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Core Sector Output Witness 7.9% Surge In Sep

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In the last year during September, the growth rate stood at 5.4 per cent. Prior to that, it recorded 4.1 per cent in August. In June when the output expanded by 13.1 per cent, made it the previous high

The production of eight infrastructure sectors has witnessed a surge by 7.9 per cent during September, keeping it the highest during last three months. This has resulted due to better performance by coal, fertiliser, cement and electricity segments, as per the official data released on 31 October. 

In the last year during September, the growth rate stood at 5.4 per cent. Prior to that, it recorded 4.1 per cent in August. In June when the output expanded by 13.1 per cent, made it the previous high. The growth in the production of eight infrastructure sectors viz. coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity was recorded at 9.6 per cent in April-September this year as against to 16.9 per cent a year ago.

The output of coal, fertiliser, cement and electricity during September went up by 12 per cent, 11.8 per cent, 12.1 per cent and 11 per cent, respectively. At the same time, the refinery products’ output surged by 6.6 per cent as against 6 per cent in the same month last year. Whereas, crude oil and natural gas production squeezed by 2.3 per cent and 1.7 per cent, respectively, during the month under review. 

The commerce and industry, Minister Piyush Goyal through a tweet said, ” A reason why India is being called a global bright spot is the strength of its core industries. Output of 8 core industries in September grew 7.9 per cent.” 

Investment Information and Credit Rating Agency of India Limited (ICRA), Chief Economist Aditi Nayar commenting on the data said that the core sector growth rebounded to a robust 7.9 per cent in September, after considering two months of moderation.

With this growth it may be expected that the IIP (index of industrial production) may revert to a modest 4-6 per cent YoY (year on year) rise in that month, from the unpredicted contraction in August 2022. Most probably, the IIP data for September is expected to be outr in the second week of November by the government. The contribution of eight core industries accounts to 40.27 per cent in the IIP.

money

Steel, Pharma And Chemical Exports May Witness Duty Refund

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The government has successfully been able to refund around Rs 13,000 crore against the duties and taxes under RoDTEP scheme

India may consider extending a key export scheme to pharmaceuticals, chemicals and steel products. Measures to support exports affected by falling demand in advanced economies are being examined crucially.

Finance ministry and the ministry of commerce and industry have started meetings and discussions over considering these sectors within the Refund of Duties and Taxes on Exported Products (RoDTEP) scheme.

From 1 January 2021, the input duty remission scheme for exporters was implemented however these sectors were not made part of it.

According to an official, after discussions with the finance ministry, a cabinet note could be taken further. The scheme employment-generating sectors includes marine, agriculture, leather and gems and jewellery.

The government has successfully been able to refund around Rs 13,000 crore against the duties and taxes under RoDTEP scheme. The refunds heads include value added tax on fuel used in transportation, mandi tax and duty on electricity used during manufacturing.

In order to expand the scheme’s coverage, the commerce department will require funds amounting Rs 2,000 crore more, according to the official.

trade

India’s Merchandise Exports Rises By 37.9 Bn

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The ministry said India’s merchandise export from April to June 2022-23 was USD 116.77 billion with an increase of 22.22 per cent over USD 95.54 billion from April to June 2021-22

India’s merchandise exports in June 2022 rose to USD 37.94 billion which is an increase of 16.78 per cent over USD 32.49 billion in June 2021, said the Ministry of Commerce and Industry on Monday. The ministry said that India’s merchandise export from April to June 2022-23 was USD 116.77 billion with an increase of 22.22 per cent over USD 95.54 billion from April to June 2021-22.

The value of non-petroleum exports in June 2022 was 30.12 USD billion, a growth of 5.53 per cent over non-petroleum exports of USD 28.54 billion in June 2021. The cumulative value of non-petroleum exports from April to June 2022-23 was USD 92.49 billion, an increase of 11.92 per cent over USD 82.65 billion from April to June 2021-22, it said. Talking about the value of non-petroleum and non-gems and jewellery exports in June 2022, the ministry said that it was USD 26.75 billion. 

