India has called for a ceasefire, release of all hostages, and peaceful resolution of the Israel-Hamas conflict through dialogue and diplomacy. The Centre informed Parliament that India welcomed the agreement on the first phase of the Gaza Peace Plan. The article also covers India's energy sourcing strategy and the release of Indian fishermen by Pakistan.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
The government has revised gold import data, bringing down numbers for November by $5 billion to $9.84 billion, possibly to rectify double accounting of inbound shipments. According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about $11.7 billion during the first eight months of 2024-25.
Figures compiled by the Directorate General of Commercial Intelligence & Statistics, under the commerce ministry, showed India's iron ore exports jumped a whopping 157 per cent to 121 million tonnes in 2012-13, compared with 47 million tonnes a year ago.
"Exports reached a level of $162.9 billion during 2007-08, registering a growth of 29.02 per cent over the same period last year," according to the final figures released by the directorate general of commercial intelligence and statistics. The export target for the fiscal 2007-08 was $160 billion. In the same period, the domestic currency appreciated by about 8 per cent, eroding the profit margins of exporters.
Interestingly, none of the top large apparel exporting countries, including the US, saw any significant jump in shipment to the UAE
Two entities under the Union ministry of commerce report differing figures for import of cut and polished diamonds for the first eight months of the financial year.
The top 10 in terms of the number of MSMEs is dominated by the larger states with Uttar Pradesh at the top.
Rising tensions over eating beef in Hindu-majority India are starting to hit the multi-billion dollar buffalo meat trade.
In eight major MSME-centric product groups, imports from China grew the fastest.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
A Collection of Services Trade Statistics Act is being thought of.
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