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Fitch: India Homebuilders With UK Assets Face Brexit Risks
Jul 23,2016

Indian homebuilders with significant investments in the London property market will face near-term challenges from Britains vote to leave the EU on June 23, says Fitch Ratings. Demand for luxury residential properties and commercial properties - the segments some Indian homebuilders have invested in - may remain weak at least over the coming six to 12 months as buyers postpone purchases and banks trim loans amid increased economic uncertainty.

Asking prices of Londons luxury residential properties have fallen by 5%-20% over the last few weeks by some market estimates. This is in spite of the British pound trading at all-time lows against the US dollar - foreign investors make up a considerable part of the demand for Londons luxury residential properties. However over the longer term, these risks may be moderated by the tight supply of new residential developments, particularly in Central London, owing to challenges in securing regulatory approvals on new projects.

Commercial property demand has also weakened, and in some instances, prompted investors to exit commercial property-focused investment funds. This has led to some funds freezing withdrawals to enable a more orderly closure, while others have offered withdrawals at steep discounts to the net asset value to reflect the potential impact of having to sell assets quickly. Furthermore many foreign and domestic banks have also cut credit exposure to London property investors by reducing loan-to-value ratios or freezing new loans altogether.

The risk to Indian homebuilders will depend on the extent leverage was used to fund their London projects, and whether project construction and marketing sales coincide with the ongoing market volatility. Homebuilders may choose to defer marketing launches until investor sentiment improves, cut prices to spur higher sales, or sell equity stakes in the projects to reduce leverage.

Indiabulls Real Estate Limited (IBREL, B+/Stable) and Lodha Developers (Lodha, B/Negative) have significant exposure to the luxury residential and commercial property segments in London. Both companies made sizeable investments in Londons Mayfair and suburbs in 2013 and 2014. Of the two, IBREL is less exposed to demand volatility in the next six to 12 months because it only expects to start developing its properties in 2017. Lodha could be more exposed to near-term property-market turbulence because it has already launched the smaller of its two investments.

Lodhas rating already factors in the uncertainty around presales in its projects, both at home and overseas, as well as our view that near-term operating cash flows may not be sufficient to reduce its high leverage. IBRELs rating factors in its demonstrated ability to reduce leverage over the last 12 months, as well as the modest improvement in sales momentum in its key domestic property projects.

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Delhi foresees Rs 46,739-cr in TDS collection: Chief Income Tax Commissioner
Jul 23,2016

The government is expecting about Rs. 46,739 crore through TDS from the Delhi region in 2016-17, a top Income Tax Department official said at an ASSOCHAM event.

n++Our target as on date is about Rs. 46,739 crore out of Rs. 1,15, 000 crore overall target for current fiscaln++. She further said , TDS system is improving day by day and we are trying to bring most of things under TDS net to facilitate the taxpayers only and make them more compliant alson++ said the Chief Commissioner of Income Tax-TDS, Ms Nutan Sharma while inaugurating a national seminar on Tax Deduction At Source (TDS) organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Tax deduction at source (TDS) is major source of revenue and it has risen very fast over the last few years and it is one of the main sources of tax collection. We have collected almost 45% of the entire collection of Delhi through TDS, said Ms Sharma.

n++TDS is our main source of collection and it is main source of our revenue not only in direct taxes, but in the overall collection of the government, said Ms Sharma.

For Delhi region, the tax department has been seeing a consistent growth of 14-15 per cent in TDS collection since restructuring of the department in 2014, said Ms Sharma.

Talking about the TDS performance in Delhi, Ms Sharma said that when there was a slowdown but TDS always remain high and I trust that this will continue and our partnership will be longer and forever.

Mr. Sandeep Bandhu, Additional Commissioner of Income Tax (CPC-TDS) highlighted the proactive approach at Centralized Processing Cell (TDS) is e- awareness drive, over 3.5 Crore educational and awareness emails sent to specific target group of deductors to sensitize them on the specific area of TDS compliance-special drive for better TDS compliance.

n++Identifying challan and PAN errors at preliminary stage of processing and providing one week window to resolve to avoid any TDS defaults; Step towards Non adversarial TDS administrationn++.

