Novv eemmbberr 2001166 - PHD Chamber of Commercephdcci.in/image/data/Research Bureau-2014/TIFF-2016/TIF November... · Share of textiles and apparel in total exports in India rose

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PHD Research Bureau | November 2016

NNoovveemmbbeerr 22001166

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For details please contact: Ms. Surbhi Sharma, Sr. Research Officer, Tel- +91-11-49545454 (Ext 131), Email- [email protected]

PHD CHAMBER OF COMMERCE AND INDUSTRY PHD House, 4/2 Siri Institutional Area, August Kranti Marg, New Delhi– 110016 | Tel: +91-1126863801-04 | Fax: +91-11-26855450 | Website: www.phdcci.in

mailto:[email protected]

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EXECUTIVE SUMMARY

TIF November 2016

A fascinating feature of Indian Foreign Trade policy is continuity wherein remarkable alterations are

pursued in a series of timely micro changes. Consequently, these recent proactive edifications corroborated

the merchandize trade deficit for the period April – October 2016 to get softened by 52.91% to value at

USD 20.81 billion compared to USD 44.19 billion during April – October 2015.

The export of services during September 2016 was valued at USD 13.773 billion, registering a growth rate of

2.93% compared to 4.74% during August 2016. Non-petroleum exports in October 2016 are valued at USD

20.797 billion against USD 18.923 billion in October 2015, an increase of 9.9 %.

Global scenario for Indian exports witnessed a shift in trend. China has agreed to import rice from 14 Indian

firms. Indian tea exports registered a decline by 2% during the first six months of 2016-17. Government has

disclosed plans to bring on a single online platform about 200 agencies that issue certificates to exporters to

help them avail duty benefits at the destination or importing country, another move aimed at improving ease of

doing business in India. Share of textiles and apparel in total exports in India rose to 15% during 2015-16.

Exports of IT software services from units under the government's Software Technology Parks (STP) scheme is

estimated to have grown by nearly 9% to Rs 3.19 lakh crore in 2015-16.

On the imports front, Indian flour mills imported 17.2 lakh tonnes of wheat from Ukraine, Australia and France.

In addition, 6-7 lakh tonnes of wheat shipments are expected to arrive in the coming months. India's total palm

oil imports stood at 739,159 tonnes, according to traders, and are expected to fall to 650,000 tonnes in

November and by another 20 % from there in December.

According to World Bank, India needs to enhance productivity of its firms and bring about policy action to

become one of the key exporting countries from the South Asian region. India has improved its ranking by 4

places to jump at 102nd position among 136 countries in terms of enabling cross border trade, according to the

recently published estimates by World Economic Forum.

Investment climate in India accentuated further in 2016. India attracted around USD 29.02 billion FDI during

April – September 2016, wherein USD 21.64 billion was in the form of Equity inflows. The value registered

growth of nearly 30% during the aforementioned period compared to same period previous year. According to

Reserve Bank, India's foreign exchange reserves declined by USD 1.19 billion to USD 367.041 billion in the week

to November 11 on account of fall in foreign currency assets.

Moreover, India – Japan sealed 10 vital agreements; Covered civil nuclear deal, railways, agriculture. Further, an

online portal for facilitating trade between India and Iran was launched recently. According to Minister of

Commerce and Industry Shrimati Nirmala Sitharaman, India is ready to submit to the World Trade Organisation a

formal proposal on trade facilitation in the services sector.

To bolster existing trade numbers, relaxation in physical presentation of documents for customs clearances were

undertaken by the Government to boost Ease of Doing Business; the Goods and Services Network (GSTN) has

signed a Memorandum of Understanding (MoU) with Director General of Foreign Trade (DGFT) for sharing of

foreign exchange realization and Import Export code data. The Government has also liberalized its FDI policy on

Other Financial Services and Non-Banking Finance Companies (NBFCs).

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Table of Contents

S. No. Topic Page No.

1. Development in India’s Foreign Trade 5

2. Developments in India’s Foreign Investments 10

3. Developments in Bilateral trade and Investments 11

4. India and WTO 14

5. Policy Developments 14

6. Macroeconomic Developments 16

7. Miscellaneous 17

Trade Acronyms

Article

India UK Trade: Potential Waiting to be Unlocked 19

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1. Developments in India’s Foreign Trade

1.1 Exports

Indian exports grew by 9.59% in October 2016: India’s merchandize exports have continued with commendable growth rate in two straight months, registering growth figure of 9.59% in October 2016 to value at USD 23,512.70 million compared to USD 21,456.11 million during October 2015.

Services exports grew by 2.93% during September 2016: The export of services during September 2016 was valued at USD 13.773 billion, registering a growth rate of 2.93% compared to 4.74% during August 2016; and Import of services were valued at USD 8.304 billion, registering a growth rate of 3.10% compared to 8.71% during August 2016. The trade balance in Services (i.e. net export of Services) for September, 2016 was estimated at USD 5.469 billion.

India’s Trade at a Glance

Merchandise Jul-16 Aug-16 Sep-16 Oct-16 Apr-Oct 2016

Exports (USD billion) 21.69 21.52 22.9 23.5 154.91

Growth (%) -6.84 -0.30 4.62 9.59 -0.17

Imports (USD billion) 29.45 29.19 31.2 33.7 208.08

Growth (%) -19.03 -14.09 -2.54 8.11 -10.85

Trade Balance (USD billion) -7.76 -7.67 -8.3 - 10.16 -53.16

Services Jun-16 Jul-16 Aug-16 Sep-16

Exports (Receipts) (USD billion) 13.322 12.775 13.381 13.77

Imports (Payments) (USD billion) 8.389 7.409 8.054 8.30

Trade Balance (USD billion) 4.933 5.366 5.327 5.46

Source: PHD Research Bureau; Compiled from Ministry of Commerce and Industry

Cumulative exports grew by (-) 0.17% during April-October 2016: The cumulative value of exports for

the period April-October 2016-17 stood at USD 154.913 billion as against USD 155.179 billion registering a

negative growth of 0.17% over the same period last year.

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Trend in Exports-Imports growth (%)

Export Growth (%) Import Growth (%)

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Non-petroleum exports grew by 9.9% in October 2016: Non-petroleum exports in October 2016 are

valued at USD 20.797 billion against USD 18.923 billion in October 2015, an increase of 9.9 %. Non-

petroleum exports during April-October 2016 are valued at USD 138.111 billion as compared to USD 135.691

billion for the corresponding period in 2015, an increase of 1.8%.

Exports of Non-petroleum products jumped by 5.44% in Sep 2016: India registered a jump in non-

petroleum exports from USD 19.282 billion in September 2015 to USD 20.330 billion in September 2016.

Aggregate non-petroleum exports for the period April – September 2016 stood at USD 117.314 billion

compared to 116.767 billion during the same period previous year, growing by 0.47%.

Overall exports volume for USA, EU, and Japan expanded during August 2016: As per WTO

Statistics, Exports volume for USA, EU, and Japan registered a growth figures, growing by 0.2%, 5.78%, and

10.03%, respectively. On the other hand, China exhibited negative growth figures of -3.01% in export growth

for August 2016 over the corresponding period previous year.

14 Indian firms given nod to export rice to China: China has agreed to import rice from 14 Indian firms

such as Best foods, Sarveshwar foods, LT foods, SSA International, Sunstar Overseas, KRBL, Kohinoor Foods,

Ebro India Pvt, Amira Pure Foods Pvt, Pari India, DRRK Foods (Pvt), Nature Bio Foods, Oversease Pvt, and

United Exports. China is one of the world’s largest importers of rice. India exports around 4000-5000 tonnes

of basmati rice annually to China via Hong Kong. In addition, India produces over 70% of the world’s basmati

and it constitutes 6% of the rice grown in India. Basmati accounts for 57% of the India’s rice exports in 2014-

15.

Suspension of Indian cotton imports by Pakistan: Indian cotton exporters see brighter opportunities in

neighbouring China and other promising markets such as Vietnam, Indonesia and Brazil as local cotton prices

provide parity with international prices. Pakistan’s ‘undeclared’ suspension of cotton imports from India

after tensions across the border is not likely to affect shipments of the fibre. Indian exporters see cotton

shipments in 2016-17 in the range of 5.5-6 million bales (of 170 kg each). Presently, international prices

hover in the range of about Rs. 38,500 per candy (of 356 kg each). Currently, domestic cotton prices are in

the range of Rs. 38,100-39,100 a candy.

India’s tea exports fell by 2% during April-September 2016: India's tea exports declined by 2% to Rs

2,084.06 crore in the first six months of the current fiscal. In terms of quantity, the exports have dipped to

101.04 million kg from 106.36 million kg in the corresponding period last fiscal. The export realization was

Rs 206.26 per kg as against Rs 199.79 per kg a year ago. Tea production is estimated to have been 795.89

million kg in the first six months of 2016-17, which is almost same as it was in the year-ago period. India is

the second-largest tea producer in the world after China, with over 70% of the beverage produced, being

consumed in the country itself. In the full 2015-16 fiscal, the country sold 232.92 million kg in the overseas

market and the export realization was about Rs 4,493.10 crore.

Government to integrate portals to certify exporters: Government has disclosed plans to bring on a

single online platform about 200 agencies that issue certificates to exporters to help them avail duty

benefits at the destination or importing country, another move aimed at improving ease of doing business in

India. At present, the Directorate General of Foreign Trade, the Export Inspection Council (EIC), various

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commodity boards, export promotion councils, the Federation of Indian Export Organizations, and industry

chambers at national and city level issue these certificates.

