Indias export to grow at 5.96% in Jan-Mar 2018: Exim Bank
The Dollar Business Bureau India’s exports of goods are likely to grow at the rate of 5.96% during the January to March quarter of the current fiscal, according to the Export-Import Bank of India (Exim Bank). “India’s merchandise exports to witness a growth rate of 5.96% during the fourth quarter of 2017-18 (January-March 2018), over the corresponding quarter of the previous year,” the EXIM Bank said in a release on Thursday. The forecast is based on the Export Leading Index (ELI) model of the bank, it said. Exim Bank has created an in-house model to generate ELI for India in order to track and forecast the movement in the country’s exports on quarterly basis. The ELI measures the exports outlook and is basically developed ...
India will be a $5 trillion economy: Suresh Prabhu
The Dollar Business Bureau Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Monday that India will become a $5 trillion dollar economy but it is just a matter of time. “Trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy,” Prabhu said, while speaking at an event organised by the Confederation of Indian Industry (CII) in New Delhi. The Minister said that the services sector is also important and will generate jobs. And in this regard, the Government has allocated Rs.5,000 crore toward 12 champion service sectors. While he believes that services exports will be more than the merchandise exports, Prabhu said that for ...
Indias manufacturing sector growth declines in Mar, a 5-month low
The Dollar Business Bureau After remaining positive for the eight consecutive months, manufacturing sector activity in India declined in March to a low of five months, as the fresh business orders grew at a slower pace, and companies showed reluctance for recruitment, according to a private survey. The Nikkei India Manufacturing Purchasing Managers Index (PMI) declined to a five-month low of 51 in March from 52.1 in February. “This indicated the slowest improvement in operating conditions recorded by the survey since last October,” Nikkei said in a statement. This is consecutively for the eighth months that the PMI remained above the mark of 50-point. In PMI parlance, a reading above the 50 point mark means growth, while below that mark shows a contraction. Commenting on ...
Exports from SEZs grew 21% in December: EPCES
The Dollar Business Bureau Exports from special economic zones (SEZs) recorded a growth of 21% in the month of December 2017 as compared to the same period a year ago, according to a report by Export Promotion Council for EOUs & SEZs (EPCES). The SEZ sector registered a 21% growth in exports in the month of December 2017 vis-a-vis the same period in 2016, EPCES said a statement. “For financial year 2017-18 till December, the sector registered a growth of 15% over the preceding year,” it added. During the period April-December 2017, the major sectors that has recorded the highest growth in exports include non-conventional energy (82%), trading and services (24%), computer/electronic software (18%), engineering (17%), electronics and hardware (15%), plastics and rubber (14%) ...
Indias exports surge 12.36% in Dec; trade deficit widens to $14.88 bn
The Dollar Business Bureau India’s merchandise exports during December last year recorded a positive growth of 12.36% year-on-year, on the back of a sharper increase in the shipments of engineering goods and petroleum products. Over the last 17 months, exports from the country have been on a positive trajectory, with a decline of just 1.1% in October 2017. However, imports recorded a sharp increase of 21.12% to $41.91 billion during the month on the back of rise in inward shipments of gold, silver, precious stones, petroleum and electronic goods. Due to this, the trade deficit has widened to $14.88 billion in the month of December, as compared to $10.54 billion over a year ago. Industry is hopeful that exports are expected to reach the ...
ECGC supported total exports at Rs 2,65,000 crores, 85% accounted for MSMEs
The Dollar Business Bureau During the 59th Annual General Meeting of Export Credit Guarantee Corporation (ECGC) chaired by the Commerce Secretary Rita Teaotia, it was noted that despite ECGC reducing the premium rates of exporters (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%. ECGC has posted a profit before tax of Rs.407 crores, an increase of 5% over previous year. ECGC’s support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGC’s performance was accounted for by MSMEs that took up 85% of its support. As on 31st March 2017, 12,029 covers ...
FIEO sets export target of $325 bn for this fiscal
The Dollar Business Bureau With India’s exports witnessing a continuous growth, the exporters’ body Federation of Indian Export Organisations (FIEO) expects that the merchandise shipments from the country would touch $325 billion in the current fiscal. “Indian exports have been on an upward trend in last few months with export of $275 billion in last fiscal and a target of $325 billion to achieve in 2017-18,” the exporters’ body said in a statement. While the country is witnessing a positive trend since the past nine months on exports, there is concern in the business fraternity with regards to the Goods and Services Tax (GST), said FIEO President Ganesh Kumar Gupta. While India’s share in global exports has risen from 1.6% to 1.64% last year, this year it is 1.84% with a target of 2.4% in world trade as ...
8th successive month of growth in exports, trade deficit widens
By Abin Daya The highlight of the week was the finalisation of GST rates for goods and services. This has brought some much needed clarity and has laid the ground further for the July 01 rollout of a unified domestic market. We will try and do a detailed commentary on this in the coming weeks. Equally important were the foreign trade numbers released this week, which showed positive growth in exports for the 8th successive month. The numbers also included the service export numbers for Mar 2017, thus helping compile overall trade numbers for FY17. Suffice to say that while merchandise exports are growing, deficit numbers also seem to be picking up. In fact, trade deficit for Apr 2017 is almost 13% of the ...
