Foreign trade News

The government has supported more than 47 patents across textile value chain, which needs to be commercialised. 

Initiating the mission in Delhi, a delegation of the Indo-Canada Chamber of Commerce engaged in dialogues with policymakers and business leaders at FICCI, NITI AAYOG, and India Chamber Of Commerce.

PM Modi said that the government has removed over 32,000 unnecessary compliances to help the exporters with the process. The prime minister said that exports play a critical role in the transition of a country from developing to developed status.

PM is scheduled to inaugurate the new premises of the Ministry of Commerce and Industry, Vanijya Bhawan today. PM Modi will address a gathering on the occasion of the inauguration of Vanijya Bhawan. PM will also launch a new portal-- National Import-Export Record for Yearly Analysis of Trade (NIRYAT) on Thursday.

Restrictions were imposed last year in the wake of the COVID-19 pandemic. On September 9, 2021, the government had announced releasing Rs 56,027 crore against pending tax refunds of exporters under various export incentive schemes.

Allaying concerns of exporters related to GST, the commerce ministry on Friday said it is looking at all options to ensure timely refund of taxes under the new indirect tax regime to be rolled out next month.

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With an aim to strengthen processing of export transactions of taxpayers under GST, Goods and Services Network (GSTN) has signed an MoU with the commerce ministry for sharing of foreign exchange realisation and import-export code data.

Exporters have been relieved from submitting the landing certificate of goods to avail benefits under the Merchandise Exports India Scheme (MEIS), a move aimed at facilitating ease of doing business.

The 19-member euro zone grew by 0.3 percent in the third quarter.

China Tuesday said its foreign trade in August decreased 9.7 percent year on year to about USD 320.8 billion amid rising concerns over the record drop of USD 93.9 billion in the Communist giant's foreign exchange reserves last month.

The government Thursday restricted free outbound shipments of goods by large exporters for export promotion activities to Rs 10 lakh.

Citing India and Vietnam as major competitors challenging its vast exports markets, China has down graded its foreign trade target to six percent next year from this year's 7.5 percent this year.