Share of textiles and apparel in total exports in India rose to 15% during 2015-16: According to

Textiles Ministry, share of textiles and apparel in total exports in India rose to 15% during 2015-16 compared

to 13% during 2013-14. FDI equity inflow grew by 16 per cent in the 2015-16 over fiscal 2013-14 and the

government has also approved a special package of Rs 6,000 crore for the sector. Categories like readymade

garments, wool and woolen textiles, silk, carpets, handicrafts and coir and coir products recorded the

highest export growth. Textile and apparel exports are estimated to reach $62 billion by 2021 from 438

billion in 2016. While Europe and America are the key markets for India, new markets such as Iran, Russia

and South America are opening up new possibilities.

Finance and Railways ministry working in tandem to reduce the cost of logistics to boost exports:

In order to boost Indian exports, Finance and Railways ministry working in tandem to provide a robust

mechanism that will reduce the logistics cost and make them competitive.

Software service exports up by 9% from STP units in 2015-16: Exports of IT software services from

units under the government's Software Technology Parks (STP) scheme is estimated to have grown by nearly

9% to Rs 3.19 lakh crore in 2015-16. IT software services exports from STP units have grown steadily during

the last three years from Rs 2.73 lakh crore in 2013-14 to Rs 2.93 lakh crore in 2014-15. STP scheme is one

of them under which IT-ITeS units are eligible for various benefits like customs duty exemption on imported

goods, reimbursement of Central Sales Tax (CST) and Excise Duty exemptions on procurement of

indigenously manufactured goods.

Indian fruits and vegetables exports grew by 9% in H1 2016-17: Exports of fruits and vegetables saw a

sharp increase of 9% to Rs.4,228 crore in comparison to last year. On the other hand, India’s farm and processed

foods exports had fallen to Rs.1.06 lakh crore in FY16 against Rs.1.31 lakh crore in FY15.

Productivity enhancement a must to boost Indian exports: According to World Bank, India needs to

enhance productivity of its firms and bring about policy action to become one of the key exporting countries

from the South Asian region. South Asia could become the fastest growing exporting region of the world if

India and its South Asian neighbours enhance productivity of their firms by at least two percentage points

each year.

Oil meal exports zoom 98% in October 2016: According to Solvent Extractors Association of India, oil

meal exports made a turnaround of sorts after a gap of two months as total shipments shot up 98 per cent

to 67,779 tonnes in October on higher demand for rapeseed meal and castor seed meal. The oil meal

exports have revived after two months. Exports had come in at 63,123 tonnes in August and 96,223 tonnes

in September this year, but the growth was muted in year-on-year terms.

1.2 Imports

India’s merchandize imports grew by 8.11% during October 2016: India’s imports witnessed

expansion, growing by 8.11% to value at USD 33,673.53 million in October 2016 compared to USD 31,148.33

million during same period previous year. The Cumulative value of imports for the period April-October

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2016-17 was USD 208.083 billion as against USD 233.417 billion registering a negative growth of 10.85%

over the same period last year.

Overall Trade Deficit lowers by 52.91% during April-October 2016 period: A significant improvement

has been witnessed in overall trade balance, viz. taking merchandize and services trade together. Overall

trade deficit for April – October 2016-17 is estimated at USD 20.81 billion, which is 52.91% lower than the

level of USD 44.19 billion during April – October 2015-16.

Point of Sale (POS) Devices and Goods required for their manufacture exempted from Central

Excise Duty till March 31, 2017: The Government has laid increased emphasis on promoting digital

payments. Point of Sale (POS) devices are used for cashless transactions, both for making payments or

disbursing cash. POS do not attract any basic customs duty. To further reduce the cost of such devices and

thereby encourage digital payments, the Government has exempted such devices from Central Excise Duty.

Consequently, these devices will also be exempt from Additional Duty of Customs [commonly known as

CVD] and additional duty of customs [commonly known as SAD]. Simultaneously, to encourage domestic

manufacturers of such devices, all goods required for the manufacture of POS devices have also been

exempted from excise duty, and consequently from CVD and SAD. These exemptions will be valid till 31st

March 2017.

India imports 17.2 lakh tonnes of wheat during FY 2015-16: According to Roller Flour Millers’

Federation of India, on the backdrop of domestic shortages Indian flour mills imported 17.2 lakh tonnes of

wheat from Ukraine, Australia and France. In addition, 6-7 lakh tonnes of wheat shipments are expected to

arrive in the coming months. Imported red wheat was costing Rs 1,880 per quintal for delivery in Bengaluru,

while the local wheat was quoting higher at Rs 2,060 per quintal. Similarly, imported white wheat was

costing Rs 2,080 per quintal compared to Rs 2,400 per quintal delivered from Uttar Pradesh.

Continuation of Minimum Import Price on 19 products of Iron and Steel Chapter: DGFT has

proposed to continue with the minimum import price (MIP) on 19 HS Codes of Iron and steel under chapter

72 of ITC (HS), 2012 – Schedule 1 (Import Policy) for two months, viz. till 4th February 2017.

India ranked 102nd on Enabling Cross Border Trade as per the estimates of World Economic

Forum: India has improved its ranking by 4 places to jump at 102nd position among 136 countries in terms of

enabling cross border trade, according to the recently published estimates by World Economic Forum. With

regard to India, the report said most problematic factors for import include high cost or delays caused by

domestic transportation, crime and theft, corruption on the border and burdensome import procedures.

Taiwan to export USD 500 million textile products to India in the next 5 years: According to the

Taiwan Textile Federation, the organization is bullish on exporting textiles products worth around $500

million to India in the next five years. The bilateral trade between India and Taiwan has grown from $1.19

billion in 2001 to $6 billion in 2014. Taiwanese textile industry is known in the world for its innovative and

high-quality products and is sourced by leading global brands for sports and active wear, outdoor wear,

functional wear, formal wear, suiting and shirting by leading global brands.

Domestic Tyre industry seeks safeguarding measures from government on radial tyre imports:

According to Automotive Tyre Manufacturers’ Association (ATMA), import of truck and bus radial tyres have

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gone up by 30% during the first half of FY 2016-17. The domestic tyre industry has asked the Centre to take

urgent safeguard measures, considering the surging imports of truck and bus radial tyres (TBR) in the

country. ATMA alleged that most TBR imports from China are being dumped in India as TBR export prices

from China are significantly lower than the price of such tyres in the Chinese domestic market. While import

duty on natural rubber is 25 per cent in India, import of tyres from China attracts just 7 per cent duty.

Steps taken by government to boost trade of food products in India: The government has taken the

following steps to facilitate trade and import of food products into the country:

Customs, in consultation with FSSAI, has introduced Risk Management System (RMS) which will

eventually reduce the sampling.

Draft Food Safety and Standards (Food Import) Regulations, 2016 has been notified on 25.10.2016.

To streamline the functioning of NABL (National Accreditation Board for Testing and Calibration

Laboratories), accredited labs (which test the import samples) and to reduce the time taken in testing,

new labs (increased to 112 NABL-accredited labs) have been notified for testing of imported samples.

Besides, 14 referral labs have been notified for re-testing of import samples. The samples are referred

through random selection by FICS (Food Import Clearance System) to maintain integrity of testing

procedures.

Further, Provisional NOC (PNOC) is issued immediately for imported food items having very short shelf-

life (less than7 days) such as fresh fruit, processed cheese, etc.

FSSAI has issued ad hoc instructions related to re-sampling and re-testing of food grains, including pulses

consignments, permitting cleaning of pulses/cereals consignments at Custom-bonded warehouses.

FSSAI has allowed withdrawal of single sample out of the commingled cargo of pulses, oils and other

food grains such as cereals for multiple importers with same IGM number vide order dated 12.09.2016

and 10.11.2016

In case of primary food like food grains, pulses, fruits, dry fruits, whole spices, etc., imported in

packages, labeling requirement of name and address of the importer has been exempted and can be

verified from accompanying documents of the consignment

FSSAI has shared the microbiological parameters for testing of meat and meat products and fish and

fishery products with the Department of Animal Husbandry, Dairying and Fisheries.

Indian Palm oil imports expected to fell by 20% in the Q3-2016-17: India's total palm oil imports

stood at 739,159 tonnes, according to traders, and are expected to fall to 650,000 tonnes in November and

by another 20 % from there in December. In India - top importer of vegetable oils - traders are forecasting

up to a 20 percent drop in crude and refined palm oil imports for December from the previous month, with

edible oil refiners reducing purchases as the cash crunch weakens retail demand. Traders in Malaysia, India's

largest palm oil supplier taking up half of its imports last year, say the absence of the large bills has already

impacted sales. Indian buyers are delaying shipments and cancelling vessel space bookings, and the traders

expect them to hold back further in the month ahead.

Import of 11 major product groups, manufactured by Indian MSMEs, accounted for 74% of

import from China in 2015-16: As per the statistics compiled by DGCIS, Imports in respect of 11 major

product groups from sectors such as Electrical and Electronics, Mechanical and Metallurgical products etc,

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which are largely manufactured by the micro, small and medium enterprises (MSMEs) in India, accounted

for 74% of India’s total imports from China in 2015-16.

Spice trade hit on the back of cash withdrawal limits: The spices trade in general and the pepper in

particular has been hit badly by the withdrawal limit, according to primary market traders. There were

buyers for high range pepper at Rs. 66,500 a quintal while the sellers were at Rs67,500 a quintal. Spot prices

remained unchanged at Rs. 65,200 (ungarbled) and Rs68,200 (garbled) a quintal. December contract on the

IPSTA moved up by Rs. 1,000 a quintal to close at Rs. 67,000 while January and February stayed steady at Rs.

