In a significant announcement, India’s Commerce and Industry Minister Piyush Goshal revealed that the nation has set ambitious targets for its trade and economic growth over the next decade. The minister emphasised that the goal for 2030 is to achieve a remarkable milestone of $1 trillion in goods exports and an equivalent amount in service exports. Furthermore, India aspires to elevate its economic stature to an impressive $35 trillion economy by the year 2047.
As part of his engagement, the minister engaged with various export promotion councils earlier during the day. During these discussions, critical issues concerning the European Union’s Corporate Sustainability Due Diligence Directive and the Carbon Border Adjustment Mechanism took center stage. These topics have garnered international attention due to their potential impact on trade dynamics and environmental considerations.
A representative from the industry, who actively participated in these talks, highlighted the key talking points. He mentioned, ‘We delved into matters regarding the substantial inflow of gold and certain chemicals, alongside the comparatively lower outflow of gems and jewelry.’ The representative also shared that exporters have provided a reassuring commitment to the government, pledging to ramp up goods exports to a notable $450 billion within the upcoming seven months.
Government officials further disclosed that within the period of April-June in the fiscal year 2024, certain sectors witnessed intriguing trends. Specifically, sectors such as petroleum products, marine products, and inorganic chemicals were identified among the 15 pivotal product categories where export volumes experienced an increase. However, an interesting counterpoint was noted, as the value of exports within these categories witnessed a decline.
During a gathering hosted by the Federation of Indian Export Organizations (FIEO), the Commerce and Industry Minister, in a broader context, acknowledged the dynamism of India’s space sector. He affirmed, ‘India’s prowess in space exploration is not intended to remain confined to the government sector exclusively.’ The minister highlighted the establishment of ‘IN-SPACE’ and underscored the significance of regulatory flexibility to facilitate private sector participation in the nation’s space journey.
As India charts its economic trajectory, these pivotal announcements showcase the nation’s determination to position itself as a global economic powerhouse, with its eyes set on substantial trade targets and progressive space exploration initiatives. Our import export code experts further added that ‘ In continuation of its strategic measures in the import-export realm, the government has embarked on a new trajectory by enforcing a 40% export duty on onions until 31 December 2023, subsequent to the imposition of import constraints on laptops, tablets, and PCs.
This export duty pertains specifically to onions classified under sub-heading 070310 and will be in effect until the specified date, aligning with the government’s ongoing efforts to stabilise domestic onion prices. The Directorate General of Foreign Trade (DGFT) has previously communicated directives, indicating that the issuance of Non-preferential Certificates of Origin (CoO) in manual mode will retain validity only until 31 December 2023. Post this deadline, all exporters will be mandated to pursue CoOs exclusively through the mandatory online CoO portal. In its most recent notification, the DGFT has delineated a pivotal timeline, requiring all pertinent agencies to complete the onboarding process onto the unified digital CoO platform no later than 31 August 2023. This concerted effort further streamlines the export procedures while embracing digital transformation in the trade ecosystem. The legal experts are more than happy to provide more clarity on this aspect.
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