Export Import Updates India

The prospect of a free trade agreement (FTA) between India and the United Kingdom has hit a roadblock, with whisky imports being one of the major contentious issues. Despite several rounds of negotiations, the deal remains elusive, primarily due to disagreements over tariff reductions and whisky-related conditions. This article delves into the details of the whisky woes and their impact on the FTA. The Tariff Trouble The heart of the matter lies in the UK's proposal to lower import duties on Scotch whisky. The UK seeks a reduction from the current 150% to 75% immediately upon signing the Free Trade Agreement (FTA) , gradually reaching 30% over three years. Indian whisky makers, however, express concerns that such a reduction could harm their business. They argue for a progressive reduction, with the duty lowered to 50% over a span of ten years. Balancing the interests of both parties is crucial for progressing with the FTA. Impact on Indian Manufacturers The Indian spirits market h

India's Ministry of Commerce and Industry recently released data showing that India's overall exports (including merchandise and services) reached a record high of $770.18 billion in 2022-23, while overall imports surged 17.38% to $892.18 billion over the previous year. The strong performance of services exports played a vital role in boosting India's overall export numbers, even though the merchandise trade was impacted by the global economic slowdown. This blog post will take a deep dive into India's trade performance in 2022-23 and discuss the key factors that led to these numbers. India Closes FY23 With Record Trade Numbers India's trade performance in FY23 has been impressive, with the country closing the financial year with record trade numbers. The trade figures reflect a positive outlook for India's economy, which has been hit hard by the COVID-19 pandemic. The impressive performance is the result of several factors, including the strong performance of I