Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The country's <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> are expected to increase about USD 60-70 billion to <keyword id="20120060" type="General" weightage="20" keywordseo="USD-500-billion" source="keywords">USD 500 billion</keyword> by the end of FY25, apex exporters' body <keyword id="20516660" type="General" weightage="20" keywordseo="FIEO" source="keywords">FIEO</keyword> said on Thursday. Federation of <keyword id="702966" type="General" weightage="20" keywordseo="Indian-export" source="Orion">Indian Export</keyword> Organisations (FIEO) President <keyword id="19991031" type="General" weightage="20" keywordseo="Ashwini-Kumar" source="keywords">Ashwini Kumar</keyword> also said the country's <keyword id="20061029" type="General" weightage="20" keywordseo="services-exports" source="keywords">services exports</keyword> are also likely to reach USD 390-400 billion this fiscal. "We are looking for merchandise <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> between USD 500-510 billion in 2024-25. In the services, we expect exports to be around USD 390-400 billion for the current fiscal," Kumar told reporters in New Delhi. She said <keyword id="20677957" type="General" weightage="20" keywordseo="traditional-markets" source="keywords">traditional markets</keyword> like the US and Europe will help in <keyword id="21683869" type="General" weightage="20" keywordseo="boosting-Indias-exports" source="keywords">boosting India's exports</keyword>. In 2023-24, exports had dipped over 3 per cent to USD 437 billion.

India's merchandise exports to rise 12-15%, reach USD 400 billion this fiscal: FIEO

Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

<ul><li>In his budget speech earlier this year, Arun Jaitley announced that the commerce ministry was developing a National <keyword id="108235" type="ORGANIZATION" weightage="20" keywordseo="logistics">Logistics</keyword> Portal. </li><li>The platform will function as a one-stop shop for traders and manufacturers, and not only connect them with logistics service providers but also avail of certification from 81 government entities. </li><li>The platform, which is set to go live next year, is expected to improve price discovery reduce logistics costs and boost <keyword id="35090" type="COMPANY" weightage="20" keywordseo="exports">exports</keyword> and manufacturing. </li></ul>The Indian government is readying a national logistics and <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> e-platform to reduce costs and ease the process of price discovery. The idea behind the online marketplace is to enroll all the <keyword id="6355002" type="UNKNOWN" weightage="20" keywordseo="transport">transport</keyword> and logistics vendors on one platform and allow prospective clients and companies to compare prices and choose the option that works best for them. In doing so, the National Logistics Portal (<keyword id="187135" type="ORGANIZATION" weightage="20" keywordseo="NLP">NLP</keyword>) is expected to ease the transport of goods around India as well as for export purposes. For example, exporters can find the cheapest transport provider for their foreign shipments. The platform will function as a one-stop shop for traders and manufacturers, and not only connect them with logistics service providers but also avail of certification from 81 government entities such as the Railways Ministry, Sea and Air Port Terminal Authority, Roads and Highways ministry and Customs department. Launch date in 2019 The announcement of the NLP came in this year’s <a href="https://www.livemint.com/Politics/6ZTmv653VqU5ghPAcWCfTJ/Union-Budget-2018-Full-text-of-Arun-Jaitley-budget-speech.html">Union Budget</a>. It follows the successful launch of the government’s e-marketplace (GeM) in August 2016. The GeM operates on a smaller scale, and is a portal for all government procurement deals. It was established to streamline the purchase of goods and services by government ministries and departments. The initial legwork on the NLP is already underway. Following the platform’s approval by a committee of secretaries in the commerce ministry, a tender to develop the online platform will be issued in October, with the end goal of commencing a trial run of the portal by March next year. The Union Cabinet will have to approve the entity that wins the bid. The subsequent phases of the portal’s launch will involve the implementation of a single window certification mechanism to approve transactions and the integration of an online payment component. A mobile application will also be developed, which will allow buyers to track their goods in real time. Logistics costs currently total as much as 14% of GDP owing to multiple clearance windows and overlapping regulations. With the launch of the portal, the government wishes to reduce that figure to 10% in the next couple of years, which will inevitably boost exports.

