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The Dollar Business Bureau US Energy Secretary Rick Perry said on Thursday that export of crude oil from the US to India will help in creating jobs, and bring economic stability in both the nations. The statement comes after a few days of the first-ever consignment of American crude oil reached India. The shipment loaded last month from the terminals of Freeport in Texas and St James in Louisiana and reached at Odisha’s Paradip port on October 2. “This event represents the growing and important strategic energy partnership between the US and India, and I look forward to exploring new opportunities to expand the role of reliable, responsible, and efficient energy sources with our allies,” the Energy Secretary said. He said that following the ...

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 ...

The Dollar Business Bureau Exports of five of the top 30 sectors closely monitored by the government registered a fall of about 25% in August this year compared to the same month’s shipment value of the last fiscal. The five sectors — petroleum, engineering, gems and jewellery, textiles, and pharmaceuticals – contributed approximately 65% to India's total outbound shipment during last year with collective export value of $202 billion. The country’s overall merchandise exports crossed $310 billion last year. In August this year, the export of these key five sectors reduced to $13.33 billion as against $17.79 billion recorded in August 2014, the latest data of the Commerce Ministry said. The export of petroleum products witnessed the deepest fall of almost 48% ...

Source : PTI Asus on Thursday said it has partnered with Foxconn to begin local manufacturing of smartphones in Sri City in Andhra Pradesh, a move that will help the Taiwanese tech major bolster its presence in the burgeoning Indian handset market. The company, which will kickstart manufacturing operations with Zenfone 2 Laser followed by ZenFone Go, aims to manufacture 1.5 lakh smartphones a month by the end of the current financial year. This will account for almost 80% of sales in India. No financial details were, however, disclosed. “India offers us a huge opportunity as smartphone penetration is just 10%. We are excited to announce our local manufacturing facility that will cater to the growing demands of the market,” Asus India ...

The Dollar Business Bureau In an effort to push sugar exports, the government has softened the norms that required exporters to obtain registration certificate on quantity before shipment. “The requirement of registration of quantity with DGFT for export of sugar has been dispensed with,” the Directorate General of Foreign Trade (DGFT) said in a notification issued on Monday. Earlier, exporters need to get registration certificate issued from DGFT before supplying the sweetener to overseas buyers. The DGFT used to issue the certificate for up to 50,000 tonnes of export. The move is seen as part of measures taken by the government to sell its stockpile of surplus sugar. Traders say that the decision will help expedite the outbound shipments as they ...

The Dollar Business Bureau Coffee exports from India increased to 1.43 lakh tonnes during April-August this year, up more than 13% from 1.26 lakh tonnes shipped during the same period of the last fiscal. According to the Coffee Board data till September 3 this year, the value of total export during April-August period was $378 million, up 5.58% from the previous year’s figure of $358 million. In rupee terms, the country’s export value increased by 12.38% from Rs.2,148 crore last year to Rs.2,414 crore this year during the same period. India’s overseas shipment witnessed growth despite lower rate of export realisation due to sharp fall in the global cofee prices. Prices fell in the international market after the currency of Brazil, the ...

Himanshu Vatsa and Sai Nikesh | The Dollar Business Declining value of Indian rupee against the US dollar may prove to be a double whammy for exporters, as the currency war triggered by depreciation of Chinese Yuan is expected to intensify competition among emerging countries in the region. The depreciation of Yuan by almost 3% earlier this month by the Chinese central bank has crumbled the stock markets across Asia and the world. The Indian stock market fell by more than 5% on Monday, wiping out millions of funds put in by investors across sectors. Though the stock recovered marginally on Tuesday, Indian rupee was at Rs.66.70 per US dollar. Analysts say that exporters from India and other countries will scramble ...

Deepak Kumar | The Dollar Business Road near Delhi Transpor Centre that has not been repaired for the past five years   The poor road condition in and around Punjabi Bagh transport centre — a major logistic hub for exporters in the national capital region — has been making a dent on India’s overseas trade for the past five years. Trucks and container vehicles transporting goods to different ports across the country often get stuck in massive snarls triggered by stationary vehicles broken down due to potholes and encroachment of public space along the roads. Logistic agencies ferrying goods from manufacturing plants to ports face huge losses on a daily basis due to the lack of maintenance. Traders say that the road ...