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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102140) | |
23221. ‘Question on GSP in India is very high on my radar’: USTR nominee
- The Biden administration has indicated that the issue of restoring the GSP status to India is on top of its radar, as several lawmakers have raised the issue of retaliatory tariffs imposed by New Delhi on American agricultural products after the previous Trump regime terminated it.
- The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.
- The market for Washington apples has fallen to USD 4.9 million from USD 120 million after India imposed retaliatory tariffs following the Trump administration’s unilateral steel tariffs in 2018. India will now be requiring certification that export shipments are free of genetically engineered crops.
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23222. Maruti Suzuki achieves new exports milestone
- Maruti Suzuki is celebrating a brand new milestone in India, folks. Yep, the automaker recently announced that it has now exported more than two million vehicles from India.
- The company said it sent off a batch of made in India units of the Maruti Suzuki S-Presso, Maruti Suzuki Swift, and Maruti Suzuki Vitara Brezza from the Mundra Port in Gujarat. Currently, Maruti Suzuki export 14 models, nearly 150 variants, to over 100 countries.
- Kenichi Ayukawa, Managing Director and CEO, Maruti Suzuki India Limited said, “The Company is committed to Hon’ble Prime Minister Mr. Narendra Modi’s vision of Make-in-India. The 2 million vehicle exports from Maruti Suzuki are a testimony of the same.
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23223. Exports share of GDP reached its lowest in Q3 as sector waits for manufacturing to fully fire up
- With an 18.6 percent share of India's Gross Domestic Product, the third quarter (October-December) of 2020-21 saw the contribution of exports to economic growth drop to its lowest in the current financial year. Analysts and exporters say that this is not expected to improve in the next quarter, given the poor performance of outbound trade in the current quarter.
- But with the manufacturing sector still under stress, export of finished goods has been slow to take off in the current quarter as well. Manufacturing had contracted by a major 35 percent in the first quarter, but had significantly recovered to just a 1.5 percent contraction in the second quarter. The slow pace of recovery seen in the latest data has been attributed to particular challenges in select areas of the economy.
- The sector is most worried about the Rs 25,000-30,000 crore worth of tax refund under the erstwhile Merchandise Exports from India Scheme (MEIS) they are yet to receive, even as they wait for clarity on its successor tax benefit scheme.
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23224. India's electronics exports cross pre-Covid levels, touch record high of Rs 8806 crore in December
- India’s exports of electronics goods have not only recovered to pre-Covid levels but also touched an all time high of Rs 8,806 crore in the month of December 2020, data released by commerce ministry
- mobile phones remained the top contributor with exports worth Rs 3,061 crore - or roughly 35% of total electronics exports - which though is still to reach pre-Covid levels which were as high as Rs 3,254 crore.
- Of this, mobile phones remained the top contributor with exports worth Rs 3,061 crore - or roughly 35% of total electronics exports - which though is still to reach pre-Covid levels which were as high as Rs 3,254 crore.
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23225. Sugar mills contract export deals for 34 lakh tonne
- The National Federation of Cooperative Sugar Factories (NFCSF) has said export deals for 34 lakh tonne at this juncture is a very good development and India could do better in the export market.
- Around 17 lakh tonne have already been dispatched from sugar mills to the ports and refineries, the association said. Since the Centre has announced an incentive of Rs 6,000 a tonne for sugar exports, at least 34 lakh tonne have been contracted for shipments abroad.
- The Centre has allocated Rs 3,500 crore this season as incentive for exports, with the industry hoping to export up to 60 lakh tonne. Last year, the export incentive had helped in exports of 57 lakh tonne of sugar.
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23226. First export consignments of ‘red rice’ from Assam to the USA flagged off
- In a major boost to India’s rice exports potential, the first consignment of ‘red rice’ was flagged off today to the USA. Iron rich ‘red rice’ is grown in Brahmaputra valley of Assam, without the use of any chemical fertilizer.