India’s government is launching an online logistics portal to boost exports

(Image source- pixabay.com) <ul><li>The Indian government has approved a new policy to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes. </li><li>Under the policy, all restrictions on the <keyword id="35094" type="ORGANIZATION" weightage="20" keywordseo="export">export</keyword> of organic and processed food items will be lifted. These include mandi (wholesale) taxes, minimum export prices, duties and quota restrictions. </li><li>Not only will this help <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">farmers</keyword> tap into foreign markets better, but will stabilise export flows and improve relations with <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> partners. </li><li>The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in R&amp;D. </li></ul>Prime Minister Narendra Modi has always stressed that one of his administration’s key priorities is to boost farmer incomes, the progress on which has been hindered by persistently low retail food prices. With this in mind, on 6 December, his Union Cabinet <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1554960">approved a new policy</a> to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes, and make India one of the world’s 10 largest agricultural exporters. The move follows a wave of farmer protests in India with the goal of obtaining better prices and a waiver of farm loans. Under the policy, all restrictions on the export of organic and processed food items will be lifted. These include mandi taxes, which are fees levied on the sale of produce that vary from state to state, minimum export prices, duties and quota restrictions. In addition, perishable exports will be granted single-window clearance. Not only will this help farmers tap into foreign markets better, but will stabilise trade flows and improve relations with partners as export bans and duties often tend to be a sticking point during trade negotiations. In the past, the Indian government has instituted export bans on certain food items in response to soaring domestic demand. The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in logistics and technology to make smallholder-farmers trade-ready. India’s agricultural exports, which roughly comprise a tenth of the country’s overall merchandise exports, are currently dominated by three items: basmati <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword>, meat and marine products. In an attempt to diversify India’s exports, the central government will invest ₹14 billion to merge a variety of export incentive schemes and set up specialised export-focused clusters in a number of agricultural strongholds in India. There will be clusters dedicated to tea, coffee, bananas, mangoes, pomegranates and spices like turmeric, Suresh Prabhu, the Union Minister of Commerce and Industry, told <a href="https://economictimes.indiatimes.com/news/economy/policy/union-cabinet-approves-agriculture-export-policy/articleshow/66974576.cms">media outlets</a>. To ensure quality control in terms of production, logistics and distribution, a programme called “Brand India” will also be set up with the participation of state governments and private investors. Each state will also be expected to establish a specific department that will be tasked with implementing the agricultural export policy. One of the major aims envisioned under the policy is too boost the export of value-added items and to cause a shift in India’s current practice of exporting residual produce and make it become a producer of commodities that are exclusively for the export market. SEE ALSO: <a href="https://www.businessinsider.in/india-might-revive-tea-exports-to-iraq-as-sanctions-on-trade-with-iran-loom/articleshow/66968276.cms">India might revive tea exports to Iraq as sanctions on trade with Iran loom</a> <a href="https://www.businessinsider.in/indias-government-is-launching-an-online-logistics-portal-to-boost-exports/articleshow/65528157.cms">India’s government is launching an online logistics portal to boost exports</a> <a href="https://www.businessinsider.in/india-could-soon-become-the-worlds-largest-sugar-producer-but-heres-why-thats-a-problem/articleshow/65657844.cms">India could soon become the world’s largest sugar producer but here’s why that’s a problem</a>

India just approved a new policy with the aim of doubling agricultural exports by 2022

New Delhi, Jan 9 () Free trade agreements with Australia, Canada, and the European Union will help boost the country's textile exports, an apparel export promotion body said on Thursday.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said the government should pursue free trade agreements (FTAs) with these countries as they hold huge potential for India's exports.
"India should do comprehensive FTAs with Australia, Canada, the UK and the EU. Once we get these pacts done, the sector would not require hand holding from the government," he said.
Sakthivel said currently Indian textile exporters have to pay about 10 per cent customs duty in these countries.
"FTAs will help in significantly reducing or eliminating these duties, which will help exporters to increase their shipments," he told .
Currently, the European Union (EU) accounts for 45 per cent of India's total textile exports. On the other hand, Canada and Australia account for only 2-3 per cent, he added.
 The chairman said India should also look at such pacts with the UK after Brexit.
India is already negotiating agreements with both Australia and Canada, but the talks are going at a slow pace.
Similarly, negotiations with the EU are stalled since May 2013. Both the sides are working to resume the talks soon.
Under an FTA, two or more trading partners significantly reduce or eliminate customs duties on maximum number of goods traded between them. They also liberalise norms to increase trade in services and boost investments.
Further, Sakthivel urged the government to announce support measures for the sector in the forthcoming Budget to increase exports as it faces certain challenges at liquidity front.
India's apparel exports sector is facing tough competition from Bangladesh, Vietnam and Cambodia. 
The country's apparel exports stand at USD 17 billion, while Bangladesh, Vietnam and Cambodia ship apparel worth USD 38 billion, USD 27 billion and USD 12 billion, respectively.
The textile sector employs about 360 lakh people directly and 180 lakh indirectly. RR ANU

