Kolkata, West Bengal, India, Republic of (Free-Press-Release.com)February 6, 2012 --

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Kolkata, April 21, 2011 (PTI): The Finance Ministry on Thursday withdrew the 10 per cent excise duty levied on jute products in March this year. "The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except laminated jute bags," an official source said here today. "We are happy as the corrigendum from the ministry has brought relief to the Rs 6,000 crore industry," Ex-Indian Jute Mills Association Chairman and an industry veteran Sanjay Kajaria said.

   In March, the Union government had slapped an excise duty of 10 per cent on jute products that constitute about 80 per cent of the Rs 6,000 crore industry and threatened to cripple the fate of 2.5 lakh workers. He added that the decision to levy 10 per cent excise duty was an error of part of the ministry as jute comes under textiles and branded garments on which excise duty has already been levied.

India and China have ousted long-standing Western suppliers of goods to the UAE to become the dominant exporters to the lucrative market, accounting for nearly a quarter of the country’s total imports, official data showed on Monday.



Iran has also remained the largest market for the UAE’s re-exports, mostly from Dubai, receiving around a-fifth of the country’s total non-oil re-exports, showed the figures by the National Bureau of Statistics of the Ministry of Economy.



India, which maintains strong long-standing political and economic links with the Emirates, exported a record high Dh61.5 billion worth of goods to the UAE in 2009, accounting for around 13.7 per cent of the country’s total imports.



China’s exports to the UAE stood at Dh47.8bn last year, constituting around 10.7 per cent of the country’s total imports of Dh447.3bn.



Taken together, exports by India and China to the UAE totaled around Dh109.3 billion in 2009, accounting for nearly 24.5 per cent of the country’s total imports.



Both countries had been small exporters to the UAE compared with such major industrial powers as Japan, the United States, and the European Union during 1990s before they overtook them and became the top exporters to the country, the second largest Arab economy and one of the top 20 global importers.



The surge was a result of an aggressive marketing blitz by India and China, the competitive price of their products, proximity to the region, their strong political relationship and persistent volatility in the bill of imports from key Western economies because of the peg between Gulf currencies and the US dollar.



The figures showed the US, which had maintained the second position in exports to the UAE in most previous years, retreated to the third rank, with the value of its exports to the country totaling around Dh41.5bn last year.



Germany came fourth, with a round Dh29.9bn while Japan, which had long dominated exports to the UAE, fell back to the fifth position, with a value of about Dh26.9bn, according to the report.



The other key exporters to the UAE were Britain, with Dh18.7bn, Italy with Dh17.4bn, South Korea with Dh16.8bn and France with Dh14bn.  



 Neighbouring Saudi Arabia was the only Arab nation to be in the list of the top 10 exporters to the UAE, with a value of Dh12.1bn.



Turning to re-exports, the report showed Iran remained the largest market for re-exported products from the UAE, with a value of around Dh25.9bn in 2009, accounting for round 17.6 per cent of the UAE’s total re-exports of Dh147bn.



It was followed by India with nearly Dh24.6bn.



Conflict-battered Iraq emerged as the third largest market, receiving around Dh14.3bn worth of re-exported products from the UAE.



Other main markets were Saudi Arabia, Qatar, Switzerland, Bahrain and Afghanistan.



According to the Cairo-based Arab League, the UAE became the largest trading hub in the region in 2009 after overtaking Saudi Arabia. Dubai, the country’s business capital, has also maintained its position as the Middle East’s transshipment centre, handling over a fifth of the Gulf non-oil trade.



Lower oil prides and production sharply depressed the UAE’s trade surplus in 2009 despite a fall in imports due to the economic downturn.



From a peak of around Dh233bn in 2008, the surplus in the country’s trade balance dived to about Dh94.6bn, a decline of nearly 59.3 per cent, according to the Abu Dhabi-based Arab Monetary Fund (AMF).

Cotton prices have risen by 15 to 30 per cent since the beginning of the year across varieties due to limited supplies and high demand, an economist said.



"Cotton prices scaled historically high levels in June, driven by active purchasing by mills and strong demand from yarn producers in Asian countries. The overall shortage in supplies of the raw material, coupled with heavy buying especially from China, saw physical market prices of cotton race forward," NCDEX Knowledge Management Department Economist Kavita Chacko said here.



Prices for Shankar 6 variety cotton ruled around Rs 29,500 per candy (356 kg) in the physical markets in June, 2010. Domestic prices were supported by fresh export demand after the government lifted the ban on exports, Chacko said.



