Representational image of an onion farmer with his produce in Beed, Maharashtra. There has been frequent imposition and lifting of bans on the export of onions
| Photo Credit: B. Jothi Ramalingam

India’s merchandise exports rose 1.07% to hit almost $35 billion in April while imports jumped 10.25% to $54.1 billion, as per Commerce Ministry estimates. The goods trade deficit for the month was 32.3% higher than a year ago, at $19.1 billion.

Gold imports more than tripled in April to $3.11 billion from $1.01 billion in the same month a year ago. Gold imports stood at $1.53 billion in March 2024.

Commerce Secretary Sunil Barthwal said he hoped the rise in merchandise exports in the first month of financial year 2024-25 is a good omen for the coming months.

The ministry also raised its estimates for total exports in 2023-24 to $778.2 billion from $776.7 billion estimated last month, reflecting a 0.42% uptick over the record figure of $776.4 billion achieved in 2022-23.

This revision was based on services exports numbers which are now pegged at $341.1 billion in 2023-24, compared with $325.3 billion in 2022-23. Goods export estimates for 2023-24 remained unchanged at $437.1 billion, 3.1% below the record $451.1 billion tally a year earlier.

Union Home Minister and Minister of Cooperation Amit Shah addresses during the National Symposium on Cooperative Exports organised by National Cooperative Exports Limited (NCEL), in New Delhi on October 23, 2023.
| Photo Credit: PTI

Cooperation Minister Amit Mr. Shah on October 23 said the newly established National Cooperative for Exports Ltd. (NCEL) has bagged orders of ₹7,000 crore so far.

Mr. Shah, who launched the new logo and website of NCEL in New Delhi, said the cooperative will ensure that benefits of exports reach member farmers of cooperatives and will share with them about 50% of the export profit over and above the minimum support price.

“Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we [NCEL] have received orders worth ₹7,000 crore…,” the Minister said addressing a national symposium.

NCEL will not only focus on making profits from exports but also handhold farmers to manufacture products for the export market. It will also share profit with the member farmers of cooperatives, he said.

NCEL will purchase the commodities to be exported from member farmers at the MSP. Out of the total profit the NCEL earns from the exports, about 50% of it will be transferred directly into the bank accounts of member farmers. The profit will be over and above the MSP, he said.

Mr. Shah also distributed membership certificates to five NCEL members at the symposium being organised at the Pusa complex in New Delhi.

Speaking on the occasion, Union Commerce Minister Piyush Goyal said the creation of NCEL will give a fillip to exports and contribute to the country’s growth and rural transformation.

The cooperative sector can tap the export potential as there is a growing thrust on India at the global level, he said.

The Minister also added the cooperatives should focus on manufacturing quality products for the export market that comply with international standards.

Minister of State for Cooperation Minister B.L. Verma, Cooperation Secretary Gyanesh Kumar and NCEL chief Pankaj Kumar Bansal were also present at the event.

NCEL, which was registered under the Multi-State Co-operative Societies Act on January 25 this year, has an authorised share capital of ₹2,000 crore and those cooperative societies from the level of primary to apex interested in exports are eligible to become its members.

It aims to focus on exporting the surplus available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country.

There are about 8 lakh cooperative societies in the country with over 29 crore members.

Union Home Minister and Minister of Cooperation Amit Shah addresses during the National Symposium on Cooperative Exports organised by National Cooperative Exports Limited (NCEL), in New Delhi on October 23, 2023.
| Photo Credit: PTI

Cooperation Minister Amit Mr. Shah on October 23 said the newly established National Cooperative for Exports Ltd. (NCEL) has bagged orders of ₹7,000 crore so far.

Mr. Shah, who launched the new logo and website of NCEL in New Delhi, said the cooperative will ensure that benefits of exports reach member farmers of cooperatives and will share with them about 50% of the export profit over and above the minimum support price.

“Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we [NCEL] have received orders worth ₹7,000 crore…,” the Minister said addressing a national symposium.

NCEL will not only focus on making profits from exports but also handhold farmers to manufacture products for the export market. It will also share profit with the member farmers of cooperatives, he said.

NCEL will purchase the commodities to be exported from member farmers at the MSP. Out of the total profit the NCEL earns from the exports, about 50% of it will be transferred directly into the bank accounts of member farmers. The profit will be over and above the MSP, he said.

Mr. Shah also distributed membership certificates to five NCEL members at the symposium being organised at the Pusa complex in New Delhi.

Speaking on the occasion, Union Commerce Minister Piyush Goyal said the creation of NCEL will give a fillip to exports and contribute to the country’s growth and rural transformation.

The cooperative sector can tap the export potential as there is a growing thrust on India at the global level, he said.

The Minister also added the cooperatives should focus on manufacturing quality products for the export market that comply with international standards.

Minister of State for Cooperation Minister B.L. Verma, Cooperation Secretary Gyanesh Kumar and NCEL chief Pankaj Kumar Bansal were also present at the event.

NCEL, which was registered under the Multi-State Co-operative Societies Act on January 25 this year, has an authorised share capital of ₹2,000 crore and those cooperative societies from the level of primary to apex interested in exports are eligible to become its members.

It aims to focus on exporting the surplus available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country.

There are about 8 lakh cooperative societies in the country with over 29 crore members.

Indo Count Industries, a leading manufacturer and exporter of bedlinen in the home textile space, plans to double its revenue in the next four years to almost ₹6,000 crores.

In an interaction, KK Lalpuria, its Executive Director and Chief Executive Officer, said the company has invested ₹1100 crore in the past couple years and achieved 75% of capacity utilisation last year. Indo Count gets 14% of its revenue from e-commerce and about 2.5% from domestic sales.

“As a company, we are finding product diversification within our complete product basket, to meet their (customer) expectation level, said Mr. Lalpuria He added that “because retailers are selling not only sheets, but also, say, mattress protectors, mattress pads, pillow protectors, pillows and comforters… there is a lot of space to grow where China once dominated.

Mr. Lalpuria recalled that Indian textile industry began with supplying only bed linen sets, but the product mix has expanded to fashion bedding, utility bedding, and institutional bedding.

When the revenue doubles, fashion utility and institutional beddings should form almost 30% of the increased revenue for Indo Count, he said.

Export of tea from the South registered 2.25 % decline to 37.33 million kg (January-June 2023) from 38.19 million kg.
| Photo Credit: DANIELRAO

Indian tea exports in the first six months of calendar 2023 saw a slight dip in volume compared with the year-earlier period.

Data shared by the United Planters Association of Southern India (UPASI) show overall tea exports between January and June this year slid 0.8% to 96.3 million kg this year.

North India exported 59.16 million kg, which is 0.12 % higher than the same period last year.

However, export of tea from the South registered 2.25 % decline to 37.33 million kg (January-June 2023) from 38.19 million kg (January – June 2022).

Worldwide, tea exports have seen a decline, including shipments from major producers such as Kenya, China, and Sri Lanka, said Sanjith Nair, secretary general of UPASI.

Tea production in India in January-July rose 0.1 % to 622.7 million kg, according to provisional data with the Association.

India exports almost 17 % of the tea produced. “It needs to focus more on production and export of orthodox tea as world demand is more for those teas. Currently, though just 9.56% of Indian production is orthodox tea, it constitutes 47% of exports,” he said.

The government should look at addressing structural issues and extend WTO-compatible incentives. It should also increase support extended under Remission of Duties or Taxes on Export Products Scheme, he said.