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The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Tuesday that he believes there are good prospects of exports of Khadi from the country as the world shifting towards natural and eco-friendly products, thus creating a demand for eco-friendly products. “The export prospects of Khadi is rest assured with world moving towards natural and eco-friendly products,” Prabhu said at a round table discussion, organised by Indian Institute of Foreign Trade (IIFT) with support from Khadi and Village Industries Commission (KVIC) and UDAAN SKILL. “More and more people are becoming conscious of responsibility towards the environment and ecology and greater demand is being generated for bio-degradable and eco-friendly products,” he added. The Minister further said that it is for this reason the ...

The Dollar Business Bureau The government has set up an incubation cell at the prestigious Indian Institute of Foreign Trade (IIFT) to extend support to export-oriented start-ups. MSME Minister Kalraj Mishra said during the inauguration, that the incubation cell would provide all the technical guidance and expert advice at one point to young entrepreneurs."The cell has been designed to provide export start-ups with necessary hand holding support towards expanding their existing domestic business to foreign markets," Mishra said. The initiative, KITTES (Knowledge for Innovation in Trade and Technology for Entrepreneurial Start-ups), has been aimed towards startups in the international business domain. The incubation cell will be run by the Centre of MSME Studies at IIFT (Delhi). KITTES is envisaged to ...

Yuans inclusion in the list of global reserve currency will be effective from October 1, 2016, said the Executive Board of the IMF Himanshu Vatsa | The Dollar business Bureau The inclusion of RMB in the SDR basket is an important milestone in the integration of the Chinese economy into the global financial system, said IMF Managing Director Christine Lagarde   In a landmark development, the International Monetary Fund (IMF) has included Chinese renminbi (RMB) into the elite global currency reserve along with the US dollar, British pound, euro and Japanese yen. The decision which came on Monday after the quinquennial review of the SDR (Special Drawing Rights) basket of the IMF is expected to strengthen the Chinese yuans position in the global exchange ...

Himanshu Vatsa | The Dollar Business Even though the government is optimistic about the country’s economic growth, India will have to face many challenges to maintain its trade deficit, say experts. According to the latest report of the World Trade Organisation (WTO), growth in the global merchandise trade is unlikely to show healthy trend in the coming years due to slowdown in the world economy. In its April 2015 report, the WTO reduced its forecast for international merchandise trade in 2015 and 2016. According to estimates, the global merchandise trade will grow by 3.3% this year and by 4% in the next year, less than previously forecast, mainly due to sluggish economic growth. When asked what does this mean to India, ...

 Neha Dewan | @TheDollarBiz Companies that plan to go global at times overlook the need to localise their products, and this often leads to failure, revealed Rakesh Sharma, Head of Exports, Nestle India, at a knowledge symposium on “Emerging Opportunities and Risk Management in Global Business” organised by the Federation of Indian Export Organisations (FIEO) and Jagan Institute of Management Studies (JIMS) in New Delhi last week. Speaking at the forum, Sharma said that identifying a consumer segment that resonates with the company’s core strength is an important factor for the success of a brand in emerging markets. However, localisation is the key. “One must develop products that are suitable for the local market. Localisation is critical to access. Failure ...

Bidhu Bhushan Palo | @TheDollarBiz   Change is in the air, they say. I too see that the spotlight is suddenly on the export sector, a definite focus on mercantilism. Is this a revisit to 1991 when India liberalized its economy as a last resort, but a step that helped India survive and then get noticed as a major economy? I definitely hope so. It would be wonderful to see India’s economy gallop and exports could play a major part in it, doing what the IT and BPO sectors have done for over a decade now. But are we doing enough? It is great to see Prime Minister Narendra Modi speak from the ramparts of the Red Fort, ...