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The Dollar Business Bureau India’s trade with African nations is expected to reach $117 billion by 2020-21 in the wake of improved economic relations and strong business opportunities, as per a report. From $24 billion in 2015-16, India’s exports to the African countries are likely to touch $70 billion by 2021-22, on account of rising complementaries, said industry body PHD Chamber of Commerce and Industry (PHDCCI) in a report. Imports from the African continent are also likely to rise to $47 billion in the next five years from $27 billion in 2015-16, the report said. PHD Chamber President Gopal Jiwarajka said, “India has been able to intensify its presence in African countries through a significant line a credit worth $10 billion for development projects in Africa over a five-year period.” “With continuous expansion in trade, widening ...

The Dollar Business Bureau Imposing Goods and Services Tax (GST) on international freight is going to make India’s air cargo services "non-competitive", said industry body PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday. Earlier, under service tax regime, freighters were exempted to pay any tax, whereas now they have been levied with 18% GST. “Putting 18% GST on international freight is totally unfair as this will impact the air cargo growth, said PHDCCI in a statement issued after an Air Cargo Summit, which is organised by the industry body on Wednesday in New Delhi. “Why would the Government of India want Indian exporters to pay extra 18% GST on freight and make our goods non-competitive in international market,” the statement said. Vipin Vohra, Co-Chairman, ...

The Dollar Business Bureau India's share in overall exports to top ten destinations globally rose to 51.6% in the last financial year of 2016-17, as compared to 49% in the fiscal of 2013-14, industry body PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday.  The major export destinations of India include the US, Hong Kong, Japan, the UAE, China, the UK, Singapore and Germany.  The merchandise exports from the country to the US increased to $42.33 billion in 2016-17 from $39.14 billion in 2013-14, Gopal Jiwarajka, President, PHDCCI said in a statement.  Around 53% of exports to the US are primarily consumer goods, capital goods, intermediates and raw materials.  Similarly, the country’s exports to Hong Kong increased 11.2% to $14.2 billion in the last financial year.  “Going ahead, we are hopeful that our exports will touch $325 ...

Manishika MiglaniTalking about the Indian government’s move to impose a countervailing duty of 12.5 per cent on gold imports from the ASEAN countries, Taufik Rigo, 1st Secretary-Economics, Embassy of the Republic of Indonesia, said that Indonesia understands the concerns of India to protect domestic production by taking this step. However, there is a need to have minister-level talks regarding the same if trade is not to be hampered on a broader level, added Rigo. The discussion was held on the lines of “Indonesia Expose 2016: Seizing, Trade, Industry, Tourism, Investment and Services (TITIS) Opportunity from Indonesia” which took place on 7-9 October 2016 in Hotel Le Meridien, New Delhi. The event, which was organised in cooperation with CII, FICCI, Assocham and PHDCCI, ...

Deepak Kumar | The Dollar Business Bureau    Finance Minister Arun Jaitely on Wednesday said goods and service tax rate (GST) is almost certain to be less than 18%. He hoped for an early implementation of the uniform tax regime in the next year. “We are almost certain that the rate is going to be less than 18%, or much less than 18%, and I think, we should be settled with that,” Jaitely said, addressing “GST in India” session, jointly organised by industry bodies FICCI, PHDCCI, CII and CAIT. As per the existing multi-layer taxation norms, duties levied at various stages add up to 29% to the cost of a product manufactured in the country. According to experts, to make Indian ...

Industry bodies like FICCI, ASSOCHAM and PHDCCI have welcomed the Chief Economic Adviser Arvind Subramanians proposed tax rates under GST system Deepak Kumar |The Dollar Business Bureau The government aims to implement the GST from April 1, 2016   Several industry experts on Monday welcomed the GST Councils proposed tax rate and said the recommended tariff under the uniform tax regime would bring transparency and competitiveness in the Indian market, thus benefitting traders as well as consumers. The government aims to implement Goods and Services Tax (GST) system from April 1, 2016. However, the bill seeking amendments in the constitution for enforcing the tax reform is yet to be cleared from the Rajya Sabha. The GST Council set up by the government has proposed ...

The Dollar business Bureau India’s exports are still centred on the top ten commodities that constitute more than 60% of the country’s total shipment Asian and African markets emerged as India’s new exports destinations in the last decade, while shipments to the US and Europe fell by a significant margin. India’s share of exports to the developing Asian countries increased from 48% in 2005-06 to 50% in 2015-16, while its exports share in African region grew from 7% to 11% during the same period. “Measuring the shift of India’s share from developed economies to developing economies by using a standard measure of export market diversification i.e. Regional Hirshman Index (RHI), India’s exports has reported a gradual shift in its export destinations from ...