CUMULATIVE EXPORTS
India catching up with China, Vietnam on phone exports
India is rapidly narrowing the gap with China and Vietnam in mobile phone exports. In FY24, while mobile phone exports from China and Vietnam declined by 2.78% and 17.6% respectively, Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its objective of absorbing a significant portion of the supply chain shift from China.
Mobile phone exports: India captures 50% share of fall in shipment from China, Vietnam
India's proactive strategies in capturing supply chain shifts, coupled with diversification efforts through the China+1 strategy, have propelled the country into a leading position in mobile phone exports. The remarkable growth in exports, particularly in the iPhone segment, signifies a significant milestone for India in the global market.
Higher demand from US, Turkey, UAE, Saudi Arabia drive engineering exports in May: EEPC India
Inclusion of steel in the RoDTEP scheme may provide greater incentive for steel exporters in India, said EEPC India Chairman.
Tesla vs Tata Motors: Elon Musk's $56 billion salary more than TaMo revenue
Musk's compensation package not only outstrips TaMo but also surpasses the total revenues of other prominent Indian entities, including HPCL, SBI, Rajesh Exports, and TCS
Hold your horses! Wait for real results before making big moves: Swaminathan Aiyar
In Modi 1, he, for instance tried to take on land acquisition. He retreated. Again, in Modi 2, one of the things that he retreated on perhaps was whether we have a national register of citizens, which the Muslim community is extremely afraid of, that is a non-economic subject. But I mean, these were some of the areas Mr Modi has shown that he is capable of retreating when he comes across a very serious resistance.
India's chemicals market to hit $29.7 bn in 2024, set for steady growth with 3.26% CAGR through 2029
India's chemicals market, valued at USD 220 billion in 2023, is projected to grow to USD 383 billion by 2030, with an 8.1% CAGR. This sector, currently the sixth largest globally by sales, has attracted USD 21.7 billion in FDI from April 2000 to September 2023, benefiting from 100% FDI under the automatic route. Investments in Petroleum, Chemical, and Petrochemical Investment Regions (PCPIRs) are expected to reach USD 420 billion. The establishment of educational institutes like CIPET and IPFT will drive skill development.
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Oil extends decline on signs of weak fuel demand, strong dollar
Brent crude futures slid 26 cents, or 0.3%, to $82.53 a barrel by 0025 GMT while U.S. West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3%.
Govt to give focused attention to promote India's textiles exports: Textiles secretary
The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023.
FSSAI allows 10 times more pesticide residue in herbs, spices
India dilutes pesticide norms for herbs and spices, raising MRL to 0.1mg/kg. Activists fear harm to exports. Concerns include health risks, cumulative pesticide effects, and harm from unknown pesticides on imports.
Surge in shipments to WANA, CIS countries push engineering exports in FY24
Increase in value-added exports and more FTAs with important trade partners especially in Latin America key for trade diversification: EEPC India Chairman
JSW, Reliance, TVS place bids for battery PLI sops
JSW Neo Energy, Reliance Industries, Lucas TVS, ACME Cleantech, Amara Raja, Anvi Power, and Waaree Energies have participated in a production linked incentive (PLI) auction for new-age battery manufacturing capacity in India. The companies bid for a cumulative capacity of 70 Giga Watt hours (GWh), with sops available only for 10 GWh. Technical bids for Rs 3,620 crore of PLI were opened.
India's engineering exports edge up to USD 109 bn in FY24 despite geo-political tensions
India's engineering exports edged up to USD 109 billion in 2023-24 despite a slowdown in some of the major global markets amid geo-political tensions, EEPC said on Monday. India's engineering exports are competitive globally and expected to gain further market share in the coming years, with the country entering into more FTAs, it added.
Engineering exports in FY24 surpass last year numbers despite global challenges: EEPC India
Engineering exports in FY24 rose to US$ 109.31 billion from US$ 107.04 billion in the previous financial year thus registering a growth of 2.13%.
India's plastic exports rise over 14% on-year to $997 million in February
In February 2024, India exported plastics worth $997 million, an increase of 14.3% from $872 million in February 2023.
India becomes Suzuki's second market to cross 3 crore cumulative production mark
Suzuki Motor Corporation's subsidiary, Maruti Suzuki India, achieves a significant milestone by producing over 3 crore units in India, making it the second country after Japan to reach this feat. The achievement comes in just 40 years and 4 months since production began in December 1983, outpacing Japan's record.
