Tag: Indian exports

Business

Australia to Eliminate All Tariffs on Indian Goods from January 2026

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In a landmark move set to significantly boost bilateral trade, Australia will eliminate tariffs on all Indian goods from January 1, 2026, fulfilling a major commitment under the India–Australia Economic Cooperation and Trade Agreement (ECTA) signed three years ago.

The decision comes amid strong momentum in trade relations, with Indian exports to Australia rising by 8% in FY 2024–25. Key growth sectors include gems and jewellery, textiles, pharmaceuticals, and agricultural products such as coffee, spices, and organic foods.

Union Commerce and Industry Minister Piyush Goyal described the move as a game-changer for small businesses, farmers, and workers in labour-intensive sectors, stating that tariff-free access would enhance India’s global competitiveness while creating sustainable employment opportunities.

A notable development alongside the tariff elimination is a new mutual recognition agreement on organic products, which will substantially reduce certification costs and regulatory hurdles for Indian exporters. This is expected to particularly benefit India’s growing organic farming community and MSMEs looking to expand into international markets.

The tariff-free regime underscores the deepening strategic and economic partnership between India and Australia. Both nations have expressed interest in expanding cooperation beyond trade into education, clean energy, digital economy, critical minerals, and supply-chain resilience.

As global trade dynamics evolve, the move positions India as a preferred trade partner for Australia, while reinforcing India’s vision of becoming a global manufacturing and export hub.

Business

Strengthening Trade Ties: Indonesian Economic Counsellor Visits Goa Chamber of Commerce & Industry

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Goa, June 2025 – In a significant step towards boosting bilateral trade relations, Mr. Erry Herjuno, Economic Counsellor at the Embassy of Indonesia in New Delhi, recently visited the Goa Chamber of Commerce & Industry (GCCI). During his visit, Mr. Herjuno engaged in detailed discussions with Mr. Sanjay Amonkar, Director General of GCCI, focusing on exploring new opportunities to increase trade between Goa, India, and Indonesia.

A Snapshot of Indo-Indonesian Trade Relations

Currently, the trade volume between India and Indonesia stands at a substantial USD 30 billion, with Indonesian imports valued at USD 24 billion and Indian exports at USD 6 billion. The major commodities imported from Indonesia include coal, iron & steel, and crude palm oil. This trade pattern results in a significant trade deficit for India.

Mr. Amonkar highlighted that India’s trade deficit with Indonesia is largely driven by the heavy import of coal and palm oil. To address this imbalance, India is strategizing to diversify its export portfolio by introducing more agricultural products such as potatoes, onions, and chilies to the Indonesian market.

India’s Strategy to Bridge the Trade Gap

The Government of India is actively pursuing initiatives to diversify its export base by expanding beyond traditional markets and products. Emerging sectors like green energy, medical devices, electric vehicles, and pharmaceuticals are being promoted to increase India’s export footprint in Indonesia.

The ambitious goal is to raise bilateral trade to USD 50 billion by 2025. Encouragingly, recent data reveals that trade between the two countries surged by 50% last year, reaching nearly USD 40 billion, signaling promising progress towards this target.

Invitation to Indonesian Trade Expo 2025

During the visit, the Indonesian delegation extended a cordial invitation to the Goan Export-Import (EXIM) industry to participate in the 40th Indonesian Trade Expo, scheduled from 15th to 19th October 2025 in Jakarta.

Highlighting the previous edition’s success, the delegation shared that business worth an impressive USD 7.46 billion was transacted with India, involving over 900 Indian buyers. This year, the Expo will focus on sectors such as logistics and paper, alongside traditional industries like coal, palm oil, and iron & steel. Additionally, the delegation pointed out promising opportunities in IT-related services in Indonesia, opening doors for Indian IT firms.

To facilitate deeper engagement, the Indonesian delegation provided the GCCI with a comprehensive booklet outlining key sectors with growth potential, encouraging Goan businesses to explore these opportunities.

Looking Ahead: Expanding Indo-Indonesian Economic Cooperation

The visit of Mr. Herjuno to Goa marks an important milestone in fostering closer trade and economic ties between the two regions. With mutual efforts to diversify trade portfolios and capitalize on emerging sectors, both India and Indonesia are poised to strengthen their partnership further.

The GCCI and local industries are keen on leveraging the upcoming Trade Expo and other initiatives to deepen collaboration, expand market access, and contribute to the shared vision of enhancing bilateral trade.

Human Interest

India to Export 150 Locomotives Worth ₹3,000 Crore to Guinea in Landmark Rail Infrastructure Deal

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New Delhi | June 2025 — In a major boost to India’s growing stature as a global supplier of advanced rail infrastructure, the Government of India has announced the export of 150 state-of-the-art locomotives to the Republic of Guinea, a West African nation. Valued at over ₹3,000 crore, this strategic deal underscores India’s deepening economic engagement with Africa and showcases the technological capabilities of Indian manufacturing in the rail transport sector.

A Milestone in India–Africa Cooperation

The agreement, finalized under the India–Africa development partnership framework, involves the export of diesel-electric locomotives manufactured by Indian Railways production units and private partners. The locomotives will support Guinea’s efforts to modernize its rail network, enhance freight capacity, and improve regional connectivity—particularly for its mineral-rich inland areas.

A senior official from India’s Ministry of External Affairs (MEA) commented:

“This export is not only a commercial transaction but also a symbol of India’s commitment to Africa’s infrastructure development and economic self-reliance.”

Key Highlights of the Deal:

  • 🚆 Quantity: 150 diesel-electric locomotives
  • 💰 Value: ₹3,000+ crore (~USD 360 million)
  • 🏗️ Manufacturer: Indian Railways (via production units like Banaras Locomotive Works and select private partners)
  • 🌍 Destination: Republic of Guinea, West Africa
  • 🛠️ Purpose: Freight transport, mining sector logistics, and regional rail development

Strengthening the ‘Make in India’ Export Vision

The deal reinforces India’s ‘Make in India for the World’ strategy by exporting high-quality, durable, and fuel-efficient locomotives built using indigenous technology. These locomotives are equipped with modern features, including:

  • Advanced braking and control systems
  • Fuel efficiency optimization
  • Minimal maintenance design
  • Climate-adapted components for African terrain and weather

India has been increasingly expanding its footprint in railway diplomacy, providing rail infrastructure, rolling stock, and technical expertise to various African and Asian nations under government-to-government and EXIM Bank-supported frameworks.

Guinea’s Infrastructure Growth and Strategic Ties

For Guinea, the locomotives will significantly improve its ability to transport bauxite, iron ore, and agricultural goods from the interior regions to ports for export. The deal also signals Guinea’s strategic pivot towards reliable global partners for development support.

Guinea’s Ministry of Transport welcomed the initiative, stating:

“India has proven to be a trusted partner in development. These locomotives will form the backbone of our national railway upgrade, creating jobs and boosting trade.”

Looking Ahead

This export is part of India’s broader push to become a leading provider of sustainable infrastructure to the Global South. With Africa emerging as a priority region for India’s foreign and economic policy, more such high-impact deals are expected in the near future.

The first batch of locomotives is expected to be shipped by early 2026, with delivery and deployment scheduled in phases over two years. Training and technical support will also be provided to Guinean railway personnel as part of the comprehensive package.