Connecting back to 1000 deductors per week who raised grievances earlier to know their feedback on its resolution-over 70% satisfaction rate and n++Callbackn++ option on IVR, around 100 deductors per day are using this facility.

Grievance Resolution -four channels of communication (online grievance/ email/call centre/ postal letter), Online reporting for lesser deduction/payment of tax and non-filing of TDS statements to avoid notices, Online 197 certificate application -work in progress, form 15G/H -submission of physical forms -done away, Corporate Connect-aggregated TDS compliance, secured access, kyc relaxation, view 26AS, 40a(ia) and the Capacity building of deductors through e tutorials/FAQs.

n++26QB Correction enabled through DSC and Net-banking, online submission of Refund Request, Online filing of TDS/TCS Statement with DSC on e-Filing website, Salary Details reported by Employer in 26AS part Hn++ the recent release for ease of doing business.

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Cabinet approves construction of a New Dry Dock of Cochin Shipyard
Jul 21,2016

The Cabinet Committee on Economic Affairs, has given its approval for construction of a new dry dock within the existing premises of Cochin Shipyard (CSL) at an estimated cost of Rs 1799 crore to augment the shipbuilding / repair capacity of the country.

The objective is to augment the shipbuilding/ ship repair capacity essentially required to tap the market potential of building specialized and technologically advanced large vessels such as Liquefied Natural Gas (LNG) vessels, Indigenous Aircraft Carriers of higher capacity, Jack up Rigs, Drill ships, large Dredgers and repairing of offshore platforms and larger vessels. This big sized dry dock is a critical requirement of CSL to promote ship building and is a step in the direction of Make in India initiative of the Government.

There would be no financial outgo from the Government on account of the construction of new dry dock as the expenditure of Rs.1799 crore will be funded through Internal and Extra Budgetary resources (IEBR) of CSL and the funding requirements are fully tied up.

The project proposal would generate employment within the country. It may be noted that ship building and ship repair is a labour intensive industry, having a multiplier effect on employment generation and thereby help in the process of nation-building by way of socio-economic development and growth of manufacturing sector in the country. Apart from direct employment of 300 personnel, about 2000 personnel would be indirectly employed when the project becomes fully operational.

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Cabinet approves Ambuja Cements proposal for acquisition of 24% shares in Holcim
Jul 21,2016

The Cabinet Committee on Economic Affairs, has approved the proposal for M/s. Ambuja Cements Limited for acquisition of 24% shares in its holding company-Holcim (India) from M/s. Holderind Investment and subsequent reverse merger through a share swap. This would entail outflow of Rs 3500 crore.

These transactions would enable Lafarge Holcim group to create a linear corporate structure (with Ambuja and ACC becoming parent and subsidiary) with a view to harvest significant synergies from India operations. This will further strengthen all India footprints, debt free balance sheet and cash flow generation, bringing in huge prospects for further expansion and creation of employment opportunities.

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Cabinet approves 1980 MW coal based thermal power project of Neyveli Lignite Corporation
Jul 21,2016

The Cabinet Committee on Economic Affairs, has given its approval for installation of Ghatampur Thermal Power Project (GTPC) of 1980 MW (3 X 660 MW) capacity through a Joint Venture Company named Neyveli Uttar Pradesh Power (NUPPL) formed jointly by Neyveli Lignite Corporation Limited (NLC) and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL).

The project will be implemented at an estimated cost of Rs 17237.8 crore including Interest During Construction component of Rs 3202.42 crore. The commissioning of Unit I, II and III will be 52 months, 58 months and 64 months respectively from starting date. The benefits of this generation will be available in the XIII Five Year Plan. The energy generated by the GTPS (about 14000 MU/annum) will mainly be supplied to Uttar Pradesh.

