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Illegal practices have been started by few petty jewellers because of high import duty on bullion. These jewellers get no duty charges if they export the entire content of gold. Trade associations of India have taken this subject to the finance ministry asking for revaluation of the 10% levy.
The dishonest jewellers buy bullion bars at zero levies as they seem to export same quantity of gold jewellery. Now while exporting the gold they declare the purity as 22 carat but in reality it is only 18 carat. Export bills will prove that they have exported 22 carat and they receive money from the buyer who is outside India.
4 carat gold that is cleverly kept is made into jewellery and then sold illegally in local grey market. Payment from this deal is sent to the overseas buyer using the illegal hawala way. Sources tell that as no duty is charged from the jeweller. They make a 7% profit after reducing the 2.5­3% cost of hawala and other important charges.
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As per EEPC, depreciation in India Rupee has not given any profit to the exporters on the exchange rate. This is because the increase in inflation or Consumer Price Index (CPI) is also equal to this fall. On the other hand, the manufacturing and transaction charges have also increased.
Exporters from China, Malaysia, Argentina and Mexico had to pay much less interest than Indian exporters.  EEPC India did a study of the engineering exports between July 2015 and July 2016.This study shows that CPI inflation is almost same as depreciation in rupee. “To the extent of rising cost of production, rupee inched up; but on the other hand, the pricing power of Indian exporters has not been improving in the tough global markets,” it stated.
T S Bhasin, EEPC India Chairman talked about currency performance and its affect on the exports. He said, “while the pace of decline in the exports has declined, the development has to be seen on a very base year­on­year since the drop in shipments had started some 20 months ago,”.
Indian rupee had depreciated by about 6% from 63.38 to a dollar in July 2015 to 67 to a dollar in July this year. CPI inflation in July 2015-2016 was more than 6%. “So, in a way, rupee is over­valued in real terms”, Mr Bhasin stated.
Real Interest rate is about 5% in China and Malaysia, less than 1% in Mexico, 4% in Argentina but a high of 9% in India. “We are placed on disadvantage against our competitors”, the EEPC report states.
Product export from India was falling continuously from 19 months and in June this year seemed to get better. But it started falling back since July 2016. USD 23.28 billion was the value of merchandise exports during July 2015 and it fell by 6.84% in July 2016 to a value of USD 21.69 billion.
The total export value during April-­July 2016-­17 was USD 87 billion that was almost 3.62% less than previous year’s USD 90.27 billion. Indian engineering exports increased for two months continuously that is in May and June 2016, but slipped by 12.11% in July. Total engineering exports dropped by 5.82% from USD 21.53 billion during Apr-July 2015-­16 to USD 20.27 billion in Apr-­July 2016-­17.
 
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Indian seafood exporters are tensed about affect on their shipments with the fall of South Korean container shipper Hanjin.
A week back Hanjin declared itself bankrupt and the cargo in its ships was abandoned at different ports of the world. Many Naval products exporters who had started sending consignments for this Christmas ­New Year shopping season are now trying hard to get back their stuck loads back.
Exporters tell that some shipments of Indian seafood are also blocked at the Colombo port. Rs.30,000 crore worth marine products are exported from India every year. US, South East Asia and Europe are the biggest buyers of Indian seafood.
August to November is the main time of export. The fall of Hanjin which is the world’s seventh largest container shipping company has shaken the shipping industry. Rates of conveyance have shot high.
Already the Indian seafood export sector is facing reduced catches and downward trends around the globe. This critical situation has arised in this difficult time further adding to the worries of the Indian sea food exporters.
Southeast Asia is the second largest market for Indian seafood,
The second largest market for India, South East Asia is just retrieving back from the epidemic that had hit the aquaculture farms. This had led to a fall in purchases from India.
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Oil Minister of India, Dharmendra Pradhan, on Friday talked in a roadshow in Singapore that was arranged for the financiers for reaching out to oil and gas market in India.
The minister talked about the goals of the government to increase the local output and fuel efficiency and raise the level of alternative energy usage in the country. This, he said, would help in fulfilling the centre’s aim of checking the hydrocarbon imports by 10% by the year 2022.
Minister of State for Petroleum and Natural Gas Dharmendra Pradhan  also told that 70-75% of India’s energy needs are being fulfilled by imports.
“A good number of companies are taking our data,” Pradhan added without naming the firms on asking.
Also, Pradhan said that no cess or duties will be levied on upcoming projects in oil and gas exploration.
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The officials stated that the Afghan traders are not being blocked to send products to India using the Wagah Border. This statement came after Afghanistan President Ashraf Ghani cautioned Pakistan that if they don’t open the land border they will be deprived of transport route connecting to Central Asia.
“Pakistan is fulfilling its commitment to the Afghan people by providing them a trade transit facility,” told Nafees Zakaria, Foreign Office spokesman. Zakaria clarified that according to Islamabad’s mutual agreement with Kabul, Afghanistan can send goods using Pakistan border but Indian goods could not be sent into Afghanistan by Pakistan route.
