Ram Vilas Paswan
Exports to US getting costlier owing to clogged ports, higher freight: TPCI
According to the Council, new records have been hit in container freight spot rates of all carriers, as the Asia-Europe route continues to continuously rise and is currently approaching $9,000 per Twenty Foot Equivalent Unit (TEU), with further rises expected this month. It cautioned that if this trend continues, India might see a decline in the exports in coming months as these are major markets for exports
India offers Cairn Energy $1bn refund
The lower house of parliament on Friday approved a draft law introduced the previous day, cancelling a 2012 policy that enabled New Delhi to tax some foreign investments retrospectively. The upper house is expected to approve the law as early as next week. New Delhi would also drop $13.5 billion in outstanding claims against multinationals such as telecoms group Vodafone.
PM Modi, former Australian counterpart Abbott discuss trade
Abbott is visiting India August 2-6 in his capacity as the Australian Prime Minister's Special Trade Envoy for India. In a statement, the Prime Minister's Office (PMO) said: "The two leaders discussed ways to further strengthen bilateral trade, investment and economic cooperation to realise the full potential of the India-Australia Comprehensive Strategic Partnership.
China's subdued demand, new Covid strain potential threats to global trade: EEPC India
"Exports to China, world's largest buyer of raw material, in value terms declined 33% to $501.9 million in June, 2021 from $747.1 million in the same month last year. On a cumulative basis also, exports to China fell 15.4 per cent in April-June period of FY22 to $1357.9 million from $1604.9 million in the corresponding period last financial year."
FedEx invests Rs 100 million in Delhivery to unlock India's cross-border trade
FedEx Express, a subsidiary of FedEx Corp and homegrown logistics and supply chain services company Delhivery on Friday announced they have entered into a pact to unlock India's international trade potential. FedEx will make a $100 million equity investment in Delhivery as part of the deal. The companies will enter into a long-term commercial agreement.
India's June YoY exports, imports surge as world trade recovers
As per the data, the value of non-petroleum and non-gems and jewellery exports in June 2021 was $25.65 billion, as compared to $18.48 billion during the corresponding month of 2020, registering a positive growth of 38.84 per cent. Similarly, India's merchandise imports last month grew by 98.31 per cent to $41.87 billion over $21.11 billion in June 2020.
India's June merchandise exports surge over 48%
Similarly, exports last month recorded a growth of 29.85 per cent growth over the June 2019 mark of $25.03 billion. The country's merchandise exports in May 2021 had risen to $32.27 billion. As per the data, the value of non-petroleum and non-gems and jewellery exports in June 2021 was $25.65 billion, as compared to $18.48 billion during the corresponding month of 2020, registering a positive growth of 38.84 per cent.
Framework for International Trade Finance Services Platforms issued
This framework will provide an opportunity to the participants to avail trade finance facilities for trade transactions such as export invoice trade financing, reverse trade financing, bill discounting under Letter of Credit, Supply Chain Finance for Exporters, Export Credit (Packing Credit), Insurance/Credit Guarantee, Factoring and any other eligible product, on the ITFS platform.
Essar Shipping's 'Tvisha', 'Tuhina' boosts Indo-Bangladesh rice trade
As per the agreement, Bangladesh is set to buy 1,50,000 tonnes of rice from India. It would be the first such bilateral deal in the last three years. India saw a surge in farm exports in FY21, a pandemic year. The surge was driven by record-high sales of rice-13.9 million tonnes of non-basmati and 4.6 million tonnes of basmati -- and sales of 2.08 mt of wheat, a six-year high.
Firms do not have to deduct TDS on shares, commodities traded on bourses
The Central Board of Direct Taxes (CBDT) has brought into effect a provision relating to tax deducted at source (TDS) applicable to businesses with turnover of over Rs 10 crore. Rajat Mohan, senior partner at AMRG & Associates said that the new provisions surrounding the applicability of TDS on the purchase of goods have taken the stock evangelists by surprise.
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