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EquityPandit

EquityPandit
ECONOMY

Rise in Service Exports 20.2% to $23.26 Billion in July- RBI Data

The Ministry of Commerce and Industry unveiled that services exports surpassed the previous $213 billion in 2019-20 in May.

On Thursday, the Reserve Bank of India (RBI) data unconfined that India’s Services Exports augmented by 20.2% yearly to $23.26 billion in July. Markedly, the July exports seemed lower than $25.29 billion in June this fiscal, news agency PTI report said.

According to the monthly data of RBI, India’s International Trade in services for July 2022 explains that the imports rose from 22.3% to $13.92 billion in July. On the contrary, in June, the imports stood at $15.76 billion. The exports during April-July 2022-23 stood at $94.75 billion, totalling imports of $58.94 billion. The RBI data further notifies that per month data on services are provisional and would undergo modification when the Balance of Payments (BoP) data are released on a trimestral basis.

India’s services exports touched $254.5 billion in 2021-22, up 23.4% from $206.09 billion in 2020-21 due to macro reasons like software services, Professional and management consultancy services, travel, and construction being affected by the pandemic, according to RBI data. The Ministry of Commerce and Industry unveiled that services exports surpassed the previous $213 billion in 2019-20 in May. Additionally, services exports hit an all-time month-boom of $26.9 billion in March 2022. This is due to the rise in Telecommunications, computers, information services, and other business services with transport accessibility during April-December 2021, component-wise Services, said the release.

In the financial year 2021-2022, India’s overall exports, comprising both Services and Merchandise, surpassed a record of $676.2 billion, up 28.4% comparing $526.6 billion in 2020-21, respectively. Last month Commerce and Industry Minister Piyush Goyal addressed that India’s services sector achieved an all-time high notwithstanding Covid-19 pandemic-affected sectors like tourism, aviation and hospitality.

India firmly believes in incurring significant gains in the Services Exports sector, considering the comprehensive trade deals signed with UAE and Australia. The concept of Free Trade Comprehensive Agreements is negotiated with the European Union, the UK, Canada, and Israel.

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ECONOMY

US slams high India duties on farm goods before 2nd April tariffs

Dhruva Kulkarni

The Donald Trump administration has raised concerns over India’s high tariffs on American farm goods just days before reciprocal duties take effect, increasing pressure on India to ease restrictions in its agriculture sector.

The White House criticised India’s 100% tariff on American farm products, pointing to similar trade barriers in the EU, Japan, and Canada.

A US report highlighted India’s 39% tariff on agricultural imports—eight times the US rate—covering items like apples, corn, and coffee. It also noted non-tariff barriers such as import bans and licensing requirements.

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Despite opposition from Indian farmers to free trade deals, New Delhi is considering lowering tariffs on select US agricultural products.

India has already reduced duties on bourbon whiskey and high-end motorcycles, with both nations aiming for a trade deal by October or November.

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ECONOMY

Provident Fund Update: Govt Raises Auto-Settlement Limit to ₹5 Lakh for 7.5 Crore Indians

Dhruva Kulkarni

EPFO is set to enhance the auto settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh, pending final approval from the Central Board of Trustees (CBT), benefiting 7.5 crore members.

The auto-mode claim settlement, introduced in April 2020 for illness, now covers education, marriage, and housing, with claims processed within three days.

In the current financial year, EPFO has settled a record 2.16 crore auto-claims as of 6th March 2025, up from 89.52 lakh in 2023-24. The rejection rate dropped to 30% from 50% last year, while validation formalities have been reduced from 27 to 18, with plans to cut them to six.

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The process is now IT-driven, eliminating human intervention and reducing claim settlement time from 10 days to 3-4 days.

EPFO will also introduce UPI-based PF withdrawals by May or June 2025, potentially benefiting other schemes like the General Provident Fund (GPF) and Public Provident Fund (PPF).

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ECONOMYINDIA

Govt to impose 10% import duty on desi chana from 1st April

Dhruva Kulkarni

The government will impose a 10% import duty on desi chana (Bengal gram) from 1st April.

In May last year, the government allowed duty-free import of chana to boost domestic availability and control prices. This waiver was set to last until 31st March 2025.  

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According to a finance ministry notification dated 27th March, the import of Bengal gram will now attract a 10% duty starting from 1st April.  

Government data estimates chana production at 11.5 million tonnes in 2024-25, up from 11 million tonnes in the previous year.

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ECONOMY

India Considers Tariff Cuts on Key US Imports, Decision Pending

Dhruva Kulkarni

India is exploring tariff reductions on select US imports, with key government departments actively discussing the matter. While deliberations are still in the early stages, no final decision has been made.

A comprehensive review of import categories and existing duties is underway to assess potential reductions to strengthen trade and economic ties between the two nations.

Some key product categories that may see lower basic Customs duties include:

  • Medical & Scientific Instruments (7.5%-10%)
  • Cruise Ships (10%)
  • Aircraft (2.5%)
  • Spacecraft (10%)
  • Cars (100% for CIF value above $40,000, 70% below this threshold)
  • Turbo Jets/Propellers (7.5%)
  • High-End Jewellery (20%)
  • Gems & Jewellery (20%)
  • Footwear (35%)
  • Plastic Polymers (7.5%-15%)
  • Organic Chemicals (7.5%)

In 2024, India’s imports from the US reached $35 billion, reflecting a 6.7% increase from the previous year.

While discussions on tariff cuts continue, stakeholders closely watch developments that could impact trade flows between countries.

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ECONOMY

RBI Governor Urges Stronger Measures Against Money Laundering, Terror Financing

Dhruva Kulkarni

RBI Governor Sanjay Malhotra on 26th March stressed the need to strengthen India’s anti-money laundering (AML) and counter-terrorism financing (CFT) measures.  

Speaking at the FATF (Financial Action Task Force) Private Sector Collaborative Forum, he highlighted India’s globally recognised efforts and the crucial role of private sector collaboration in financial security.  

While technology enhances business, he warned, it also enables advanced money laundering risks, requiring proactive measures.

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Malhotra called for better data quality and the use of AI (Artificial Intelligence), ML (Machine Language), and blockchain to improve AML risk assessment and threat detection.  

He emphasised balancing security with inclusion, as over 90% of India’s adults now have bank accounts.  

The RBI will continue enhancing AML and CFT measures, improving KYC (Know Your Customer) and digital onboarding, and streamlining cross-border payments.

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