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The Dollar Business Bureau In the wake of increasing trade measures of the US against India and its decision to review eligibility of India for certain products for duty benefits, Commerce and Industry Minister Suresh Prabhu said on Tuesday that in order to resolve all trade issues, Indian government is actively working with the US and is also following Word Trade Organisation (WTO) rules to protect the interests. “I can assure you, the only guiding principle for engagement with the US is to protect India’s commercial interest in its entirety,” Prabhu said while speaking at the launch of a platform - ‘FIEO GlobalLinker’ for micro, small and medium scale exporters (MSME) for digitising their businesses.  On April 13, the US announced that ...

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 ...

The Dollar Business Bureau India’s exports witnessed a growth of 9% in January this year, supported by a positive growth in the outbound shipments of petroleum, chemicals and engineering goods, even as the trade deficit shot up to a three-year high. The trade deficit widened to $16.3 billion in January due to 26.1% growth in imports on account of increased inbound shipments of crude oil, according to the data released by the Ministry of Commerce. The trade deficit, gap between imports over exports, had reached $16.86 billion in the month of November 2014. In January 2017, the country’s trade deficit was $9.9 billion. “Exports during January 2018 have exhibited positive growth of 9.07% in dollar terms vis-à-vis January 2017. Exports have been on a ...

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% ...

The Dollar Business Bureau India’s current account deficit (CAD) in the second quarter of this fiscal increased two-fold to $7.2 billion or 1.2% of gross domestic product (GDP) on year-on-year basis, due to higher increase in merchandise imports, mainly oil, according to the Reserve Bank of India (RBI). However, it is narrowed steeply from $15 billion or 2.5% of GDP compared to the preceding quarter of 2017-18. “India’s CAD at $7.2 billion (1.2% of GDP) in Q2 of 2017-18 narrowed sharply from $15 billion (2.5% of GDP) in the preceding quarter, but was substantially higher than $3.4 billion (0.6% of GDP) in Q2 of 2016-17,” the RBI said on Wednesday. “The widening of the CAD on a year-on-year basis was primarily on account of ...

The Dollar Business Bureau The overseas investments by Indian companies declined by around 58% to $1.35 billion in the month of October on year-on-year basis, according to the data by Reserve Bank of India (RBI). In October last year, the total overseas foreign direct investment (FDI) by Indian firms was $3.2 billion. The investments were also recorded a decline on monthly basis, down from $2.65 billion in the month of September this year. The major Indian investors include Ceres Estate, Indian Designs Exports, CG Power and Industrial Solutions, ONGC Videsh, OIL India, Gail (India), Cadila Pharmaceuticals, Cipla, Wipro Enterprises, Ramco Systems and Piramal Enterprises. The country’s exports remained flat at $13.73 billion in the month of September compared to same month last year, while the imports into the ...

The Dollar Business Bureau India’s merchandise exports, during October this year, declined for the first time in the last 14 months as exporters were facing a liquidity crunch due to delay in refunds under the regime of Goods and Services Tax (GST). On the other hand, imports during the month were increased by 7.6%, leading to the highest trade deficit in the past 35 months. Exports declined by 1.12% in October 2017 to $23.1 billion as compared to $23.36 billion during the same month last year, according to the data released by the Ministry of Commerce. “However, during April-October 2017-18 period, the exports have exhibited a positive growth of 9.62%,” it added. The cumulative value of exports during the seven-month period of the current fiscal ...

The Dollar Business Bureau  In order to safeguard the domestic industry, the Government has imposed anti-dumping duty on imports of castings for wind operated electricity generators from China.  “In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, after considering the aforesaid final findings of the designated authority, hereby imposes definitive anti-dumping duty on the subject goods,” Finance Ministry said in a notification (no.42/2017-customs - ADD) on Wednesday.  “The Authority has come to the conclusion that the subject goods have been exported to India from the ...