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Commerce ministry needs to properly monitor EPCG Scheme: CAG audit report Comptroller and Auditor General (CAG) audit report has said that the commerce ministry needs to properly monitor the Export Promotion Capital Goods (EPCG) Scheme, as it not only allows duty-free imports of capital goods but also grants a long gestation period for meeting the export obligation. The scheme allows import of capital goods for pre-production, production, and post-production at nil customs duty but subject to meeting export obligations.  The report also said the import of c...
Commerce ministry needs to properly monitor EPCG Scheme: CAG audit report
Commerce ministry needs to properly monitor EPCG Scheme: CAG audit report
Source: Accord Fintech
2024-12-18 12:17:26 pm
India's merchandise exports register robust 9 per cent growth in May India's merchandise exports clocked a robust 9.1 per cent growth in May to touch the $38.13 billion mark on the back of increased shipments of electronic and engineering goods, figures released by the Commerce Ministry on Friday showed.  Commerce Secretary Sunil Barthwal said: "Things are looking optimistic for the trade sector with the rise in exports in May driven by growth in outbound shipments of pharmaceutical products, engineering goods, among others." "Exp...
India's merchandise exports register robust 9 per cent growth in May
India's merchandise exports register robust 9 per cent growth in May
Source: IANS
2024-06-14 05:50:17 pm
Exports from SEZs rise by over 4% to $163.69 billion in FY24 The commerce ministry in its latest data has showed that exports from special economic zones (SEZs) rose by over 4 per cent to $163.69 billion in 2023-24 even though the country's total shipments dipped by more than 3 per cent in FY24. Exports from these zones stood at $157.24 billion in 2022-23 and $133 billion in 2021-22.  The ministry stated that SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. SEZs are ...
Exports from SEZs rise by over 4% to $163.69 billion in FY24
Exports from SEZs rise by over 4% to $163.69 billion in FY24
Source: Accord Fintech
2024-06-12 12:26:21 pm
India's textile exports rise 6.71% to $11.7 billion in FY24 The commerce ministry in its latest data has showed that India's cotton yarn, fabrics/made-ups and handlooms exports rose 6.71 per cent year-on-year to $11.7 billion in 2023-24, even as the total exports dipped by 3 per cent in FY24. These exports in March 2024 grew by 6.78 per cent to $1 billion. In 2022-23, these exports stood at $10.95 billion. This is one of the key product categories out of 30 closely monitored by the ministry. The top five export markets for the sector during the...
India's textile exports rise 6.71% to $11.7 billion in FY24
India's textile exports rise 6.71% to $11.7 billion in FY24
Source: Accord Fintech
2024-04-29 02:00:49 pm
Commerce ministry working on infra requirement to achieve $1 trillion merchandise exports target by 2030: Anant Swarup Additional Secretary in the Department of Commerce Anant Swarup has said that the commerce ministry has initiated an exercise to identify required infrastructure needs, potential sectors, and clusters which would help the country achieve the $1 trillion merchandise exports target by 2030. He said that the Asian Development Bank (ADB) has been requested to conduct a study in this regard. Swarup said ‘if the country is targeting $1 trillion of exports by 2030, there is a likelihood of ...
Commerce ministry working on infra requirement to achieve $1 trillion merchandise exports target by 2030: Anant Swarup
Commerce ministry working on infra requirement to achieve $1 trillion merchandise exports target by 2030: Anant Swarup
Source: Accord Fintech
2024-04-26 12:16:29 pm
India's engineering exports up 10.7% in March, says trade body India's engineering goods including steel and machinery exports rose 10.7% year-on-year in March to $11.28 billion, growing in double digits for the second straight month, despite ongoing supply issues caused by disruption to shipping through the Red Sea, a trade body said. Engineering goods, which account for one-fourth of merchandise exports, rose 2.13% in the 2023/24 financial year, to $109.3 billion from a year earlier, Engineering Export Promotion Council (EEPC), a body affiliated...
India's engineering exports up 10.7% in March, says trade body
India's engineering exports up 10.7% in March, says trade body
Source: Reuters
2024-04-26 09:47:01 am
India's exports surge to 11-month high in Feb despite Red Sea crisis  India's merchandise exports surged to an 11-month high in February to touch the $41.4 billion mark despite the disruption in ship movement due to the Houthi attacks in the Red Sea region, data released by the Commerce Ministry on Friday showed. The main drivers of the 11.86 per cent year-on-year jump in exports in February this year include engineering goods, electronic goods, organic & inorganic chemicals, drugs & pharmaceuticals and petroleum products. Engineering Goods...
India's exports surge to 11-month high in Feb despite Red Sea crisis
India's exports surge to 11-month high in Feb despite Red Sea crisis
Source: IANS
2024-03-16 09:30:59 am
India commerce ministry backs import tax cuts on gold bars India's commerce ministry has backed a long-standing demand from the jewellery industry to reduce import tariffs on gold bars, government and industry officials said, amid concern the duties were further harming the country's faltering jewellery exports. The commerce ministry's support for lowering the tariffs comes ahead of the federal budget due next week. If a reduction in the taxes is accepted, Finance Minister Nirmala Sitharaman could announce the decision in her interim b...
India commerce ministry backs import tax cuts on gold bars
India commerce ministry backs import tax cuts on gold bars
Source: Reuters
2024-01-25 03:32:07 pm