EXPORTS FROM INDIA
Indian regulator says 36% of inspected drug-making units had to be shut
India's drug regulator has ordered the closure of over 36% of its 400 drug manufacturing units since last year due to concerns over sub-standard cough syrups. The country, known as the world's pharmacy due to its large drug production, is working to restore confidence after the deaths of over 300 children worldwide linked to these syrups.
Indian Pharma exports: 'USD 10 billion opportunity up for grabs in off patent drug market by 2029'
A senior official of the Pharmexcil said drugs such as Merck's Pembrolizumab (Keytruda) whose revenue were at USD 25 billion and Bristol-Myers Squibb's Eliquis (Apixaban)-USD 12 billion, among others would be off-patented in the next few years.
India's weekly vegetable spending up in the past few weeks, says survey
Rising vegetable prices due to various factors like the heatwave and monsoon challenges have led to increased consumer spending. Authorities are urged to step in to address the situation and stabilize prices for households across the country.
It's going to be good after it gets quieter
Companies no longer have the pricing power they had in the immediate aftermath of the pandemic when consumption demand was roaring. That has now played out in manufacturing and services. The growth from here on should be more sedate, building on the economy's post-Covid revival. The markets are yet to price in this moderation, and some froth may be removed once the volatility around the election results settles.
Piyush Goyal to meet exporters Thursday
India’s goods exports in FY24 were $437.1 billion and imports were $675.4 billion. The ministry has been developing standard operating procedures to negotiate free trade agreements with other countries and could come up for discussion, said another person aware of the meeting. Exporters are also likely to take up the issue of extending the Production-Linked Incentive (PLI) scheme to leather intensive sectors such as leather and footwear.
WILO Mather and Platt Pumps expects 25 pc of revenue from exports in next 2-3 years
WILO Mather and Platt Pumps strategically invests in India, emphasizing capacity enhancement and global operations. The company envisions substantial revenue growth through exports and heightened domestic demand, supported by a robust manufacturing infrastructure and strategic market expansion plans.
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Tata Communications closes maiden sustainability loan of $250 million from ANZ, DBS Bank and EDC
Tata's $250 million loan is linked to its progress on its carbon emission reduction, with the interest rate margin of the loan set to be adjusted based on these targets and the company's performance. "Such short-term targets, creating a link between the cost of banking facilities and progress achieved on key environmental milestones, are consistent with the company’s longer-term ambitions," a release from Tata Communications said
Engineering exporters want FTA with Mexico to boost exports to USA
According to EEPC, the export of engineering goods increased 2.13% to USD 109.3 billion year-on-year in 2023-24. However, engineering exports to the U.S., which accounts for 20% of the total engineering exports from India, declined 5.7% year-on-year in 2023-24.
Export duty on onions to stay as domestic prices recover
India's central government is unlikely to remove the 40% export duty on onions imposed last month, as domestic onion prices have almost doubled in the last month. The average rate of onions at the benchmark Lasalgaon APMC was Rs 28/kg on Tuesday, up 40% in the last 15 days and double of what it was a month ago. The rising onion prices have slowed down the pace of government onion procurement operations to create a strategic reserve under the Price Stabilisation Fund.
Breaking boundaries: Payoneer's game-changing approach to global payments for Indian SMBs—insights from Gaurav Shisodia
In an exclusive conversation with EconomicTimes.com, Gaurav Shisodia, Vice President of Payoneer India, delves into how Payoneer’s innovative solutions empower SMBs. Diving deep into the paradigm of cross-border transactions, Shisodia highlights its role in driving global disruption and positioning Indian SMBs for international success.
Boost for Hyundai Motor export plans, as auto co plans to launch slew of EVs over next 4 years
Hyundai Motor India Ltd (HMIL) is planning a ₹25,000 crore IPO to drive its parent company's strategy of making India a key export hub. The company plans to introduce nearly half a dozen electric vehicles for local sales and exports as part of this ambitious strategy.
India's May outbound shipments at 3-month high; trade gap at 7-month record
Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.
EEPC India cautiously optimistic on engineering export in FY'25
"We remain cautiously optimistic with the upturn in shipments which reflects improvement in the demand scenario in key markets. The global economic outlook is expected to improve in the ongoing fiscal and exporting community remains optimistic," EEPC India chairman Arun Kr Garodia said.
Imports from Iraq up 58.68% to $3.76 billion in May
The data showed that the inbound shipments from China during the month were 2.82 per cent higher at USD 8.48 billion. Among the top 20 import source nations of India, imports from Saudi Arabia, Switzerland, Japan, Germany, Hong Kong, Australia and Malaysia recorded negative growth in May.
