Ban extended
In a surprising turn of events, India has extended its ban on onion exports indefinitely, sending ripples through both domestic and international markets.
In a surprising turn of events, India has extended its ban on onion exports indefinitely, sending ripples through both domestic and international markets.
Main drivers of merchandise export growth in February 2024 include Engineering Goods, Electronic Goods, Organic and Inorganic Chemicals, Drugs and Pharmaceuticals and Petroleum Products, the commerce ministry said.
The country has set a target of defence exports worth Rs 50,000 crore by 2028-29, he added.
As the wheat stocks in government godowns hit a seven-year low, concerns about food security reverberate across the nation. The current inventory of 163.5 lakh tonnes, though above the minimum buffer level, signifies a delicate situation.
Commerce Secretary Sunil Barthwal said that despite a global slowdown, the country is "in the positive zone".
The step was taken to ensure adequate availability of the rice variety in the Indian market and to allay the rise in prices in the domestic market.
The exports improved in quantity terms by 26.73 per cent, in Rupee terms by 11.08 per cent, in US$ terms by 4.31 per cent.
An increase in personal tax exemption and deduction limits and greater support for the exports sector were some of the key demands which were made before Finance Minister Nirmala Sitharaman by the trade and service sector representatives, who met her on Thursday as part of pre-budget consultations.
India's exports declined by 16.65% to $29.78 billion in October 2022 in comparison to the same period a year ago, according to data released by the commerce ministry on Tuesday.
The Central Government has prioritized the availability of about 275 Lakh Metric Tonnes (LMT) of sugar for domestic consumption, about 50 LMT sugar for diversion to ethanol production, and has a closing balance of about 60 LMT as of 30.09.2023.