FTAs with EU, Australia, Canada to help boost textile exports: AEPC

<ul class="summary-list"><li>India has long been one of the world's biggest arms buyers, relying on others to equip its forces.</li><li>But New Delhi is investing heavily in domestic production to arm itself and export to the world.</li></ul>India has long been the world's largest arms importer, relying on other countries to supply it with <a href="https://www.businessinsider.com/india-china-buying-new-light-tanks-for-himalayan-mountain-warfare-2023-6">tanks</a>, <a href="https://www.businessinsider.com/first-jet-landing-on-vikrant-reflect-indian-aircraft-carrier-ambitions-2023-2">warships</a>, and <a href="https://www.businessinsider.com/indian-air-force-modernization-not-only-because-of-china-2021-9">fighter jets</a>. But it has been investing heavily in its domestic arms industry with the goal of equipping its own forces and increasing its arms sales around the world.New Delhi has made headway toward that goal with its "Make in India, Make for the World" initiative, launched in 2020, and by forging closer defense relationships with other countries.India's need to wean itself off its heavy dependency on arms imports became more apparent after Russia attacked Ukraine in 2022. New Delhi still has close ties with Moscow but the war has made the Russians less dependable suppliers.Recent arms sales and exercises illustrate how India seeks to turn that domestic arms production into foreign sales and perhaps even take some of that market away from its biggest supplier.<h2>Shopping around</h2><div type="image" title="India army soldier Pinaka rocket launcher parade" height="1333" width="2000" msid="104092852" hostid="261" sizebytes="141000"></div>In September 2022, India agreed to sell its powerful Pinaka multi-barrel rocket launchers to Armenia — the first foreign export of the Pinaka — along with anti-tank missiles and assorted ammunition in a $260 million deal.That sale came two and a half years after Armenia bought four of India's Swathi counter-battery radars, which track incoming artillery and rockets and plot return fire, for $40 million, choosing the Indian option over equivalent Polish and Russian systems in what was considered <a href="https://timesofindia.indiatimes.com/india/india-pips-russia-and-poland-for-40m-armenia-defence-deal/articleshow/74432148.cms" target="_blank" rel="noopener">a big achievement</a> for the then-nascent Make in India program.New Delhi's aspirations for <a href="https://timesofindia.indiatimes.com/india/centres-new-plan-to-boost-exports-of-made-in-india-weapons-to-africa-middle-east/articleshow/100054640.cms?from=mdr" target="_blank" rel="noopener">a foothold in the African and Middle East arms markets</a> would undoubtedly get a boost from a sizable arms deals with Egypt. Over the past decade, Egypt has spent large sums on high-end weapons systems, primarily from France and Russia. Between 2015 and 2019, <a href="https://www.wilsoncenter.org/article/egypt-and-allure-military-power" target="_blank" rel="noopener">Egypt was the world's third-largest arms importer</a>.India has been improving its ties with Egypt, as seen in their expanded military exchanges.<div type="image" title="India Narendra Modi Egypt Abdel Fattah al-Sisi Cairo" height="1479" width="1977" msid="104092853" hostid="261" sizebytes="91154"></div>India's air force and navy participated in Egypt's Bright Star-23, a multilateral military exercise, in September. It was the first time India had joined, and during the drills, an Indian air force Il-78 tanker <a href="https://timesofindia.indiatimes.com/india/exercise-bright-star-23-indian-air-force-refuels-egyptian-rafale-fighters/articleshow/103603060.cms?from=mdr" target="_blank" rel="noopener">refueled</a> Egyptian MiG-29M and Rafale fighters — Russian- and French-made jets, respectively.That refueling underscored the degree of interoperability the militaries have developed and illustrated the countries' rapidly growing defense ties — ties that may translate into arms sales, particularly of India's domestically developed weapons.In January, Egyptian President Abdel Fattah el-Sisi visited New Delhi and met with Indian Prime Minister Narendra Modi. The leaders <a href="https://www.bloomberg.com/news/articles/2023-01-25/india-hosts-egypt-s-sisi-as-it-looks-to-increase-defense-sales" target="_blank" rel="noopener">discussed</a> "defense platforms" and "equipment-related linkages" and <a href="https://www.reuters.com/world/india/india-egypt-will-seek-deepen-military-co-operation-foreign-secretary-2023-01-25/" target="_blank" rel="noopener">deepening cooperation</a> between