Exports

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. 

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'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

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

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.