59,000 and 56,000 a quintal respectively. Indian export prices were at USD 10,450 a tonne cif for Europe and

USD 10,700 a tonne cif for USA. e.o.m.

Vegetable oil imports projected at 150 lakh tonnes in 2016-17: Driven by a surge in import of soya oil

and sunflower oil, India’s vegetable oil imports are likely to rise by 200,000 tonnes to touch 150 lakh tonnes

in oil year (November to October) 2016-17. According to the Solvent Extractors’ Association of India (SEA),

India imported more edible oil in the last few years due to stagnant oilseed production and rising domestic

demand. India’s dependence on imported oil has risen to 70 per cent. Soft oils include soya bean oil,

sunflower oil and rapeseed oil. Import of soft oils grew 42 per cent in 2015-16, the highest in five years,

while palm oil imports slowed to 58 per cent, against 66 per cent in 2014-15.

2. Developments in India’s Foreign Investments

Total Foreign Direct Inflow into India stood at USD 29.02 billion during April-September 2016:

India attracted around USD 29.02 billion FDI during April – September 2016, wherein USD 21.64 billion were

in the form of Equity inflows. The value registered growth of nearly 30% during the aforementioned period

compared to same period previous year. Top investors during April-September 2016 were Mauritius (USD

5.85 billion); Singapore (USD 4.68 billion); Japan (USD 2.79 billion); Netherlands (USD 1.61 billion) among

others.

Services segment attracted majority of the FDI equity inflow during April-September 2016: During

April-September 2016, Services segment attracted USD 5.28 billion FDI equity inflows; followed by

Telecommunications (USD 2.78 billion), Trading (USD 1.48 billion) and Computer software and hardware

(USD 1.03 billion) among others.

Maharashtra, Dadra and Nagar Haveli, and Daman & Diu attracted majority of FDI equity inflows:

During April-September 2016, Maharashtra, Dadra and Nagar Haveli, and Daman & Diu attracted USD 10.21

billion FDI equity inflow, followed by Delhi, parts of UP and Haryana (USD 3.49 billion); Andhra Pradesh (USD

1.07 billion); and Karnataka (USD 1.07 billion) among others.

Softbank to invest USD 10 billion in India: Softbank has already invested one-fifth of the pledged USD

10 billion in India, mostly in the internet and solar power sectors. It also aims to focus the investments on

clean technology and manufacturing.

Foreign exchange reserves down $1.19 billion: According to Reserve Bank, India's foreign exchange

reserves declined by $1.19 billion to $367.041 billion in the week to November 11 on account of fall in

foreign currency assets. In the previous week, the reserves had increased by $1.074 billion to $368.231

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billion. They had touched life- time high of $371.99 billion in the week to September 30, this year. Foreign

currency assets (FCAs), a major component of overall reserves, dipped $1.155 billion to $342.772 billion.

Government approves four FDI proposals: The Central Government has approved four FDI proposals

based on the recommendations of 241st Meeting of Foreign Investment Promotion Board (FIPB) held on

27th October 2016. The four proposals are that of BMJ Group lndia Pvt Ltd, Oxford University Press, Dr.

Reddy's Laboratories Ltd and Quintillion Business Media Pvt. Ltd

3. Developments in Bilateral Trade and Investments

India’s trade deficit with China rose to USD 52.69 billion in 2015-16: India’s trade deficit with China

increased to USD 52.69 billion in 2015-16 from USD 48.48 billion in the previous financial year. During the

April-September period of 2016-17, the deficit is at USD 25.22 billion. Minister of Commerce and Industry

Shrimati Nirmala Sitharaman said the increasing trade deficit with China can be attributed primarily to the

fact that Chinese exports to India rely strongly on manufactured items to meet the demand of fast

expanding sectors like telecom and power.

India, Qatar ink five pacts on visas, cyber security, investments: Hon’ble Prime Minister Shri Narendra

Modi and the Qatari Prime Minister discussed enhancing cooperation in defence and security, in particular

in cyber security and agreed on joint action to tackle money laundering and terrorist financing. The two

sides inked five pacts including in the field of visas, cyberspace and investments. Five agreements were

signed in areas such as visa exemption for holders of diplomatic, special and official passports; technical

cooperation in cyberspace and combating cybercrime, letter of intent regarding negotiations on an

agreement on grant of e-visa for businessmen and tourists, and an MoU between the Supreme Committee

for Delivery and Legacy of Qatar and CII.

India – Japan sealed 10 vital agreements; Covered civil nuclear deal, railways, agriculture: Hon’ble

Prime Minister Shri Narendra Modi and Hon’ble Prime Minister Shinzo Abe signed 10 key pacts during the

former’s recent visit to Japan. In a move to bolster existing bilateral economic and security ties, India and

Japan inked 10 vital pacts including the Civil Nuclear Cooperation pact. The India-Japan relationship

witnessed a paradigm shift post recent meet in Japan towards at a new high.

Details of the MOUs/MOCs signed between India and Japan:

National Investment and Infrastructure Fund (NIIF) Limited and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development to enable cooperation and promote investment in infrastructure projects in railways & transportation; port terminals; toll roads; airport terminals and urban development.

Two memorandums of understanding were signed to boost cooperation in space technology. One of the MoUs, between Indian Space Research Organisation (ISRO) and Japan Aerospace Exploration Agency (JAXA), concerned cooperation in outer space in satellite navigation and planetary exploration. It provides for cooperation in satellite navigation, planetary exploration and space industry promotion; joint missions and studies; joint use of ground systems for mutual support; joint workshops and training; and personnel exchange.

One MoU was signed between India's Ministry of Earth Sciences and the Japan Agency for Marine-Earth Science, aims to promote cooperation in areas of joint survey and research, and exchange of scientific visits by researchers and experts.

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One memorandum of cooperation (MoC) was signed between India's Ministry of Skill Development and Entrepreneurship and Japan's Ministry of Economy, Trade and Industry on the manufacturing skill transfer promotion programme.

One MoC was signed between India's Ministry of Agriculture and Farmers Welfare and Japan's Ministry of Agriculture, Forestry and Fisheries to deepen the bilateral cooperation in the fields of agriculture and food industries that includes food value chain networking and protecting geographical indication (GI) of agriculture products.

One MoU was signed between India's Ministry of Textiles and the Japan Textiles Products Quality and Technology Centre (QTEC) is aimed at improving quality of Indian textiles for conformity assessment for the Japanese market.

One MoC was signed to promote bilateral cooperation in the field of art and culture which includes exchange of exhibitions and personnel in performing and visual arts; cooperation in preserving the cultural heritage; exchange of exhibitions and experts from museums; and to promote people-to-people exchanges.

One MoC was signed between India's Ministry of Youth Affairs and Sports and Japan's Ministry of Education, Culture, Sports, Science and Technology seeks to provide a framework for bilateral cooperation in the field of sports ahead of the forthcoming 2020 Tokyo Olympics and Paralympics.

One MoU was signed between the Gujarat government and Hyogo prefectural government of Japan to promote mutual cooperation between them in the fields of academics, business, cultural cooperation, disaster management and environmental protection.

India to levy tax on investments from Cyprus from April 2017 onwards: India and Cyprus have signed

the revised tax treaty, along with the protocol, plugging a gap that allowed investments routed through the

country to escape tax in India. India has similarly updated its tax treaty with Mauritius, which has a 32.8%

share in FDI into India since April 2000. Cyprus has a 2.88% share over the same period.

India-Iran launched online portal to bolster trade further: An Online Portal for facilitating trade

between India and Iran was launched by Department of Commerce in the presence of Ambassador of

Islamic Republic of Iran, Mr. Khaleel Rahim, CMD, STC, and other Directors of STC. The Hind-Iran portal

(hindirantrade.org) is a joint initiative of STC and Douman Queshm, Iran. The objective of the trade portal is

to disseminate information relevant to Indo-Iran Trade, and to provide an e-marketplace for the buyers and

sellers of the two countries.

India to sign FTA with Eurasian Union by end of 2016-17: According to the Ambassador of Kazakhstan

in India, the discussions for a Free Trade Agreement (FTA) with Eurasian region and India are in final stages.

By the end of this year, India will be ready to sign it. Kazakhstan is part of the Eurasian economic union -

Kazakhstan, Russia, Belarus, Armenia and Kyrgyzstan. A special working group has been created for the

same.

India to extend the quality checks for pickles and chutneys exports: India is likely to extend the ambit

of the Export of Fruit and Vegetable Products Rules that prohibit fruit and vegetable product exports

without a certificate to countries which require such a document to 15 categories of processed foods. In

order to reduce rejections faced by exporters of products made from fruits and vegetables, India has put in

place a set of quality control rules in cases where importing countries ask for such kind of a certification. In

the first five months of FY2016-17 till August, India’s exports of processed vegetables rose 2.3% to $108.5

million from $106 million in the year ago period.

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USFDA to visit Indian food firms for food safety-related inspections: The United States Food and

Drug Administration (USFDA) issued a notification stating that its officials will visit Indian companies for food

safety-related inspections. In a letter to the Food Safety and Standards Authority of India (FSSAI), its

representative at the US embassy in New Delhi asked for preparedness with respect to the proposed visit.

However the timings of the visit were not disclosed as yet.

India-Bhutan Sign new bilateral agreement: India and Bhutan signed a new bilateral trade agreement to

enhance trade between the two countries through trade facilitation by improving procedures. The bilateral

agreement aims at cutting down on documentation and adding additional exit and entry points for Bhutan’s

trade with other countries. It is also expected to further strengthen the excellent relations between the two

countries. The first agreement on trade and commerce between Bhutan and India was signed in 1972. Since

then, the agreement has been renewed four times. The last agreement was renewed on July 28, 2006 and

was valid till July 29, 2016. The validity of the agreement was extended for a period of one year or till the

date of coming into force of the new agreement, whichever is earlier, by exchange of diplomatic notes

between the two countries.

