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Banikinkar Pattanayak

Articles By Banikinkar Pattanayak

832 Articles

Shipping costs skyrocket, exporters feel the heat

Freight for a 20-foot container for shipments from Mumbai to Dubai zoomed 25 times, from just $10 before August to $250 now, said Vivek Aggarwal, director (sales and marketing) of major food exporter Capital Ventures and vice

Of course, analysts partly attribute the higher September shipments to exporters rushing to honour earlier commitments upon the gradual lifting of lockdown curbs since June.

Budget focus on infra: Easier rules to woo long-term capital

The government is weighing a raft of proposals, including relaxing rules to enable insurance firms and pension funds to put in long-term capital in infrastructure projects, as it seeks to spur job creation and bring the Covid

In any case, there is not much that Indian policymakers can do or need to do on this front.

Stock-building: China resorts to huge agri imports

Beating the Covid-19 blues, China has been importing farm products at a brisk pace this year in an apparent bid to take advantage of relatively stable global prices and replenish its depleting food inventory.

Pre-pack scheme: Insolvency resolution time may be cut to just 3-4 months

The government is weighing a proposal to reduce by more than a half the time limit for the resolution of stressed assets under a so-called ‘pre-pack’ insolvency scheme. Any such move would not just expedite the resolution

IBC, insolvency, bakruptcy code, resolution, creditor, debitor

Plans afoot to cut imports by a fourth

Imports of these 1,173 items from China were worth $12 billion in FY19, making up for just 2.3% of India’s total imports that year but 17% of New Delhi’s purchases from Beijing.

While the move won’t be Beijing-specific, it will hurt China the most, as it’s the biggest supplier of such low-grade products to India.

Vocal for local: Concerned over low-grade imports, especially from China, govt firms up technical regulations

Govt readies technical norms for 150 items, covering near $50-bn imports, ambit to widen; Chinese exporters to bear the brunt

On the import side, the container data shows that imports into India witnessed a great decline across all commodities, except for chemicals which form a very small portion of overall imports.

India may have slightly higher tariffs, but advanced nations keep much higher NTBs

The US has put in place as many as 8,453 NTBs, followed by the EU (3,119), China (2,971), South Korea (1,929) and Japan (181), shows a commerce ministry analysis, based on the WTO data (See chart). In contrast, India has impo

Favourable trade balance mostly in the case of smaller partners, and deficit with the larger ones.

No RCEP re-entry: India to speed up trade talks with US & EU

India had pulled out of the RCEP talks in Bangkok on November 4 last year and made its return incumbent on adequate redressal of its concerns.

The country will refrain from joining any pact that is effectively “free trade agreement (FTA) by stealth with China”, one of the officials said, making clear New Delhi’s anxiety over joining back the RCEP bloc.

Misplaced focus: Surging export aids fail to boost shipments

MEIS outgo doubles between FY17-FY19, but beneficiary units post lower export growth than others

A Niti Aayog proposal in August had pegged the potential outgo under the proposed RoDTEP scheme to just about Rs 10,000 crore a year.

Shipments to West Asia decrease by nearly 50%

In West Asia, exports to the UAE plunged the most, by 59% to $5.2 billion until August this fiscal, while those to Iran dropped by 49% to $907 million and Saudi Arabia by 13% to $2 billion.

MEIS up 73% for April-December, but still just 40% of total for FY20

“Further, keeping in mind the ongoing stress on Customs revenues, it’s suggested to limit the issuance of MEIS duty credit scrips in this financial year.

Accordingly, DGFT is requested to issue MEIS scrips up to a total value of Rs 16,000 crore in FY21,” Jha wrote.

Delhi may have to redraw trade ties after Joe Biden’s win in US election

Any such move (even if the US joins an amended TPP to suit its current realities) will pile up pressure on India to try and join either the TPP or another mega deal to ward off its damaging impact, at a time when New Delhi ha

India, Japan, Australia are planning to widen the ambit of proposed supply-chain pact to counter China

Commerce and industry minister Piyush Goyal, Japan’s minister of economy, trade and industry Hiroshi Kajiyama and Australia’s trade, tourism and industry minister Simon Birmingham had attended the virtual meeting.

The move, originally mooted by Japan, gathered speed after the Covid-19 outbreak exposed China’s unreliability as a supplier, especially to those countries with which it shares lukewarm relations, said a source.