“If Pakistan does not allow Afghan traders to use the Wagah border for imports and exports of their goods, Afghanistan will also not allow Pakistan to use Afghan transit routes to reach Central Asia and other countries for exports,” Ghani stated in presence of Owen Jenkins, the British diplomat for Afghanistan and Pakistan in Kabul on Friday in a conference.
Pakistan’s trade ministry spokesperson claimed that the Afghan President was actually looking to get adjustment for India as Afghans were already authorized to take their goods to India. As per the current agreement, the Afghans cannot take Indian goods back with them.
“Giving concession to India is unlikely at this stage,” the official told confirming the tension with Delhi. “Connectivity through Wagah is still far away.”
In the previous Asia ministerial meeting in Islamabad, Sushma Swaraj, Indian External Affairs Minister had stated India’s wish to be a part of the Afghanistan-Pakistan Trade and Transit Agreement.
“It’s not new. He (Ghani) gave a similar statement last year as well during his visit to India and is again scheduled to travel to Delhi next week (September 14),” the Pakistani official told brushing off President Ghani’s words as a political feat. Pakistan is allegedly scrutinizing a different route for reaching Tajikistan avoiding Afghanistan, he told.
Chinese help might be taken to link China-Pakistan economies with Kyrgyzstan and Tajikistan as well as Corridor 5&6 of CAREC (Central Asia Regional Economic Cooperation), which will allow passage between Pakistan and Central Asia.
President Ghani also hinted that Afghanistan has got other ways for exports and imports and is not completely dependent for trades on Pakistan. Also, that a trade route is being built to connect Iran’s Chabahar port with Afghanistan using India’s help.
Afghanistan’s mutual trade with Pakistan is steadily decreasing. Some reports say the fall is ove 50% in previous months owing to issues on border. The Chaman border was locked for almost a fortnight last month. In June also the Torkham border was closed for a week.
Fresh fruits are majorly exported from Afghanistan and these get rotten in the delays.
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The Indian steel industry worth more than $100 billion had a glorious time in the month of August. The exports and consumption increased whereas a decline was seen in the imports.
According to Steel Ministry’s Joint Plant Committee (JPC), India’s steel consumption stood at 6.97 million tonnes (MT) in August which showed a minor increase of 2.7% from consumption of July 2016. When compared with April-August 2015, total finished steel saw a growth of 1.3% to 33.74MT in the same period this fiscal year.
The demand declined by 8% from May 2016 to 6.8 MT in June 2016 and again fell by 7% in July 2016 to 6.3 MT. The steel imports also fell to 3.012 MT that is about 34.5% in April-August 2016 on comparison with figures of one year back.
“Imports in August 2016 (0.619 MT) was down 36 per cent over August 2015 and by 2.2 per cent over July 2016. India remained a net importer of total finished steel during this period,” JPC data reports said.
The finished steel exports were up by 23.6% from April-August 2015 to 2.38MT in the same period this year. The Departing shipments in August 2016 were at 0.68 MT that showed a growth of 87% in year on year basis and 26% increase from that in July 2016.
The manufacture of crude steel was 39.98 MT in April-­August 2016-­17 that is a growth of 7% to from same time period in 2015-­16. Total output of steel grew by 9.8% from August 2015 to 8.18 MT in August 2016. A growth of 1.2% was seen from July 2016.
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Coal Secretary Anil Swarup said that Coal India Limited (CIL) is in “deep consultation” with Bangladesh for coal export to bangladesh from india.
There is a fall in demand for coal and the pitheads and power plants have a stock of over 80 million tonnes (MT) of the fuel. “We are already into it and they (CIL) are in very deep consultations with Bangladesh for exporting it,” Swarup told.
Sales of CIL will increase if India Exports coal to Bangladesh. Also in July India has done a major deal with Bangladesh of making a 1,320 mw coal fired power plant which would be the biggest project between the two countries.
“Where would they stock the coal. We had more than 80 MT. Now if your entire production in 500 odd MT and you have 80 MT of stocks, you will have to look at it and that is why CIL did not produce more. Second reason is that in August there were unusual rains, which impacted mining. I don’t think it is an issue as they (CIL) will catch up as there is exposed coal available and can meet the requirements,” he said talking about the fall in volume and the stocking inventory.
Swarup said work is in progress on to achieve government’s target of one billion tonnes coal production. This will be re-examined after 2-3 years.
A production target of 598 MT for CIL for this financial year has been set by government. The miner wants to double it by 2020.
Talking about the falling demand, he said: “We plan for the future. Our power plants are working at a plant load factor (PLF) of 62 per cent, but in the future we believe this PLF will go to 70 per cent and that is the time when we will have more demand.”Also additional capacity will be added. So there is no logic in bringing down coal production. What will we do if there is demand in the future.”
Swarup told that UDAY will improve the economical condition of the state discoms and also have a affect coal demand in a positive manner.