Turkey eager to start FTA talks with India: Turkey wants India to start talks on a proposed Free Trade

Agreement (FTA) soon and said the ongoing political turmoil will not impact foreign investment flows. The

feasibility and possibility of concluding a Comprehensive Economic Partnership Agreement” (CEPA, or in

other words an FTA), there have been no dates yet for starting the FTA negotiations. In FY’16, India-Turkey

trade had shrunk nearly 28 per cent year-on-year to $4.91 billion, of which India’s exports to Turkey were

$4.14 billion (contraction of 22.7 per cent), while Turkey’s exports to India fell 47 per cent to $776 million.

New Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of

Korea comes into force with effect from 12th September, 2016: A new revised Double Taxation

Avoidance Agreement (DTAA) between India and Korea for the Avoidance of Double Taxation and the

Prevention of Fiscal evasion with respect to taxes on income was signed on 18th May 2015 during the visit

of the Prime Minister Shri Narendra Modi to Seoul. It has now come into force on 12th September 2016, on

completion of procedural requirements by both countries.

India, New Zealand agrees to amend tax treaty, boost trade: India and New Zealand decided to

amend the bilateral tax treaty and expressed commitment to work towards a comprehensive free trade

agreement with a view to boost economic ties. The two-way trade between the countries stood at USD1.8

billion, showing an increase of 42 per cent in the past five years. The two countries also agreed to amend the

bilateral Double Taxation Agreement to bring its tax cooperation provisions into line with international best-

practice.

Government of India and Asian Development Bank (ADB) sign $48 Million Loan to improve

Assam’s Power Distribution System: The Asian Development Bank (ADB) and the Government of India

yesterday signed a $48 million loan to help Assam state continue its drive to improve access to efficient and

reliable power in the national capital. This is the second tranche loan of the $300 million multi tranche

financing facility for the Assam Power Sector Investment Program that was approved by the ADB Board in

July 2014. The project will help Assam to enhance capacity and efficiency of its power distribution system to

improve electricity service to end users. The first tranche loan of $50 million was signed in February 2015.

14


4. India and WTO

India to submit formal proposal on Services to WTO: According to Minister of Commerce and Industry

Shrimati Nirmala Sitharaman, India is ready to submit to the World Trade Organisation a formal proposal on

trade facilitation in the services sector — which pushes for a liberal work-visa regime and totalisation pacts

among other measures — as the process of legal vetting of the document is over. The Minister said that

while India will insist on the implementation of the Doha Development Agenda, talks were also taking place

on the new work that WTO should do.

India safeguarding Generic drug industry at WTO: India took a strong stand to safeguard the interests

of generic drug industry while evoking transparent health assessment. The impact assessments should

verify that the increased trade and economic benefits are not endangering or impeding the human rights

and public health obligations of a nation and its people before entering into commitments.

India renews pledge of Doha agenda at WTO meet: India has reiterated its commitment for a

successful conclusion of the 2001 Doha Development Agenda (DDA) and other issues of interest to

developing countries at the World Trade Organization (WTO), and made a fresh pitch for a global agreement

on trade facilitation in services. The Doha round of negotiations have remained stalled since 2008, primarily

over the issue of huge trade-distorting subsidies being given to farmers by the rich countries. While India

and other developing nations want a reaffirmation to conclude the DDA first, developed countries seek to

mostly dilute the negotiations and widen the mandate with new issues. India has also been seeking concrete

work plans on a special safeguard mechanism for developing countries to protect their farmers from a spurt

in imports, and on a permanent solution to the issue of its official grain procurement and food security in

the country, as agreed on in the Bali ministerial.

5. Policy Developments

Relaxation in physical presentation of documents for customs clearances to boost Ease of Doing

Business: The submission of paper documents such as GAR 7 forms / TR 6 Challans, Trans-Shipment Permit

(TP), Shipping Bill (exchange control copy and export promotion copy) and Bill of entry (exchange control

copy) to Banks/DGFT/Customs ports etc. has been completely eliminated, and will become operational

from December 1, 2016.

AEO Tiers 2, 3 can make deferred customs duty payment: As per the notification of CBEC, Every

importer certified as AEO-T2/AEO-T3 shall obtain ICEGATE Login which is essential to avail benefits

envisaged in the AEO Programme.

In order to avail the facility of deferred payment, every AEOT2/AEO-T3 is advised to nominate a nodal

person on their establishment who would be responsible for authenticating all the customs related

transactions on behalf of the AEO.

Since the option of deferred payment has been extended only to AEO (Tier-Two) and AEO (Tier-Three), it

is important for the AEO to exercise due caution in nominating the AEO nodal person to prevent misuse

of facility of deferred payment.

The contact details of AEO nodal person shall also be provided in ICEGATE login to ensure that the

information reaches in time at their registered mail for authentication.

15


The eligible importer who intends to make deferred payment shall indicate the same using flag “D” in

the Payment Method column of Bill of Entry filed.

In order to ensure that the facility of deferred payment is availed only by the eligible importer, option

has been provided in ICEGATE Login for AEO Nodal person to acknowledge such intent and authenticate

using One Time Password (OTP) sent to his registered e-mail address.

The Nodal person would be able to authenticate multiple Bills of Entry at once. Only on such

authentication by the eligible AEO importer, customs clearance would be provided for the consignment

under deferred payment of duty Rules.

The eligible importer can pay duty on the dates as specified in Rule 6 which details the following:

for goods corresponding to Bill of Entry returned for payment from 1st to 15th day of the month,

duty can be paid on the 17th day of that month

for goods corresponding to Bill of Entry returned for payment from the 16th till the last day of the

month, the duty shall be paid on the 2nd day of the following month

In the month of March,for goods corresponding to Bill of Entry returned for payment from 16th to

29th shall be paid by March 31st.

for goods corresponding to Bill of Entry returned for payment from 30th to 31st of March shall be

paid by April 2nd.

The eligible importer also has an option to select the challans belonging to the deferred period and pay

at anytime, even before the due date at their convenience.

Textile ministry seeks Rs 1,750 crore to settle duty drawback refunds: The textile ministry has sought

Rs. 1,750 crore in supplementary grant from the finance ministry to settle claims of refunds under the new

duty drawback scheme — announced as part of a special package for the garments industry in June — in the

current fiscal. The ministry has so far received claims to the tune of Rs. 160 crore from garment exporters

since the scheme was notified in late September.

India seeks inputs from 200 countries for amending drugs and cosmetics act: The Indian

government is roping in around 200 countries and their regulators to pitch in recommendations to amend

the drugs and cosmetics act. These countries are those to which Indian pharmaceutical companies export

their drugs. Among the biggest markets for Indian players is the United States as well as the European

market. The central drug safety regulator in India has been trying to also bring in line India's good

manufacturing standards to global standards.

Govt mandates 20 per cent local components in mobiles for export aid: Government has mandated

the use of over 20 per cent indigenous components in mobile devices and 40 per cent in telecom equipment

made in the country for companies seeking 3 per cent interest subsidy on exports. The order also mandates

that only those companies will be eligible for the interest subsidies who are involved in complete

manufacturing of products in the country over those who only assemble their products. The CIF (Cost

Insurance & Freight) value of the foreign inputs used directly or indirectly in the exported product should be

less than 60 per cent of the FOB (Free on Board) value.

Government announces revised rates of Duty Drawback for 2016-17: The new All Industry Rate of

Duty Drawback for 2016-17 to be made effective from 15th November 2016 for various export products

including handicrafts have been announced by the Department of the Revenue, Government of India. As per

16


the Department of Revenue, the rates for Glass art ware, Papier Machie, Lace and Lace goods and Stone Art

ware have been increased marginally, however, for the remaining handicraft items the rates have been

marginally decreased on percentage basis or kept the same as last year. A new entry i.e. Glass Art ware /

Handicrafts with glass chatons (702005) has been added in the drawback schedule, said apex handicraft

exporters body, Export Promotion Council for Handicrafts (EPCH).

GSTN signs MOU with DGFT for sharing of foreign exchange realization data: The Goods and

Services Network (GSTN) has signed a Memorandum of Understanding (MoU) with Director General of

Foreign Trade (DGFT) for sharing of foreign exchange realization and Import Export code data, a move that is

expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and

reduce human interface. So far 100 banks operating in India, including foreign banks and cooperative banks

have uploaded more than 1.9 Crore e-BRCs on to the DGFT server.

Anti-dumping duty on 21 flat-rolled products of non-alloy steel in offing: According to steel

secretary Shri Aruna Sharm, anti-dumping duty on 21 flat-rolled products of non-alloy steel such as

corrugated sheets are in the offing, the notified provisional anti-dumping duty on 15 wire rod of alloy or

non-alloy products would be implemented soon. Following the imposition of minimum import price (MIP)

on 173 steel products in the range of $341-752 per tonne for six months in February, aimed at containing

imports, the government in August imposed anti-dumping duty on 107 of these products and extended MIP

on the remaining 66 items twice each time for two months in August and in October.

Government notifies 100% Foreign Direct Investment (FDI) in Other Financial Services : The

Government has liberalized its FDI policy on Other Financial Services and Non-Banking Finance Companies

(NBFCs) which includes Financial Services activities regulated by financial sector regulators, viz., RBI, SEBI,

IRDA, PFRDA, NHB or any other financial sector regulator as may be notified by the Government of India.

