Ministry of Commerce has shared a dip of 4.85 per cent in the merchendise exports in November. Meanwhile, the Gold imports reached an all time high of USD 14.8 billion. The trade deficit, or the gap between imports and exports, widened to USD 37. 84 billion.
The government imposed a 40 per cent duty on the export of onions last night. In August last year, India had imposed a 40 pc export duty on onions up to December 31, 2023.
The construction sector in India has experienced substantial growth in the aftermath of the pandemic, driven by factors like increasing incomes, a housing shortage in major cities, and rapid population growth.
Three months ago, India jumped from seventh position to third in the automobile exports sector, surpassing powerhouses like Japan.
Trade deficit of the country in August was recorded at USD 24.16 billion.
According to the Confederation of Indian Industry, the capital goods sector is the base of many industries and thus is an essential component of manufacturing. It contributes around 12 per cent of the total manufacturing output and more than 1.5 per cent to GDP.
The move will offer a breather to the companies that have been on tenterhooks following Thursday's order.
Import of laptops, tablets, all-in-one personal computers, and ultra-small form factor computers, servers... is 'restricted' with immediate effect, the government on Thursday said.
The DGFT said that the import policy of these products "has been amended from free to restricted with immediate effect".
The directorate general of foreign trade (DGFT) said in a notification that the imports are free if the price is above Rs 50 per kg.
The International Energy Agency (IEA) has identified the recent decision by OPEC+ to reduce oil production as a potential risk to the global economy, citing concerns that it could further drive up already high prices, leading to increased import costs for nations like India.
"Congress made India the world's largest milk producer through the White Revolution. But... BJP's misrule betrayed our dairy farmers, due to which milk prices are increasing daily and now we are forced to import milk products. The difference is clear!", Kharge tweeted.
Notably, China is the world's largest producer and exporter of APIs and many Indian companies depend on imports of the ingredients to produce various formulations.
Wheat import: India's wheat production is projected to have declined nearly 3 per cent to 106.84 million tonnes while the overall foodgrain production is estimated to have touched a record 315.72 million tonnes in the 2021-22 crop year.
China's exports surged in June while import growth slowed to a still-robust level as its economic rebound from the coronavirus levelled off.
India will be importing oxygen generation plants and containers from Germany to cater oxygen shortage in the country.
China has started importing Indian rice after a gap of two years and placed orders for shipment of about 5,000 tonnes of non-basmati rice due to competitive prices offered by India compared to other nations, according to the All India Rice Exporters Association (AIREA).
Prime Minister Narendra Modi on Thursday laid out roadmap for making India self-reliant amid tensions with China and pitched for India to become an exporter instead of being an importer.
The government plans to extend urad dal imports of up to 4,00,000 tonnes a fiscal for another three months till June this year in view of likely domestic shortages, according to sources.
Onion prices continue to bring tears to common people as it touched Rs 150/kg in many cities across India. In Kolkata markets, onion was being sold at Rs 120/kg while many markets across Delhi and Mumbai it was priced above Rs 150/kg.
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