Engineering exports to Israel grew six times in April, EEPC
The Dollar Business Bureau India’s friendship with Israel has been translating into a growth in huge export numbers. In April this year, engineering exports to Israel grew six times over the same month last year, the Engineering Exports Promotion Council (EEPC) revealed today. This is significant given the fact that Prime Minister Narendra Modi will be visiting Israel on July 5 and is keen to ensure that his visit is not focussed on defence ties alone, but includes long-term economic and technological cooperation resulting in a Free Trade Agreement. According to the data released by EEPC, the shipments of engineering goods have increased to $146.42 million in the month of April alone, which is a whopping 640% more than last year’s April ...
Govt assures support to pvt cos for defence exports
The Dollar Business Bureau Union Defence Minister Manohar Parrikar has assured the Indian private sector to offer complete support from the Ministry of Defence, Defence Research and Development Organisation (DRDO) and the Defence Public Sector Undertakings (DPSUs) in realising the national objective of defence exports to friendly countries at competitive prices. He said this during his official visit to Hanoi, Vietnam on Monday. Indian private sector should take the initiative in the modernisation of Vietnam’s defence forces. This will strengthen the diplomatic and military ties between both the countries. Also it will open the doors of strategic exports from India, the minister said. In his visit to Vietnam, he was accompanied by a composite defence delegation from India. Along with the minister, they ...
Indias defence exports likely to surge 40% this year
The Dollar Business Bureau As India’s defence exports have already touched Rs.700-crore mark in the first half of the current financial year, the shipment of this sector is expected to set a new benchmark with the government unleashing a slew of policy reforms to push domestic manufacturing and overseas sales by private players. Between April and September this year, the export of defence items by private companies was valued at Rs.441.06 crore, more than three times higher than their annual shipment value of Rs.132.17 crore recorded during previous year. While private firms exported items worth Rs.286 in 2013-14, their total shipment was capped at Rs.138.13 crore in 2012-13, showed the data revealed by the Minister of State for Defence Rao ...
Government to set up Trade Facilitation Council to promote exports
Source: PTI Concerned over declining exports, the government will soon set up a Trade Facilitation Council comprising members of Centre and states to promote India's overseas shipments. The council will be chaired by Commerce and Industry Minister Nirmala Sitharaman and secretaries of key ministries and state ministers will be the members. The main objective of the council will be facilitating trade from states in a bid to boost the country's exports. "The real work happens in states. We are setting up this council. We will also ask and encourage them to formulate their own State Trade Policy," an official said. To discuss the issue, Commerce Secretary Rita Teaotia will hold meetings with officials from the states tomorrow. The other issues which ...
India can't afford to have a $20 billion defence import bill: Defence Minister
The Dollar Business Bureau India's Defence Ministry is reconsidering purchase of French Rafale fighter jets (pictured above) and may opt for the lower-priced Russian Su-30MKI to cut defence expenditure Highlighting the importance of indigenisation of defence in India, Manohar Parrikar, Minister for Defence, Government of India, said today that a huge defence import bill to the tune of $20 billion is unaffordable and has undesirable consequences for the economy, development and unemployment in the country. Speaking at a seminar, “Gujarat: Preferred Hub for Defence Production”, held on the sidelines of Vibrant Gujarat 2015, Gandhinagar, Parrikar said that it is important to promote defence production in India for strategic reasons as well. “The country should not be dependent on defence imports,” ...
Foreign Trade Policy missing from Commerce Ministrys achievements in 2014
The Dollar Business Bureau In its year-end review, India’s Ministry of Commerce (MoC) has listed out several points, including the triumph in the World Trade Organisation (WTO), but the export-import community would be disappointed that the list neither contains the New Foreign Trade Policy (now wrongly called the 2014-2019 FTP) nor has any timeline for its announcement. All that the MoC says is that intensive discussions are underway with the Department of Revenue to finalise the new FTP 2014-19. In its efforts to involve states in India’s foreign trade, the MoC has sent a matrix to all State Governments, of which six States have finalised their export strategy and three have already appointed Export Commissioners. Among the MoC’s ...
DRDOs products can be exported to friendly nations: Indias Defence Minister
The Dollar Business Bureau Supersonic missile Brahmos is the result of an Indo-Russian collaboration. Russia and India have a negative list of countries to which the missile will not be exported In a move to promote defence exports, India’s Defence Ministry said yesterday that products and systems developed by the Defence and Research Development Organisation (DRDO) can be exported to friendly countries. Defence Minister Manohar Parrikar said, “DRDO’s developed products/systems like radars, electronic warfare systems, missiles, naval systems, etc. can be exported to our friendly countries. Some countries have shown their initial interests to acquire DRDO developed systems.” In a written reply to Ranjib Biswal’s query in Rajya Sabha, the Defence Minister said, “DRDO, being a designer of these systems, ...