Ministry of Coal had allotted Pachwara South coal block in Jharkhand State for meeting the coal requirement of the GTPS.

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Cabinet approves incorporation of Sagarmala Development Company
Jul 21,2016

The Union Cabinet has approved the incorporation of Sagarmala Development Company (SDC) under the Companies Act, 2013. SDC will be under the administrative control of the Ministry of Shipping. It will provide equity support to the project Special Purpose Vehicles (SPVs) and funding support to the residual projects under the Sagarmala Programme. SDC will be incorporated under the Companies Act, 2013, with an initial Authorized Share Capital of Rs. 1,000 Crore and a Subscribed Share Capital of Rs. 90 Crore.

Implementation of the identified projects will be taken up by the relevant Ports, State Governments / Maritime Boards, Central Ministries, mainly through private or PPP mode, provide equity support for the project Special Purpose Vehicles (SPVs) set up by the Ports / State / Central Ministries window and /or implement only those residual p cannot be funded by any other means / mode.

SDC will Identify port-led development projects and assist the project SPVs in project development and structuring activities, bidding out projects for private sector participation, putting in place suitable risk management measures for strategic projects cutting across multiple States / Regions and obtaining requisite approvals and clearances.

Since the Identified projects will be undertaken by multiple agencies, SDC will also work as the nodal agency for coordination and monitoring of all the currently identified projects as well as other projects emerging from the master plans or other sources.

SDC will undertake the preparation of the detailed master plans for the Coastal Economic Zones (CEZs) identified as part of the NPP and provide a framework for ensuring the integrated development of Indian maritime sector.

As part of the coastal community development objective of the Sagarmala Programme, the Ministry of Shipping is taking up a number of initiatives/projects. Notable among them are the coastal community skill projects and projects for development of marine fisheries sector.

Skill development projects taken up include coastal district skill gap analysis study/ cutting-edge skill training in the ports & maritime sector, safety training in ship-breaking & repair sector, coastal districts skill training as part of Deen Daygl Upadhyaya Grarneen Kaushalya Yojana (DDU-GKY) and marine fishermen skill development projects.

Ministry of Shipping, in collaboration with the Department of Animal Husbandry, Dairying & Fisheries (Ministry of Agriculture), will part-fund select fishing harbour projects under the Sagarmala Programme. While identifying the projects, priority will be given to those projects which are nearing completion. Ministry of Shipping is also preparing a coastal community development scheme, in convergence with the existing Central/State Government schemes.

One of the important roles assigned to SDC is to manage the coastal community development scheme and fund coastal community development projects identified under the Sagarmala Programme. The projects considered would be specific time-bound local interventions and innovative in nature.

SDC will be raising funds as debt/equity (as long term capital), as per the project requirements/ by leveraging .resources provided by the Government of India and from multi-lateral and bilateral funding agencies. SDC will also aim to increase the scope of private sector participation in project development.

The Sagarmala Programme was launched with the approval of the Union Cabinet on 25th March 2015, with a view to achieve the broad objective of promoting port-led economic development in India. In order to harness Indias 7,500 km long coastline, 14,500 km of potentially navigable waterways, and strategic location on key international maritime trade routes, the Government has embarked on the ambitious Sagarmala Programme which was approved by the Cabinet on 25th March, 2015.

As part of the programme, a National Perspective Plan (NPP) for the comprehensive development of the coastline and maritime sector has been prepared. The NPP has identified more than 150 projects across the areas of Port Modernization & New Port Development, Port Connectivity Enhancement, Port-led Industrialization and Coastal Community Development.

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Cabinet approves signing of Air Services Agreement between India and Mozambique
Jul 21,2016

The Union Cabinet has approved signing of the Air Services Agreement between India and Mozambique. Presently there is no Air Services Agreement between India and Mozambique. To promote the air connectivity between the two countries, the two sides initiated the process of consultation in 2011 to finalize the text of Air Services Agreement.

