NEIA SCHEME

What is the News? The Ministry of Commerce and Industry has informed the Lok Sabha about the National Export Insurance Account(NEIA) Trust. What is the National Export Insurance Account(NEIA) Trust? NEIA Trust was set up in 2006 by the Ministry of Commerce and Industry. Aim: To ensure the availability of credit risk cover for projects… Continue reading NEIA SCHEME

How inflation could rescue the govt’s fiscal deficit act in FY22

News: Inflation is increasing, which is going to be helpful for the government in achieving the fiscal deficit target for FY22. According to the finance ministry data, government is likely to achieve 6.8 per cent fiscal deficit target for FY22. It is due to following factors: The aggregate borrowing of the states is 10 per… Continue reading How inflation could rescue the govt’s fiscal deficit act in FY22

International trade is not a zero-sum game

Synopsis: Trade protectionism is increasing in India. It may harm India’s trade relations with other countries. Introduction During the recent G-20 ministerial meeting in Italy, Commerce Minister Piyush Goyal stated that India is deepening trade ties with several countries. India is indeed negotiating free trade agreements (FTAs) with several countries. However, rising trade protectionism in… Continue reading International trade is not a zero-sum game

India will become 3rd largest importer by 2050: UK report

What is the News? The UK’S Department of International Trade has released a report titled ‘Global Trade Outlook‘. What are the key findings of the report? India’s Imports Currently, India is the eighth-largest importing country, with a 2.8% import share. It is set to become the fourth-largest importer by 2030.  Moreover, India will become the… Continue reading India will become 3rd largest importer by 2050: UK report

India urges East Asian nations to lower non-tariff barriers to trade

What is the news?  India has raised concerns over restrictive measures faced by Indian Agri exporters, at the 9th East Asia Summit – Economic Ministers’ Meeting.  India highlighted that proliferation of trade agreements in Indo-Pacific region has led to a decline in tariff rates over time, but non-tariff measures act as a major trade barrier in… Continue reading India urges East Asian nations to lower non-tariff barriers to trade

How can  the new rebate scheme help exporters? (On RoDTEP scheme)

Source: Livemint What is the news? Recently, the Commerce Ministry released details of new scheme RoDTEP scheme to help exporters to stay competitive and increase exports at a time when there is an increase in demand from developed economies. Background Read here: Govt notifies RoDTEP rates, guidelines How does the new scheme work? The refund… Continue reading How can  the new rebate scheme help exporters? (On RoDTEP scheme)

A delayed intervention (On need to exports)

Source: The Hindu What is the news? After delaying by 8 months, the Government has notified the rules and rates under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. Based on these, exporters can claim rebates on the taxes paid on their exported items. Must read: RoDTEP scheme Current scenario India is looking… Continue reading A delayed intervention (On need to exports)

Govt notifies RoDTEP rates, guidelines

Source: Livemint and The Hindu What is the News? The government of India has notified the rates and norms for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. About RoDTEP Scheme: Launched by: Ministry of Commerce & Industry  Which scheme is it replacing? The RoDTEP scheme is replacing the earlier Merchandise and… Continue reading Govt notifies RoDTEP rates, guidelines

Prime Minister unveils strategy to boost exports

Source: Business Standard Introduction: The Prime Minister has spelt out a strategy to boost the export of goods from India while interacting with the Heads of Indian Missions abroad and stakeholders of trade and commerce virtually. India’s Exports Strategy: The PM pointed out four factors that are very important for accelerating outward shipments from India.… Continue reading Prime Minister unveils strategy to boost exports