PM Narendra Modi appreciated the growth of the 'Make in India' initiative, as the nation's defence hub exported hardware worth Rs 15,920 crores in 2022-2023 financial year. In a Twitter post, Modi wrote, "Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results." Defence Minister Rajnath Singh also expressed… read-more
Courtesy: Hindustan Times
Government imposed taxes on petrol and ATF exports of Rs 6 per litre and diesel exports of Rs 13 per litre on July 1. Government also imposed an additional tax of Rs 23,230 per tonne on locally produced crude oil to offset windfall benefits flowing to producers from high international oil prices. The export tax follows oil refiners, notably the private sector, who profit enormously from exporting fuel to international markets.
Courtesy: Free Press Journal
According to financial research and rating agency CRISIL, the operating profitability of home textile manufacturers is expected to fall 150-200 basis points (or 1.5-2.0 percentage points) to 13% in fiscal year 2022-23, due to lower export demand and a sharp increase in raw material and transportation costs. Home textile refers to fabrics used for home furnishing. The agency stated in a study that the sector's credit outlook will stay steady… read-more
Gujarat is leading the Export Preparedness Index 2021, prepared by NITI Aayog. In a statement, NITI Aayog said, "the Export Preparedness Index is a data-driven endeavour to identify the fundamental areas critical for sub-national export promotion." NITI Aayog VC said, "EPI 2021 will help the states and UTs in a long way to plan and execute sound export-oriented policies. Furthermore, after Gujarat, Maharashtra and Karnataka are leading in… read-more
India has achieved the target of $400 billion merchandise exports for the financial year 2021-22, as per a Tweet by PM Modi. Reportedly, India's merchandise exports stood at $298.1 billion in the financial year 2020-21. "This is a key milestone in our Aatmanirbhar journey," PM Modi Tweeted. Union Home Minister Amit Shah Tweeted, "This reflects the boost in the Indian economy post Covid".
India's millet exports will start to increase "exponentially", said the Ministry of Commerce and Industry, on February 8. Reportedly, Indian millets are constantly finding new market abroad. According to a data, India is the fifth largest exporter of millets in the world. Amid the COVID-19 pandemic in 2020-21, India managed to export millets worth $26.97 million. India being the world leader, 41% of the Global millet production happens here… read-more
Adar Poonwalla, CEO of the Serum Institute of India (SII) applied for full market authorisation of its COVID-19 vaccine, Covishield, on December 31. "Supplies of Covishield vaccine in India, exceeded 1.25 billion doses. The Government of India now has enough data to allow full market authorisation," tweeted SII CEO. The application has been submitted to the Union Government and MoHFW. Besides, SII's Covishield also export vaccine doses to… read-more
Courtesy: News 18
India is set to enhance ties with Central Asian countries. S Jaishankar, the Foreign External Affairs Minister said, the next level of ties will be based on four Cs- Commerce, Capacity Enhancement, Connectivity and Contacts. "We are very pleased at the state of our bilateral relations, but we know that the potential is very much more," said Jaishankar. Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan and Tajikistan will sign the deal with… read-more
Courtesy: United News Of India
The Serum Institute of India (SII) On November 26 resumed the export of Covishield, a made-in-India vaccine against Covid-19. The export service has been resumed under the global vaccine sharing programme namely 'COVAX', reported PTI. ''The first batches of the vaccine left the SII manufacturing facility in Pune,'' said the company. So far, the SII produced close to 1.25 billion vaccine doses.
Courtesy: Press Trust Of India
The new export-import data released by the commerce ministry on September 14 showed that exports increased by 45.76% from USD 22.83 to 33.28 billion in August. The cumulative figure of exports between April-August 2021 also expanded by 67.33% from the previous year's USD 98.06 billion to USD 164.10 billion. However, imports rose by 51.72% to USD 47.09 billion in August, resulting in a trade deficit of USD 13.81 billion.
Courtesy: Business Standard