Trade

India’s telecom equipment sales cross Rs50,000 crore with PLI scheme

13 Jul 2024

Domestic manufacturing and sales of telecom equipment in the country achieved a milestone of  Rs50,000 crore with the implementation of the production-linked incentive (PLI) scheme.

India, Austria to upgrade bilateral ties to strategic cooperation

India, Austria to upgrade bilateral ties to strategic cooperation

11 Jul 2024

India and Austria have decided to upgrade their bilateral relations to a strategic level making the ties mutually beneficial and sustainable.

India-US agreement on 2% e-commerce levy expires

India-US agreement on 2% e-commerce levy expires

02 Jul 2024

A transitional framework agreement on levying a two per cent tax on cross-country digital transactions adopted by India and the United States on 24 November 2021, expires on 30 June 2024

India’s seafood exports hit record 1.78 million tonnes, realisation down at $7.38 bn

India’s seafood exports hit record 1.78 million tonnes, realisation down at $7.38 bn

20 Jun 2024

India exported 1.78 million tonnes of marine products valued at Rs60,524 crore ($7.38 billion) during the 2023-24 financial year, setting a record for the volume of seafood exports.

India’s April-May merchandise trade deficit hits $36.97 bn

India’s April-May merchandise trade deficit hits $36.97 bn

17 Jun 2024

India added $3.18 billion to its merchandise trade deficit in May 2024, taking the country’s trade deficit for the first two months of the 2024-25 financial year (April-May 2024) to $36.97 billion.

Ghana to use UPI payment infrastructure, consider local currency trade settlement

Ghana to use UPI payment infrastructure, consider local currency trade settlement

07 May 2024

India and Ghana have agreed to work towards operationalisation of India’s Unified Payment Interface (UPI) on the Ghana Interbank Payment and Settlement Systems (GHIPSS)

India, Australia look to deepen economic ties

India, Australia look to deepen economic ties

06 May 2024

An India-Australia Joint Committee Meeting (JCM), held in Canberra as well as meetings with businesses in Sydney and Melbourne have emphasised the need to work closely, especially in collaborative projects, in order to bring new synergy to the strategic partnership of the two countries.

India, Nigeria agree on local currency settlement system

India, Nigeria agree on local currency settlement system

06 May 2024

The second session of the India-Nigeria Joint Trade Committee (JTC) held in Abuja, capital of Nigeria, on Friday, agreed to finalise a local currency settlement system for bilateral trade and investment.

Chinese industrial goods accounted for 30% of India’s 2023-24 imports: GTRI report

Chinese industrial goods accounted for 30% of India’s 2023-24 imports: GTRI report

29 Apr 2024

China's share in India's industrial goods imports jumped to 30 per cent in 2023-24 from 21 per cent over the 15-year period between 2008-09 and 2023-24, as per a report published by Global Trade Research Initiative (GTRI).

India slashes import duty on EVs to smoothen Tesla’s market entry

India slashes import duty on EVs to smoothen Tesla’s market entry

18 Mar 2024

India has slashed customs duty on import of ready-to-assemble automobiles, or CKD units, to 15 per cent for a period of five years, in a move that would help EV majors like Tesla enter the Indian market.

India’s April-February trade deficit up $18.71 bn at $225.20 bn

India’s April-February trade deficit up $18.71 bn at $225.20 bn

18 Mar 2024

India registered a trade deficit of $18.71 billion in February 2024, taking its trade deficit for April-February 2023-24 to $225.20 billion.

India, 4-nation EFTA sign Trade and Economic Partnership Agreement

India, 4-nation EFTA sign Trade and Economic Partnership Agreement

11 Mar 2024

India on Sunday signed a Trade and Economic Partnership Agreement (TEPA) with the four-nation European Free Trade Association (EFTA) comprising Switzerland, Iceland, Norway and Liechtenstein.

