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Huge demand for food products in global markets due to COVID-19 outbreak, India can tap it: TPCI

Huge demand for food products in global markets due to COVID-19 outbreak, India can tap it: TPCI The Trade Promotion Council of India (TPCI) on Monday said there is an above 100 per cent spike in demand in essential commodities such as rice, wheat and pulses. Others food categories like- confectioneries, sweets, organic processed food and spices have also witnessed 15-20% rise this month, the council said. As per TPCI Chairman Mohit Singla, the major destinations where Indian food sector…

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Govt allows pharma formulations exports under export-linked scheme

Govt allows pharma formulations exports under export-linked scheme NEW DELHI: The government on Friday allowed the exports of 13 formulations including those made of Vitamin B6, B12 and B1 under advance licenses issued on or before March 3. It also permitted exports of the restricted 13 active pharmaceutical ingredients (API) and 13 formulations is allowed from units in special economic zones (SEZ). The Directorate General of Foreign Trade (DGFT) had restricted the exports of 26 active pharmaceutical ingredients (API) and…

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Sugar exports from India will again pick up soon, says ISMA

Sugar exports from India will again pick up soon, says ISMA Pune: Industry body Indian Sugar Mills Association (ISMA) has said that despite COVID-19 impacting global sugar prices, increased demand for Indian sugar from Indonesia will help the sugar exports to pick up again. In a release issued today, ISMA said, “As per reports available, sugar mills have dispatched almost 30 lac tons of sugar from their factories for export against MAEQ of 60 lac tons till 15.3.2020. As per…

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Covid-19 scare shoots up demand for India’s raw turmeric

Covid-19 scare shoots up demand for India’s raw turmeric PUNE: Turmeric sales to Europe and West Asia have shot up because its medicinal properties are getting renewed attention at the time when the coronavirus is spreading rapidly, traders said. Concerns over the virus have also boosted domestic sales of fruits and vegetables, while the poultry industry is struggling to sell chicken even after a steep fall in prices. Raw turmeric is often used with hot milk, which is believed to…

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Ships in Corona virus affected countries banned until 31 March, not allowed to arrive at Indian ports

Ships in Corona virus affected countries banned until 31 March, not allowed to arrive at Indian ports In view of the increasing threat of Corona virus, the Indian government has started taking tough measures. The government said that international passenger ships to Corona virus-affected countries would not be allowed to arrive at Indian ports until 31 March. At the same time, the captain of the ship will have to hand over the documents to the port by a passenger or any member…

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Cabinet approves RoDTEP scheme to reimburse taxes, duties paid by exporters

Cabinet approves RoDTEP scheme to reimburse taxes, duties paid by exporters New Delhi: The Union Cabinet on Friday approved the Remission of Duties or Taxes on Export Products (RoDTEP), a scheme for exporters to reimburse taxes and duties paid by them such as value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism. “This RoDTEP scheme is very important for our exports to get…

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Covid-19 scare: Exporters peg hit at $1 billion

Covid-19 scare: Exporters peg hit at $1 billion New Delhi: Exporters are bracing for at least a $1 billion decline in outward shipments in February as countries close borders and order cancellations increase due to the spread of Covid-19. With labour intensive sectors like gems and jewellery, lifestyle goods, carpets and handicrafts expected to get impacted the most, traders expect the impact to come with a lead time of around three months. “If orders are not finalised now, then there…

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WTO focus on trade benefits to developing nations at key meet

WTO focus on trade benefits to developing nations at key meet NEW DELHI: Special and differential treatment for developing countries like India will figure prominently in the World Trade Organization’s (WTO) 12th Ministerial Conference meet in June in Kazakhstan, an official said. The Ministerial Conference is the highest decision-making body of the 164-member WTO. Trade ministers of all the member countries participate in the deliberations. The 12th Ministerial Conference will take place from June 8-11 this year at Nur-Sultan in…

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India calls US move on duty probe relaxation unfair

India calls US move on duty probe relaxation unfair NEW DELHI: India has termed as “unilateral action” a recent move by the United States to terminate an exemption given to developing countries from countervailing duty (CVD) investigations. Separately, it also criticised another US decision to unilaterally remove India and Turkey from a list of developing countries that are exempt from safeguard duty on crystalline silicon photovoltaic cells and large residential washers, last year. India said such actions “fuel our apprehension that…

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High local prices may hit cardamom exports

High local prices may hit cardamom exports High local prices may upset India’s efforts to export more cardamom to West Asian countries, where prices have fallen owing to Covid-19. With local cardamom prices hovering around ₹3,200 per kg last month, India was unable to beat the competition from Guatemala, the largest producer of the spice, in the Gulf countries. Guatemalan cardamom had more takers at $42 per kg , around $10 lower than the Indian rates. “But now Guatemala seems…

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