Indo-US trade: Joe Biden’s victory to delay planned deal

India’s trade surplus with the US has been shrinking in recent years, as it has stated importing oil and gas from the largest economy, something that India has been highlighting.

Prepack insolvency: Rollout soon, Sahoo panel to submit report in 7-8 days

Under the existing IBC framework, a creditor can drag a debtor to the NCLT if default amount is Rs 1 crore or more.

The scheme, if implemented, will be a pre-IBC (Insolvency and Bankruptcy Code) window for the resolution of toxic assets, which will only complement the existing framework but not substitute it, industry sources have said.

Exports of ‘core’ items pick up pace

The outbound shipment of core products — goods excluding petroleum and gems & jewellery — grew 11.1%, year-on-year, in September to $21.1 billion, reversing a 3.2% decline in the previous month, according to a preliminary

Also, it trims its global trade growth forecast for 2021 to just 7.2% from a strong rebound of 21.3% it had predicted earlier.

Govt open to more capital infusion into select state-run banks this fiscal to boost lending

In its Financial Stability Report, the RBI has forecast that gross non-performing assets (NPAs) may jump from 8.5% at the end of March 2020 to 12.5%, a 20-year peak, by March 2021.

Merchandise Export From India Scheme: Auto, pharma firms to be hit hard by cap on MEIS benefits

According to a commerce ministry estimate, about 98% of the exporters who claim MEIS will remain unaffected by the changes and less than 2% are likely to be impacted as per analysis of claims in the relevant period of 2018-19

Also, it trims its global trade growth forecast for 2021 to just 7.2% from a strong rebound of 21.3% it had predicted earlier.

Massive overhaul in the works as gold monetisation schemes lose sheen; fresh rules expected soon

These financial products will be integrated into banks’ core banking solution and the regulator (RBI) will issue necessary directives for the purpose.

The annual interest rate on gold parked with banks under existing GMS is up to 2.5% (which varies depending on the tenure of deposits).

Govt working on ‘prepackaged’ insolvency scheme to cut insolvency delays

The plan is to launch the scheme as soon as the suspension of the insolvency proceedings against Covid-related default is lifted.

However, with present timelines under the code, the objective sometimes gets frustrated.”

Gross market borrowing: Govt may opt for another hike, but only by November

The NSSF had financed a record 31.3% of fiscal deficit in FY20 and was budgeted to fund 30.1% (Rs 2.4 lakh crore) of it in FY21 before the pandemic struck.

U.S. stocks, equities, dollar, gold, COVID-19 relief package, stimulus

Cotton purchase exceeds record 10 million bales

Market prices of the ICS-105 cotton variety (28mm) in Gujarat were ruling at just Rs 35,900 per candy, of 356 kg, on Wednesday, down by about 12% from a year before.

Market prices of the ICS-105 cotton variety (28mm) in Gujarat were ruling at just Rs 35,900 per candy, of 356 kg, on Wednesday, down by about 12% from a year before.

Cotton procurement exceeds a record 10 million bales

Market prices of the ICS-105 cotton variety (28mm) in Gujarat were ruling at just Rs 35,900 per candy, of 356 kg, on Wednesday, down by about 12% from a year before.

Gujarat based ginning mills pressed around 1 crore bales last year.

Potent tool: Insolvency threat triggers loan recovery of Rs 5 lakh crore

This suggests, in most cases, creditors have recovered money from debtors by just applying for insolvency proceedings, reinforcing the efficacy of the IBC as a potent tool for bad loan resolution even before its actual use.

However, with present timelines under the code, the objective sometimes gets frustrated.”

Potent tool: Insolvency threat triggers loan recovery of Rs 5 lakh cr

This suggests, in most cases, creditors have recovered money from debtors by just applying for insolvency proceedings, reinforcing the efficacy of the IBC as a potent tool for bad loan resolution even before its actual use.

However, with present timelines under the code, the objective sometimes gets frustrated.”

Unlikely buyer: Tenfold jump in iron and steel exports to China

Iron and steel exports defied the Covid-19 impact to post a double-digit rise from April to July, but over a fourth of the metals were despatched to an unlikely buyer — China, the biggest steel producer.

Border clash fails to dampen India-China trade

India’s imports of the Chinese goods in the first four months of the fiscal shrank by 29.2%, while its overall merchandise imports contracted by a massive 47.9%.

In contrast, India’s overall merchandise exports declined by 9.9% in July, reflecting the damage caused by the Covid-19 pandemic.
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