The post India’s steel Industry is out of stress as export increased by 57% appeared first on Trade Genius.
]]>
The stress period for the steel industry is over as India’s steel exports have increased by 57% and imports have decreased by 34%, reported by the government in Rajya Sabha. By 2030, the government wants to make steel output of India to 300 million tonnes which are now about 120 million tonnes, said by the Steel Minister Chaudhary Birender Singh.
As there was a recession in the global steel sector, so it had an impact on India as well, said by the steel minister of India. For more than three years, our steel industry was in stress. But in last 6months, the situation has changed.
He also said, in a period of last six months the steel output has increased by 15 lakh tonnes, exports have gone up 57% and imports fell by 34%. At SAIL and RINL the renovation and expansion that is being done and by December 2017, it is expected to get over and also in coming six months would increase the capacity utilisation to 70%. For expanding and modernising SAIL, more than Rs.61500 crore had been put, said by the steel minister.
Modernization and expansion work of “Barring Bhilai, is still going on, said by the steel minister. It is expected that by December it will be completed. to ramp up production, It takes time whether it is in Bhilai, Rourkela or Bokaro. For complete ramp up, it takes 2¬3 years. in the next six months, it is expected to achieve 70 percent capacity utilisation.”
As India is not at par with global standards, so the plant efficiency improvement is necessary, said by the minister. 3 points are the global efficiency standard and from this, Indian PSUs get 1.70 and private steel industries come at 2.1.
High-end steel produced by the country as the country is progressing in production which is used in defence and other sectors. To boost production of high-quality steel products and value added products which are competitive in prices, the govt has reinforced the technology and equipment import so as to enhance the adopting and use of world-class technologies.
The post India’s steel Industry is out of stress as export increased by 57% appeared first on Trade Genius.
]]>The post First time India becomes a net exporter of power appeared first on Trade Genius.
]]>
In the April¬-February period of this fiscal, for the first time ever India has become a net exporter of electricity. The designated authority of the government of India for cross-border trade of electricity first time India has turned around from a net importer of electricity to net exporter of electricity As per Central Electricity Authority (CEA), As per Central Electricity Authority (CEA), the power ministry stated on Wednesday.
In between April 2016 – February 2017, As per the statement of the ministry, India has sent about 5,798 million units of power to Nepal, Bangladesh, and Myanmar and from Bhutan imported 5,585 million units. So by 213 million units, the export has exceeded the import.
In past three years, the power export to Nepal and Bangladesh increased tremendously. from the mid-¬80s India has been importing electricity from Bhutan. From states of Bihar and Uttar Pradesh, India is buying power from Bhutan and marginally exporting in the radial mode to Nepal at 33 kV and 132 kV.
About 5,000-¬5,500 million units Bhutan supplies to India annually, as per a report. From 12 cross-border interconnections, India also sends about 190 MW power at 11kV, 33kV and 132 kV level to Nepal. With the new Muzaffarpur (India) – Dhalkhebar (Nepal) 400kV range power export to Nepal improved by around 145 MW.
In September 2013, Power export to Bangladesh was enhanced by cross-border range at Baharampur (India) and Bheramara (Bangladesh) at 400kV which were commissioned. Another connection further boosted the export from Surjyamaninagar (Tripura, India) and South Comilla (Bangladesh). Presently to Bangladesh, about 600 MW power is being sent.
In between 132 kV Katiya (Bihar) – Kusaha (Nepal) and 132 kV Raxaul (Bihar) – Parwanipur (Nepal), Two more lines are going to be commissioned increasing the export to Nepal by 145 MW.
The post First time India becomes a net exporter of power appeared first on Trade Genius.
]]>The post The Fruit import from India impacted by Bangladesh’s high duty on Orange import appeared first on Trade Genius.
]]>
By Bangladesh, The heavy duty on import of Indian oranges is impacting the exports tremendously. As in between India and Bangladesh, the export demand is reducing every year owing to the high import duty and absence of any agreement on sales terms the Indian orange farmers and traders are seeing a fall in sales to the neighbouring country.
While exporting to Bangladesh, oranges from other countries like China, Bhutan, and Pakistan attract low or no import duties, as per the industry. for Indian fruits including orange Bangladesh is the largest export market and between Indian and the neighbouring nation in absence of trade agreement from last 3-4 years a huge import levy is imposed on the fruits (about Rs.5.4 lakh per truck of 15-17 tonne). Before this was as low as Rs.45000-50000 per truck but now for average people, the high import levy makes Indian oranges very expensive. In Bangladesh, Even after a huge demand for Indian oranges, due to high prices they sell less and every year the export is reducing.
To other exporting nations the Indian oranges are superior in quality but due to high import rates that impact the prices, still are getting less market share. From Bangladesh for export and import of fruits, both countries should mutually come to an agreement, as per Industry.