The draft text of the Air Services Agreement (ASA) has been finalized in consultation with Ministry of Finance (Department of Revenue/Department of Economic Affairs), Ministry of External Affairs and Ministry of Law & Justice (Department of Legal Affairs). The major features of the Agreement include:-

a) Multiple designations of Airlines by each party.

b) The designated Airline of each party can enter into cooperative marketing arrangements with the designated carriers of same party, other party and that of a Third party.

c) This agreement allows designated airlines of either countries to establish offices in the territory of other country for the promotion and sale of air services.

d) The designated airlines of the two countries shall have fair and equal opportunity to operate the agreed services on specified routes.

e) Apart from the above, the ASA also has the provisions relating to Revocation or Suspension of Operating Authorization, Principles governing operations of agreed services, commercial opportunities, safety and security related clause etc that were incorporated in the line of Indian model ASA.

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Cabinet approves establishment of new All India Institutes of Medical Sciences at Gorakhpur
Jul 21,2016

The Union Cabinet has given its approval for establishment of new All India Institutes of Medical Sciences (AIIMS) at Gorakhpur in Uttar Pradesh under Pradhan Mantri Swasthya Suraksha Yojana (PMSSY).

The cost of the project for establishment of the new AIIMS in Gorakhpur shall be Rs 1011 crore. The above cost estimate does not include recurring costs (wages & salaries and operation & maintenance expenses). This recurring expenditure will be met by the respective new AIIMS from their annual budgets through Grant-in-Aid to them from Plan Budget Head of PMSSY of Ministry of Health and Family Welfare.

The institution shall have a hospital with capacity of 750 beds which will include Emergency/Trauma Beds, AYUSH Beds, Private Beds and ICU Speciality & Super Speciality beds. In addition, there will be an Administration Block, AYUSH Block, Auditorium, Night Shelter, Hostels and residential facilities.

The establishment of new AIIMS will serve the dual purpose of providing super specialty health care to the population while creating a large pool of doctors and other health workers in this region that can be available for primary and secondary level institutions/facilities being created under National Health Mission (NHM). This institute will also conduct research on prevalent regional diseases and other health issues and provide for better control and cure of such diseases.

The population of entire region of eastern U.P. which comprises of four Commissionerate of UP (Goarakhpur, Azamgarh, Basti and Devi Patan) comprising 14 districts of the state and also 5 districts of Western Bihar (West-Champaran, East-Champaran, Saran, Siwan, and Gopalganj) will be benefited by this AIIMS will be benefitted by the establishment of new AIIMS.

The setting up of AIIMS under PMSSY aims correcting the regional imbalances in availability of affordable/reliable tertiary level healthcare in the country in general, and to augment facilities for quality medical education in under-served or backward States, in particular.

Under this scheme, AIIMS have been established in Bhubaneshwar, Bhopal, Raipur, Jodhpur, Rishikesh and Patna while work of AIIMS Rae Bareli is in progress. Also, three AIIMS in Nagpur (Maharashtra), Kalyani (West) and Mangalagiri in Guntur (A.P) have been sanctioned in 2015.

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Cabinet approves India - Swiss Confederation MoU for cooperation in skill development
Jul 21,2016

The Union Cabinet has given its ex-post-facto approval for a Memorandum of Understanding (MoU) signed between India and the State Secretariat for Education, Research and Innovation of the Swiss Confederation for cooperation in skill development.

The MoU was signed on 22 June 2016 during the visit of a delegation led by the Minister of State (Independent Charge) for Skill Development and Entrepreneurship to Switzerland from 20 - 22 June 2016.

The MoU broadly focuses on capacity building and exchange of best practices in the area of skill development. The MoU envisions the establishment of Joint Working Group (JWG) to create, monitor and review the implementation framework for the MoU. The MoU will establish a framework for bilateral cooperation between the two countries in the area of skill development and will formalise and deepen this partnership.

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Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015
Jul 21,2016

The Union Cabinet has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.