100% of Equity/FDI Cap has been allowed in Other Financial Services through automatic route.

6. Macroeconomic Developments

India’s GDP grows at 7.3% in Q2 2016-17: GDP at constant (2011-12) prices in Q2 of 2016-17 is

estimated at Rs. 29.63 lakh crore, as against Rs. 27.62 lakh crore in Q2 of 2015-16, showing a growth rate of

7.3 percent. Quarterly GVA at Basic Price at constant (2011-12) prices for Q2 of 2016-17 is estimated at Rs.

27.33 lakh crore, as against Rs. 25.52 lakh crore in Q2 of 2015-16, showing a growth rate of 7.1 % over the

corresponding quarter of previous year.

October core infra grows at 6.6% The core infrastructure grows at 6.6% in October 2016 as against 5% in

September 2016. The combined Index of Eight Core Industries stands at 188.1 in October, 2016 with a

growth of 6.6% as compared to index of October 2015. Crude Oil and Natural gas growth stands at (-) 3.2%

and (-) 1.4% respectively in the month of October 2016. In cumulative terms, core infrastructure industries

registered a growth of 4.9% during April-Oct 2016-17 as against 2.8% during the corresponding period of the

previous year.

September 2016 fiscal deficit registered at 83.9% of actual to BEs: The gross fiscal deficit of the

Central government stands at 83.9% of the actuals to budget estimates at the end of September 2016 as

compared to 68.1% of the actuals to budget estimates in the corresponding period of the previous year.

17


The primary deficit was registered at 569.3% of the actuals to budget estimates at the end of September

2016 as compared to 181.8% of the actuals to budget estimates during corresponding period of the

previous year

October 2016 CPI inflation stands at 4.2%: The all India general CPI (Combined) for October 2016 stands

at 4.2% as compared to 4.4% in September 2016. The inflation rates for rural and urban areas for October

2016 are 4.78% and 3.54% as compared to 5.04% and 3.64% respectively, for September 2016. Rate of

inflation during October 2016 for pulses and products stands at 4.11%, Sugar and Confectionary at 23.62%,

Egg at 9.42% and Vegetables at (-) 5.74%.

October 2016 WPI inflation stands at 3.39%: Driven by the fall in the prices of rice, wheat, pulses,

potato, fruits, egg, meat and fish, WPI inflation stands at 3.39% in October 2016 as compared to 3.57% (Y-

O-Y) in September 2016. The index for this major group rose by 0.1% to 182.9 from 182.8 for the previous

month. Build up inflation rate in the financial year so far was 4.34% as compared to a build up rate of

0.45% in the corresponding period of the previous year.

India’s External Commercial Borrowings (ECBs) stood at USD 1.5 billion during October 2016:

Indian firms have raised about USD 1.5 billion through external commercial borrowings (ECBs) in the month

of October 2016 as against USD 2.1 billion during October 2015 by automatic and approval route. The

borrowings stood at USD 1.6 billion in September 2016.

Public Debt Management for the Second (Q2) Quarter (July-September, 2016) released: During Q2

of FY17, the Government issued dated securities worth Rs. 176,000 crore taking the gross borrowings during

H1 FY17 to Rs. 341,000 crore or 56.8 per cent of BE, vis-a-vis 58.5 per cent of BE in H1 FY 16. Net market

borrowings during H1 FY 17 was at Rs.124,777crore, 55.1 per cent of BE. Auctions, both Government dated

Securities and Treasury Bills, during Q2 of FY17 were held in accordance with the pre-announced issuance

calendar.

India picture gets brightens as PMI, auto sales rise: According to the Nikkei purchasing managers’

index (PMI) survey, the manufacturing sector growth touched a 22-month high during the month on the

back of a rise in new orders, output and stocks of purchases. The headline manufacturing PMI touched 54.4

in October, compared with 52.1 in the previous month. Any reading above 50 points indicates expansion,

while one below that mark suggests contraction. The manufacturing PMI is a composite index comprising

five individual indexes such as new orders, output, employment, suppliers’ delivery time and stock of items

purchased.

7. Miscellaneous Developments

Cabinet approves liberalization, simplification and rationalization of Visa regime in India: The

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for liberalization,

simplification and rationalization of the existing visa regime in India, and incremental changes in the visa

policy decided by the Ministry of Home Affairs in consultation with various stakeholders and with approval

of the Home Minister. The approval will facilitate entry of foreigners for tourism, business and medical

purposes. This is expected to stimulate economic growth, increase earnings from export of services like

18


tourism, medical value travel and travel on account of business and to make ‘Skill India’, ‘Digital India’,

‘Make in India’ and other such flagship initiatives of the Government successful.

Ministry of Petroleum and Natural Gas and Ministry of Skill Development and Entrepreneurship

sign MoU to boost to skill initiatives in the Hydrocarbon Sector: The Ministry of Petroleum & Natural

Gas (MoPNG) and Ministry of Skill Development & Entrepreneurship (MSDE) signed a Memorandum of

Understanding (MoU) to scale up skill development initiatives in the Hydrocarbon and allied sectors among

other areas of cooperation. Under the MoU, MoPNG will continue to support the growth of the

Hydrocarbon Sector Skill Council and align with the NSQF for skill development programs. Additionally,

MoPNG will encourage Oil & Gas Companies and related contractors to hire skilled personnel, incentivize

skill training & certification, promote apprenticeship programs, undertake Recognition of Prior Learning

(RPL) programs in the sector and setup institutes focused on various sub-sectors and allied trades. MoPNG

will catalyse these initiatives in the Hydrocarbon sector, through its various agencies and PSUs, and develop

a plan in close alignment with the Skill India mission.

Delhi overtook Mumbai to become India’s economic capital: Delhi has been ranked 30th in Oxford

Economics’ study of the top 50 metropolitan entities globally for the year 2015, whereas the country’s

financial capital, Mumbai, is ranked 31st. According to Oxford Economics findings, Delhi Extended Urban

Agglomeration (EUA) consisting of Delhi, Gurgaon, Faridabad, Noida and Ghaziabad had a GDP of USD 370

billion, in terms of purchasing power parity (PPP). In comparison, the GDP of Mumbai EUA (Mumbai, Navi

Mumbai, Thane, Vasai, Virar, Bhiwandi and Panvel) was pegged at USD 368 billion.

World cotton stocks to dip 7% in 2016-17: According to International Cotton Advisory Committee

(ICAC), World ending stocks of cotton are forecast to decrease by 7 per cent to 17.8 million tons at the end

of 2016-17 as China continues to reduce its stocks. Ending stocks in China, where much of the excess stocks

are held, dipped 13 per cent to 11.3 million tons as the government sold over 2 million tons from its reserves

from May through September 2016. From 2009-10 to 2014-15, world ending stocks increased by 140 per

cent and reached a world record of 22.2 million tons. In 2015-16, the drop in world production led to a 14

per cent reduction in stocks to 19.1 million tons.

Surge in Foreign Tourist Arrivals (FTAs) by 13.4% in Sep – 2016: India witnessed 6.15 lakh Foreign

Tourist Arrivals (FTAs) during September 2016, compared to 5.42 lakh during the month of September 2015,

and 5.09 lakh in September 2014. In addition, FTAs in India during January – September 2016 stood at 62.07

lakh, registering a growth of 10.5% as compared to 56.15 lakh with growth of 4.8% in January – September

2015 over January – September 2014.

19


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20


India-UK trade: Potential waiting to be unlocked

rime Minister Shri Narendra Modi’s visit to

UK in November 2015 was captioned as

‘huge moment for both the nations’.

Another huge moment for India and UK arrived

when British Prime Minister

Theresa May arrived at New

Delhi exactly one year later.

In the aftermath of

UK’s exit from

European Union, the

nation seeks external

support from nations

across the globe to

further boost its economy

and trade. The rapport

between world’s largest

democracy, viz. India, and world’s oldest

democracy, viz. UK, can be defined as cordial and

accentuating. India has continuously engaged in

upgradation of its existing relationship with UK,

from mere bilateral trade partners to close

strategic partners. Both nations have sought to

establish fundamental principles framework to

further deepen cooperation. Also, agreed to hold

biennial summits for discussions on Defense and

International Security Partnership, which aims to

intensify cooperation on defense and security,

including cyber security, counter terrorism and

maritime security. Trade deal between India and

UK holds the potential to infuse tremendous

adrenaline in the veins of existing trade channels

between both the nations.

British Prime Minister Theresa May, in her

forthcoming first visit to India, has been aiming

to go all guns blazing with the development of

India-UK strategic partnership and evolving the

relationship to new heights, especially in the

field of business and investments. The upcoming

three-day delegation meet will entirely focus on

accentuating business and investments in both

the nations, and find a middle ground for India-

UK preferential agreement.

Trade Dynamics between India and UK

India and UK have expanded their trade relations

from USD 9.415 billion in 2006 to USD 14.267

billion in 2015. However, in the recent past, the

trade figures between two nations also touched

an unprecedented USD 17 billion in 2013. Since

then, trade has dropped further. Furthermore,

imports from UK have witnessed signs of revival

in the last few months whereas drop in exports

has been moderated.

