Trade

Government reduces import duty on mobile phone components from 15% to 10%

31 Jan 2024

In a recent move to boost the export sector of India, the Ministry of Finance announced on Tuesday, 30th January, 2024, a reduction in the import duty on components used for mobile phone manufacturing.

ACME signs term contract for supply of green ammonia to Japan’s IHI Group

24 Jan 2024

ACME Group, a leading renewable energy company in India, and Japanese heavy industry group IHI Corporation on Tuesday signed a long-term contract under which ACME will supply 4 lakh tonnes of green ammonia from its plant in Odisha to Japan annually.

Hapag Lloyd hikes dry cargo rates from Canada to India, Middle East to $150/TEU

22 Jan 2024

German shipping group Hapag Lloyd has announced a general rate increase (GRI) from Canada West Coast to Middle East and the Indian subcontinent for dry cargo transported in 20TEU and 40 TEU containers

India signs pact for lithium exploration and mining in Argentina

18 Jan 2024

India’s ministry of mines has signed an agreement with Argentinean authorities under which Khanij Bidesh India Limited (KABIL)

Govt working on ePlatform to facilitate international trade

17 Jan 2024

The commerce ministry has commenced work on a Trade Connect ePlatform that will act as an intermediary connecting Indian exporters and entrepreneurs with various stakeholders in international trade

India, Russia to expand ties in energy, military-tech

30 Dec 2023

India and Russia have agreed on a major expansion of bilateral relations, including cooperation in energy and defence production.

India's current account deficit sharply down at 1% of GDP in Q2

27 Dec 2023

India's current account deficit declined sharply to $8.3 billion, or 1 per cent of the country’s GDP, in the second quarter of the current financial year (July-September 2023-24)

India pays in rupee for oil imported from UAE, for the first time

27 Dec 2023

India’s bid to trade in local currency, the rupee, seems to have finally found traction. The United Arab Emirates (UAE) has accepted payment for crude oil in rupee, for the first time.

India’s April-November merchandise trade deficit estimated at $166.35 bn

15 Dec 2023

India added $20.98 billion to its merchandise trade deficit in November 2023, taking the country’s overall merchandise trade deficit for the April-November 2023-24 period to $166.35 billion.

Walmart reduces import dependence on China and shifts focus to India

30 Nov 2023

Walmart, the world's largest retailer, has significantly increased its imports from India while decreasing its reliance on China.

Apple's iPhone makes 62.5% of India’s smartphone exports, amounting to $5 billion

23 Nov 2023

In a remarkable feat, Apple Inc. has witnessed a staggering year-on-year growth of 177% in the export of iPhones from India, reaching a value exceeding $5 billion in the initial seven months of the fiscal year 2024 (April–October)

Warren Buffett's endorsement boosts Mitsubishi's image, easing conglomerate stereotypes in Japan

17 Nov 2023

Mitsubishi Corp., Japan's largest trading house, is experiencing a positive shift in investor sentiment, thanks to Warren Buffett's resounding vote of confidence.

Indian investigators seek to revive the Adani probe and request Supreme Court assistance

17 Nov 2023

Indian investigators are making renewed efforts to reopen a probe into the Adani Group over allegations of coal import overvaluation.

Tesla plans to double auto components imports from India: Goyal

16 Nov 2023

Commerce and industry minister Piyush Goyal has stated that the US electric vehicle maker Tesla plans to double its auto components imports from India.

Indo-Pacific Economic Forum signs Supply Chain Resilence Agreement

16 Nov 2023

The Indo-Pacific Economic Forum (IPEC) on Tuesday signed a Supply Chain Resilence Agreement that aims to make the IPEF supply chains more resilient, robust, and well-integrated.

India-UK free trade deal unlikely by month's end

19 Oct 2023

India and the United Kingdom are unlikely to agree on the expected trade deal by the end of October. It was reported that negotiations are still ongoing

Oil price soars as concerns over supply creep in amid Israel-Hamas conflict

11 Oct 2023

The price of oil rose higher on Wednesday, 11 October, with investors concerned about supply disruptions due to the Israel-Hamas conflict.

Oil prices shot up to $89 a barrel amid the Israel-Hamas conflict

09 Oct 2023

Oil prices rose up to $89 a barrel in Asian trade on Monday, 9 October, amid intense military clashes between Israel

India’s April-August merchandise trade deficit estimated at $98.88 billion

15 Sep 2023

India’s merchandise trade deficit in August 2023 stood at $24.16 billion, which took overall merchandise trade deficit in April-August 2023 to an estimated $98.88 billion

India-Middle East-Europe Economic Corridor will be a beacon of shared progress: PM Modi

09 Sep 2023

The proposed India-Middle East-Europe Economic Corridor will be a beacon of cooperation, innovation, and shared progress that would help chart a journey of shared progress

US commerce secretary affirms a strong desire to maintain economic ties with China

29 Aug 2023

Senior officials from the United States and China held a series of economic policy meetings in Beijing on Tuesday, 29 August 2023, underscoring efforts to halt the decline in their bilateral relationship and to reestablish channels of communication.

India makes rupee payments for gold and crude imports from the UAE

16 Aug 2023

India and the United Arab Emirates have initiated bilateral trade using their respective local currencies. The first of such transactions was the sale of 25 kg gold by a UAE bullion exporter to an Indian buyer. The deal was worth about Rs.128.4 million ($1.54 million).