (8-8.5 million tonnes) is palm oil. Out
On Tuesday, Union Minister Nitin Gadkari urged billionaire and CEO of Tesla, Elon Musk to manufacture Tesla cars in India. In an interactive session at the Raisina Dialogue, Gadkari said, “India is a large market and there is a huge potential for all-electric vehicles”. He further added that it is a very easy alternative if the CEO is ready to manufacture Tesla in the country. He said the nation has got all competencies, the vendors are available and have got all types of technology due to which he can reduce the cost. The road transport and highway minister said that he is requesti
British Prime Minister Boris Johnson will announce a raft of commercial agreements to hail a “new era” in bilateral trade and investment ties during his visit to India. A high Commission from the UK said that both countries' businesses will confirm more than 2 billion pounds in new investments and export deals on Tuesday. The investment will be done with a focus on creating almost 11,000 jobs across the UK from software engineering to health. The statement stated that PM Johnson will use his visit to boost collaboration with one of the fastest-growing economies, slashing trade barri
The top official for the International Monetary Fund stated that regulating crypto assets with digital currency, addressing remaining regulatory concerns in the banking sector, and integrating with the global economy are among the few short-term structural challenges for India. On Tuesday, the Financial Counselor and Director of the Monetary and Capital Markets Department- Tobias Adrian said that the IMF is looking at India in “a very positive fashion”. According to him regulating crypto assets is certainly high on the agenda for the country when it comes to mid-term structural issu
On Wednesday, Singapore and New Zealand signed two new agreements to work closely in trade, food and technology. Business leaders from New Zealand Trade and Enterprise and Enterprise Singapore have signed the Enhanced Partnership for Growth Agreement as a means of sharing expertise and knowledge, as well as deepening business alliances in areas of common interest - such as trade, connectivity, and emerging technologies. The signings were witnessed by the visiting New Zealand Prime Minister Jacinda Ardern and New Zealand Minister for Trade and Export Growth Damien O'Connor during a break
With the weak economic recovery, the tax collection was at a record high in U.S., U.K and India. The tax collection for India was more than the revised estimate of about Rs. 2 trillion which turned out to be Rs. 3 trillion, more than the budgeted estimates of the last year. Justin Theal and Alexandra Fall of Pew Charitable Trusts note that in the latest year, tax collections in more than half the states topped what they would have collected if the economy had grown at pre-pandemic levels. The record high collection is considered due to all country's goods purchases outstripping that of
Italy and Algeria have signed agreements to strengthen energy ties and increase the North African state’s energy exports to Italy. Italian Prime Minister Mario Draghi announced the deals in Algeria on Monday, adding that they were a significant step in Italy’s drive to reduce its dependency on Russian gas. The country clinched an agreement to ramp up gas imports from Algeria by around 40% in its first major deal. Italy, which sources about 40% of its gas imports from Russia, has been scrambling to diversify its energy supply mix. Ministers have tapped numerous countries like Congo, Angola
India’s agricultural export spurt by 20% during 2021-2022 despite logistical challenges posed by the COVID-19 pandemic. The Commerce and Industry Ministry said the export rose to $50 billion with which exports of rice being the top forex earner with a $9.65 billion and grew by 9.35% from the previous year. In 2021-2022, wheat exports jumped to $2.2 billion against $567 million in the previous year. Dairy products export rose by 96% to $634 million from $323 million in the previous year. Poultry products rose to $71 million in 2021-2022 fr4om %58 million in the previous year and sheep/got
On Tuesday, in a new staff paper, the International Monetary Fund asked the countries around the world to provide $15 billion in grants this year and $10 billion a year thereafter to manage the long-term risks of COVID-19. The paper, which was co-authored by the Coalition for Epidemic Preparedness Innovations (CEPI), the Global Fund, and the charitable organisation Wellcome, stated that a new, more comprehensive approach was required right away to strengthen global health systems and limit the pandemic's already staggering $13.8 trillion costs. IMF First Deputy Managing Director Gita Go