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Eknath Khadse joins NCP in Mumbai

Former Bharatiya Janata Party (BJP) leader Eknath Khadse joined the National Congress Party (NCP) in the presence of party chief Shara ...
The Economic Times
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| 23 October, 2020, 05:25 PM IST | E-Paper


    India eases policy to export Nitrile/NBR gloves

    The country had in February banned exports of many medical textiles including clothing and masks used in healthcare activities where there is a risk of contamination, amid the Covid-19 pandemic but it gradually removed the export restrictions on most personal protection equipment (PPE).

    Coronavirus pandemic: India frees up N-95 mask exports

    “The export policy of N-95/FFP-2 masks or its equivalent is amended from restricted to...

    India recorded export growth of 4 per cent in Sept: UNCTAD

    Export growth declined in India in the third quarter of 2020 relative to the same ...

    • The country was getting self-reliant in defence, automobiles and several other sectors and would become the world's largest e-vehicle manufacturing hub in the next five years with products ranging from two-wheelers, three-wheelers and cars to construction equipment, Gadkari said.

      “Import policy of air conditioners with refrigerants…is amended from ‘free’ to ‘prohibited’,” the Directorate General of Foreign Trade (DGFT) said in a notification. India imported ACs worth $158.87 million in the April-July period with more than 97% ($154.85 million) coming in from China and Thailand.

      Higher shipments from India, the world's biggest rice exporter, could cap global prices, reduce the country's bulging inventories and limit Indian state stockpiler purchases from farmers.

      India’s pharmaceuticals industry is the third largest in the world, but is dependent on China for crucial raw material. The new scheme seeks to reduce this dependency and ensure adequate domestic supply of bulk drugs and APIs.

      Subsidies are set for one year from Oct. 1. The government has extended the 2019/20 subsidy until December, but in practice exporters will not receive more support as they have already met their 6 million tonne export quota under the scheme.

      Preliminary data for the third quarter suggest that global growth remained negative with a decline of about 4.5% on a year-on-year basis though it rebounded from the second quarter when it shrank around 19% on-year.

      "There is huge potential in the growing Arab economies while many Arab countries have FTAs with EU and USA. Arab countries and Indian businesses can both benefit by participation in economic growth and development,” Secretary (CPV&OIA) MEA Sanjay Bhattacharyya told FICCI in an address titled ‘India’s engagement with Arab World’ on Tuesday.

      According to the council, 28 of 33 product categories showed a year-on-year fall in exports. On a cumulative basis, the decline in engineering exports was 18.73 per cent during the April-August period of the 2020-21 fiscal.

      “When we compare our share of imports in Bangladesh with China, China stands at 54% and India is at 17% given the high tariffs on Indian textiles and apparel export products. Indian industry can rejoice if Bangladesh allows retail of ethnic apparel from India at zero duties,” said Textile minister Smriti Zubin Irani at a CII event on Wednesday.

      The rise in the use of digital technologies and Artificial Intelligence in several industries, necessitated by the pandemic has come as a game-changer. The move has accelerated the adoption of disruptive business models and innovative solutions, thus rendering traditional business models and manufacturing processes obsolete sooner than expected.

      China and Hong Kong are the major markets for Indian diamonds, accounting for 30% of India’s diamond exports. Exporters have started looking at new markets such as Vietnam, Cambodia, Indonesia, Taiwan and Thailand to export diamonds, said industry executives.

      Exports have been adversely impacted by the pandemic-related contraction in external demand, RBI Governor Shaktikanta Das said during a virtual press conference after the meeting of the Monetary Policy Committee.

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