India unveils expansionary budget to combat pandemic’s impact

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With covid pandemic in mind, Finance Minister Nirmala Sitharaman announced a plethora of allocations and tax incentives in the annual budget to expedite the economic recovery process. The Union Budget 2021-2022 definitely cheered investors and propelled the benchmark stock index (SENSEX) by 2,000 points, the largest in 10 months. The budget made substantially higher allocations for […]

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Solvent Extractors Association requests govt to allow import of only crude palm oil to India

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Mumbai-based Solvent Extractors Association of India (SEA), the edible oil industry body has urged the government to allow import of only crude palm oil and place all refined oils under the restricted category of trade. In a recent virtual meeting with Food Ministry Secretary Sudhansu Pandey on ways to boost domestic production and reduce import of edible oils, […]

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UPASI opposes move for duty free imports of tea

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Apex tea planters’ body in South India has taken strong objection to any move that might tinker with the import duty structure of tea, cautioning about its counter-productive impact on the tea growing sectors.  United Planters’ Association of Southern India (Upasi) president AL RM Nagappan, in a press statement, said tea was an important agro-industry […]

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United States remains India’s top trading partner in 2019-20

The United States remained India’s top trading partner for the second consecutive fiscal in 2019-20, which shows increasing economic ties between the two countries. According to the data released by the commerce ministry, in 2019-20, the bilateral trade between the US and India stood at USD 88.75 billion as against USD 87.96 billion in 2018-19. […]

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India’s jewellery industry urges govt to cut import duty on gold, polished diamonds

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The gems and jewellery industry  urged the government to reduce the import duty on precious metals, cut and polished diamonds and gemstones and amend taxation laws to give domestic traders a level playing field in the global market. Speaking at the 13th edition of the India International Jewellery Show (IIJS), Gem and Jewellery Export Promotion Council (GJEPC) Chairman […]

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India’s domestic aluminium MSME firms suffer decrease in margins on rising imports

With imports of finished aluminium products having risen over 50 per cent year-to-date, the micro, small and medium enterprises (MSME) segment is witnessing sharp margin contraction and slim hope for change in situation for the next six months. “Margins of MSME players have dropped to 2-3 per cent, from 8-10 per cent, as the surge in finished […]

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Indonesia’s palm oil output, exports rise in July: survey; keeps export tax at zero for September

Production and exports of palm oil from Indonesia, the world’s largest producer of the vegetable oil, rose in July from a month earlier, said a Reuters survey of two industry groups and a state palm oil research firm. Palm oil production is expected to have reached 3.897 million tonnes in July from 3.45 million tonnes […]

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