The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as to overcome the practical difficulties which may arise in the implementation of the provisions of the Bill when it becomes an Act.

The legislation is also intended to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices. It empowers the Government to confiscate benami property by following due procedure. It therefore promotes equity across all citizens. However, those who declare their benami properties under income declaration scheme will get immunity under the Benami Act.

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Developing countries lose 10% of exports on non-tariff measures: UNCTAD
Jul 20,2016

Developing countries lose an estimated $23 billion per year, equal to about 10% of their exports to the Group of 20 (G20) through failure to comply with G20 non-tariff measures, according to new data published by UNCTAD.

Non-tariff measures cover a broad range of legitimate and important policy instruments, including measures to protect the health of a countrys citizens and its environments, too. For example, non-tariff measures may limit the use of pesticides in food.

But as tariffs have fallen to historic lows, non-tariff measures have replaced them as a key brake on faster global trade growth. And the expansion of the middle classes in many countries is expected to increase demand for safer, cleaner products. This, in turn, may require Governments to introduce more non-tariff measures.

n++These kinds of measures are becoming increasingly widespread,n++ said UNCTAD Deputy Secretary-General Joakim Reiter. n++For example, measures on the cleanliness and pathogen-free status of food - known as sanitary and phytosanitary measures - cover more than 60% of agricultural trade.n++

n++Such regulatory measures disproportionately increase trade costs for small and medium-sized enterprises and developing countries, particularly the least developed. We estimate, for example, that the impact of the European Unions sanitary and phytosanitary measures comes to a loss of about $3 billion for low-income country exports. Thats equal to 14% of their agricultural trade with the European Union.n++

But, UNCTAD Deputy Secretary-General Joakim Reiter added: n++We certainly dont expect G20 countries to drop all their non-tariff measures, which serve important policy objectives such as health and safety, but we do need to manage this issue better.n++

n++Non-tariff measures are the new frontier in our quest for greater global trade,n++ he said, noting that better information would reduce the costs of non-tariff measures. n++Its all about transparency and harmonizing regulations.n++

Aiming to enhance transparency on non-tariff measures, UNCTAD also launched on 19 July 2016 a database to list the non-tariff measures of 56 countries, covering 80% of world trade. The database allows policymakers to search by country and product to find out quickly the relevant non-tariff requirements.

n++This database will improve countries ability to understand the regulatory requirements, helping them to comply more easily and at less cost,n++ said Guillermo Valles, Director of the Division on International Trade in Goods and Services, and Commodities.

Policymakers can use the database, for example, to harmonize their regulations and accelerate the growth of regional trade.

The African Union has already requested that UNCTAD support them with the Continental Free Trade Area by setting up a similar database. This database will provide the necessary information on non-tariff measures so that negotiators can harmonize their regulations, cutting the costs of trade.

Low-income countries tend to be disproportionately affected by non-tariff measures. Their companies are smaller and so the non-tariff measures, which have fixed costs, become disproportionately more expensive.

Non-tariff measures have a valuable contribution to make in achieving the Sustainable Development Goals, by protecting health and the environment.

n++The use of non-tariff measures in the world will increase but this should be done in a smart way, for example by using international standards to a maximum extent,n++ said Ralf Peters, Chief ad interim of the Trade Analysis Branch. n++Use non-tariff measures to protect your citizens, but dont let them compromise trade because that will block economic growth and job creation.n++

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Government allocates Rs 22915 crore for capitalization of Public Sector Banks
Jul 19,2016

In line with the announcements made under Indradhanush and the Union Budget, Government has undertaken an exercise to assess the capitalization needs of Public Sector Banks during the year 2016-17. The capital infusion exercise for the current year is based on an assessment of need as assessed from the CAGR of credit growth for the last five years, banks own projections of credit growth and an objective assessment of the potential for growth of each Public Sector Bank.

Consequent upon the above exercise, 75% of the amount collected for each bank is being released now to provide liquidity support for lending operations as also to enable banks to raise funds from the market.