their militaries and defense industries.In June, Modi visited Egypt, the first visit to Cairo by an Indian leader <a href="https://www.newarab.com/analysis/why-india-and-egypt-are-forging-new-strategic-relationship" target="_blank" rel="noopener">since 1997</a>, where the two leaders decided to boost cooperation in several fields, <a href="https://www.hindustantimes.com/india-news/modi-meets-egypt-s-sisi-to-deepen-bilateral-ties-101687718543603.html" target="_blank" rel="noopener">including security and technology</a>. During Modi's visit, a former Indian Air Force chief <a href="https://timesofindia.indiatimes.com/india/india-egypt-can-cooperate-in-field-of-military-rd-manufacturing-former-iaf-chief-on-pm-modis-state-visit/articleshow/101245090.cms?from=mdr" target="_blank" rel="noopener">told Indian media</a> that the countries were eager to cooperate on military research, development, and manufacturing.<div type="image" title="Egypt air force fighter jet India tanker refueling" height="1000" width="1500" msid="104092854" hostid="261" sizebytes="39568"></div>"There is a very significant possibility of exporting weapon systems, sensors and platforms and also supporting Egypt" in its efforts to "building up their own industrial complex," the former air force chief was quoted as saying, noting their "commonalities of equipment, and thinking."There have been reports that India is interested in <a href="https://www.theweek.in/news/india/2023/02/14/hal-pushing-for-lca-tejas-deal-with-malaysia-argentina-and-egypt-show-interest.html" target="_blank" rel="noopener">selling Egypt about 20</a> its Tejas light multi-role combat jets and in setting up production lines for that aircraft and for Indian-made helicopters in Egypt.In February, the chairman of Hindustan Aeronautics Limited, which makes the Tejas, <a href="https://www.egyptdefenceexpo.com/news/hal-egypt-tejas-aircraft-contract-works" target="_blank" rel="noopener">said</a> the company was in talks to supply 35 Tejas Mk-1As to Egypt alongside a complete technology transfer that would enable Cairo to build the aircraft locally. (Egypt and India collaborated on development of the Helwan HA-300 light supersonic interceptor in the 1960s, but that project was ultimately canceled.)India has also shown interest in exporting its domestically developed Akash medium-range air-defense system and the BrahMos cruise missile to a number of countries, <a href="https://www.al-monitor.com/originals/2021/02/egypt-india-russia-made-brahmos-missile-system-weapons.html" target="_blank" rel="noopener">including Egypt</a>. Brahmos is a joint Indian-Russian venture and officials are now <a href="https://www.reuters.com/business/aerospace-defense/india-russia-joint-venture-hopes-5-bln-supersonic-missile-exports-by-2025-2022-10-18/" target="_blank" rel="noopener">angling for billions</a> in foreign sales of it.<h2>Cashing in on the value market</h2><div type="image" title="India Narendra Modi helicopter factory" height="1157" width="2000" msid="104092855" hostid="261" sizebytes="138288"></div>While some of these deals could undoubtedly boost India's defense exports, it is still early days. After all, Indian defense exports in recent years were negligible compared to heavyweights like the US and France, and New Delhi remains heavily reliant on imports.In the coming years, India could carve out a sizable place for itself in the <a href="https://warontherocks.com/2022/05/helping-india-replace-russia-in-the-value-arms-market/" target="_blank" rel="noopener">growing market for "value arms,"</a> which caters to countries looking for a better deal on older or slightly less capable hardware.With a bigger share of that market, India could replace Russia and <a href="https://www.businessinsider.com/china-arms-sales-may-get-boost-from-russia-war-ukraine-2023-7" target="_blank" rel="noopener">compete with China</a> for exports, profits from which would also help Indian firms develop indigenously made equipment to fulfill domestic requirements.While selling arms to Armenia may eventually be seen as the start of the Make in India initiative's ambitious effort to take New Delhi from the being the world's largest arms importer to a significant exporter, making that transformation is much easier said than done.Securing even bigger deals with Egypt and other countries, and sweetening the pot with technology transfers and other incentives, might get that effort farther off the ground, helping India stand out in a crowded marketplace.Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history. His articles have appeared in a variety of publications focused on the region.