Japan commits $1.548 bn in ODA loan for nine Indian projects

Japan commits $1.548 bn in ODA loan for nine Indian projects

21 Feb 2024

The Japanese government has extended 232.21 billion ($1.548 billion) in long-term loans to India, under its Official Development Assistance programme, for nine projects in various sectors.

India’s April-January trade deficit down 8.7% at $207.2 billion

India’s April-January trade deficit down 8.7% at $207.2 billion

15 Feb 2024

India’s overall merchandise trade deficit stood at $207.2 billion in the April-January 2023-24 period against $229.37 billion in April-January 2022-23

India, UAE cement ties with 10 new pacts for collaboration

India, UAE cement ties with 10 new pacts for collaboration

14 Feb 2024

India and the United Arab Emirates (UAE) have signed 10 new agreements for bilateral collaboration in various fields, including key sectors like energy, infrastructure, investments, and management of archives, in a bid to further strengthen their bilateral relationship.

India, Qatar revive LNG deal with new 20-year term contract

India, Qatar revive LNG deal with new 20-year term contract

07 Feb 2024

India and Qatar on Tuesday announced the signing of a fresh 20-year contract under which Qatar will supply 7.5 million tonnes of liquefied natural gas (LNG) to India annually for 20 years.

Government reduces import duty on mobile phone components from 15% to 10%

Government reduces import duty on mobile phone components from 15% to 10%

31 Jan 2024

In a recent move to boost the export sector of India, the Ministry of Finance announced on Tuesday, 30th January, 2024, a reduction in the import duty on components used for mobile phone manufacturing.

ACME signs term contract for supply of green ammonia to Japan’s IHI Group

ACME signs term contract for supply of green ammonia to Japan’s IHI Group

24 Jan 2024

ACME Group, a leading renewable energy company in India, and Japanese heavy industry group IHI Corporation on Tuesday signed a long-term contract under which ACME will supply 4 lakh tonnes of green ammonia from its plant in Odisha to Japan annually.

Hapag Lloyd hikes dry cargo rates from Canada to India, Middle East to $150/TEU

Hapag Lloyd hikes dry cargo rates from Canada to India, Middle East to $150/TEU

22 Jan 2024

German shipping group Hapag Lloyd has announced a general rate increase (GRI) from Canada West Coast to Middle East and the Indian subcontinent for dry cargo transported in 20TEU and 40 TEU containers

India signs pact for lithium exploration and mining in Argentina

India signs pact for lithium exploration and mining in Argentina

18 Jan 2024

India’s ministry of mines has signed an agreement with Argentinean authorities under which Khanij Bidesh India Limited (KABIL)

Govt working on ePlatform to facilitate international trade

Govt working on ePlatform to facilitate international trade

17 Jan 2024

The commerce ministry has commenced work on a Trade Connect ePlatform that will act as an intermediary connecting Indian exporters and entrepreneurs with various stakeholders in international trade

India, Russia to expand ties in energy, military-tech

30 Dec 2023

India and Russia have agreed on a major expansion of bilateral relations, including cooperation in energy and defence production.

India's current account deficit sharply down at 1% of GDP in Q2

India's current account deficit sharply down at 1% of GDP in Q2

27 Dec 2023

India's current account deficit declined sharply to $8.3 billion, or 1 per cent of the country’s GDP, in the second quarter of the current financial year (July-September 2023-24)

India pays in rupee for oil imported from UAE, for the first time

India pays in rupee for oil imported from UAE, for the first time

27 Dec 2023

India’s bid to trade in local currency, the rupee, seems to have finally found traction. The United Arab Emirates (UAE) has accepted payment for crude oil in rupee, for the first time.

India’s April-November merchandise trade deficit estimated at $166.35 bn

15 Dec 2023

India added $20.98 billion to its merchandise trade deficit in November 2023, taking the country’s overall merchandise trade deficit for the April-November 2023-24 period to $166.35 billion.

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