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TMI BlogSteps to overcome trade deficitX X X X Extracts X X X X X X X X Extracts X X X X ..... Steps to overcome trade deficit - News and Press Release Dated:- 27-12-2017 - News - India s merchandise export registered a positive growth of 11.27% during the last six months in 2017-18 (June-Nov) as compared to the corresponding period of the previous year. The trade deficit has increased from 57.18 US$ billions in 2016-17 (June-Nov) to 74.27 US$ billions in 2017-18 (June-Nov). Trade deficit depends upon relative fluctuations in the import and export of different commodities due to the global and domestic factors such as demand and supply in domestic and international markets, currency fluctuations, cost of credit, logistics costs, etc. The names of the top 25 countries/SAR with which India has registered favourable merchandise tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de balance during the last three years and the current year are as follows: S. No. 2014-15 2015-16 2016-17 2017-18 (Apr-Oct)* 1 U S A U S A U S A U S A 2 Hong Kong U Arab Emts U Arab Emts U Arab Emts 3 U Arab Emts Hong Kong Bangladesh PR Bangladesh PR 4 Sri Lanka DSR Bangladesh PR Hong Kong Nepal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 Bangladesh PR Sri Lanka DSR Nepal U K 6 U K U K U K Hong Kong 7 Kenya Nepal Vietnam Soc Rep Turkey 8 Nepal Turkey Turkey Singapore 9 Turkey Kenya Sri Lanka DSR Sri Lanka DSR 10 Netherland Netherland Netherland Netherland 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vietnam Soc Rep Vietnam Soc Rep Singapore Vietnam Soc Rep 12 Singapore Pakistan IR Kenya Spain 13 Mauritius Spain Spain Kenya 14 Mozambique Gibraltar Oman Egypt A RP 15 Tanzania Rep Egypt A RP Pakistan IR Mexico 16 Pakistan IR France Gibraltar Italy 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Egypt A RP Mozambique Israel Pakistan IR 18 Spain Mauritius Italy Israel 19 Philippines Philippines Philippines Mauritius 20 Israel Ethiopia Egypt A RP Poland 21 Italy Tanzania Rep Mauritius Ethiopia 22 Ethiopia Israel Tanzania Rep Philippines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23 Gibraltar Sudan Ethiopia Tanzania Rep 24 Oman Mexico Portugal Somalia 25 Jordan Uganda Mexico Portugal Source: DGCI S, Kolkata (*Provisional) The names of the sectors in which India has favourable merchandise trade balance during the last three years and the current year are as follows: S. No. 2014-15 2015-16 2016-17 2017-18 (Apr-Oct)* 1. Textil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Allied Products Textile Allied Products Textile Allied Products Textile Allied Products 2. Transport Equipments Transport Equipments Marine Products Transport Equipments 3. Agricultural Allied Products Marine Products Leather Leather Manufactures Marine Products 4. Marine Products Leather Leather Manufactures Transport Equipments Leather Leather Manufactures 5. Leather Leather Manufactures ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Agricultural Allied Products Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware Agricultural Allied Products 6. Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware Agricultural Allied Products Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware 7. Plantation Plantation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plantation Plantation 8. Sports Goods Sports Goods Base Metals Office Equipments 9. -- -- Office Equipments -- 10. -- -- Sports Goods -- Source: DGCI S, Kolkata (*Provisional) The names of the top 25 countries/SAR with which India has registered merchandise trade deficit during the last three years and the current year are as follows: S.No. 2014-15 2015-16 2016-17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017-18 (Apr-Oct)* 1 China P RP China P RP China P RP China P RP 2 Switzerland Switzerland Switzerland Switzerland 3 Saudi Arab Saudi Arab Saudi Arab Saudi Arab 4 Qatar Indonesia Iraq Korea RP 5 Iraq Iraq Indonesia Iraq 6 Kuwait Korea RP Korea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RP Indonesia 7 Venezuela Qatar Australia Australia 8 Nigeria Nigeria Iran Unspecified 9 Indonesia Unspecified Qatar Iran 10 Korea RP Australia Japan Qatar S.No. 2014-15 2015-16 2016-17 2017-18 (Apr-Oct)* 11 Australia Venezuela Niger ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia Russia 12 Malaysia Malaysia Venezuela Nigeria 13 Belgium Japan Unspecified Venezuela 14 Germany Germany Germany Japan 15 Iran Kuwait Malaysia Germany 16 Japan Iran Russia Malaysia 17 Angola Belgium Kuwait Kuwait ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18 Unspecified Russia Angola Thailand 19 Chile Angola South Africa Angola 20 Thailand Thailand Thailand Canada 21 Russia South Africa Ukraine South Africa 22 Ukraine Ghana Canada Argentina 23 Taiwan Canada Argentina Brazil 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Canada Argentina Brazil Taiwan 25 Argentina Taiwan Ghana Ukraine Source: DGCI S, Kolkata (*Provisional) The names of the sectors in which India has merchandise trade deficit during the last three years and the current year are as follows: S. No. 2014-15 2015-16 2016-17 2017-18 (Apr-Oct)* 1. Petroleum Crude and Products Petroleum Crude and Products Petroleum Crude and Products Petroleum Crude an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Products 2. Electronics Items Electronics Items Electronics Items Electronics Items 3. Ores Minerals Ores Minerals Ores Minerals Gems Jewellery 4. Gems Jewellery Gems Jewellery Machinery Ores Minerals 5. Machinery Machinery Gems Jewellery Machinery 6. Plastic and Rubber Articles Plastic and Rubber Articles Plastic and Rubber Artic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les Plastic and Rubber Articles 7. Chemicals Related Products Base Metals Paper related Products Paper related Products 8. Paper related Products Paper related Products Optical, Medical Surgical instruments Chemicals Related Products 9. Project Goods Chemicals Related Products Project Goods Optical, Medical Surgical instruments 10. Optical, Medical Surgical instrument Project Goods Chemicals R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elated Products Project Goods 11. Base Metals Optical, Medical Surgical instrument -- Base Metals 12. Office Equipments Office Equipments -- Sports Goods Source: DGCI S, Kolkata (*Provisional) The Government announced a major relief package for exporters in October 2017 by extending the Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes to sourcing inputs etc. from abroad as well as domestic suppliers. Holders of AA / EPCG and EOUs would not have to pay Integrated Goods and Services Tax (IGST) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Cess etc. on imports. Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports. During the mid-term review of Foreign Trade Policy, export incentives under Merchandise Exports from India (MEIS) have been increased by 2% across the board for labour intensive MSME sectors leading to additional annual incentive of ₹ 4,567 cr. This was in addition to already announced increase in MEIS incentives from 2% to 4% for Ready-made Garments and Made Ups in the labour intensive Textiles Sector with an additional annual incentive of ₹ 2,743 cr. Further, incentives under Services Exports from India Scheme (SEIS) have also been increased by 2% leading to additional annual incentive of ₹ 1,140 cr. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Minister of State for Commerce and Industry Shri C.R.Chaudhary gave this information in a written reply to a question in Rajya Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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