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India

Mumbai Customs score over Indian Navy

customs

MUMBAI : A determined Mumbai Customs maintained their winning form as they pulled off a close 1-0 win against leaders and defending champions Indian Navy in a Super Division match of the MHAL League 2017-2018, at the MHAL-Mahindra Stadium, Churchgate on Wednesday. Customs, who had defeated Bombay Republicans on Monday, seemed to have settled down and put up a dogged ... Read More »

India’s fuel demand rose 9.9% in September

fuel subsidies

NEW DELHI: India’s fuel demand rose 9.9 percent in September compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 16.26 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 17.9 percent higher from a year earlier at 2.14 million tonnes. ... Read More »

India’s Sept palm oil imports up 20.44%

palm oil

NEW DELHI: Palm oil imports rose by 20.44 per cent to 9,31.637 tonnes in September taking price advantage over soft oils, industry body Solvent Extractors Association (SEA) said today. India, the world’s leading vegetable oil buyer, had imported 7,73,497 tonnes palm oil in September 2016. The country’s total vegetable oil imports increased by 9 per cent to 15,19,277 tonnes in ... Read More »

India’s wholesale inflation fell to 2.60% in September

INFLATIONS

NEW DELHI: Inflation in India, which is calculated based on the Wholesale Price Index, eased to 2.60% year on year in September, government data showed on Monday. The figure had risen to a four-month high of 3.24% in August. A lower increase in wholesale food prices in September largely contributed to the decline in inflation. While wholesale prices of food ... Read More »

India’s exports rise faster than imports in September

imports and exports

NEW DELHI: India’s external trade turned positive, perhaps for the first time, with growth in exports surpassing that of imports for the first time, in September 2017, bringing festive cheer for exporters and policy-makers. Merchandise exports from the country moved to a higher growth trajectory of 25.67 per cent with September exports reaching $28.61 billion, helped by better performance by ... Read More »

India’s April-Aug rice exports rise 7.4%

srilanka rice

MUMBAI: India’s rice exports during April-August rose 7.4 percent from a year earlier to 5.13 million tonnes as shipments of non-basmati rice surged, a government body said on Wednesday. Non-basmati rice exports jumped 9.4 percent to 3.29 million tonnes, while premium basmati rice exports rose 4 percent to 1.85 million tonnes, the Agricultural and Processed Food Products Export Development Authority ... Read More »

India’s Sept gold imports jump 31% on festive demand

GOLD IMPORTS

MUMBAI: India’s gold imports in September rose 31 percent from a year ago as jewellers increased their purchases ahead of a festival at the end of the month, provisional data from GFMS showed. Higher purchases by India, the world’s second-biggest consumer, could lend support to global prices that are trading near their highest level in a week. The higher imports ... Read More »

Oilmeal exports up 85.35% in Apr-Sep

oilmeal

NEW DELHI: The countrys oilmeal exports rose by 85.35 per cent to over 11 lakh tonnes in April- September this fiscal on higher domestic output and better global prices, an industry body said today. The shipments of oilmeal, used as animal feed, stood at 5.94 lakh tonnes in the year-ago period. Oilmeal exports have “revived” to some extent this year ... Read More »

India’s coffee exports up 9.36% in 2016-17 marketing year

coffee

NEW DELHI: Coffee exports from India, Asia s third-largest producer and exporter of coffee, rose by 9.36 per cent to 3,76,873 tonne in the marketing year that ended September 2017, buoyed by higher global prices, according to state-run Coffee Board. The country’s coffee shipments stood at 3,44,613 tonne in the 2015-16 marketing year. “Two factors contributed for higher shipments in ... Read More »

Indian textile exports to Canada may double by 2020

textile export

NEW DELHI: It is likely that the Indian textiles and apparel exports to Canada may double by 2020, according to North American Brands Group, organiser of Apparel Textile Souring Canada (ATSC) fair. The exporters of India have a huge scope for expansion and growth to fill the gaps in the Canadian texiles and apparel market including its FTA partners. “Canada’s ... Read More »