- The rice variety is referred as ‘Bao-dhaan’, which is an integral part of the Assamese food.
- During the April – January period of 2020-21, the shipment of non-Basmati rice witnessed an impressive spike. The non-basmati rice exports was Rs 26,058 crore (3506 US$ Million) during April-January, 2021 against Rs 11,543 crore (1627US$ Million) reported during April-January, 2020 period. The exports of non-Basmati witnessed a growth of 125 % in Rupee term and 115 % Dollar terms.
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23227. Indo-Russian BrahMos missile to be exported to the Philippines! Check details
- Later this year the Philippines could be the first Southeast Asian country to get the Indo-Russian BrahMos supersonic missile. The export of the missile to the Philippines is going to be by year end. On Tuesday, both India and Philippines inked a critical defence pact which has now paved the way for exports of the military platforms and weapons to the ASEAN nation.
- The ‘Implementing Arrangement’ is a government-to-government pact which was signed by the two countries at the Camp Aguinaldo, headquarters of the Armed Forces of the Philippines, earlier this week (Mar 2, 2021). On behalf of India, Shambu S. Kumaran, Ambassador to the Philippines signed the pact.
- Other ASEAN countries which have been in discussion with India for the BrahMos missile include Indonesia, Thailand, Malaysia, the Philippines, Singapore and Vietnam. Southeast Asia, Middle East (UAE, Qatar, and Saudi Arabia); South America (Brazil, Argentina and Chile) & Eastern Europe (Bulgaria) and South Africa, Egypt, South Korea are interested in the Indo-Russian Missile. (Financial Express, 4 March 2021) News Link
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23228. India currently exporting defence equipments to more than 84 countries: Govt
- In a written reply in the Lok Sabha in response to a question asked by Kaushal Kishore and P P Chaudhary, Naik informed that presently defence items from India are being exported to more than 84 countries but the "names of the countries cannot be divulged due to strategic reasons", stated a PIB press release stated.
- The important defence equipment exported include weapon simulators, tear gas launcher, torpedo loading mechanism, alarm monitoring and control, night vision monocular and binocular, lightweight torpedo, and fire control systems.
- The press release also stated that many reforms and steps were taken to boost defence exports in the last six years, which included special chemicals, organisms, materials, equipment, and technologies (SCOMET) has been populated, standard operating procedure (SOP) for the export of munitions list items has been modified and placed on the website of the DDP.
- A completely end-to-end online portal for receiving and processing export authorisation permission has been developed. The legitimate export of the parts and components of small arms and body armour for civil use is now being permitted after prior consultation with MEA, said Naik in his written reply. The government has notified the Open General Export License (OGEL) - a one-time export license, which permits the industry to export specified items to specified destinations, enumerated in the OGEL, without seeking export authorisation during the validity of the OGEL, the PIB release further stated.
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23229. Govt mulls AYUSH export promotion council to boost global trade
- Union minister Piyush Goyal said the AYUSH ministry is currently holding stakeholder consultations to explore setting up of an AYUSH Export Promotion Council and procedural steps involving in setting up the council are being taken up
- The AYUSH ministry is currently holding stakeholder consultations to explore setting up of an AYUSH Export Promotion Council (EPC) and procedural steps involving in setting up the council are being taken up, Minister of Commerce and Industry Piyush Goyal informed the Parliament.
- The Harmonized System (HS Codes) is an international nomenclature for the classification of products. It allows participating countries to classify traded goods on a common basis for customs purposes.
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23230. Tight global supplies to continue driving India’s maize exports till May
- Maize (corn) exports from India are expected to go on till May with global supplies projected to be tight this year and demand continuing from Malaysia and Vietnam.
- The Food and Agriculture Organization (FAO), a UN arm, and the US Department of Agriculture have both projected that the ending stocks this marketing season (July 2020-June 2021) would be lower compared with last year.
- Both agencies have, however, raised the ending stocks in their reports this month on higher production estimates.
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