Exports from special economic zones up 4% to $163.69 bn in 2023-24
SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market.
Tyre exports from India recorded at Rs 23,073 cr in FY24
India's tyre exports reached Rs 23,073 crore during 2023-24, a year up from the previous year, according to the Automotive Tyre Manufacturers' Association (ATMA). The industry's resilience and quality are attributed to the industry's high export to turnover ratio. With a turnover of around Rs 90,000 crore and exports of over Rs 23,000 crore, the Indian tyre industry is one of the few with a high export to turnover ratio.
Global demand revival: How is India poised?
As the global demand sees some revival, India must get its act together to make the most out of it.
PV exports rise by 2.68 lakh units in last 4 years; Maruti accounts for 70 pc of incremental shipments
Passenger vehicle exports from India increased by 2.68 lakh units in the last four fiscal years, with Maruti Suzuki India contributing to nearly 70% of the growth.
Singapore-based Sembcorp to supply green ammonia to Japan from its India plant
Singapore-based Sembcorp Green Hydrogen Pte Ltd signed an agreement with two Japanese firms to supply green ammonia from its 200,000-metric tonne capacity plant in India.
Move on from fafda, paratha and cater to international quality: Food Processing Secy tells industry
Anita Praveen, Secretary, Ministry of Food Processing Industries, says the time has come to start manufacturing products that appeal to everyone's taste globally.
Why imports from China are rising despite atmanirbhar Bharat initiatives
Imports from China is something India should monitor. But in some ways, this might be the way for the country to become a self-reliant economy.
India's pharma export sales to grow faster this year
India's pharmaceutical exports are projected to grow nearly 11% this fiscal year, up from about 10% last year, driven by the U.S. and UK markets, according to Pharmexcil. Exports are expected to surpass $31 billion, rising from nearly $28 billion in fiscal 2024, despite quality concerns following cough syrup-linked deaths.
Several steps taken to prevent EtO contamination in spices exported from India: Official
India has implemented measures to prevent the contamination of spices exported from the country with EtO (ethylene oxide), a carcinogenic chemical, following reports of recall of products from Indian spice brands in Singapore and Hong Kong. The Spices Board has mandated testing of spice consignments destined for these regions and conducted a root cause analysis, including inspections of processing facilities and sample collection for testing in accredited labs. Mandatory sampling and testing for EtO residues have been enforced for all spice shipments to Singapore and Hong Kong since May 7, 2024, along with reiterated guidelines for EtO treatment for exporters.
Export orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions.
Exim posts 62% rise in profits, to raise over Rs 60,000 crore from local markets this year
In terms of the non-performing assets (NPAs), the Gross NPAs declined significantly from 4.09% as on March 31, 2023 to 1.93% as on March 31, 2024, “ we had very few incremental NPAs” said the bank’s managing director Harsha Bangari ” Even the incremental NPAs’ were reduced. We have a provision coverage ratio of 97 percent”.
India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI
According to data from the Global Trade Research Initiative (GTRI), India's imports from countries with which it has free trade agreements (FTAs), such as the UAE, South Korea, and Australia, increased by about 38% during the fiscal years 2019-24, reaching USD 187.92 billion. In contrast, exports to FTA partners rose by 14.48% to USD 122.72 billion in the fiscal year 2023-24 from USD 107.20 billion in 2018-19.
Industry asked to name items from areas where India can be self-reliant
The fact that India's exports between April and January of FY24 were $3.7 billion and its imports, primarily from Russia's crude oil imports, were $51.7 billion, is what worries New Delhi. Additionally, the bloc has free trade agreements with Iran, China, Vietnam, and Serbia; these agreements may have an effect on the competitiveness of Indian industry in any of the EAEU markets.
Diesel, petrol export revenues dip 20% to $33 bn in 2023-24
India's exports of diesel and petrol fell by a fifth year-on-year to $33 billion in 2023-24 due to declining international prices. Diesel generated the largest share of export revenues for Indian refiners, accounting for $22 billion of the $48 billion earned by exports of refined fuels. The war in Ukraine and Western sanctions on Russia caused fuel prices to rise, boosting export earnings for Indian refiners.
From spices to steel to drugs, India's exports are being hammered
India's path to becoming a developed country hinges on boosting exports, as demonstrated by China's growth. Leveraging bilateral agreements and FTAs, India is expanding into new markets like Africa and Latin America. Yet, quality issues and trade restrictions pose challenges, such as recent bans on Indian spices in Hong Kong and Singapore. Additionally, green trade barriers like the EU's CBAM could impact key sectors like steel, potentially affecting Indian exports to the EU. Strengthening regulations and meeting global standards are crucial for India to realize its export potential.
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