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Coffee exports from India have gone to 1,63,615 tonnes in April-August of 2016-17 fiscal year. Coffee board says that it is an increase of 18.15% even when rates are lower.
India had exported 1,38,479 tonnes of coffee in the first five months of the last fiscal year. The figures of the Coffee Board show a rise in shipments of robust variety of coffee bean and instant coffee in April-August of 2016-17.
Even in the scenario of lower exports realization and anticipated drop in coffee yield in the coming crop year (October 2016- September 2017), the export of coffee has increased. Talking about figures, we see a drop in the export realization from Rs 1,68,408 per tonne in April-August 2015 to Rs 1,49,482 per tonne in the April-August 2016.
Because of the high temperature and delay in rains at the flowering stage, anticipated fall in coffee yield is about 8.75%. In terms of quantity, coffee yield was 3,48,000 tonnes in  2015-16 and it is estimated to be 3,20,000 tonnes in the 2016­-17 crop year.
Indian coffee is mainly sold to Italy, Russia, Germany, Belgium and Turkey together take in over 50% of the Indian coffee exports.
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In Maharashtra and Tamil Nadu, the government has loosened the strict measures that were applicable on red sanders wood export in log form. “Prohibition on export of red sanders wood in log form has been relaxed for export of 383.13 tonne through state governments of Maharashtra and Tamil Nadu,”notified the Directorate General of Foreign Trade (DGFT).
Andhra Pradesh Government has lately made changes in the total amount of exports of ren sanders wood. This wood is under protection by Convention of International Trade in Endangered Species as it is an endangered flora species. Possession and selling of the red sanders wood is illegal.
The main region where sanders wood is found is the Seschalam hill ranges. This mountain range lies in Kadapa, Chittoor and Kurnool of the Rayalaseema area and in parts of Nellore in Andhra Pradesh.
It gets a good rate in outside countries because of a huge demand, particularly in China and Japan. The wood can get as much as Rs 25 lakh per tonne in the world market tells a media report.
In China, Myanmar, Japan and East Asia this wood is used in woodcraft and in conventional medicines and so it is treasured.
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Nirmala Sitharaman, the Commerce and Industry Minister told that the fall in exports has been arrested and growth will now steadily take place.
Giving the figures she said that said export in 2015–16 was worth US $ 262.30 billion and showed a 15.5% fall. However, 12 categories like Tea, Tobacco, Spices, Fruits & Vegetables, Cereal Preparations & Miscellaneous Processed Item, Ceramic Products & Glassware, Drugs & Pharmaceuticals, RMG of all Textiles, Jute Manufacturing including Floor Covering, Carpet, Handicrafts Excluding Hand Made Carpet & Plastic and Linoleum showed an increase in  growth in value terms.
Keeping the Southern States in mind, Commerce Minister announced that four new projects have started in Tamil Nadu under ASIDE ( Assistance to States for Development of Export Infrastructure and Allied Activities Scheme), one in Kerala and two Projects have been finalised each in Karnataka and Andhra Pradesh.
Sitharaman told that India was the largest producer, exporter and consumer of spices in the World . During 2015-16, 8,43,255 tons of spice and spice products  worth Rs.16238.23 crore  were exported by India. Export of cardamom (small) made an all time record of 5500 tons of worth Rs.450 crores during 2015-16.
This year the tea production is 1233 million kgs. that is more than 1195 million kgs. target, which is highest tea production by India till now, told Sitharaman. She also talked about coffee cultivation being done in 4.34 lakh hectares of land .Coffee is mainly grown in Karnataka (54.20%), Kerala (19.7%) and Tamil Nadu (8.0%), which form traditional coffee fields.
Commerce Minister said diversification of export goods and to move out of conventional markets is what the ministry is looking for. Ministry was waiting for results of FTA negotiations and waiting to launch new FTAs for promotion of exports. As to ease of doing business, Sitharaman said 340 point Action Plan has been shared with all states for implementation, workshops were conducted in states on request and online dashboard for reporting and evaluation is an ongoing process.
Minister told manufacturing sector in 2015-16 grew at 9.3% as to the 5-6% growth in previous 3 fiscal years and was the largest to contribute to 7.6% growth of GDP in 2015-16.
20 Services from Central Government, 14 from each of Andhra Pradesh & Odisha and 2 services of NCT Delhi have got together on the eBiz portal. The license giving for Industries has been eased and valitidity has been extended, she said. She added that Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 has been put to act. To ease trade (SWIFT) a one window system has been made and 24/7 customs clearance systems have been provided at 19 sea ports & 17 Air Cargo complexes.
Online “Shram Suvidha” Portal has been introduced to unify building bye-laws with risk-based inspection regimes for different building types. Minister also added that a 340 point Action Plan has been given to all States for levying. On request workshops were done in States and also reporting and assessments for online dashboard are ongoing.
Sitharaman said that for startups provision of Legal support & fast-tracking patent examination is being done at cheaper costs.
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