Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Government feels worst is over for India's exports as non-oil, non-jewellery shipments rise steadily.


Date: 23-02-2021
Subject: Government feels worst is over for India's exports as non-oil, non-jewellery shipments rise steadily
The Commerce Department is hopeful that the worst is over for India's exports, as it points to export categories beyond India's two-largest forex earning sectors - petroleum and gems & jewellery - continuing to see growth on a monthly basis.

In January, the latest month for which the Commerce and Industry Ministry has released trade data, non-oil, non gems & jewellery exports rose sharply by 13 per cent, after growing 5.5 per cent in December. The data has been cited by the Department in its communications with the Prime Minister's Office on discussions about the health of the sector, senior sources said.

Processed petroleum and diamond, gold and jewellery make up roughly a quarter of all merchandise exports. However, due to uncertainties in global supply, sudden changes in domestic demand and fluctuations in international prices, the trade in both these sectors remain highly volatile. Policymakers and trade experts therefore attribute more importance to other sectors while measuring the inherent strength of domestic production and manufacturing.

According to exporters, traditional and labour-intensive sectors have already passed the most challenging phase of the pandemic-induced global slowdown in trade. In January, major manufactured export sectors such engineering goods, drugs and pharmaceuticals, electronic goods, organic and inorganic chemicals, showed impressive growth. However, apparel and leather exports stand out as key exceptions to the trend, continuing to contract.

Raw materials, which continue to account for the majority of India's total export basket also saw an uptick in shipment. This included plastic, coal, iron and other ores, minerals, cotton yarns, tea, and fruits & vegetables.

The apex exporters body, Federation of Indian Export Organisations (FIEO), has urged the government to soon notify the tax refund rates for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. Live from January 1, 2021, the scheme aims to refund to exporters the embedded duties and taxes such as VAT on fuel used in transportation, Mandi tax, Duty on electricity used during manufacturing, that were so far not being refunded. While the government has clarified that the rebate would be claimed as a percentage of the Freight on Board value of exports, it is yet to bring out the specific refund rates.

"This will remove uncertainty from the minds of the trade and industry thereby forging new contracts with the foreigner buyers," FIEO President Sharad Kumar Saraf, said. Saraf also reiterated that the government must address some of the key issues including release of the required funds for RoDTEP, adequate availability of containers, softening of freight charges, resolving the issue of classification of certain exporters as risky.

Source:-moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 26-02-2021
Notification No. 25/2021-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.

Date: 26-02-2021
A.P. (DIR Series) Circular No. 12
Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds - Relaxations

Date: 25-02-2021
Notification No. 09/2021 -Customs (ADD)
Seeks to amend notification no 29/2017-Customs (ADD) dated 14.06.2017 so as to extend the said notification up to 28.06.2021.

Date: 25-02-2021
Notification No. 10/2021-Customs (ADD)
Seeks to further amend notification No. 2/2016-Customs (ADD) dated 28th Jan, 2016 to extend the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 31st March, 2021.

Date: 25-02-2021
Public Notice No. 40/2015-20
Amendment in Appendix 1B, Hand Book of Procedure 2015-20

Date: 23-02-2021
Notification No. 03/2021-Central Tax
Seeks to notify persons to whom provisions of sub-section (6B) or sub-section (6C) of section 25 of CGST Act will not apply.

Date: 23-02-2021
Trade Notice No. 43/2020-2021
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mercosur PTA and India-Thailand EHS w.e.f. 25th February 2021

Date: 23-02-2021
Notification No. 20/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 23-02-2021
Notification No. 21/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 22-02-2021
Circular No. 06/2021-Customs
Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs)-Reg.



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001