WHAT’S NEW
Indian economy is now US$ 2.90 trillion and to reach $5 trillion by 2025. 56% Indian GDP is Service sector, majority being IT, Software and BPO
Foreign Trade Policy (FTP) extended to March 31, 2022. The Foreign trade policy is issued for a period of 5 years. The current term expired by 31st March 2020 and had been extended since then because of pandemic.
Remission of Duties and Taxes on Export Products (RoDTEP) scheme that came in to real effect from Aug 17 2021 excluded SEZ from its ambit. But now the same will be extended to SEZ units. The scheme along with Rebate of State and Central Levies and Taxes (RoSCTL) meant for made up garments is the alternative to export promotion scheme, Merchandise Exports from India Scheme(MEIS). The present export regime consisting of MEIS is considered to be non-complaint with the WTO norms.
Indian exports are expected to cross $400 billion USD. The aim is to cross 450 bn USD by next year.
GST collection continues to be buoyant, each month crossing Rs.1 lakh crore from April 21 with the lone exception of June 21 at ₹92849 crore. The highest was in the month of April at a staggering ₹141,384 crore.
Agriculture exports (including marine and plantation products) have beaten the pandemic registering a growth of 17.34 per cent to $ 41.25 billion in 2020-21. The rice exports recorded high growth and is nearly half of world demand. Similarly, Wheat exports in 2021 could quadruple from a year ago to the highest level in eight years as a rally in global prices and higher freight costs make Indian wheat lucrative for Asian buyers
Tatas, the original founder of the Air India are back in the saddle with the
Government having agreed to sell 100 percent of its stake in the state-owned national airline, including Air India’s 100 per cent shareholding in AI Express and 50 per cent in Air India SATS Airport Services. The effective management control is set to be in January 22 by the new owners.
India is on the way to 1 billion doses of Covid-19 vaccines and focus on second Jab.
The looming power crisis in India due coal shortage may trigger deeper look at storage capability in alternatives like solar and wind energy.
Source: Indo Japan Chamber of Commerce and Industry
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