“Petroleum products (98.01 per cent), Electronic goods (50.66 per cent) and RMG of all Textiles (44.67 per cent) led the way in a high increase in exports during June 2022,” it said. Meanwhile, India’s merchandise import in June 2022 was USD 63.58 billion, an increase of 51.02 per cent over USD 42.1 billion in June 2021. India’s merchandise imports from April to June 2022-23 were USD 187.02 billion with an increase of 47.31 per cent over USD 126.96 billion from April 2021 to June 2022. The trade deficit in June 2022 was USD 25.63 billion, while it was 70.25 billion USD from April to June 2022-23

exports 2

India’s Exports Increase By 36.76% YoY In January

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The ministry said that overall imports in January 2022 are estimated to be USD 67.76 Billion, exhibiting a slower rate of growth of 30.54 percent over the same period last year and a positive growth of 30.19 percent over January 2020.

India’s overall exports (Merchandise and Services combined) in January are estimated to be USD 61.41 Billion, exhibiting a positive growth of 36.76 percent over the same period last year and a positive growth of 38.90 percent over January 2020, said the Ministry of Commerce and Industry on Tuesday. 

The ministry said that overall imports in January 2022 are estimated to be USD 67.76 Billion, exhibiting a slower rate of growth of 30.54 percent over the same period last year and a positive growth of 30.19 percent over January 2020. 

“India’s overall exports (Merchandise and Services combined) in April-January 2021-22 are estimated to be USD 545.71 Billion, exhibiting a positive growth of 37.68 percent over the same period last year and a positive growth of 23.29 percent over April-January 2019-20,” said the ministry in a statement. 

It added that overall imports in April-January 2021-22 are estimated to be USD 616.91 Billion, exhibiting a positive growth of 54.35 percent over the same period last year and a positive growth of 20.15 percent over April-January 2019-20.

Meanwhile, merchandise exports in January 2022 were USD 34.50 Billion, as compared to USD 27.54 Billion in January 2021, exhibiting a positive growth of 25.28 percent. As compared to January 2020, exports in January 2022 exhibited a positive growth of 33.45 percent.

Merchandise imports in January 2022 were USD 51.93 Billion, which is an increase of 23.54 percent over imports of USD 42.03 Billion in January 2021. Imports in January 2022 have registered a positive growth of 26.19 percent in comparison to January 2020.

The estimated value of services export for January 2022 is USD 26.91 Billion, exhibiting a positive growth of 54.95 percent vis-a-vis January 2021 (USD 17.37 Billion) and positive growth of 46.57 percent vis-à-vis January 2020 (USD 18.36 Billion), according to the ministry. 

The estimated value of services import for January 2022 is USD 15.83 Billion exhibiting a positive growth of 60.32 per cent vis-à-vis January 2021 (USD 9.88 Billion) and a positive growth of 45.33 per cent vis-à-vis January 2020 (USD 10.90 Billion).

indian rupee

Exim Bank targets USD 7 bn financing of project exports over 5 yrs

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The NEIA Trust, set up by the Ministry of Commerce and Industry, in March 2006, provides export credit insurance cover for promoting medium and long-term project exports from India.

Export-Import Bank of India (Exim Bank) targets to achieve financing of USD 7 billion of project exports over the next five years with the government announcing fund infusion of Rs 1,650 crore in the National Export Insurance Account (NEIA) to boost project exports. The NEIA Trust, set up by the Ministry of Commerce and Industry, in March 2006, provides export credit insurance cover for promoting medium and long-term project exports from India. The corpus infusion will enhance the project export possibility having cover by NEIA by about Rs 33,000 crore over the next five years (equivalent to USD 4.5 billion), the bank said in a statement.

“The capital infusion will help tap the huge potential of project exports in focus markets. The Bank has currently supported 31 projects valued at USD 2.74 billion in 14 countries under the Buyer’s Credit under NEIA programme,” it said. The opportunity for Indian exporters remains significant given the fact that the project exporters have already developed substantial competitiveness in several sectors and the financing options provided by Exim Bank are well recognized, it added.

PTI