Search Result for : Exports

The Dollar Business Bureau With focus of the industry shifting towards domestic market and lasting impact of GST refunds on exporters, the passenger vehicle exports from India dropped by 1.51% in 2017-18, witnessing a dip for the first time in the past seven years. In 2017-18 fiscal, 7.47 lakh units of passenger vehicles were exported as against 7.58 lakh units in the previous fiscal, as per the Society of Indian Automobile Manufacturers (SIAM). “This is the first decline in exports of passenger vehicles since 2010-11 when it declined 0.41%,” said Sugato Sen, Deputy Director General, SIAM. Citing the the reasons behind the decline in passenger vehicles export, Sen said that some key exporters have shifted their focus on the domestic market. In addition, the exporters ...

The Dollar Business Bureau Though India’s trade deficit may reach around $150 billion annually and the level of imports is much higher over exports, the country doesn’t have much flexing power, it the world witnesses an escalation in trade war, said the industry body Associated Chambers of Commerce of India (ASSOCHAM). “We cannot flex too much of our importing muscle, even if our exports face consequences of trade war and are subjected to tariff barriers,” ASSOCHAM in a statement on Sunday. The industry body pointed out that the best course in this situation would be to continue our engagement with the key trading partners, without aligning ourselves too much into a single bloc. “Wherever, our exports are affected, we must engage bilaterally and use ...

Ahmad Shariq Khan Lauding the work of SEZ/EoU fraternity in shoring up India’s exports, Commerce and Industry Minister Suresh Prabhu on Monday assured the sector’s stakeholders that the Government is looking into their concerns, particularly those relating to imposition of alternate minimum tax (MAT), dividend distribution tax (DDT) and introduction of the sunset clause.  “Leaving aside some complaints about the misuse of the SEZ policy, the Government still believes that the idea of SEZ holds good for the Indian economy. Therefore, we are conducting interdepartmental discussions with respective ministries, including finance ministry, on how to best to ease the tax pressure on the SEZs/EOUs,” Prabhu said while speaking at Export Awards organised by Export Promotion Council for EOUs & SEZs (EPCES) in New Delhi. Urging the ...

The Dollar Business Bureau Exports from special economic zones (SEZs) recorded a growth of 21% in the month of December 2017 as compared to the same period a year ago, according to a report by Export Promotion Council for EOUs & SEZs (EPCES). The SEZ sector registered a 21% growth in exports in the month of December 2017 vis-a-vis the same period in 2016, EPCES said a statement. “For financial year 2017-18 till December, the sector registered a growth of 15% over the preceding year,” it added. During the period April-December 2017, the major sectors that has recorded the highest growth in exports include non-conventional energy (82%), trading and services (24%), computer/electronic software (18%), engineering (17%), electronics and hardware (15%), plastics and rubber (14%) ...

The Dollar Business Bureau The Export Promotion Council for EOUs and SEZs (EPCES) asked the Government to remove minimum alternate tax (MAT) and continue tax incentives that have been enjoyed by the units in these zones. “The Government should reconsider the restoration of the original Special Economic Zone (SEZ) Act as it can help the sector and generate employment,” said Vinay Sharma, Officiating Chairman, EPCES. The Government should reconsider the industry’s demand for restoring tax benefits in order to support the sector’s growth and creating jobs as the Union Budget 2018-19 did not bring any concrete measure, EPCES said in a statement. “The budget has absolutely nothing important for the SEZs despite flagging the key issues affecting the sector,” it said. ...

The Dollar Business Bureau India’s gross domestic product (GDP) is estimated to grow at 7%-7.5% in the 2018-19 fiscal, with exports set to rebound, according to the Economic Survey tabled in parliament by Finance Minister Arun Jaitley on Monday. “A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75% this fiscal and will rise to 7 to 7.5% in 2018-19, thereby re-instating India as the world’s fastest growing major economy,” the Survey stated. The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it added. The Survey highlighted that due to the implementation of Goods and Services Tax (GST), resolution of the long-festering Twin Balance Sheet (TBS) problem by sending the major stressed companies ...

The Dollar Business Bureau In order to safeguard the domestic industry against cheap imports, Directorate General of Anti-dumping & Allied Duties (DGAD) has recommended imposition of anti-dumping duties on the imports of resorcinol from China and Japan for the period of three years. Resorcinol is a phenolic compound that is used in manufacturing of medicines, resins, dyes, plastics and various other organic chemical compounds. “The Authority is of the view that imposition of anti-dumping duty is required to offset dumping and injury. Therefore, the Authority considers it necessary to recommend imposition of definitive anti-dumping duty on imports of subject goods from the subject countries for a period of three years only,” DGAD said in a notification (No./14/37/2016-DGAD). “The Authority, after examining the issues raised and submissions made by the interested parties ...

The Dollar Business Bureau India’s exports has witnessed a sharp jump of 30% year-on-year in the month of November, on the back of good growth in the outward shipments of engineering goods, petroleum products, gems & jewellery and organic & inorganic chemicals. “Exports during November 2017 have exhibited high positive growth of 30.55% in dollar terms, vis-à-vis November 2016. This is on the pattern of positive growth in exports in last thirteen months with a dip of 1.12% in October 2017 vis-à-vis same period last year,” the Commerce Ministry said in a statement on Friday. “During November, exports are valued at $26.19 billion as compared to $20.06 billion in the same month last year. In rupee terms, exports registered an increase of 25.21% ...