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An RBI Deputy Guv tells why banks should reveal true NPA nos

"When things are delayed, it only continues to fester in the system, " Deputy Governor N S Vishwanathan said.

Flyhigh Exports

Nov 23, 2019, 06.50 AM IST



Spices export plunge on withdrawal of MEIS benefits

India exports around Rs 18,000 crore worth of spices annually and over the years its dominance has come down to a few spices such as chilli, cumin, turmeric and spice oils and oleoresins from around 20 items. Exporters claim duty credits ranging from 2-7 % under MEIS which they discovered were disabled by DGFT from August 1, resulting in a slowdown in shipments.

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  • Nickel prices surged over 48% on LME (YTD) whereas prices on the MCX rose over 54%.

    Delay in the issuance of refunds has been a sore point for exporters since the switchover to goods and services tax (GST) regime in July 2017. The new directive from the Central Board of Indirect Taxes and Customs (CBIC) follows assurance from finance minister Nirmala Sitharaman to the industry on easing of compliances.

    “The proposal is presently under consideration,” he said in a written reply to a question in Lok Sabha on whether the government proposes to provide foreign exchange loan at cheaper rate of interest to the exporters.

    The ICRA also forecast the country's GVA at basic prices in year-on-year (YoY) basis to 4.5 per cent respectively.

    The plea was made in the appellate body of the World Trade Organisation's (WTO) dispute settlement mechanism. The US has dragged India to the WTO under Article 27 of the organisation's Agreement on Subsidies and Countervailing Measures (SCM), which also provides for special and differential treatment to developing countries like India.

    During the current 2019-20 season, sugar production as on November 15 was 4.85 lakh tonnes, as compared to 13.38 lakh tonnes produced till the same date last year. According to ISMA, the reason for lower sugar production is that sugar mills in Maharashtra have not yet started this season, as compared to 149 mills which were already operating last year during this period.

    The benchmark Nikkei share average slid 0.5 per cent to 23,292.65 .

    However, sugar millers from Maharashtra, the second largest producer of the sweetener, are not much interested in exporting sugar during 2019-20.

    Key executives from electronics makers that are among the top manufacturers of mobile phones will meet Niti Aayog officials this week and seek details on the quantum of benefits, its time period, and the category of companies that will get the incentives.

    On October 31, the WTO had ruled that export subsidy programmes-MEIS, Export oriented units scheme and sector specific schemes, including Electronics Hardware Technology Parks Scheme and Bio-Technology Parks Scheme; Export Promotion Capital Goods Scheme; and Duty-Free Imports for Exporters Scheme- violated provisions of trade body’s norms.

    As many as 15 global companies were recognised as IT Prides of Karnataka, for exports greater than or equal to Rs 2,000 crore and less than Rs 10,000 crore. IT Pride awardees included Oracle, Goldman Sachs, SAP Labs, and Intel, among others. In the category of highest new IT jobs creator, Technicolor India emerged the winner.

    The drawback rates have been raised to Rs 372.9 per gram for gold jewellery from Rs 272 per gram, according to a notification of the finance ministry. Similarly, for silver jewellery, it has been raised to Rs 4,332.2 per kilogram, from Rs 3,254. "This notification shall come into effect from November 16, 2019," the notification has said.

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