The remaining amount, to be released later is linked to performance, with particular reference to greater efficiency, growth of both credit and deposits and reduction in the cost of operations. 

Bank Wise Allocation of Capital Funds

Bank

Amount (in crore)

1

State Bank of India

7575

2

Indian Overseas Bank

3101

3

Punjab National Bank

2816

4

Bank of India

1784

5

Central Bank of India

1729

6

Syndicate bank

1034

7

UCO Bank

1033

8

Canara Bank

997

9

United Bank of India

810

10

Union Bank of India

721

11

Corporation Bank

677

12

Dena Bank

594

13

Allahabad Bank

44

Total

22915

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Foreign tourist arrivals to India rise 7.3% in June 2016
Jul 18,2016

As per the data from Ministry of Tourism, the Foreign Tourist Arrivals (FTAs) were 5.50 lakh in June 2016, showing an increase of 7.3% as compared to FTAs of 5.12 lakh in June 2015. The FTAs has stood at 5.02 lakh in June 2014.

FTAs were 41.86 lakh in January- June 2016, with a growth of 8.9% as compared to the FTAs of 38.45 lakh with a growth of 3.7% in January- June, 2015 over January- June 2014.

The Percentage share of Foreign Tourist Arrivals (FTAs) in India during June 2016 among the top 15 source countries was highest from USA (22.20%), followed by Bangladesh (20.69%), UK (6.84%), Malaysia (3.90%), Sri Lanka (3.20%), Australia (2.63%), China (2.62%), Canada (2.60%), Japan (2.49%), Singapore (2.47%), France (2.35%), Germany (2.26%), Nepal (2.17%), Pakistan (1.33%) and Republic of Korea (1.31%).

The Percentage share of Foreign Tourist Arrivals (FTAs) in India during June 2016 among the top 15 ports was highest at Delhi Airport (24.69%) followed by Mumbai Airport (16.76%), Haridaspur Land check post (11.99%), Chennai Airport (10.90%), Bengaluru Airport (7.74%), Hyderabad Airport (4.95%), Kolkata Airport (4.09%), Cochin Airport (3.68%),Gede Rail (2.57%), Tiruchirapalli Airport (1.86%), Ahmedabad Airport (1.69%),Trivandrum Airport (1.33%), Ghojadanga land check post (1.22%), Attari-Wagah Land check post (1.02%) and Hilli Land check post (0.68%).

Foreign Exchange Earnings (FEEs) from Tourism were Rs 10732 crore as compared to Rs 9564 crore in June, 2015 and Rs 8366 crore in June 2014. The growth rate in FEEs in rupee terms during June 2016 over June 2015 was 12.2% as compared to the growth of 14.3% in June 2015 over June 2014.

FEEs from tourism in rupee terms during January- June 2016 were Rs 73065 crore with a growth of 14.1%, as compared to the FEE of Rs 64035 crore with a growth of 8.3% during January- June 2015 over January- June 2014.

FEEs in US$ terms during the month of June 2016 were US$ 1.595 billion, as compared to FEEs of US$ 1.498 billion during the month of June 2015 and US$ 1.470 billion in June 2014.

The growth rate in FEEs in US$ terms in June 2016 over June 2015 was 6.5%, compared to the growth of 1.9% in June 2015 over June 2014.

FEE from tourism in US$ terms during January- June 2016 were US$ 10.865 billion with a growth of 6.5% as compared to the US$ 10.203 billion with a growth 4.4% during January- June 2015 over January- June 2014.

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Indias services exports rises 13.4% in May 2016
Jul 15,2016

As per the data released by the Reserve Bank of India, Indias services exports increased 13.4% to US$ 13.46 billion in May 2016 over May 2015. Meanwhile, Indias services imports jumped 25.4% to US$ 7.92 billion in May 2016. Thus, Indias services trade surplus narrowed 0.3% to US$ 5.54 billion in May 2016 from US$ 5.56 billion in May 2015.

