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India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59%
Engineering Export Promotion Council of India (EEPC) statement said that the scheme has been stopped by the Revenue Department.
However, New Delhi said it would not agree to the establishment of a single panel to review the complaints of Japan, Taiwan and the EU since there were vast differences in the three complaints.
One key focus area could be cultivating horticulture crops that conform to the quality, colour, shape and chemical contents acceptable in foreign countries or which are fit for further processing.
After many quarters, the economy logged in a marginal current account surplus in June quarter at 0.1 per cent or USD 600 million as against a deficit of USD 4.6 billion or 0.7 per cent of GDP in FY19, according to the latest Reserve Bank data. For fiscal 2020, CAD improved to 0.9 per cent of GDP from 2.1 per cent in FY19.
With domestic market subdued and demand staying lackluster, can Indian exports provide a cushion to the economy? A closer look at the composition of our trade and trading partners point to some interesting trends.
Last month, India allowed the export of personal protective equipment(PPE) medical coveralls with a monthly quota of 50 lakh. It also permitted the export of non-surgical/non-medical masks made up of rayon, nylon, polyester, viscose fabrics in woven, blended and knitted form in addition to masks made up of cotton, silk and woollen.
“We will need to import certain products where we have difficulty. Every country can’t produce everything...Every country can’t be competitive in everything,” Goyal said at a virtual event of the Bombay Chamber of Commerce and Industry.
A weakening WTO is leading to increased regional trade agreements, but India’s tryst with FTAs isn’t very good
Post Covid-19, with a weakening WTO, regional trade agreements will become de rigueur. However, India’s experience so far in preparing for and negotiating FTAs needs a relook.
To virus-proof trade shows, most organisers have chosen to take them online. But are virtual versions of trade fairs effective and a good substitute to the real-world experience?
Following a border clash in which several soldiers on both sides were killed, calls have been growing in India for a boycott of everything Chinese. PM Modi’s government this week banned the use of 59 Chinese apps. Goods purchased from China are being delayed at Indian ports, and authorities are planning to impose higher tariffs and stringent quality controls on shipments.
India Inc had petitioned the PMO as delays were hurting the process of normalisation that had begun June 1 with Unlock 1.0. Indian industry relies heavily on inputs from China for its factories and the development threatened to disrupt production.
Export recovery, which may begin from the second quarter, could get further delayed if the border standoff with China lingers on, an India Ratings report said, adding ability of export-oriented manufacturers to keep up supply will remain key to navigating the path to recovery.
As a precursor to this fair, the Council organised two products specific shows which had a combined visit of 2700 overseas buyers and collective business enquiries of more than Rs 400 crore.
No formal instruction has been issued to stop clearances, but these consignments are likely to face 100% check, they said. "From midnight Monday clearances were stalled," said one of the persons.
Delhi probes trade deals that are leading to preferential rates being lower on finished products.
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