Search Result for : Petroleum

Indias exports up by 9%, imports by 26%, trade gap widens to $16.3 bn in Jan

The Dollar Business Bureau India’s exports witnessed a growth of 9% in January this year, supported by a positive growth in the outbound shipments of petroleum, chemicals and engineering goods, even as the trade deficit shot up to a three-year high. The trade deficit widened to $16.3 billion in January due to 26.1% growth in imports on account of increased inbound shipments of crude oil, according to the data released by the Ministry of Commerce. The trade deficit, gap between imports over exports, had reached $16.86 billion in the month of November 2014. In January 2017, the country’s trade deficit was $9.9 billion. “Exports during January 2018 have exhibited positive growth of 9.07% in dollar terms vis-à-vis January 2017. Exports have been on a ...

Use of Aadhaar as identity document for delivery of services

Dated 15th December, 2017 | Copy of | Finance Notification Sl.136 Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing multiple documents to prove one’s identity;And whereas, the Department of Financial Services (hereinafter referred to as the Department), Ministry of Finance in the Government of India is administering the Varishtha Pension Bima Yojana (VPBY) (hereinafter referred to as the Scheme) as a pension scheme for the senior citizens, implemented through Life Insurance Corporation of India (LIC) (hereinafter referred to as the Implementing Agency). The ...

Major ports register growth of 3.27% during Apr-Oct

The Dollar Business Bureau The major Indian ports have witnessed a positive growth of 3.27% during first seven months of the current fiscal, with the highest growth recorded by Cochin Port at 17.66%. In terms of commodity, the highest growth was recorded in the cargo of petroleum, oil and lubricants (POL) at 34.07%. “The major ports in India have recorded a growth of 3.27% during the period April to September, 2017 and together handled 383 million tonnes of cargo as against 371 million tonnes handled during the corresponding period of previous year, said a statement by Ministry of Shipping. Out of a dozen major ports, eight ports including Cochin, Kolkata, Chennai, Paradip, Mumbai, New Mangalore, Kandla and JNPT witnessed a positive growth in traffic during the ...

Indias mineral output increases by 9.4% in August

The Dollar Business Bureau India’s mineral production recorded a growth of 9.4% in the month of August this year compared to the same month last year. The total value of mineral production during the month was Rs.18,015 crore. “The index of mineral production of mining and quarrying sector for August 2017 at 92.7, was 9.4% higher as compared to the level in the month of August 2016,” according to a statement issued by the Ministry on Mines on Monday. “The total value of mineral production - excluding atomic and minor minerals - during August 2017 was Rs.18,015 crore,” it said. The cumulative growth in the mineral production, during the period April-August of this fiscal, was 3.3% compared to same period a year ...

Continuous exports growth gives confidence to exporters on easy sailing with GST

The Dollar Business Bureau  Federation of Indian Export Organisation (FIEO) on Friday said that the continuous growth in exports gives confidence to the exporters in India on easy sailing with GST. The new regime of Goods and Services Tax (GST), which will subsume most of the indirect taxes, is expected to be rolled out from July 1, 2017. “The exports data for the month of May, 2017 showed yet another consecutive and positive growth depicting the strength and competitiveness of Indian industry,” said Dr A Sakthivel Regional Chairman FIEO Southern Region. India’s exports have surged 8.32% to $24 billion in the month of May, keeping the growth trajectory for straight eight months, according to the latest data released by the Ministry of Commerce. Dr Sakthivel ...

No MEIS benefit on guar gum products is impacting its exports

Aamir H Kaki  The modest and humble guar gum, a low-value crop grown on marginal land got transformed into one that can generate substantial income for farmers in recent years. The modest seed mostly harvested in the tropical regions of India (Rajasthan, Haryana and Gujarat) and Pakistan, used as a food crop for animals, gained international fame due to its viscosity. The innocuous looking seed/powder transformed into a product that can generate substantial income for processors, manufacturers, traders and farmers. Owing to its usefulness in food, paper, textile and in the gas and oil industries India’s export of guar gum powder, saw a steep increase from a mere $84.7 million in 2001-02 to $3,930 million in 2012-13, becoming the largest agricultural export ...

India signs deal with Iran to import LPG

The Dollar Business Bureau With the demand rising in the country for cooking fuel, India for the first time signed a deal for importing liquefied petroleum gas (LPG) from Iran. The Government-owned oil companies will import 44,000 tonnes or one very large gas carrier (VLGC), per month initially for a period of six months, according to industry sources. Every month, India has to import around a million tonnes of LPG in order to meet the growing demand which has further been driven by the government initiative to provide free connections of gas to poor women. In 2016-17, consumption of LPG in India increased by 9.8% to 21.55 million tonnes. Out of this, the country had imported 11 million tonnes. India largely imports LPG through term contracts ...

Australia's first quarter trade surplus to be boosted by soaring export prices

The Dollar Business Bureau The International Trade Price Index released by Australian Bureau of Statistics for the month of March shows that while import prices remained stable, export prices soared to astonishing highs. Cumulatively, import prices increased by merely 1.2% from the first quarter of the previous year whereas export prices rose by 29.1% over the same period. As against the October-December quarter (2016), import prices experienced a fall of 0.6% while export prices grew by 9.4%. The reason cited for volatile export price movement is a turn in commodities cycle, propelled by commodity prices like those of iron ore reaching $94 per tonne towards the end of February 2017. Australia's metal exports in alumina, iron ore and copper showed a price increase of 18.8% during the January-March 2017 period. This was ...