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Govt Grants Permission for Exports of 1000 MT of Kala Namak Rice from 6 Customs Stations

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The government has given permission for the export of Kala Namak rice from six customs stations. This decision comes after the exports of this rice variety were previously not allowed. The Directorate General of Foreign Trade announced that up to 1,000 metric tonnes of Kala Namak rice can be exported through these specified customs stations. The certification for this rice and its quantity will be overseen by the Director of Agriculture Marketing & Foreign Trade in Lucknow. Kala Namak rice is a high-quality non-basmati rice type grown in Uttar Pradesh. The designated customs stations for its export include Varanasi Air Cargo, JNCH  (Jawaharlal Nehru Customs House)  in Maharashtra, CH  (customs house)  in Kandla, as well as Land Customs Stations (LCS) in Barhni, Sonauli, and Nepalgunj Road. Last year, the government banned the export of broken rice and imposed a 20% duty on white rice exports to ensure food security and stabilize prices. While the export of non-basmati white rice
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India's Exports Grows Despite of Red Sea Crisis

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Despite of Red Sea Crisis and economic troubles in the West, India exported more goods to other countries in January 2024 compared to the same time last year. The value of goods India exports went up by 3.12 %, reaching $36.92 billion. This was helped by selling more electronics, machines, and medicines. However, India also bought more things from other countries. The amount spent on imports increased by 2.99 %, totaling $54.41 billion in January 2024. The main things bought were crude oil, electronics, coal, and gold. So, the trade deficit, which is the difference between what India exports and what it imports, was $17.49 billion in January 2024. This was a bit higher than the $17.03 billion deficit in January 2023. The Commerce Secretary, Sunil Barthwal, praised Indian exporters for their hard work despite tough times. He said that even though there were problems in the Red Sea and economic issues in the West, India's export growth was significant. Between April 2023 and January
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Location: India
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How can I Become Rich through an Export Import Business?

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Thinking about getting into importing and exporting? Wondering if it can make you rich? Well, the answer is yes, but it's not as easy as it sounds. To really make it big in this business, you need to plan smart, understand what people want, and make good decisions.  In this discussion, we'll break down the steps and things you need to think about to turn importing and exporting into a way to make lots of money. It's not a quick fix, but with the right approach, you might just find yourself on the path to financial success in the world of global trade. 1. Market Research: To run a successful import-export business , it's crucial to know what people want. Look for products that are popular for both import and export, making sure they match customers' needs. Do market research to understand what customers are looking for. This way, you can make informed decisions about the products you want to trade. 2. Legal and Regulatory Compliance:  When you're trading internat
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Location: India
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5 Essential Steps to Secure Your Export Business Finances

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Running a commodity trading business is a thrilling journey, offering both substantial rewards and inherent risks. To ensure sustained success, it's imperative to adhere to a set of principles that can fortify your position and shield your business from common financial pitfalls. Despite the prevalence of best practices for secure transactions, many exporters find themselves straying off course, leading to substantial financial setbacks. Whether you're a seasoned exporter or just stepping into the world of international trade, mastering the art of financial security is paramount. Here, we delve into six indispensable steps to safeguard your funds and navigate the complexities of the export business successfully. 1. Ensure Payment Security Shipping commodities without a guarantee of payment is a cardinal sin in the export business. The most robust and secure method to ensure payment and tranquility for the exporter is through an irrevocable letter of credit. This financial instr
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Location: India
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Rice Exports: India Permitted Exports of Non-Basmati White Rice to UAE

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Good news! India is allowing the export of 75,000 tonnes of non-Basmati white rice to the UAE. The Directorate General of Foreign Trade (DGFT) shared this update on Monday. Why is it a big deal? Well, India had previously stopped exporting this Non-Basmati white rice to focus on making sure there's enough rice within the country due to inflation and unpredictable weather. But here's the twist: India isn't completely closing its doors to international trade. It's still exporting non-Basmati rice and other grains to help countries that need it. Recently, India agreed to send 3 lakh tonnes of wheat to Nepal and 14,184 tonnes to Bhutan. India is also sending non-Basmati rice to Bhutan (79,000 tonnes), Mauritius (14,000 tonnes), and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL) . India is committed to helping countries that struggle with food security. India is also exporting broken rice to countries like Senegal (5 lakh tonnes), Gambia (5 la
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Location: India
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G20 Presidency Unlocks India's Manufacturing Growth

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India, with its current G20 presidency, has a unique chance to boost its collaboration and economy on the world stage. The G20 forum, representing the world's most powerful nations, serves as a prime platform for international economic cooperation. It accounts for a whopping 85 percent of global GDP and 75 percent of worldwide exports. India's presidency has not only embraced the growth strategies of industrial economies in the Global South but has also positioned itself as an appealing manufacturing hub. The timing couldn't be better for India to exert more influence on global policies and the economic sector. Within the G20 framework, there's a special platform known as the Business 20 (B20). This dialogue forum has held a series of summits, where Indian and global industry leaders came together. One notable outcome is the ' India-Middle East-Europe Economic Corridor. ' This exciting initiative will establish a cost-effective cross-border ship-to-rail transit
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Location: India
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Fitch Revises India's GDP Projection from 6% to 6.3% for FY24

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Fitch , an i nternational credit ratings agency has revised its GDP forecast for India's financial year 2023-24 upwards, citing near-term momentum and a robust first-quarter performance. The agency raised its projection from 6% to 6.3%, indicating a positive outlook for India's economy. This revision comes after a previous downgrade in March due to challenges posed by high inflation, interest rates, and weak global demand. The improved forecast reflects the country's broad-based economic strength, with several sectors experiencing significant growth. Strong Economic Indicators Fitch highlighted India's resilient economic performance in the first quarter of 2023, reporting a 6.1% year-on-year GDP growth rate. The agency attributed this growth to various positive factors, including strong auto sales, robust PMI (Purchasing Managers' Index) surveys, and steady credit growth in recent months. These indicators demonstrate the overall health and resilience of India's
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