From India to Bangladesh exports of fruits and vegetables are happening in hawala impacting the whole system, as per sources. To save on the high import duty, the exporters are forced to do under-invoicing. As he loses on the export incentive that the Indian government provides, this is a negative point for the exporter.
The post The Fruit import from India impacted by Bangladesh’s high duty on Orange import appeared first on Trade Genius.
]]>The post In Feb Indian Gold Jewellery Exports Down 47% appeared first on Trade Genius.
]]>
In February 2017, by 47% The Gold jewellery exports from India have fallen due to the jewellery routed through UAE is badly impacted.
The two major factors impacting the gold export from India is UAE w.e.f from January 1st, 2017 imposes 5% import duty on jewellery and The Indian government has a 10% import duty on gold imported for making jewellery.
In January Indian Gold jewellery exports fell by 24% and in February further by 47.52% and India’s market share has been gained by competitors like China. By Indians exporters and jewelry manufacturers, to avoid 5% import levy many manufacturing units are being set up in UAE. For, the same the gold artisans are moving to UAE and about 20% of Indian jewellery business might move to UAE.
The import duty on gold the Indian government should cut, expected by the government and stop the fall in Gold jewellery exports make it below 5%. As per a data made by Gems and Jewellery Export Promotion Council (GJEPC), which shows that in February 2017, gold jewellery exports fell to Rs 2,810.60 crore from Rs 5,355.47 crore in comparison to February 2016.
If this situation continues, to UAE, Indian exporters will be forced to either look at other markets and routes or think about moving facilities. The industry has been impacted badly due to the latest move of 1% excise duty and other supply restriction.
The post In Feb Indian Gold Jewellery Exports Down 47% appeared first on Trade Genius.
]]>The post Government removed ban on export of edible oil in bulk after nine years appeared first on Trade Genius.
]]>
After a period of nine years, the bulk export of few selected edible oils has been allowed by the Indian Government.
On Monday the office of the Director General of Foreign Trade had released a notification and announced that “Exports of sesame oil, groundnut oil, soybean oil and maize (corn) oil in bulk, regardless of any package size, has been exempted from the prohibition on export of edible oil.”
The ban which was continuing from last 9 years on their exports has been removed. Till now only in consumer packs of not more than five kilograms the export of some edible oils was allowed. This should mean to pay more for the oilseeds better realization for producers, improving their capability. In turn, this move could encourage farmers to sow for more oil seeds.
To meet around 60% of the annual oil demand of 24 million tonnes, India imports more than 14 million tonnes of edible oil annually. As traders can now sell in larger quantities especially the non-genetically modified oil, so the industry has welcomed this move.
From March 17, 2008 initially the bulk export of edible oil was banned and every year the ban was extended. Till the next orders were given In October 2012 this ban was extended. a bumper oilseed crop has been expected by India this year.
The post Government removed ban on export of edible oil in bulk after nine years appeared first on Trade Genius.
]]>The post On six commodities India removes the import restrictions from Vietnam appeared first on Trade Genius.
]]>
On the import of six commodities, India has taken away the restrictions from Vietnam that include coffee beans after the phytosanitary issues were resolved. On imports of five items from India, Vietnam had lifted the ban just a day back, when the latter worked on to improve pest management.
Vietnam had banned imports of pods and seeds of peanuts, seeds of cassia, cocoa, bean and fruit of tamarind in the beginning of March, from India citing some phytosanitary reasons. From March 7 due to pest risk, India also in response had temporarily stopped the entry of coffee beans, bamboo, and black pepper, cinnamon, cassia and dragon fruit coming from Vietnam
By Vietnam, these phytosanitary issues have been handled and so on the import of the six commodities, India has lifted the ban on import. On import of Indian items, this decision has come after Vietnam government removed the ban.
Vietnam has issued notifications to India (January 20, 2017, and February 16, 2017) and Vietnam had banned five items from India, Only two times were non-compliance instances had happened. this ban strange and that the groundnut importers were happy with the quality other than the two instances of non-compliance, said by The Indian Embassy in Hanoi.
The ban on the Vietnamese product The Indian government had also imposed as quarantine pests were found in consignments which could cause biosecurity risk. To National Plant Protection Organization (NPPO), Vietnam the notifications were sent about the interception of the pests again and again. On March 3 The Indian government informed the NPPO, Vietnam about the ban on import of six commodities and the repeated interception of pests. In this regard what action have been taken and the government also asked Vietnam to inform about this. To accredit fumigating companies The Indian government has also asked NPPO so as to make sure that suitable fumigation is done on the cargo being shipped. From Vietnam also some commodities were being shipped having no permission or phytosanitary certificates.
The post On six commodities India removes the import restrictions from Vietnam appeared first on Trade Genius.
]]>The post On sunflower seed, the import levy has been cut down by Govt to 10% appeared first on Trade Genius.