India – UK Trade at a Glance

5.3

84

6.2

87

6.5

98

6.5

29

6.4

36

8.8

79

8.1

00

10

.55

9

9.6

65

8.8

91

4.0

31

4.7

95 6.2

17

4.0

54

5.1

67

7.4

54

6.6

36

6.4

31

4.7

91

5.3

76

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Val

ue

in U

SD b

illio

n

India exports to UK India imports from UK

P

Total Trade at USD 14.27

Billion in 2015

Two-third of Indian exports

To UK are Consumer goods

29.4% of imports from UK are pearls and precious

stones

Rising trade complementarity

between India and UK

200.8% trade Cost for

Agricultural Products

FDI from UK To India

At USD 898 Million

64% of Indian Investments in UK

are Guarantee issued

Indian exports To UK are

Highly diversified

Indian exports To UK grew by 6.68% during

2010-15

UK is the 3rd

biggest Investor in India

21


USD

million 2006 2010 2015

India imports from UK 4.031 5.167 5.376

Share in India's total imports (%) [2.26%] [1.48%] [1.38%]

CAGR imports - [6.4%] [0.80%]

India exports to UK 5.384 6.436 8.891

Share in India's total exports (%) [4.44%] [2.92%] [3.36%]

CAGR exports - [4.57%] [6.68%]

India's trade surplus 1.353 1.27 3.516

TOTAL TRADE 9.415 11.603 14.267

Source: PHD Research Bureau; Compiled from trademap

India has been running in trade surplus with UK

for long, which has further grown USD 1.353

billion in 2006 to USD 3.516 in 2015. Importantly,

both the nations should focus on developing

overall trade than trade surplus.

Source: PHD Research Bureau; Compiled from WITS

Majority of the exportable goods from India to

UK are focused in the consumer goods segments,

viz. nearly 66%. The rest, viz. Raw materials,

intermediate goods, and Capital goods,

comprised only 34% of the share. The trend in

the basket of goods, based on level of

processing, has remained consistent for a long

time.

Conversely, basket of import from UK has

gradually shifted from raw materials to

intermediate goods. In 2007, nearly 37% of the

imports from UK comprised of raw materials;

followed by capital goods and intermediate

goods, each held share of 27%. After 8 years,

intermediate goods captured the majority share

in overall imports from UK to India, viz. 44%,

followed by 27% share of capital goods, 15.1%

share of consumer goods, and 14.2% of raw

materials.

Top 10 imported items from UK

HS

Code Product Description

2015

Importe

d Value

USD

million

Share

in total

imports

from

UK

Share

in

imports

from

World

71

Natural or cultured pearls,

precious

or semi-precious stones

1581.381 29.42% 2.65%

84

Machinery, mechanical

appliances,

nuclear reactors, boilers

699.053 13.00% 2.18%

72 Iron and steel 422.719 7.86% 3.61%

85

Electrical machinery and

equipment

and parts thereof

348.679 6.49% 0.97%

90

Optical, photographic,

cinematographic,

measuring, checking,

precision

268.682 5.00% 3.74%

76 Aluminum and articles

thereof 221.224 4.12% 6.12%

22 Beverages, spirits and

vinegar 204.43 3.80% 36.61%

88 Aircraft, spacecraft, and

parts thereof 173.528 3.23% 6.13%

4.9% 3.7% 4.1% 4.4% 5.0% 5.5% 4.6% 4.9% 4.7%

16.6% 18.6% 15.9% 19.1% 17.3% 17.9% 14.7% 15.3% 15.3%

65

.8%

61

.9%

67

.5%

63

.9%

65

.9%

62

.6%

69

.0%

64

.1%

12.6% 15.8% 12.5% 12.7% 11.7% 14.0% 11.7% 15.7% 14.6%

2007 2008 2009 2010 2011 2012 2013 2014 2015

India's export to UK

Raw Materials Intermediate Goods Consumer goods Capital goods

36

.5%

25

.9%

33

.1%

33

.2%

30

.9%

35

.3%

23

.7%

17

.4%

26

.2%

33

.9%

25

.8%

26

.3%

37

.6%

27

.1%

43

.7%

37

.8%

10.0% 11.0% 13.2% 11.9%

10.7%13.3%

12.7%

17.8% 15.1%

27

.3%

29

.1%

27

.9%

28

.5%

20

.8%

24

.4%

19

.9%

27

.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015

India's import from UK

Raw Materials Intermediate Goods Consumer goods Capital goods

22


39 Plastics and articles

thereof 133.063 2.48% 1.17%

87

Vehicles other than

railway or tramway

rolling stock, and parts

and accessories thereof

107.711 2.00% 2.18%


Top imported items from UK comprised of

natural pearls and precious stones (29.42%),

followed by machinery and mechanical

appliances (13%), iron and steel (7.86%),

electrical machinery and equipment (6.49%)

among others. Interestingly, beverages, spirits

and vinegar imports from UK form a significant

share in the overall imports from world. Around

37% of the imports of beverages, spirits, and

vinegar in India are from UK.

Top 10 exported items to UK

HS

Code Product Description

2015

Exported

Value

USD

million

Share

in total

exports

to UK

Share in

overall

imports

in UK

62

Articles of apparel and

clothing accessories,

not knitted or crocheted

909.339 10.23% 6.93%

61

Articles of apparel and

clothing accessories,

knitted or crocheted

897.695 10.10% 6.72%

84

Machinery, mechanical

appliances,

nuclear reactors, boilers

678.888 7.64% 0.88%

71

Natural or cultured

pearls, precious or

semi-precious stones

522.723 5.88% 1.63%

87

Vehicles other than

railway or tramway

rolling stock, and parts

and accessories thereof

491.600 5.53% 0.63%

64

Footwear, gaiters and the

like;

parts of such articles

483.730 5.44% 6.62%

30 Pharmaceutical products 457.815 5.15% 1.36%

85

Electrical machinery and

equipment

and parts thereof

399.089 4.49% 0.66%

73 Articles of iron or steel 307.013 3.45% 3.38%

42

Articles of leather;

saddlery and

harness; travel goods,

292.514 3.29% 8.02%

etc.


Among top exported items to UK, Apparels and

clothing accessories, both knitted and non-

knitted, attained the top position.

Approximately, 21% of the Indian exports to UK

are in the form of apparels and clothing

accessories. It is followed by machinery (7.64%),

natural pearls and precious stones (5.88%), and

others.

Other top products exported by India to UK’s

market include vehicles, footwear,

pharmaceuticals, iron and steel articles. It can

also be highlighted that around 13.5% of the

overall UK’s import demand for apparels and

clothing accessories is fulfilled by India. Similarly,

around 8% of the UK’s import demand of leather

articles, travel goods, etc is fulfilled by India.

Bilateral Trade Analysis and Interpretation

Import Penetration (IP) Rate examines the

degree of domestic demand (the difference

between GDP and net exports) is satisfied by

imports. It is also termed as self-sufficiency ratio

at the sectoral level. At bilateral level, it is the

ratio of total imports from trade partner to

domestic demand, as a percentage. It provides a

broad scenario of the degree of vulnerability to

certain types of shocks in the partner’s economy.

IP rate lies between 0 (no imports) to 100%1

(when all domestic demand is satisfied by

imports only) – a case of no-domestic

production.

1 During application, Index can go beyond 100% if re-

exports are not accounted for.

23


Source: PHD Research Bureau;

Based on the import penetration chart, India’s

penetration in UK’s economy is comparatively

more than UK’s penetration in Indian economy.

However, the import penetration by UK in India

has witnessed a surge in the recent few years.

India’s penetration rate in UK has hovered in the

range of 0.3% – 0.4%. Due to low penetration

rate, the impact of Brexit was at its minimal in

India.

Trade Intensity Index (TII) is a uniform export

share that describes whether a country exports

more or less to a destination than world does on

average. TII value greater than 1 indicates an

intense trade relationship, or significant

presence of exporter nation in importer’s

market.


It is quite clear from the chart above that

compared to Netherlands and Germany, India’s

presence in UK is at the lower side. Even other

top exporters in UK such as China and US, are not

able to create a significant presence in UK.

However, India’s TII has been gradually and

consistently growing over the years.

Trade Complementarity Index (TCI) is a nuanced

overlap index wherein the index exhibits the

degree of alignment of export pattern of one

country with the import pattern of its partner’s

country. A high degree of TCI assumed to

indicate more favourable prospects for a

successful trade arrangement.


It is quite evident from above that India’s export

pattern is increasingly in tandem with UK’s

import pattern. In case of lower trade barriers,

Indian exports have rising growth prospects in

UK’s market. Over the years, the pattern of

products exported by India has become more

and more aligned with the pattern of products

that UK imports from the world.

Trade cost analysis provides an optimal

viewpoint to access the overall cost as a

percentage of overall export, which is incurred

during trade between two nations. Trade costs

are the price equivalent of the reduction of

international trade compared with the potential

0.29% 0.31%

0.37%0.39%

0.33% 0.34% 0.34%0.31%

0.46%

0.28% 0.28%

0.38%

0.33% 0.32%

0.22%0.24%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

2008 2009 2010 2011 2012 2013 2014 2015

Import Penetration Rate

Import Penetration by India Import Penetration by UK

0

1

1

2

2

3

3

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Trade Intensity Index of various countries in UK

Germany China USA Netherlands India

36

.7

36

.8

37

.1

37

.6

37

.3 40

.4

37

.7 40

.1

40

.8 44

.1

0

10

20

30

40

50

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

India's Trade Complementarity Index in UK

24


implied by domestic production and

consumption in the origin and destination

markets. Higher bilateral trade costs result in

smaller bilateral trade flows.

Source: PHD Research Bureau

The major impediment faced by Indian products

is from the category of Agricultural products. On

an average, agricultural products face a

staggering 200% of trade cost. On the other side,

manufacturing products face one of the lowest

trade cost, viz. around 92% in 2014.