India is a growing defense powerhouse, and now it's looking to cash in on it

New Delhi, Jan 30 () The government has increased incentive on exports of mobile phones to 4 per cent under the duty drawback scheme, according to an official notification. 
 The additional ad hoc incentive of 2 per cent under the Merchandise Exports from India Scheme (MIES) will be available for exports of mobiles from January 1 to March 31, 2020, period, the notification by the Directorate General of Foreign Trade said.
 The increased incentive of 4 per cent or Rs 350 per handset whichever is less from the earlier cap of Rs 197 would help boost exports, industry said. 
 Commenting on the government move, India Cellular &amp; Electronics Association (ICEA) Chairman Pankaj Mohindroo said, "ICEA has been relentlessly pursuing the Government of India to increase or introduce export benefits for the mobile phone industry. The increase in the Duty Drawback Cap has helped make exports more competitive. The All Industry Rate (AIR) of 4 per cent with a cap of Rs 350 is yet another step forward to build India as a global mobile phone manufacturing destination." 
The National Policy on Electronics 2019 has a target of exports of 600 million units valued at around Rs 77,000 crore for 2025-26. 
"This increase of the duty drawback cap from Rs 197 per unit to Rs 350 per unit will encourage exports of mobile handsets from India and assist in meeting the NPE, 2019 export targets," Mohindroo said. PRS MR
MR

Mobile phone exporters to get 4% incentive under duty drawback scheme

New Delhi, Jun 10 () Commerce and Industry Minister Piyush Goyal on Wednesday held a review meeting with senior officials of the ministry and discussed measures to increase exports, reduce import reliance and boost domestic manufacturing. He also discussed the future course of action in the post-coronavirus era to make India an industrial powerhouse with the officials of the Department for Promotion of Industry and Internal Trade (DPIIT). "Held a review meeting with officials from the Department of Commerce... discussed measures to increase and diversify exports, reduce import reliance and boost domestic manufacturing," the minister said in a tweet. The performance of the country's exports is expected to be better in May and June as compared to the steep fall recorded in April, when the shipments contracted to an all-time high of 60.28 per cent, Goyal has said earlier. Contracting for the second straight month, India's exports shrank by a record 60.28 per cent in April to USD 10.36 billion, mainly on account of the coronavirus lockdown. Imports also plunged by 58.65 per cent to USD 17.12 billion in April, leaving a trade deficit of USD 6.76 billion as against USD 15.33 billion in April 2019. The ministry has identified 12 sectors, including auto components, textiles, industrial machinery and furniture, where focus would be given with a view to make India a self-reliant country and a global supplier. The sectors include food processing, organic farming, iron, aluminium and copper, agro chemicals, electronics, industrial machinery, furniture, leather and shoes, auto parts, textiles, and coveralls, masks, sanitisers and ventilators. RR HRS

Goyal holds meeting with officials on ways to boost exports, reduce import reliance