India services PMI surges to 50.7 in September

pmi

NEW DELHI: India’s services sector recovers from contractions as its Nikkei India Services PMI Business Activity Index grew from 47.5 in August to 50.7 in September. According to IHS Markit, manufacturing output grew for the second consecutive month. The Nikkei India Composite PMI Output Index rose from 49.0 to 51.1. The combination of marketing campaigns and stronger demand conditions led ... Read More »

Bangladesh-India sign USD 4.5 bln loan deal

Germany-Switzerland sign arbitration agreement for tax disputes

DHAKA: Bangladesh on Wednesday signed a $4.5-billion loan deal with India for the development of its infrastructure, health and education. The agreement was signed by Bangladeshi Economic Relations Division Secretary Kazi Shofiqul Azam and Managing Director of the Export-Import Bank of India David Rasquinha, in the presence of Finance Minister Arun Jaitley and his Bangladeshi counterpart, A.M.A. Muhith. “Bangladesh has ... Read More »

India to renegotiate LNG import contracts

LNG imports

NEW DELHI: Having successfully persuaded Qatar and Australia to lower gas price, India now wants the LNG rate it has contracted from the US and Russia reviewed to reflect current market realities. “We have successfully renegotiated, along with Petronet LNG, two long-term contracts. We are now working on third and fourth contracts,” said GAIL chairman and managing director B C ... Read More »

India’s August coal shipments fall 14%

fall

NEW DELHI: Coal shipments handled by major Indian ports in August fell over 14 percent from a year earlier to 9.3 million tonnes, government data showed, as demand for overseas coal declined due to higher domestic production. The share of coal in cargoes handled at major ports fell to about 18 percent in August from 21 percent a year ago, ... Read More »

India to outperform in shrimp exports in 2017

shrimp

  NEW DELHI: Amid growing uncertainties in the seafood trade, exporters from India have now a reason to cheer as the country is expected to be the standout performer in 2017 along with Chile. Indian exports is set to surge by 41 per cent more due to bumper harvesting of vannamei shrimp. “Of the world’s major seafood exporters, India and ... Read More »

India exporters struggle with Modi’s new tax system

11 industries ready to back Danish tax break plan

NEW DELHI: Narendra Modi’s push to boost Indian exports is being undermined by the problems plaguing his government’s new tax system, companies have warned, with tens of thousands of exporters struggling to meet their short-term funding needs. The Indian prime minister unveiled a new goods and services tax in July, which ministers hope will significantly boost economic output by turning ... Read More »

India may become third-largest economy in next 10 years

economy-2014

NEW DELHI: Reforms over the past year have created disruption in India’s GDP numbers, but the medium term potential looks bullish, and considering the growth trend, it could become the world’s third-largest economy in the next decade, says an HSBC report. According to the global financial services major, although reforms over the past year have caused disruptions that will likely ... Read More »

Customs seizes 38 kg of gold at Mumbai port

gold seizes

MUMBAI: The Mumbai Customs Zone-I seized 38 kg of gold on Wednesday while it was being smuggled from Thailand through the sea route at Mumbai Port. The gold was detected in a consignment declared as unbranded slippers. “This is one of the biggest interceptions of gold in India in the recent past. We usually do not see this quantity of ... Read More »

India’s tea exports to Sri Lanka rise 150% in January-July 2017

importexports

KOLKATA: India’s tea exports to Sri Lanka increased by 150 per cent to 2.5 million kg in January-July 2017 compared to one million kg exported during the like period last year, according to provisional data of Tea Board of India. Indian tea exports to Egypt and China also witnessed a significant growth. Tea exports to Egypt during these seven months ... Read More »

India starts dumping probe of select steel bar, rod import

imports-480x330

NEW DELHI: The government has initiated an anti-dumping probe on imports of straight length bars and rods of alloy steel from China following complaints from the domestic industry. Six domestic companies, including JSW Steel, Sunflag Iron and Steel, Usha Martin and Gerdau Steel India, had submitted an application with the Directorate General of Anti-dumping and Allied Duties (DGAD) for initiation ... Read More »