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Time of India
5 days ago
- Business
- Time of India
Trade pacts, Red Sea route resumption to aid India's FY26 exports to $1 trn: FIEO
India anticipates its goods and services exports to hit $1 trillion by fiscal year 2026. This growth is supported by new trade agreements and the resumption of shipments via the Red Sea route. Federation of Indian Export Organisations projects increases in merchandise and service exports. Key sectors driving this growth include electronics, agriculture, and petroleum products. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: India's overall goods and services exports are expected to reach $1 trillion in FY26 aided by more trade agreements with key trade partners coming into force amid Indian export consignments having gradually started moving through the Red Sea route again, Federation of Indian Export Organisations ( FIEO ) said 2024-25, India's exports were $825 billion. FIEO President S C Ralhan said that merchandise exports will increase to $525-535 billion this fiscal from $437 billion, led by electronics, agriculture and petroleum products while services exports are seen rising to $465-475 billion from $387 factor will be the foreign buyers particularly in the US looking beyond China to source their main sectors which can help push the exports include electrical and electronics $60 billion, machinery at $40 billion, chemicals at $40 billion, pharmaceuticals $ 30 billion, petroleum $70 billion and agriculture at $55 billion, among pacts with the US, EU, UK and EFTA will aid the efforts, said FIEO Director General Ajay Sahai, adding that the interim trade deal that exempts India from reciprocal tariffs would offer a big advantage over also said that consignments are gradually going through this important sea route.'It will cut transportation time,' he said, adding that freight rates have stabilised because of a drop in ship demands from gradual movement signals a cautious recovery in shipments after months of disruptions on the route caused by regional tensions. Around 80% of India's merchandise trade with Europe passes through the Red Sea and substantial trade with the US also takes this year, the situation around the Bab-el-Mandeb Strait , a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to attacks by Yemen-based Houthi militants. Due to the attacks, the shippers were taking consignments through the Cape of Good Hope, encircling the African continent, resulting in delays of almost 14-20 days and higher freight and insurance apex trade body said that despite the healthy outlook, some headwinds are expected to come from technical and non-tariff barriers. The latest one facing the industry is the implementation of Digital Product Passport (DPP) that is to be implemented by the EU from January 1, 2026 which aims to digitally record, store, and share information about a product's entire life cycle—from raw materials to manufacturing, usage, recycling, and disposal. It will be mandatory for a wide range of products including electronics, batteries, textiles, and construction materials.
Time of India
5 days ago
- Business
- Time of India
Indian export consignments gradually resuming through Red Sea route: Exporters
New Delhi: Indian export consignments have gradually started moving through the Red Sea route again, exporters body FIEO said on Tuesday. The gradual movement signals a cautious recovery in shipments after months of disruptions on the route caused by regional tensions. Last year, the situation around the Bab-el-Mandeb Strait , a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to attacks by Yemen-based Houthi militants. Due to attacks, the shippers were taking consignments through the Cape of Good Hope, encircling the African continent, resulting in delays of almost 14-20 days and higher freight and insurance costs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses India (Prices May Surprise You) Container House | Search ads Search Now Undo "Consignments are gradually going through this important sea route. It will cut transportation time," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He also said freight rates have stabilised because of a dip in ship demands from China. Live Events Around 80 per cent of India's merchandise trade with Europe passes through the Red Sea and substantial trade with the US also takes this route. Both these geographies account for 34 per cent of the country's total exports. The Red Sea strait is vital for 30 per cent of global container traffic and 12 per cent of world trade. About 95 per cent of the vessels had rerouted around Cape of Good Hope adding 4,000-6,000 nautical miles and 14-20 days to journeys.
