US to overtake Russia as top oil producer

According to International Energy Agency, U.S. will overtake Russia as the world’s biggest oil producer by 2019 at the latest.U.S. crude oil output rose above 10 million barrels per day late last year for the first time since 1970s, overtaking top oil exporter Saudi Arabia. US oil is also increasingly being exported, including to the world’s biggest and fastest growing markets in Asia.

India International Garment Fair

60th edition of India International Garment Fair was inaugurated by MoS for Textiles, Ajay Tamta at New Delhi.IIGF is a platform which brings together overseas garment buyers & exporters with almost half of Indian states participating in the fair. Total of 294 exporters from 11 states participated in the event while International buyers from 95 countries registered to participate in the fair

India joins Aus export control regime

India has joined the Australia Group export control regime, an informal forum which seeks to ensure that exports do not contribute to development of chemical or biological weapons.The inclusion is expected to raise India’s stature in field of non-proliferation & help in acquiring critical technologies.India is now a member of MTCR, Wassenaar Arrangement as well as Australia Group.

US slaps anti-dumping duty

Trump Administration has slapped anti-dumping duties on stainless steel flangs & finer denier polyester staple fiber from China & India.In 2016, imports of stainless steel flanges from China and India were valued at an estimated $16.3 million and $32.1 million, respectively. Exporters from China and India received countervailing subsidies of 41.73 to 47.55% and 9.50 to 25.28%, respectively

Exports rise more than 12%

The Country’s exports grew by 12.36% in December 2017 to 27.03 billion US dollars.According to Ministry of Commerce and Industry, exports have been on a positive trajectory since August 2016 to December 2017 with a dip of 1.1 percent in the month of October last year. Exports of engineering goods, as well as petroleum products, showed an increase of over 25 percent in December.

Karnataka Tops the investment list

Karnataka topped all states with investment intentions of Rs. 1.49 lakh crore till October 2017.It is according to R V Deshpande, Karnataka Minister for Large, Medium Industries and Infrastructure Development. The investment was 43% of the country’s total investment intentions. Karnataka has topped in FDI inflows and has performed well in exports.

Digi. drive to boost engineering exports

The Commerce Ministry launched a digital drive under the aegis of EEPC India to promote the country’s engineering exports.Launching the E-Catalogue, Commerce Secretary Rita Teaotia said it is among the pivotal components of Brand India Engineering initiative.The E-Catalogue is aimed at overcoming a major hurdle for Indian exporters in global quality engineering markets.

‘Champion State’ for exports

Centre has recognised Odisha as a ‘Champion State’ for recording the highest growth in exports during 2016-17.Exports from the state have increased from Rs 19,082 crore in 2015-16 to Rs 40,872 crore in 2016-17.The major sectors of exports in Odisha are aluminum, products of aluminum, iron ore, processed minerals, iron, steel, marine products, residual chemical and allied products.

India’s GDP growth to rise to 7.5%

Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4% to 7.5% in 2018 & to 7.7% in 2019, says a Morgan Stanley report.Firm is confident about prospects for a recovery in private capital spending as demand conditions are improving post demonetisation & GST. Pickup in Consumption & Exports is expected to improve corporate revenues.

Govt doubles incentive rates of garments

Under Merchandise Exports from India Scheme (MEIS), Central Government has doubled incentive rates for export of readymade garments and made-ups to 4 % from 2 % earlier. This decision has been taken to boost shipments of readymade garments and made-ups. Encouraging readymade exports through incentives would lead to more production, which would eventually generate employment opportunities.