Latest news with #IndianInstituteofForeignTrade
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First Post
6 days ago
- Business
- First Post
India considers support package, incentives for exporters hit by Trump's tariffs
India is considering floating a support package among other incentives for exporters affected by US President Donald Trump's 50% tariffs. Several Indian sectors like marine, textile, and edibles are set to be immediately affected by tariffs. read more India is considering floating a support package for exporters affected by US President Donald Trump's tariffs, Firstpost has learnt. Trump has slapped India with 50 per cent tariffs. He announced 25 per cent tariff on July 31 as part of the rollout of tariffs on more than 60 countries. He topped that with additional 25 per cent tariff on India on Wednesday over the purchase of Russian oil. Analysts have said that Trump's tariffs could drag the Indian GDP growth well below the 6 per cent-mark this year. While many labour-intensive sectors are set to be affected, the most vulnerable sectors include marine products, edibles, and textiles, among others. STORY CONTINUES BELOW THIS AD In such a scenario, the Government of India is considering floating a support package for exporters to make up for the losses that they may incur from loss of exports because of tariffs, Firstpost has learnt. The support package is part of a broader set of proposals under consideration that includes incentives like new subsidies, easing access to credit, and easing the regulatory and compliance scenario to minimise expenses and allow for diversified exports. India can use savings from the purchase of discounted Russian oil to support exporters affected by American tariffs, which will give leverage to India regarding both Russia and United States, according to Prof. Ram Singh, a scholar of international trade and business at the Indian Institute of Foreign Trade (IIFT). Singh tells Firstpost, 'India can ask Russia for more discount on oil and use substantial savings from the purchase of cheaper Russian oil to push a support package for exporters that are most vulnerable to American tariffs, such as those exporting marine products like shrimps and prawns. Along with the diversification of exports, this could give India leverage in negotiations and exporters a breathing room.' India braces to avoid the worst hit of Trump's tariffs In the immediate future, sectors that are most vulnerable to American tariffs are marine (shrimps, prawns, etc), edibles (seasonal fruits, pickles, etc), and textiles, because they are perishable and have low shelf-life in case of shrimps and prawns and are labour-intensive with low profit margines in case of textiles, says Singh. Moreover, these are also sectors that are politically sensitive as agriculture, fisheries, dairy, and textiles are labour-intensive sectors. As a large section of the country depends directly and indirectly on these sectors, any disruption could have widespread sociopolitical consequences. In fact, one point of contention between India and the United States has been Trump's push for the inclusion of agriculture, dairy, and genetically modified (GM) crops in the trade deal. On its part, India has sought to exclude politically sensitive sectors of dairy and agriculture from the bilateral trade agreement under negotiations — just like these sectors have been excluded in trade deals with other countries like the United Kingdom. STORY CONTINUES BELOW THIS AD Moreover, GM crops —with the single exception for cotton— are illegal in India so India has sought to keep them outside of any trade deal. Singh tells Firstpost, 'In addition to the government's financial package, exporters have been advised lately to frontload their consignments to the United States before the staring date for tariffs. The American sales are highest in November and December because of Thanksgiving, Christmas, and New Year holidays. Exporters have been advised to frontload their consignments meant for these holidays.'
Time of India
30-07-2025
- Business
- Time of India
India-US deal: Donald Trump's tariff threats an act of ‘arm-twisting'; UK pact a ‘trendsetter'
File photo: US President Donald Trump (Picture credit: PTI) US President Donald Trump's recent tariff warnings to India have drawn sharp criticism from Indian trade experts, with Professor Rakesh Mohan Joshi, vice chancellor of the Indian Institute of Foreign Trade (IIFT), likening them to 'arm-twisting' tactics. In a strong statement as quoted by ANI, Professor Joshi said Trump was using tariff threats to push other countries, including India, into one-sided trade deals that could jeopardise domestic interests. 'He's forcing countries to buy energy, forcing countries to buy some technology, aircraft and defence equipment just to balance the trade,' Professor Joshi said, referring to similar deals the US had recently struck with the EU, Indonesia and the Philippines. In these agreements, the US imposed tariffs but secured free market access in return, including mandatory procurement of American goods, he explained. Opening Indian dairy and agriculture sectors would spell disaster Focusing on the ongoing India-US bilateral trade agreement (BTA) negotiations, Professor Joshi warned against conceding to US demands for duty-free access to Indian dairy and agricultural markets. 'We produce more than double the milk that America produces,' he noted. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Senior Living Homes in Dhaka May Surprise You Senior Living | Search Ads Undo 'If duty-free access is given to the US, it would devastate our dairy sector and leave farmers at the mercy of God.' Joshi pointed out the stark contrast between agriculture in the two countries. 'In America, agriculture is a commercial enterprise. In India, it is about livelihood. I compliment our negotiators for resisting pressure on these sensitive sectors,' he said. India-UK FTA praised as model agreement While criticising the US approach, Joshi lauded the India-UK Free Trade Agreement as 'balanced and win-win.' He described the FTA as a 'trendsetter' that reflects long-term diplomacy and mutual trust. 'It is not by threatening or arm-twisting that you can strike a deal,' he asserted. Under the India-UK deal, duties have been reduced on 90% of UK products entering India, while 99% of Indian products enjoy lowered tariffs in the UK market. 'This agreement sets a benchmark the world must learn from,' Joshi added. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
14-07-2025
- Time of India
Whatever happened was consensual: Youth's counsel
1 2 Kolkata: The 26-year-old MBA second-year student, accused of raping a young psychologist on the B-school campus in Kolkata, has stressed before cops, counsel and his family that he was innocent and whatever happened was "consensual". "We believe the youth has been framed. Whatever the cops have now are only allegations made once by the woman. Majority of the facts mentioned in the complaint do not tally with the evidence the cops have collected so far, and the woman too hasn't come forward since then with more information and clarity in this case. Also, the woman's father has said no sexual assault happened. Hence, we believe the youth is innocent and have complete faith in the judiciary," said his counsel, Kanishk Ravindran, on Monday. The youth, who scored 99.7 percentile in data interpretation and logical reasoning in the CAT (Common Admission Test) in 2022, completed engineering from Bengaluru and was initially pursuing a PG course from the Indian Institute of Foreign Trade before he dropped out and took admission at the Kolkata B-school in June 2024. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata "He is a bright student. He stresses he is innocent but has gone into depression, concerned over his studies, exams, and the impact the arrest would have on his career. The case was presented in the same lines of the crimes at RG Kar Medical College and a law college in Kolkata. But this is an entirely different case. The student here met the woman on a dating app, and Friday was only the second time they were meeting. A thorough police investigation will prove that my client is innocent," Ravindran added.
