New Delhi: India's exports grew by a mere 3.2 per cent year-on-year to $24.4 billion in April 2012 mainly due to the slow demand in western markets like Europe. Exports stood at $23.6 billion in April 2011, according to data released by the Commerce Ministry in New Delhi on June 1. Imports during the first month of the current fiscal grew 3.8 per cent to $37.9 billion, leaving a trade...
03:31 PM, Jun 01, 2012
New Delhi: With rupee plunging below the 55-level against dollar, which benefits exporters, global buyers are putting pressure on Indian exporters to offer 10-15 per cent discount on shipments. The country's apex exporters body FIEO, however, said the continuous fall in the domestic currency will not help exporters much. "Global buyers are putting pressure for more and more discounts. They are asking for about 10-15 per cent. They want to...
04:38 AM, May 22, 2012
Bangalore: Software industry leader NR Narayana Murthy on Sunday appeared to have joined the debate on policy paralysis at the Centre when he said the government has not been able to provide clarity on definition of software exports for over a year now causing inconvenience to the industry. "I have tremendous faith in Finance Minister Pranab Mukherjee, who is an excellent minister and an excellent person. But it has been...
04:24 AM, May 21, 2012
Beijing: The US placing restrictions on more than 2,400 items exported to China is the reason for the trade imbalance between the two countries, Chinese Commerce Minister Chen Deming said on Thursday. He said it will be difficult for the two countries to achieve balanced trade if the US continues to maintain control over such a large variety of exported goods. The minister was speaking to journalists on the sidelines...
01:47 AM, May 04, 2012
New Delhi: The government in a high level meeting chaired by Prime Minister Manmohan Singh decided to free sugar exports by removing quantitative restrictions in order to expedite shipments of the sweetener. This came after Agriculture Minister and NCP chief Sharad Pawar shot off an angry letter terming the UPA's policy on agriculture exports 'ambivalent' and 'against the interest of the farming community'. Importantly, Pawar had termed the Food Ministry's...
06:59 AM, May 03, 2012
New Delhi: The government on Wednesday decided to free sugar exports by removing quantitative restrictions in order to expedite shipments of sweetener and also scrapped the minimum export price (MEP) on onion. The government also decided to constitute a committee, headed by Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan, for formulating policy on how to handle surplus foodgrains in government godowns. These decision were taken at a high...
09:51 PM, May 02, 2012
New Delhi: India decided to allow fresh cotton exports after a Group of Ministers meeting convened by the Prime Minister discussed the issue on Monday. Post meeting, Commerce Minister Anand Sharma said that India will allow "fresh cotton export registration". The GoM will now review the situation based on revised estimates and figures of crop size. The Opposition raised the issue in Parliament on Monday with JDU leader and NDA...
01:25 PM, Apr 30, 2012
New Delhi: Ahead of the Prime Minister's meeting on food stock, cotton and sugar, the issue was raised in Parliament on Monday. JDU leader and NDA convener Sharad Yadav demanded that the government open a war room to deal with the crisis faced by cotton farmers. He pointed out that although there had been record production of cotton over the past one year, there was no proper storage space and...
12:59 PM, Apr 30, 2012
New Delhi: Prime Minister Manmohan Singh has called a meeting on Monday to deliberate on the objections raised by Agriculture Minister Sharad Pawar over export of farm commodities such as sugar and cotton. The Prime Minister will chair two meetings on Monday, one of them would be on agricultural products, Commerce and Industry Minister Anand Sharma told reporters in New Delhi on Sunday. Pawar had earlier said, "There is no...
06:53 PM, Apr 29, 2012
United Nations: Citing its non-proliferation record, India told the UN Security Council that given its ability and willingness to promote global non-proliferation objectives, its membership of the four nuclear export control regimes should be "the next logical step." India's Permanent Representative to the UN Hardeep Singh Puri said India has never been a source of proliferation of sensitive technologies and it is determined to further strengthen its export control systems...
02:50 AM, Apr 22, 2012
New Delhi: Acute power crisis is threatening to cripple Tamil Nadu's leather exports. Hundreds of companies in Tamil Nadu's leather belt have been hit by power shortages, leading to as much as a 25 per cent increase in production costs. Enco Shoes is a medium sized leather unit in a state that is India's leader in leather exports. K Najmul Hasan, MD, Enco Shoes, says, "There are just about 50-60...
07:59 AM, Apr 18, 2012
New Delhi: Prime Minister Manmohan Singh has called a meeting of Finance Minister Pranab Mukherjee, Agriculture Minister Sharad Pawar, Commerce and Textiles Minister Anand Sharma and Food Minister KV Thomas on April 23 to address the concerns reflected in Pawar's letter to him earlier this month. Pawar had termed UPA's agriculture policy on exports 'ambivalent', 'constantly prevaricating' and 'against the interests of the farming community'. Pawar, in his letter, took...
11:32 PM, Apr 16, 2012
New Delhi: India recorded exports growth of 16 per cent in 2011, the fastest in the world in volume terms during last year, even as the global trade expansion slowed to five per cent, according to the WTO report. "India had the fastest export growth among major traders in 2011, with shipments rising 16.1 per cent. Meanwhile, China had the second-fastest export growth of many major economy at 9.3 per...
07:28 PM, Apr 12, 2012
New Delhi: Irked by curbs on milk, cotton and sugar exports, Agriculture Minister Sharad Pawar has shot off a letter to Prime Minister Manmohan Singh stating that the government's policies are hurting farmers who are being asked to subsidise the industry. Pawar wrote to the Prime Minister on Tuesday, a day after group of ministers disallowed cotton export beyond 13 million bales for the current marketing year. He strongly criticised...
06:55 AM, Apr 12, 2012
New Delhi: The union government will offer tax incentives to exporters for sales in rupees to Iran, in the latest effort by New Delhi to bolster exports in return for oil from the Islamic Republic squeezed by Western sanctions, a finance ministry official said. Following US and European Union sanctions against Tehran over its nuclear programme, New Delhi is under pressure to cut oil imports from its second-biggest supplier, which...
01:49 AM, Apr 08, 2012
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