]]>
The Indian Government in acknowledgement with the time long demands of the trade industry decided to slash down the import duty on sunflower seeds and made the duty from the earlier 30 % to 10 % on March 23rd, 2017.
In this regard, The Department of Revenue of the Ministry of Finance released a notice which states that on March 23 the import duty was 10% which showed the amendment to the previous notification No.12/2012- Customs which was released on March 17, 2012.
As to reduce the basic Customs duty from 30 per cent to 10 per cent on sunflower seeds, the notice said, “Amendment to Notification No.12/2012-Customs, falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purposes extraction and refining of oil subject to actual user condition, from April 1, 2017, to September 30, 2017, period.
This step was welcomed by Solvent Extractors’ Association of India (SEAI) and is happy about the government’s response to the industry’s request. This is a progressive step for the local industry for generation of employment, value-addition, and efficient utilisation of the capacity.
To get the balance with the international prices, the reduction in the import duty will help the importers so by India there can be large imports of oilseeds for providing to the mills that have a lack of supply.
The post On sunflower seed, the import levy has been cut down by Govt to 10% appeared first on Trade Genius.
]]>The post On chana, Govt considering putting 25% import levy to save farmers appeared first on Trade Genius.
]]>
As a bumper crop is being expected, so on chana for safeguarding the domestic farmers from rate fall and to cut down on the shipments, the centre is thinking to introduce a duty of 25 per cent on import.
As the monsoon was good, so in this season India is expecting a harvest of 22 million tonnes pulses and a 9 million tonnes bumper crop of chana.
As the prices of the crop will fall, so to protect the chana growing farmers, Agriculture Ministry has put forward a proposal to put an import duty on this particular pulse. to control the prices, an import levy of at least 25% will work in this regard the bumper crop along with cheap imports can dent the profits of these farmers and to safeguard them, the ministry has put forward this thought.
Even after a good crop, The other pulses will still have to be imported to satisfy the demand, and for this on any other pulses, the government will not put any import duties.
Wholesale rates of some pulses like tur that are Kharif crops have already crashed this year and for this, there are chances that chana prices will see the same fate.
As the chana crop in the retail prices of the pulses from the last year, around 30% fall has been seen, said by the government. The rates are most likely to fall, as this year crop is very good.
To increase the local production and to reduce the dependency on the imports, the government had started work and to a high of Rs.200 per kg and after that Last year the retail prices had increased sharply.
Now the government wants the farmers to get a good price for the crop as the output of chana has increased by 6 million tonne and they get a moral boost to continue with the pulse crop in the future also.
Annually about 25 million tonnes of pulses is consumed by the country. In the fiscal 2016-17, last year India had imported 5.8 million tonnes also import of similar quantities are expected this year.
The post On chana, Govt considering putting 25% import levy to save farmers appeared first on Trade Genius.
]]>The post Due to slowdown in services exports and remittances, Country’s current account deficit widens appeared first on Trade Genius.
]]>
In the December 2016 quarter, The Current account deficit (CAD) of the country increased even when the trade deficit was lower. Because of a slowdown in the international market and due to demonetization and deposits by non-resident and global Indians fell down this increase in CAD was seen because the services exports also dipped down.
In end of the December quarter, the capital flows also slowed and the net balance of payments saw a moderate deficit of $ 1.2 billion. In the December quarter, CAD expanded to $ 7.9 billion whereas in the same quarter of the previous year, it was $ 7.1 billion (the excess of imports of goods and services over exports in its external sector balance sheet is known as CAD).
In comparison with the same quarter of 2016-17 to October-December 2015-16, the trade deficit saw a moderate decrease from $34 billion to $ 33.3 billion.
Due to the strengthening of global oil prices, Crude imports from the country increased by about $1.7 billion (YoY). A from the previous year, remittances from Indians abroad has reduced3.8% and in the July-¬September 2015 quarter reached to $ 17.7 billion from $18.2 billion as per RBI. In comparison to last year, in the third quarter of current fiscal Net foreign direct investment is at $ 9.8 billion which is lower.
The post Due to slowdown in services exports and remittances, Country’s current account deficit widens appeared first on Trade Genius.
]]>The post Groundnut exporters shifted to domestic retail business appeared first on Trade Genius.
]]>
Like in the local markets peanut butter and confectionaries, Indian Groundnut exporters are moving to retail businesses. There is a falling demand from the South Asian markets like Vietnam, so this development has occurred.
With the increase in demand in the domestic market, but in a very small manner Value addition in groundnut is happening domestically, the leading exporters are also showing interest.
As the untapped value-added products market has a great future, but the exports of groundnut are falling, reported by Apeda. Installations of new processing units have already started in different states by few exporters of states to expand into the value added peanut products.
In the world, after India, China is the largest producer of groundnut. Annually Indian groundnut output is five to six million and around 500,000 tonnes is the annual exports.
The post Groundnut exporters shifted to domestic retail business appeared first on Trade Genius.
]]>