<ul class="summary-list"><li><keyword id="11906678" type="UNKNOWN" weightage="60" keywordseo="thailand" source="Orion">Thailand</keyword> and <keyword id="11906679" type="UNKNOWN" weightage="60" keywordseo="vietnam" source="Orion">Vietnam</keyword> — two of the world's top <keyword id="11909002" type="UNKNOWN" weightage="60" keywordseo="rice" source="Orion">rice</keyword> producers — are talking about hiking prices.</li><li>Thailand's government spokesperson said they are aiming to increase farmer income and bargaining power.</li></ul>Two of the world's top rice producers are in discussions to raise prices together, <a href="https://www.reuters.com/article/thailand-vietnam-rice/update-1-thailand-aims-for-pact-with-vietnam-to-raise-rice-prices-idUSL2N2XJ0GG">Reuters</a> reported, citing Thai government spokesperson Thanakorn Wangboonkongchana."We aim to raise rice prices, increase farmer income and increase bargaining power in the global market," Thanakorn said on Friday, per Reuters. "The rice price has been low for more than 20 years while the cost of production has been increasing."Thailand and Vietnam are the world's second- and third-largest rice exporters after India. A price increase in the staple grain would be bad <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> for billions of people across the world, especially as it comes on top of soaring <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">wheat</a> prices.Thai Commerce Minister Jurin Laksanawisit told reporters on Friday that the country's rice exports are getting a boost this year due to a recovery in global demand and as the country's currency falls to a five-year low against the US dollar, which is used in the trade of commodities internationally, per <a href="https://www.bloomberg.com/news/articles/2022-05-27/thailand-wants-to-join-hands-with-vietnam-to-control-rice-trade">Bloomberg.</a>Vietnam's agriculture ministry did not immediately respond to Insider's or Reuters' requests for comments.Vietnam's <keyword id="11894142" type="UNKNOWN" weightage="60" keywordseo="food" source="Orion">Food</keyword> Association played down the prospect of measures to boost prices ahead of a June meeting with its Thai counterparts."The meeting will focus on measures to cooperate in sustainable food production," Nguyen Ngoc Nam, the chairman of Vietnam's Food Association, told Reuters. "It's not reasonable to talk about raising or controlling rice prices at this time when the global food price is on the rise."Neither Thailand nor Vietnam are facing a shortage in rice supply this year, according to data from the <a href="https://www.usda.gov/oce/commodity/wasde/wasde0522.pdf">US Department of Agriculture.</a> However, like in many countries, inflation in both countries has risen sharply in the last year, putting pressure on the government to soften the impact on their populations. About 30% and 40% of the population in <a href="https://thailand.un.org/en/103307-thai-agricultural-sector-problems-solutions">Thailand</a> and <a href="https://www.fao.org/3/cb3956en/cb3956en.pdf">Vietnam</a> respectively are employed in the agricultural sector, according to the United Nations.Consumer prices in Thailand are hovering around a 13-year high, having gained 4.71% on-year in April, according to data from the country's <a href="http://www.indexpr.moc.go.th/price_present/cpi/data/index_47_e.asp?list_month=04&amp;list_year=2565&amp;list_region=country">Commerce Ministry.</a> Prices in Vietnam rose 2.86% on-year in May, according to data from the <a href="https://www.gso.gov.vn/en/cpi/">country's statistics office.</a>But consumers could turn to other major exporters for rice — like top exporter India — for supplies."If Thailand and Vietnam try to jack up the prices, obviously price-sensitive buyers in Africa will shift towards India," B.V. Krishna Rao, president of the All India Rice Exporters Association, told Reuters. He said neither country has approached India about participating in a rice cartel, Reuters reported.Benchmark export prices for Thai rice have averaged $420 a metric ton this year — 16% higher than India's $363 a ton, per Reuters. Indian trade and government sources told <a href="https://www.reuters.com/world/india/india-has-no-plans-curb-rice-exports-local-supplies-surge-2022-05-26/">Reuters</a> on Friday that there were no plans to limit rice exports.

