News: India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24. The data also showed that the deficit with China, Russia, Korea, …
Context: As the Red Sea crisis enters its fourth month, global supply chains are increasingly grappling with inflated freights, delayed vessel schedules, and product shortages. It has once again brought to the fore the vulnerabilities of global supply chains, highlighting …
About the Scheme The government has introduced the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme with an objective to neutralize the taxes and duties suffered on exported goods which are otherwise not refunded in any manner. It …
Background Merchandise Exports from India Scheme (MEIS) was introduced under Foreign Trade Policy of India (FTP 2015-20), as a part of Exports from India Scheme. The scheme provides incentive in the form of duty credit scrip to exporters to compensate …
What is NSR? The Northern Sea Route (NSR), or the Northeast Passage (NEP), connects the eastern and western parts of the Arctic Ocean. While the Suez Canal route (depicted in blue in the image below) between Europe and Asia has …
Context India is one of the fastest-growing economies in the world. The country needs to expand its economic and strategic activities globally and GIFT City, an emerging global financial hub and India’s first operational smart city, has a pivotal role …
What is white shipping information? White shipping information refers to exchange of relevant advance information on the identity and movement of commercial non-military merchant vessels. Significance The seas around India abound in vessels of various types ranging from small inland …
About According to the procedure established by the WTO, the first step to resolve a trade dispute is engaging in the consultation process. If two trading partners having a dispute could not resolve at that level, one of them can …
What’s in the news? India’s overall exports (Merchandise and Services combined) in March 2023 is estimated to be USD 66.14 Billion. Overall imports in March 2023 is estimated to be USD 72.18 Billion. India’s overall exports (Merchandise and Services combined) …