India Gazette
16-05-2025
- Business
- India Gazette
IIFT expands global footprint with first overseas campus in Dubai
New Delhi [India], May 16 (ANI): The Indian Institute of Foreign Trade (IIFT), an autonomous body under the Ministry of Commerce and Industry, has announced the establishment of its first overseas campus in Dubai. This marks a key step in expanding IIFT's global presence and strengthening India's engagement in international business education. A Commerce and Industry Ministry release said the step marks a proud moment in the globalisation of Indian higher education and aligns with the vision of NEP 2020, which emphasizes the internationalisation of Indian institutions and the creation of global learning hubs. Union Commerce and Industry Minister Piyush Goyal expressed his happiness and congratulated IIFT on the landmark achievement. 'This truly reflects the spirit of the National Education Policy 2020, marking a new chapter in the internationalisation of Indian education and its growing role in shaping thought leadership globally. It is also a testament to the strengthening India-UAE partnership, and this new campus will play a pivotal role in moulding the business leaders of tomorrow,' he said. Commerce Secretary Sunil Barthwal congratulated IIFT on its maiden international expansion and said it's a turning point in the institute's 62-year history that it is setting up a full-fledged campus in Dubai. He said it represents India's emergence as a country that provides world-class education especially in the field of International Trade. He commended the institute for consistently aligning its academic and research endeavours in national interest, which would contribute significantly to promote exports. Rakesh Mohan Joshi, Vice Chancellor (IIFT), reiterated his commitment to transform IIFT into a world-class institute and make a mark in its newly upcoming Dubai campus by excelling in research, training and research in the area of International Trade. He reaffirmed IIFT's commitment to advancing India's academic and economic diplomacy through excellence in education and research. The release said that the upcoming Dubai campus reflects India's deepening educational collaboration with the UAE and is poised to become a strategic centre for nurturing global business leaders equipped with Indian values and an international outlook. 'It will not only serve the dynamic needs of the Indian diaspora and global learners but also strengthen India's educational footprint in the Gulf region,' the release said. 'With the launch of its Dubai campus, IIFT is poised to carry the Indian legacy of education to new frontiers--grooming leaders who will shape the future of international trade and business,' it added. (ANI)
India Today
16-05-2025
- Business
- India Today
Global trade, Indian roots: Indian Institute of Foreign Trade launches campus in Dubai
The Indian Institute of Foreign Trade (IIFT) is set to open its first overseas campus in Dubai, the Ministry of Commerce and Industry announced on Friday. This marks a major step in implementing the internationalisation goals of the National Education Policy (NEP) Dubai campus has received approvals from key bodies including the Ministry of Education, Ministry of External Affairs, Ministry of Home Affairs, and the University Grants Commission (UGC).advertisementThe Dubai centre will offer the same academic standards and training as the Indian campuses. It aims to serve international students as well as the Indian community based in the programmes will focus on international trade, economics, and business policy. According to the ministry, this move will help India strengthen its global academic offered will include the MBA in International Business, MA in Economics (Trade and Finance), Executive Diplomas for working professionals, and doctoral programmes. Admissions will follow the current process of entrance exams, followed by group discussions and AND OTHER DETAILSEstablished in 1963, IIFT currently runs its main campuses in Delhi and Kolkata. This will be the first time the institute sets up operations outside Vice Chancellor Prof Rakesh Mohan Joshi said the Dubai campus will reflect the institute's academic vision while adapting to the needs of the global added that the expansion is part of India's strategy to connect education with diplomatic and trade Dubai campus is expected to start functioning soon. It will run both full-time and executive courses designed to meet the region's industry requirements and business initiative follows similar global moves by other Indian institutions, such as IIM-Ahmedabad, and marks a growing trend in India's higher education reaching beyond borders.