Yahoo
7 days ago
- Business
- Yahoo
Israel Set to Hold Rates as Inflation Spikes, Gaza War Escalates
(Bloomberg) -- NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy UAE's AI University Aims to Become Stanford of the Gulf NYC's War on Trash Gets a Glam Squad Pacific Coast Highway to Reopen Near Malibu After January Fires Israel's central bank is set to keep interest rates on hold for the 11th time in a row, amid increased military operations in Gaza and an uptick in inflation. The Bank of Israel will maintain its base rate at 4.5% on Monday, according to all analysts polled in a Bloomberg survey. The announcement will come against the backdrop of an acceleration in annual inflation. The rate rose to 3.6% last month from 3.3% in March. The April reading was the highest in eight months — barring January, when there was an hike in VAT — and pushes the figure further above the central bank's target inflation range of between 1% and 3%. Economic growth in the first quarter was slightly higher than expected at 3.4%, moderating the need for an imminent rate cut. Still, the pickup from the fourth quarter of 2024 was mostly attributable to a two-month ceasefire between Israel and Hamas over much of the measured period. That has since collapsed and Israel now says it stepping up attacks on Hamas to force the militant group to surrender and release hostages. Governor Amir Yaron previously signaled the central bank could start cutting rates in the second half of this year, provided inflation decelerated and market-risk premiums remained under control. Israel's five-year credit default swap spreads, a measure of bond traders' confidence in the country's debt, have fallen from 121 basis points to 103 basis points since April. But they remain well above the levels from before Hamas's Oct. 7, 2023 attack on Israel, which triggered the war in Gaza. 'The Bank of Israel will find it difficult to reduce the interest rate as long as inflation exceeds the target,' Bank Hapoalim's Financial Division said in a note to clients last week. 'It's reasonable to assume we'll be seeing a first cut only toward the end of the summer.' Hapoalim, Israel's second largest lender, recently raised its inflation forecast for 2025 to 3.2% from 3%. Rafael Gozlan, chief economist at IBI Investment House Ltd. in Tel Aviv, sees monetary policy remaining tight. 'Recent developments have significantly increased the probability of rate stability through the end of the year,' he said. On Sunday, Israeli media cited a military briefing in which officials said they would push to take over 75% of Gaza within two months, up from around 40% now. There are tens of thousands of reserve soldiers involved in Gaza operations, which is likely to impact an Israeli economy already grappling with labor and supply shortages. In addition, multiple airlines have stopped flying to Israel following an increase in missile attacks by the Yemen-based Houthis. Airfares were the main driver of last month's increase in the inflation rate. Costs are expected to remain high throughout the summer holiday season, though price levels overall were slightly moderated by a stronger shekel, helped by the dollar's weakness. Domestic tensions are also set to be a factor for the central bank. Prime Minister Benjamin Netanyahu appointed a new head of Shin Bet, Israel's domestic intelligence service, over the weekend, ignoring his attorney general's legal guidance. It's the latest example of the showdown between the prime minister and the country's institutions. 'There is positive correlation between the strength and independence of the institutions and economic growth,' Yaron said at a press conference earlier this year. 'If markets interpret that there is damage to that strength it will reflect in damage to the economy.' Why Apple Still Hasn't Cracked AI How Coach Handbags Became a Gen Z Status Symbol AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox Inside the First Stargate AI Data Center Anthropic Is Trying to Win the AI Race Without Losing Its Soul ©2025 Bloomberg L.P.
The Hindu
22-05-2025
- Politics
- The Hindu
6 Kirti Chakras, 33 Shaurya Chakras conferred on defence, police personnel
President Droupadi Murmu conferred six Kirti Chakras and 33 Shaurya Chakras on personnel from the Armed Forces, the Central Armed Police Forces, and the State and Union Territory Police, at a ceremony held at the Rashtrapati Bhavan on Thursday. Four of the Kirti Chakras and seven of the Shaurya Chakras were given away posthumously. 'The gallantry awards were given to the personnel for displaying raw courage, unparallelled bravery and total disregard to personal safety in the line of duty,' a Defence Ministry statement said. Counter-terror operations They were honoured for the bravery displayed during various operations related to counter-terror and counter-insurgency in Jammu and Kashmir and North-East, the statement said. 'Dreaded terrorists were neutralised and apprehended during these operations, and arms and ammunition were recovered.' The Navy awardees led anti-piracy operations, resulting in the surrender of pirates and the rescue of hostages, while also demonstrating bravery during fire-fighting operations on a burning oil tanker, the Ministry said on the awards presented for the Navy's operations in Gulf of Aden and Arabian Sea as the Yemen-based Houthis threatened global shipping and as piracy attempts resurfaced. The awardees from the Indian Air Force showed utmost courage in life-threatening circumstances during the rescue of aircraft, by manoeuvring away from civilian areas to avoid any loss of life/property. Officers of the Central Reserve Police Force (CRPF) displayed bravery during various operations in areas affected by Left-Wing Extremism, the statement said. 'Maoist insurgents were apprehended and weapons recovered.'
United News of India
19-05-2025
- Politics
- United News of India
Yemen's Houthis threaten to target Israeli airports in coming hours
Aden, Yemen, May 19 (UNI) Yemen's Houthi group announced Sunday that it would conduct military operations against Ben Gurion Airport and other unspecified Israeli airports within hours, in response to Israel's escalation of attacks in Gaza and recent strikes on Yemen. The announcement was made by Nasruddin Amer, deputy chief of the Houthi media authority, in a statement on social media platform X. Amer urged all airlines currently operating at Israeli airports to depart immediately and warned all passengers to evacuate before the planned Houthi operations. Earlier on Sunday, the Israeli military said it intercepted a missile launched from Yemen toward central Israel, where air raid sirens were triggered, prompting residents to take cover overnight. The Houthi escalation comes after an Oman-brokered ceasefire agreement between the Yemen-based militia and the United States, which aims to end a spate of mutual attacks. However, the deal does not extend to Israeli targets or Israeli-linked shipping. UNI XINHUA ARN
