Mga Abiso sa Industriya ng Import/I-export

Uncertainty looms over the export of basmati rice and tea to Iran as the Central Bank of Iran has slowed down the allocation of a currency against which Iranian traders were buying these commodities from India. Indian basmati rice exporters said they are not entering into a new contract with Iranian importers to avoid any payment-related problems.

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In a sign of troubled trade relations with China, India’s export of cotton textile products to China has seen a whopping 74% decline to touch $90 million during the April-June quarter this year. China’s share in India’s total exports of cotton textile products has also halved to 6.9% during the quarter as against 14% in the corresponding quarter last fiscal. During Q1 last year, India’s export of cotton textiles to China stood at $346 million.

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The eye of Hurricane Isaias made landfall on August 3, near Ocean Isle Beach, North Carolina. Isaias returned rather quickly from tropical storm status back to hurricane strength in the hours before coming ashore. The nearby Oak Island weather station measured a sustained wind of 76 mph, making Isaias a Category 1 hurricane. Isaias has weakened a bit and is back to a tropical storm.

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SOPA's quota proposal gets strong objections from SEA. India's rising edible oil imports has left the domestic industry in splits as two of the prominent trade bodies came face-to-face on quota suggestions.

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The Central Board of Indirect Taxes and Customs (CBIC) notified the e-invoicing system for businesses with turnover above Rs 500 crore. This will come as a relief to small businesses as earlier the turnover threshold for mandatory issuing of electronic was Rs 100 crore. In its notification, the indirect tax department said that units in Special Economic Zones (SEZs) are not required to follow e-invoicing rules.

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The country's largest container handling port, JNPT, expects imports to get back to normal from the end of this month while exports have already picked up, seeing an increase in the shipments last month. The port has reported a 19 per cent spike in overall traffic to 4.07 million tonnes in July over June. The container traffic rose to 3,44,316 twenty-foot equivalent units during the same period, registering a growth of 19 per cent over June 2019.

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Given that 22 firms, both Indian and local, have applied to produce under its production-linked-incentive (PLI) scheme. They will produce goods worth Rs 11.5 lakh crore over five years, of which Rs. 7 lakh crore will be exported. It is not surprising the government is looking to see if this can be replicated across sectors. Indeed, one such scheme has already been notified to boost domestic production of Active Pharmaceutical Ingredients (API)

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The export of indigenously manufactured ventilators was approved by a group of ministers (GoM) on the coronavirus disease (Covid-19) at their 19th meeting. The Union health ministry made a statement. This decision has been communicated to the Director-General of Foreign Trade (DGFT) for further needed action to facilitate the export of indigenously manufactured ventilators. India now has the capacity to manufacture ventilators indigenously, allowing it to export the machines.

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The Directorate of Cashew Research (DCR) at Puttur in Dakshina Kannada district of Karnataka has developed the ‘Cashew India’ app for farmers and other stakeholders of cashew in India. Available in 11 languages, the app can be downloaded from Google Play Store.

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