2 of the world's top rice producers are reportedly in discussions about hiking prices, and it's bad news for buyers

New Delhi: Steel companies in the country are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that <keyword id="24048830" type="General" weightage="20" keywordseo="Chinese-steel-exports" source="keywords">Chinese steel exports</keyword> reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. It said "Weak Chinese domestic demand along with higher Chinese exports has led to a decline in steel prices in India. Chinese steel exports from Jan'24 to Oct'24 stood at 92 MTPA, up 22 per cent YoY" In India, the average price of hot-rolled coil (HRC) steel in the trader's market in Mumbai fell by 8 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 51,802 per tonne in the second quarter of FY25. Spot prices have further declined to Rs 49,000 per tonne, 5 per cent lower than the Q2FY25 average. The report also noted some signs of recovery in China's residential property sector, with increased transactions in major cities following policy measures aimed at boosting demand. However, challenges remain, as the three-month moving average of year-to-date floor space declined by 19 per cent year-on-year in September 2024, remaining in negative territory. It said "China's residential property sector is showing some signs of improvement with the transactions in major cities rising after recent policy measures introduced to boost demand". On the global front, the report noted that the probability of a 25-basis point rate cut by the US Federal Reserve in its December 2024 meeting has fallen to 58.9 per cent, down from 76.8 per cent in October 2024, owing to strong economic data from the US. Additionally, China has removed a 13 per cent export rebate on aluminum and copper, effective December 1, 2024, in response to anticipated tariff measures by the new US administration. These developments highlight the ongoing challenges and potential shifts in the global and domestic steel and metals markets.

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

E-commerce giant <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> on Wednesday announced it now aims exports worth $20 billion from <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> by 2025, thus doubling its goal. In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by 2025. The company said that cumulative exports by the Indian micro, small and medium enterprises (MSMEs) via its 'Global Selling' programme are currently on track to surpass the $5 billion milestone. The programme took about three years to enable the first billion dollars, and the last two billion dollars have come in just 17 months, Amazon said during the '<keyword id="13813097" type="General" weightage="50" keywordseo="exports-digest" source="Orion">Exports Digest</keyword> 2022' event. "Enhancing the export potential of Indian MSMEs is a key government priority and efforts are being made to support Indian MSMEs for their success in international markets," said <keyword id="1658" type="General" weightage="50" keywordseo="narayan-rane" source="Orion">Narayan Rane</keyword>, Union Minister of <keyword id="916743" type="General" weightage="50" keywordseo="micro-small-and-medium-enterprises" source="Orion">Micro Small and Medium Enterprises</keyword>. The global programme has witnessed good adoption among businesses of all sizes across the country and has grown to more than 1 lakh (100K) exporters since its launch in 2015, showcasing their products to customers worldwide through Amazon's 18 international websites. "We are scaling up our pledge to boost exports from India using e-commerce to $20 billion by 2025. We will continue to work with all key stakeholders to make exports easier for the Indian MSMEs," said Amit Agarwal, <keyword id="5868006" type="General" weightage="50" keywordseo="svp-india" source="Orion">SVP India</keyword> and Emerging Markets, Amazon. More than 1,000 Indian exporters on Amazon Global Selling crossed Rs 1 crore in sales last year. In 2021, several Indian entrepreneurs and businesses emerged as globally successful brands, underlining the popularity of 'Made in India' products in international markets, the company said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-circle-is-a-feature-that-allows-you-to-share-tweets-with-selected-people/articleshow/91305472.cms">Twitter Circle is a feature that allows you to share tweets with selected people</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/australian-central-bank-hikes-interest-rate-for-for-first-time-in-over-decade/articleshow/91305045.cms">Australian central bank hikes interest rate for for first time in over decade</a>

You Searched For "boosting India s exports" and got 11 results

India's merchandise exports to rise 12-15%, reach USD 400 billion this fiscal: FIEO

PTI

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

PTI

India’s government is launching an online logistics portal to boost exports

Dilsher Dhillon

India just approved a new policy with the aim of doubling agricultural exports by 2022

Dilsher Dhillon

FTAs with EU, Australia, Canada to help boost textile exports: AEPC

PTI

India is a growing defense powerhouse, and now it's looking to cash in on it

Paul Iddon

Mobile phone exporters to get 4% incentive under duty drawback scheme

PTI

Goyal holds meeting with officials on ways to boost exports, reduce import reliance

PTI

2 of the world's top rice producers are reportedly in discussions about hiking prices, and it's bad news for buyers

Huileng Tan

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

ANI

Amazon promises $20 billion in exports from India by 2025

IANS

Popular Keywords

Buying Guides