In a nutshell, at an aggregate level, trade cost has

witnessed a sudden surge in 2014 primarily on

the back of rising agricultural trade cost and

abrupt rise in manufacturing trade cost as well.

Grubel – Lloyd Index (GLI) is an indicator to

measure the scale of intra-industry trade

between nations. Nations can hugely benefit

from intra-industry trade due to exploitation of

economies of scale. GLI lie between 0 and 100%,

wherein 0 indicates pure inter-industry trade and

100% indicates pure intra-industry trade.

Adjustments are made if there are any total

trade imbalances in a country.

India and Pakistan’s intra industry trade have

remained on the moderate side. Although,

satisfactory performance at IIT level, trend in

adjusted GLI suggests a significant drop since

2008.


Based on the adjusted GLI numbers, around

27.9% of the trade is intra-industry trade form in

2015. Intra-industry trade between India and UK,

however, witnessed a drop in rate from 31% in

2014. To develop trade further, it is essential for

both the nations to continuously indulge in high

intra-industry trade to exploit the economies of

scale.

Sectoral Hirschman Index (SHI) indicates the

sectoral concentration of a region’s exports. It

describes the degree to which a nation’s exports

are dispersed across different economic

activities. SHI lie between 0 and 1 wherein value

closer to 1 indicates that exports are

concentrated in fewer sectors.


26.3%

30.6%

27.1%

23.8%

28.2%

26.8%

31.0%

27.9%

2008 2009 2010 2011 2012 2013 2014 2015

Adjusted Grubel - Lloyd Index of IIT

0.230.21

0.230.26

0.24

0.29

0.19

0.25

0.14 0.14 0.130.16

0.13

0.18

0.12 0.12

2008 2009 2010 2011 2012 2013 2014 2015

SHI of India's imports and exports with UK

SHI Imports SHI Exports

102.27106.88107.46100.23

105.94103.0993.76

100.02

84.2391.57

206.84200.01205.08

197.68193.74197.10188.35192.60

198.70200.80

107.60111.51111.98104.72

110.48107.6597.97

104.3792.32

99.13

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Advalorem Trade Cost between India and UK

Manufacturing Agriculture Total Trade

25


Compared to imports from UK, India’s exports

are more diversified. Although both imports and

exports from UK are on the lower plane for

degree of concentration, imports witnessed a

plummet in diversification in the basket of

products from UK. Thus, imports from UK are

relatively more focused on fewer products than

India’s export to UK.

The crux of the above trade analysis suggest that

there lies huge potential of growth in trade

between India and UK, on the back of rising trade

complementarity, intensity and moderation in

trade costs. To further trade prospects, a serious

attempt has to be made by both nations to

develop intra-industry trade, viz. continuously

engage in trading of products from similar

industries.

The Investment Story

During the launch of the

marquee “Make in India”

campaign, Prime Minister

Shri Narendra Modi

asserted that FDI is a

responsibility of Indians

and an opportunity for

the world. The definition

of FDI, in his dictionary,

for the people of India is

‘First Develop India’.

Undoubtedly, collaboration of India and UK in

the realm of investment and business can truly

transform both the nation’s entrepreneurial

ecosystem.

In the past 16 years, UK has invested nearly USD

22 billion in various forms of Foreign Direct

Investment in India. It has been ranked 3rd

biggest investor in India, preceded by Mauritius

and Singapore.


Based on recent FDI statistics, India has been

able to attract USD 898 million during April 2015-

March 2016. Compared to the investments by UK

in 2011-12, the share in 2015-16 is miniscule.


As far as share goes, in the overall FDI attracted

by India, the numbers registered mundane

performance. Although UK is the third biggest

investor in India, there is an urgent need to

revive the falling share of UK in the recent past.

However, recently implemented conducive

business policies and initiatives such as liberation

of FDI norms, forthcoming GST mechanism,

among others will truly propel the inward

investments in a fast mode.

8981447

3215

1080

7874

755657

2015-162014-152013-142012-132011-122010-112009-11

Val

ue

in U

SD m

illio

n

Inward Investment from UK

2.24%

4.68%

13.23%

4.82%

22.42%

3.89%2.54%

2015-162014-152013-142012-132011-122010-112009-11

UK's share in Total FDI in India

Britain has invested nearly USD 22.002 billion as FDI in various forms. Of total FDI, Britain ranked 3rd with of 8.93%, preceded by Mauritius and Singapore.

26


On the flip side, India has invested around USD

1.25 billion in UK between 1st Nov 2015 and 30th

Sep 2016. Of total outward FDI in India, UK’s

share stood at 5.33% for the aforementioned

period. Around 90% of the investments, based

on the control and business structure, are in

Wholly owned subidiaries while the rest are in

Joint Ventures, during the same period.


On the investment route front, India has

preferred guarantees issued channel relatively

more than Equity and Loans channel of

investment during Nov 2015 – Sept 2016. Around

64% of the investments from India were

channeled in UK through guarantees issues,

followed by equity (28%) and loans (8%).



Further elaborating into India’s investment in UK

revealed that majority of investments were in

the Manufacturing sector, viz. around USD

766.32 million; followed by Financial, Insurance

and Business services (USD 298.27 million);

Transport, Storage and communication services

(USD 81.77 million). The lower order includes

construction sector with USD 2.71 million and

electricity, gas and water with USD 3.44 million

worth investments.

Conclusion

India and UK relationship is bound by long

history. India holds the position of being the

fastest expanding economy in the world at 7.6%

in FY 2016-17.

Prospective bilateral agreement and growth

avenues would push trade between India and UK

to USD 20 billion by 2020 from the current level

of at around USD 14.3 billion in 2015-16.

Joint Venture9.64%

Wholly Owned

Subsidiary90.36%

Type of India's Outward FDI in UK

Equity28%

Loans8%

Guarantee issued

64%

India's investment in UK based on various channels

766.32

298.27

81.77

76.38

5.64

4.89

4.54

3.44

2.71

Manufacturing

Financial, Insurance and Business Services

Transport, Storage and Communication Services

Wholesale, Retail Trade, Restaurants, and …

Agriculture and Mining

Community, Social and Personal Services

Miscellaneous

Electricity, Gas and Water

Construction

Value in USD million

India's Outward FDI in UK (1-Nov 2015 - 30-Sep 2016)

27


Indian exports into UK are mainly focused on

Consumer Goods, viz. nearly 65% of the total

exports. On the other hand, nearly 43.5% of the

total imports from UK are focused on

Intermediate goods.

Although the trend in India’s exports to UK has

remained in favour of consumer goods over the

years, India’s import from UK underwent

dramatic shift from raw materials, viz. 36.5% of

the overall imports from UK during 2007, to

intermediate goods, viz. 43.5% presently.

India’s penetration in the UK’s market has

remained consistent, UK’s penetration rate

revealed signs of substantial revival in the recent

past. Also, Indian products hold significant

footprint in the UK’s market based on the

intensity index of India in UK.

India’s export pattern has become more and

more aligned with the import pattern of UK over

time. Both nations witnessed a favorable

complementarity scenario, which exhibits

substantial potential trade gains for both the

nations.

Also, the basket of exportable products from

India remained opulently diversified compared

to the importable basket from UK over time,

thereby rendering Indian exporters relatively less

susceptible to volatility in a turbulent trade

scenario.

It has been indicated by Grubel-Lloyd Index that

India-UK trade emanates lower than expected

intra-industry trade figures and to push trade

further, both nations must engage in higher

intra-industry trade in the medium to long run.

Also, it is essential to reduce the exorbitant trade

cost between India and UK for agricultural

products to provide that much needed impetus

to the agrarian exports.

With further liberalization of FDI policy in

different segments and the advent of GST next

year, FDI from UK is expected to touch a new

growth trajectory. Undoubtedly, collaboration of

India and UK in the realm of investment and

business can truly transform both the nation’s

entrepreneurial ecosystem.

Going ahead, it is essential for both the parts to

become proactive and become prompt in

finalizing the bilateral agreement to rejuvenate

the falling trend in trade. Both nations should

continuously meet and engage in discussions

related to mitigating bilateral trade issues,

defense ties, renewable energy, skill

development and other vital areas.

Going ahead, growth prospects for trade and

development between two countries are very

promising and sustainable, not only for the

coming years but for the coming decades.