Indias services trade surplus improved 0.2% to US$ 11.26 billion, with 6.0% rise in services exports to US$ 26.37 billion in April-May 2016 over a year ago. Indias services imports increased 10.7% to US$ 15.11 billion in April-May 2016.

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Indias merchandise exports rises 1.3% in June 2016 after 18-months of decline
Jul 15,2016

Indias merchandise exports rose 1.3% to US$ 22.57 billion in June 2016 over a year ago, while snapping continuous decline for last eighteen straight months. Meanwhile, merchandise imports continued to decline at 7.3% to US$ 30.69 billion. The trade deficit narrowed 25.0% to US$ 8.12 billion in June 2016 from US$ 10.83 billion in June 2015.

Oil imports plunged 16.4% to US$ 7.25 billion, while non-oil imports also declined 4.1% to US$ 23.44 billion in June 2016 over June 2015. The share of oil imports in total imports was 23.6% in June 2016. The Brent crude oil price plunged 21.6% to US$ 49.96 per barrel in June 2016 over June 2015.

Among the non-oil imports, the major contributors to the overall decline in imports were petroleum products imports declining 16.4% to US$ 7.25 billion, gold 38.5% to US$ 1.21 billion, pearls & semi-precious stones 13.5% to US$ 1.79 billion, fertilizers 22.8% to US$ 0.71 billion, iron & steel 16.7% to US$ 1.03 billion, metaliferrous ores & other minerals 27.2% to US$ 0.46 billion, coal 13.0% to US$ 1.07 billion, project goods 53.0% to US$ 0.09 billion, silver 27.2% to US$ 0.25 billion, organic & inorganic chemicals 4.1% to US$ 1.51 billion and fruits & vegetables 19.7% to US$ 0.15 billion.

On the other hand, the imports have increased for electronic goods by 9.5% to US$ 3.44 billion, electrical & non-electrical machinery 1.8% to US$ 2.30 billion, transport equipment 11.0% to US$ 1.30 billion, artificial resins, plastic materials etc. 1.6% to US$ 1.05 billion, non-ferrous metals 9.9% to US$ 0.94 billion, vegetable oil 5.5% to US$ 0.82 billion and chemical material & products 11.8% to US$ 0.48 billion in June 2016.

On exports front, the engineering goods recorded an increase in exports by 0.9% to US$ 5.14 billion, followed by drugs & pharmaceuticals 0.1% to US$ 1.41 billion, organic & inorganic chemicals 14.4% to US$ 1.21 billion, rice 8.6% to US$ 0.60 billion, plastic & linoleum 10.6% to US$ 0.54 billion, electronic goods 9.9% to US$ 0.52 billion, marine products 43.2% to US$ 0.47 billion, and handicrafts excluding handmade carpet 92.0% to US$ 0.25 billion.

However, the exports declined for gems & jewellery by 0.5% to US$ 3.51 billion, petroleum products 10.8% to US$ 2.57 billion, readymade garment of all textiles 0.8% to US$ 1.57 billion, cotton yarn/fabrics/made-ups 2.3% to US$ 0.81 billion, leather & leather products 3.8% to US$ 0.50 billion, man-made yarn/fabrics/made-ups 10.5% to US$ 0.37 billion, in June 2016.

Merchandise exports in Rupees increased 6.7% to Rs 151905 crore, while imports declined 2.3% to Rs 206524 crore in June 2016 over June 2015. The trade deficit narrowed to Rs 54620 crore in June 2016 compared with Rs 69143 crore in June 2015.

Indias merchandise exports declined 2.1% to US$ 65.31 billion, while merchandise imports fell 14.5% to US$ 84.55 billion in April-June 2016. The decline in imports was driven by a 23.6% dip in oil imports to US$ 18.85 billion. Indias merchandise trade deficit declined to US$ 19.23 billion in April-June 2016 from US$ 32.23 billion in April-June 2015.

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