Engineering exports to Russia doubled till February in FY'24: EEPC
India's engineering exports to Russia doubled to USD 1.22 billion in the 2023-24 fiscal, according to the Engineering Export Promotion Council (EEPC). Exports to the US fell by 7% to USD 15.95 billion, while China's shipments saw a marginal decline to USD 2.38 billion. Exports to the UAE and Australia, with which India signed an FTA, remained positive.
Engineering exports to Russia double to $1.22 billion in FY24 up to February, shipments to US dips
Engineering shipments to UAE and Australia with which India signed a free trade agreement (FTA) remained positive in FY24 up to February.
India's exports will close fiscal at same level as last year despite uncertainties: Goyal
Goyal also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit.
India's electronics industry meets targets; ranks 2nd in mobile phone production
The Indian electronics manufacturing industry has become the second largest manufacturer of mobile phones in a 10-year period, with cumulative production worth Rs19.45 lakh crore. Mobile phones are also the fifth largest exported commodity from India. The industry aims for large-scale manufacturing and domestic value addition with government support.
China will be in Modi's crosshairs if he wins a third term
The Modi government aims to make India the world's third biggest economy and a competitive rival to China. It focuses on boosting domestic manufacturing, merchandise exports, and reducing import duties. India plans to emerge as a global semiconductor manufacturing powerhouse. The pandemic and geopolitical factors have forced the Western world to move supply chains away from China which has been their factory for a long time, supplying a large number of manufactured goods.
Red Sea crisis: Over 700% rise in freight rates give exporters a sinking feeling
Supply chain woes mount for traders as the Houthi attacks increase freight rates, insurance costs and travel time.
Exports rise 3.12 pc in January despite Red Sea crisis; trade gap shrinks to 9-month low
India's exports rose to USD 36.92 billion in January, with a trade deficit of USD 17.49 billion. Imports grew to USD 54.41 billion. Crude oil imports rose by 4.33% to about USD 16.56 billion. Gold imports jumped by about 174% to USD 1.9 billion. April-January exports dipped by 4.89% to USD 353.92 billion. Imports contracted by 6.71% to USD 561.
DGFT calls for e-commerce boost to transform India into a global leader in gold jewellery exports
The DGFT urges the Gem & Jewellery Export Promotion Council to promote e-commerce for gold jewellery exports, aiming to position India as a leading global supplier. Highlighting India's significant gold buying power, DGFT stresses the need for streamlined exports across diverse demand.
Centre, states to meet industry and discuss ways to boost exports
The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures on foreign trade. It also provides a platform for state governments and Union Territories to articulate their perspective on trade policy and also for the central government to apprise them about international developments affecting India's trade potential and opportunities.
Engineering exports to WANA, N-E Asia, CIS countries rise, shipments to major markets US and EU down
High-interest rates, weak industrial output, volatility in commodity prices, and increase in trade-restrictive measures are affecting global trade and, in turn, India’s engineering exports, says Arun Kumar Garodia, EEPC India Chairman.
Suzuki Motor Gujarat crosses 30 lakh cumulative production mark
Maruti Suzuki India (MSI) has surpassed a 30 lakh cumulative production milestone in Gujarat, with Suzuki Motor Gujarat (SMG) having 7.5 lakh units annually. The Gujarat plant, which began operations in February 2017, has an annual production capacity of 7.5 lakh units and sells vehicles in both domestic and export markets.
India seen keeping rice export bans into 2024, holding up global prices
India, a leading rice exporter, is set to prolong restrictions on overseas sales, maintaining the staple grain at its highest price levels since 2008. Despite being a top global shipper, Modi aims to curb domestic price surges, impacting nations like Benin and Senegal while facing impending reelection. Analysts predict these measures to persist post-elections if domestic rice prices continue rising.
Amazon set to cross $8 billion in cumulative exports from India in 2023
The Seattle-headquartered firm has reached 1.25 lakh exporters through the programme, officially called Amazon Global Selling, since inception, the statement said. Of them, over 1,200 exporters had crossed Rs 1 crore in sales in 2022, it added.
Exporters on Amazon Global Selling to surpass $8 billion in cumulative exports from India in 2023
Maharashtra, Delhi, Gujarat, Rajasthan, and Uttar Pradesh emerge as states with maximum number of exporters on the program.
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