Free Trade Agreement negotiations to resume, seeking a comprehensive goods and services pact to expand and diversify trade.
India and the Gulf Cooperation Council agreed to resume negotiations for a modern, comprehensive Free Trade Agreement covering substantial goods and services, and to expedite completion of requisite legal and technical requirements to enable formal resumption. The FTA aims to expand and diversify bilateral trade, enhance market access, and support job creation and broader economic opportunities across India and GCC states.

Trade liberalisation under India Australia ECTA enables duty-free steel exports and urges industry to seize Australian market opportunities.
The recently ratified India Australia economic cooperation agreement grants duty-free access for Indian steel to Australia and the government urges the steel industry to capitalise on these opportunities. Protective FTA measures, notably the "Melt and Pour" provision, are retained to ensure imports come from locally produced steel in partner countries. The government framed export duty imposition and withdrawal as temporary measures for price stability, called for industry expansion and MSME protection amid policy shifts, and urged research into coking coal alternatives and sustainability to boost global market competitiveness.

Research-led policy: harness high-frequency data and AI to inform forward-looking monetary and fiscal choices.
The research department must supply timely, robust evidence for policy amid successive shocks by harnessing high-frequency and private Big Data, expanding direct stakeholder feedback, deploying AI/ML and revised models, and constructing indicators like supply-chain pressure indices to inform forward-looking monetary and fiscal choices.

Export duty withdrawal restores pre-May tariff structure, changing export and import duty treatment for iron ore and steel inputs.
The Government has restored pre-May tariff status by withdrawing May tariff changes: iron ore lumps and fines below 58% Fe and iron ore pellets now attract nil export duty; iron ore lumps and fines above 58% Fe attract a reduced export duty of thirty percent; pig iron and specified steel products under listed HS headings attract nil export duty. Import duty concessions for Anthracite/PCI coal, coking coal, coke & semi coke and ferro-nickel have been withdrawn and replaced by positive import duties.

Customs Act commemoration spurs CBIC outreach: automation, taxpayer helpdesks and career guidance at trade fair
The CBIC inaugurated a GST & Customs Pavilion marking 60 years of the Customs Act, highlighting process automation and taxpayer facilitation through released tutorial videos and on site expert helpdesks. The pavilion operates six helpdesks for GST, Customs, GSTN and ICEGATE to resolve procedural queries, a special counter for career guidance in CBIC, dissemination of CBIC publications, and thematic seminars and events for trade outreach and public engagement.

Trade balance shows widening deficit as imports outpace exports, driven by higher merchandise and energy imports.
Provisional October 2022 and April-October 2022 foreign trade estimates show imports growing faster than exports, widening the overall trade deficit; services monthly data for October are estimated and subject to revision and April-October figures were adjusted pro rata using quarterly balance of payments data. Merchandise exports fell month on month while merchandise and non petroleum imports rose, expanding the merchandise trade deficit. Services exports expanded, producing a services surplus that partly offsets the merchandise shortfall. Detailed commodity group tables identify significant sectoral gains and declines and point to energy and industrial imports as key drivers.

Export promotion strategy boosts millet exports through trade expos, retailer partnerships and supplier capacity building.
A national export-promotion strategy directs APEDA-led initiatives, diplomatic branding, participation in international trade expos and Buyer-Seller Meets, retailer partnerships, consumer sampling and country-specific e-catalogues to increase exports of millets and millet-based Ready-to-Eat/Ready-to-Serve products. Institutional measures include a five-year strategic plan with research and nutrition institutes, an MoU to boost value addition and farmer incomes, formation of a Nutri Cereals Export Promotion Forum to resolve supply-chain bottlenecks, and targeted market development timed with the International Year of Millets.

International Trade Settlement in Indian Rupees now permits INR export realisations to satisfy Foreign Trade Policy export benefits and obligations.
Permits invoicing, payment and settlement of cross-border exports and imports in Indian Rupees and aligns export realisation requirements under the Foreign Trade Policy with central bank guidance, allowing INR-denominated export realisations to satisfy eligibility for import-for-exports recognition, Status Holder export performance, and fulfilment of export obligations under Advance Authorisation, Duty Free Import Authorisation and Export Promotion Capital Goods schemes.

Specialisation in international trade urged to improve export strategy and policy design using sector and state focus.
Conference of Indian Trade Service officers emphasised specialisation in international trade, institutional memory, use of trade analytics, and revamping Foreign Trade Policy schemes for efficiency. Operational reforms include ten sector-specific ITS groups and state assignments to craft sector-wise and state-wise export strategies with industry collaboration. Delegates reviewed a proposed Global Trade Promotion Organization to centralise export-promotion functions and professionalise engagement in FTA negotiations and policy formulation.

Export promotion urged to sustain growth and seize market opportunities through industry cooperation and data-driven targeting.
The Commerce Minister directed Export Promotion Councils and industry bodies to actively sustain export growth by exploiting global trade disruptions, encouraging cross-sector collaboration, product diversification and targeted promotion of goods like castor. He advised temporary pricing flexibility to retain markets, required granular export data analysis by sector, commodity and market to locate opportunities, and urged open government-industry communication for prompt issue resolution and proactive ministry support.

Exchange rate determination establishes new import and export currency conversion rates, superseding prior notification and effective from early November.
Determination under section 14 of the Customs Act, 1962 prescribes revised rate of exchange conversions for specified foreign currencies into Indian rupees for import and export goods, effective 4th November, 2022, superseding the earlier notification; Schedule I provides unit import and export rates for major currencies and Schedule II gives rates per 100 units for certain currencies.

Agricultural export growth leads: APEDA-basket shipments rose significantly, driven by processed foods, cereals, dairy and market promotion efforts.
Provisional DGCI&S data show APEDA-basket agricultural and processed food exports rose 25% in USD terms to USD 13,771 million in April-September 2022 versus the same period prior year, driven by notable gains in processed fruits and vegetables, rice varieties, pulses, dairy, poultry and cereals. APEDA achieved a substantial portion of its fiscal export target within six months, attributing growth to export-promotion measures including B2B exhibitions, buyer-seller meets, GI product promotion, international fairs, regional conferences and recognition of testing laboratories to ensure quality certification.

Electricity duty exemption for lab grown diamonds enables targeted incentives, R&D support and industry-focused subsidies to boost manufacturing.
Gujarat's incentive framework for the Lab Grown Diamonds sector includes a 100% exemption on electricity duty for five years, recognition as a thrust sector under the Aatmanirbhar Gujarat Schemes, and a suite of measures-power-cost concessions, interest subsidies, tax and capital input reimbursements, employer EPF reimbursement, R&D and technology acquisition support, skill development assistance, market-development grants and rent support-to promote manufacturing, technology adoption and workforce upskilling.