28


29


Trade Acronyms

ACP African, Caribbean and Pacific Group of States AD Anti-Dumping, AFTA ASEAN Free Trade Area APEC Asia-Pacific Economic Cooperation ASEAN Association of South East Asian Nations BIT bilateral investment treaty BOP Balance of Payments BRICS Brazil, Russian Federation, India, China, South Africa CACM Central American Common Market CAGR Compound Annual Growth Rate CARICOM Caribbean Common Market CEMAC Economic and Monetary Community of Central Africa CETA Comprehensive Economic and Trade Agreement CFC controlled foreign company CFIA Cooperative and Facilitation Investment Agreement CFTA African Continental Free Trade Agreement CIS Commonwealth of Independent States COMESA Common Market for Eastern and Southern Africa CPI Consumer Price Index CSR corporate social responsibility CV Countervailing Duties, DOB Denial Of Benefits DTT double-taxation treaty EAC East African Community ECCAS Economic Community of Central African States ECOWAS Economic Community of West African States EFTA European Free Trade Association EPA economic partnership agreement ERP Effective Rate of Protection ES Export Subsidies, EU European Union FDI Foreign Direct Investment FTA Free Trade Agreement GATS General Agreement on Trade in Services GCC Gulf Co-operation Council GCR Global Competitiveness Report GDP Gross Domestic Product GLI Grubel Lloyd Index GTIS Global Trade Information Services GVC global value chain HHI Hirschman Index HS Harmonized Commodity Description and Coding System IEA International Energy Agency IIA international investment agreement IMF International Monetary Fund IPA investment promotion agency IPFSD Investment Policy Framework for Sustainable Development ISDS investor–State dispute settlement ISIC International Standard Industrial Classification JV joint venture LDC least developed country LLDC landlocked developing country

30


M Imports M&As mergers and acquisitions MERCOSUR Southern Common Market MFN Most Favoured Nation MNE multinational enterprise NAFTA North American Free Trade Agreement NES Not Elsewhere Specified NTM Non-Tariff Measures or Non-Tariff Barriers OECD Organization for Economic Cooperation and Development OFC offshore financial centre OIA outward investment agency PAIC Pan-African Investment Code PR Preference Tariff Rate PTA Preferential Trade Agreement QM Quality Margin QR Quantitative Restrictions, RCEP Regional Comprehensive Economic Partnership RTIA regional trade and investment agreements SAARC South Asian Association for Regional Co-operation SADC South African Development Community SAPTA South Asian Preferential Trade Arrangement SBA substantial business activities SDGs Sustainable Development Goals SEZ Special Economic Zone SG Safeguard measures, SHI Sectoral Hirschman Index SITC Standard International Trade Classification SPE special purpose entity SPS Sanitary and Phytosanitary Measures SSG Special Safeguard Measures, STE State Trading Enterprises TBT Technical Barriers to Trade TCI Trade Complementarity Index TIFA trade and investment framework agreement TII Trade Intensity Index TIP treaty with investment provision TISA Trade in Services Agreement TPP Trans-Pacific Partnership Agreement TRQ Tariff-rate Quotas, TTIP Transatlantic Trade and Investment Partnership UNCITRAL United Nations Commission on International Trade Law UNCTAD United Nations Conference on Trade and Development UNECE United Nations Economic Commission for Europe UNECLAC United Nations Economic Commission for Latin America and the Caribbean UNIDO United Nation Industrial Development Organization UNSD United Nations Statistics Division USD United States Dollar UV Unit Value WAEMU West African Economic and Monetary Union WEF World Economic Forum WIPS World Investment Prospects Survey WITS World Integrated Trade Solution WTO World Trade Organization X Exports

31


Study/Project Team

Dr. S P Sharma

Chief Economist and Director of Research

Mr. Rohit Singh

Research Associate

Disclaimer

“Trade and Investment Facilitator” is prepared by PHD Chamber of Commerce and Industry to provide

a broad view of India’s foreign trade and investments developments. This newsletter may not be

reproduced, wholly or partly in any material form, or modified, without prior approval from the

Chamber.

It may be noted that this book is for guidance and information purposes only. Though due care has

been taken to ensure accuracy of information to the best of the PHD Chamber’s knowledge and belief,

it is strongly recommended that readers should seek specific professional advice before taking any

decisions.

Please note that the PHD Chamber of Commerce and Industry does not take any responsibility for

outcome of decisions taken as a result of relying on the content of this book. PHD Chamber of

Commerce and Industry shall in no way, be liable for any direct or indirect damages that may arise due

to any act or omission on the part of the Reader or User due to any reliance placed or guidance taken

from any portion of this book.

Copyright 2016

PHD Chamber of Commerce and Industry

ALL RIGHTS RESERVED.

No part of this book including the cover, shall be reproduced, stored in a retrieval system, or

transmitted by any means, electronic, mechanical, photocopying, recording or otherwise, without the

prior written permission of, and acknowledgement of the publisher (PHD Chamber of Commerce and

Industry).

32


PHD Research Bureau

PHD Research Bureau; the research arm of the PHD Chamber of Commerce and Industry was

constituted in 2010 with the objective to review the economic situation and policy developments at

sub-national, national and international levels and comment on them in order to update the

members from time to time, to present suitable memoranda to the government as and when

required, to prepare State Profiles and to conduct thematic research studies on various socio-

economic and business developments.

The Research Bureau has been instrumental in forecasting various lead economic indicators national

and sub-national. Many of its research reports have been widely covered by media and leading

business newspapers.

Research

Activities

Comments on Economic

Developments Newsletters Consultancy

Research Studies Macro Economy Economic Affairs

Newsletter (EAC)

Trade & Inv.

Facilitation

Services (TIFS)

State Profiles States Development Economic & Business

Outlook (EBO)

Business

Research

Consultancy

Impact

Assessments

Infrastructure Global Economic

Monitor (GEM)

Forex Helpline

Thematic Research

Reports

Foreign exchange

market

Forex Newsletter Investment

Advisory

Services

Releases on

Economic

Developments

International Trade Trade & Inv.

Facilitator (TIF)

Global Economy State Development

Monitor (SDM)

33


Team, PHD Research Bureau

Dr. S P Sharma

Chief Economist & Director of Research

Email id: [email protected]

Ms. Megha Kaul Associate Economist Economic reforms, Growth & Development

Ms. Rashmi Singh Associate Economist Global Economic Developments

Ms. Surbhi Sharma Sr. Research Officer Banking & Financial Markets

Ms. Mahima Kaushal Research Associate Economic & Business policy environment

Mr. Rohit Singh Research Associate International trade & Investments

Ms. Areesha Research Associate Infrastructure, Agriculture & Rural Development

Ms. Smriti Sharma Research Assistant Macro-Economic Developments

Ms. Abha Chauhan Research Assistant Macro-Economic Developments (State)

Ms. Sunita Gosain Secretarial Assistant Secretarial & Administrative processes

mailto:[email protected]

34


Studies Undertaken by PHD Research Bureau

A: Thematic research reports

1. Comparative study on power situation in Northern and Central states of India (September

2011)

2. Economic Analysis of State (October 2011)

3. Growth Prospects of the Indian Economy, Vision 2021 (December 2011)

4. Budget 2012-13: Move Towards Consolidation (March 2012)

5. Emerging Trends in Exchange Rate Volatility (Apr 2012)

6. The Indian Direct Selling Industry Annual Survey 2010-11 (May 2012)

7. Global Economic Challenges: Implications for India (May 2012)

8. India Agronomics: An Agriculture Economy Update (August 2012)

9. Reforms to Push Growth on High Road (September 2012)

10. The Indian Direct Selling Industry Annual Survey 2011-12: Beating Slowdown (March 2013)

11. Budget 2013-14: Moving on reforms (March 2013)

12. India- Africa Promise Diverse Opportunities (November 2013)

13. India- Africa Promise Diverse Opportunities: Suggestions Report (November 2013)

14. Annual survey of Indian Direct Selling Industry-2012-13 (December 2013)

15. Imperatives for Double Digit Growth (December 2013)

16. Women Safety in Delhi: Issues and Challenges to Employment (March 2014)

17. Emerging Contours in the MSME sector of Uttarakhand (April 2014)

18. Roadmap for New Government (May 2014)

19. Youth Economics (May 2014)

20. Economy on the Eve of Union Budget 2014-15 (July 2014)

21. Budget 2014-15: Promise of Progress (July 2014)

22. Agronomics 2014: Impact on economic growth and inflation (August 2014)

23. 100 Days of new Government (September 2014)

24. Make in India: Bolstering Manufacturing Sector (October 2014)

25. The Indian Direct Selling Industry Annual Survey 2013-14 (November 2014)

26. Participated in a survey to audit SEZs in India with CAG Office of India (November 2014)

27. Role of MSMEs in Make in India with reference to Ease of Doing Business in Ghaziabad

(Nov 2014)

28. Exploring Prospects for Make in India and Made in India: A Study (January 2015)

29. SEZs in India: Criss-Cross Concerns (February 2015)

30. Socio-Economic Impact of Check Dams in Sikar District of Rajasthan (February 2015)

31. India - USA Economic Relations (February 2015)

32. Economy on the Eve of Union Budget 2015-16 (February 2015)

33. Budget Analysis (2015-16)

34. Druzhba-Dosti: India's Trade Opportunities with Russia (April 2015)

35


35. Impact of Labour Reforms on Industry in Rajasthan: A survey study (July 2015)

36. Progress of Make in India (September 2015)

37. Grown Diamonds, A Sunrise Industry in India: Prospects for Economic Growth

(November 2015)

38. Annual survey of Indian Direct Selling Industry 2014-15 (December 2015)

39. India’s Foreign Trade Policy Environment Past, Present and Future (December 2015)

40. Revisiting the emerging economic powers as drivers in promoting global economic growth

(February 2016)

41. Bolstering MSMEs for Make in India with special focus on CSR (March 2016)

42. BREXIT impact on Indian Economy (July 2016)

43. India’s Exports Outlook (August 2016)

B: State profiles

44. Rajasthan: The State Profile (April 2011)

45. Uttarakhand: The State Profile (June 2011)

46. Punjab: The State Profile (November 2011)

47. J&K: The State Profile (December 2011)

48. Uttar Pradesh: The State Profile (December 2011)

49. Bihar: The State Profile (June 2012)

50. Himachal Pradesh: The State Profile (June 2012)

51. Madhya Pradesh: The State Profile (August 2012)

52. Resurgent Bihar (April 2013)

53. Life ahead for Uttarakhand (August 2013)

54. Punjab: The State Profile (February 2014)

55. Haryana: Bolstering Industrialization (May 2015)

56. Progressive Uttar Pradesh: Building Uttar Pradesh of Tomorrow (August 2015),

57. Suggestions for Progressive Uttar Pradesh (August 2015)

58. State profile of Telangana- The dynamic state of India (April 2016)

59. Smart Infrastructure Summit 2016- Transforming Uttar Pradesh (August 2016)

36


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