Author name: ImpexExim

In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector.

Indian traders have been engaging in border trade with China through the Lipulekh pass in Pithoragarh district since 1992. They are now urging the central government to address the closure of the trade route due to the Covid-19 pandemic in 2019. The traders are concerned about their stored goods in Tibet and seek the resumption

“They recalled the paragraph 45 of the Johannesburg II Declaration tasking the Finance Ministers and Central Bank Governors of the BRICS countries to consider the issue of local currencies, payment instruments and platforms and to report back to the BRICS Leaders,” according to the Joint Statement.

Passenger vehicle exports from India increased by 2.68 lakh units in the last four fiscal years, with Maruti Suzuki India contributing to nearly 70% of the growth.

CBIC introduces electronic disbursement of duty drawback amounts to exporters’ bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.

India has taken Australia to arbitration at the WTO over changes to services commitments, impacting trade. The new regulations aim to lower global trade costs by $125 billion.

India’s import of refined products from Russia increased by 14% in May, with naphtha imports tripling. State-run refiners brought in 77% more Russian products, but imports were lower than China and Europe.

India is considering challenging the European Union’s Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, which mandates non-EU steel producers to report emissions, impacting sectors like iron and steel, cement, and more.

India’s agricultural markets are under scrutiny as a new government prepares to take office, potentially impacting global food prices. Prime Minister Modi’s policies aimed at ensuring domestic supplies have influenced key crop exports. Changes post-election could affect rice, wheat, and sugar markets, with industry leaders seeking policy shifts to address supply and demand challenges.

India’s silver imports in the first four months of 2024 have surpassed the total for all of 2023, driven by rising solar panel demand and investor interest. The country imported a record 4,172 metric tons, up from 455 tons a year ago. This surge supports global prices and outperforms gold.