According to government’s data, India's exports declined 1.76 percent to $300.6 billion in 2012-13 and trade deficit widened to $190.91 billion, owing to lower demands in the US and European markets.
Talking about indirect taxes, the Finance Minister said that there will not be any changes on the excise duty on non-agricultural products.
India, Asia’s third biggest economy, exported goods worth $57.76 billion to the European Union, its largest trading partner, in the 2011-12 financial year. Imports from the EU were valued a staggering $91.54 billion, according to government data.
India's exports fell for the sixth consecutive month, dropping a sharp 10.78 percent in September to $23.69 billion, due to weak demand in the US and European markets, government data showed Thursday.
Pakistan, which reportedly consumes about four lakh tons of paper annually, is not a huge market for India’s paper manufacturers, according to a large Indian paper mill. Pakistan recently agreed to the import of newsprint from India and might allow imports of other kinds of paper by the year end, according to a news report.
Even after several days of import from Pakistan, trucks loaded with sand are waiting for clearance. It might take another three days for the clearance to come through. This delay might wipe away the emerging trade ties between the both the countries, according to the officials and the traders.
To mark the 66th Independence Day of India, the Tea Board of India organised a tea festival in Kazakhstan, in co-ordination with the Indian Embassy there. The festival was held at Astana from August 13 to 15, and at Almaty from August 12 to 14, reports The Times of India.
Several industrial sectors like tyres, electronic hardware, electrical equipment and medical instruments are suffering due to an unfavourable duty structure which makes Indian manufacturing uncompetitive, a FICCI survey revealed.
Estimates by the Gems and Jewellery Export Promotion Council (GJEPC) indicate that the exports of gems and jewellery from India have grown by 7.44 percent in June 2012, from the previous month, reports Business Standard. This is largely on account of an increase in the exports of gold jewellery to the Middle East.
India's import of precious metals in the quarter ended June 30, 2012, registered a 37 percent decline in rupee terms, compared with the like period a year ago, as the government took strong measures to curb such imports due to the high current account deficit.