Cotton prices soared to record highs in June, largely on the back of limited supplies and high demand. The upward momentum in prices was supported by the surge in demand for the raw material from China.



Chacko pointed out that the Indian government has partially lifted curbs on cotton exports, allowing registered exporters to ship overseas from July 2, 2010.

    

The government is also likely to fix the volume of cotton exports from the country each year, declaring in advance the quantity available for export and for domestic consumption.

    

Restrictions on the export of raw cotton were imposed by the government in April in an attempt to help the labour- intensive domestic textile industry as cotton prices soared due to the 15-20 per cent shortage in global cotton production.

    

India, having recorded good production in 2009-10, was an important supplier to the world cotton markets, Chacko said.

    

The distribution of monsoon rains fell short of expectations in June and sowing in many parts of the northern zones was affected as a result. However, the recent progress in the monsoons, covering most of the country, has improved the prospects for cotton sowing.

    

As of the end of June, 2010, a 19 per cent increase in cotton acreage was seen on a year-on-year basis. The area under cotton cultivation stood at a little over 26 lakh hectares, according to the Directorate of Cotton Development.

    

Various agencies have been forecasting a sharp increase in Indian cotton production in the current season, with farmers shifting to cotton owing to better crop remuneration.

    

The Cotton Corporation of India expects cotton acreage in Gujarat, one of the chief producer states, to increase by 10 per cent.

    

Various agencies have forecast domestic cotton production in 2010-11 to cross 300 lakh bales.

Source: Business Standard

BRUSSELS: Exports from the European Union (EU) to India shot up by 28 percent to 10.6 billion euros (about $13 billion) between January and April 2010, compared to 8.3 billion euros in the corresponding period last year, EuAsiaNews reported Friday.



Exports from India to the 27-member EU increased by 18 percent to 10.7 billion euros in January-April 2010, compared to 9.1 billion euros in the corresponding period last year, the EU's statistical agency Eurostat said.



EU trade with all its major partners grew in January-April 2010, compared with January-April 2009, except for imports from the US (-10 percent).



The most notable increases were recorded for exports to Brazil (+46 percent), China (+43 percent) and Turkey (+40 percent), and for imports from Russia (+40 percent), India (+18 percent) and Turkey (+15 percent).



Meanwhile, India's foreign direct investment in the EU increased to 3.7 billion euros in 2008 from one billion euros in 2007.



EU investments in India dropped to 3.3 billion euros in 2008 from four billion euros in 2007, according to Eurostat figures.



Source : Economic Times

Prime Minister Manmohan Singh's two-day visit to Toronto later this month for the G20 summit will see India use the occasion to gain a sense of how the world's significant economies view global growth trends and to press for a policy consensus supportive of Indian exports.



The closed door interactions are expected to provide for some plain and frank exchange of views on issues like banking controls and trade policies but Indian interests will lie in trying to shore up a supportive atmosphere for India's trade in view of a still fragile recovery in exports.



The burden of the song is likely to be that those economies that are not too stressed in terms of fiscal deficits should certainly look to retain growth incentives like duty cuts and other measures. It's a tricky job as it involves putting it across that while India needed to consider a graded exit, it hoped others would be more mindful of its concerns.



The Indian delegation, led by PM Manmohan Singh, would count on the competitive strength of its exports to make a sound argument. It helps more costly economies to use Indian manufacture and services to cut expenses and realise better volumes. This should help Indian firms to maintain fuller order books than is currently the case.



Though India is seen to be back on the growth path, there is a consensus in government that small steps, not bold sweeps, have helped in the recovery. Yet, the jury on a full recovery is still out as economy watchers wait to see if there will more troughs or the graph will move steadily upwards.



On a broader screen, India is prepared to enagage in discussions on WTO-related manners which have been stalled for a while and also look at the reform agendas that were thrown up by the crisis of 2008-09. Progress on reforms of financial systems is likely to be slow given the complex nature of regulatory issues that world leaders have been discussing.



But any move to make the financial systems more transparent will be welcome even though Indian leaders, like their counterparts elsewhere acknowledge, are aware that no matter how many layers of scrutiny and checks and balances are added, there is no surefire protection against greed and manipulation. Still, policies that do not encourage reckless risk-taking are being widely welcomed.



The mood at Toronto may be expected to be very in the do-not-rock-the-boat mode given the collapse of the Greek economy which required other European nations to perform as rescue act. Greece's financial crisis, brought on by poor political leadership and an impossibly bloated public sector, will remain on the minds of G20 leaders when they meet in Toronto's salubrious climes on June 26-27. 



Source :- economictimes.indiatimes.com/news