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• India’s overall exports (Merchandise and Services combined) in January 2024* is estimated to be USD 69.72 Billion, exhibiting a positive growth of 9.28 per cent over January 2023. Overall imports in January 2024* is estimated to be USD 70.46 Billion, exhibiting a positive growth of 4.15 per cent over January 2023.

Table 1: Trade during January 2024*

* Note: The latest data for services sector released by RBI is for December 2023. The data for January 2024 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-January 2022-23 and April-September 2023 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during January 2024*

• India’s overall exports (Merchandise and Services combined) in April-January2023-24* are estimated to be USD 638.37 Billion, exhibiting a negative growth of (-) 0.19 per cent over April-January 2022-23. Overall imports in April-January 2023-24* are estimated to be USD 708.79 Billion, exhibiting a negative growth of (-) 5.69 per cent over April-January 2022-23.

Table 2: Trade during April-January 2023-24*

Fig 2: Overall Trade during April-January 2023-24*

MERCHANDISE TRADE

• Merchandise exports in January 2024 were USD 36.92 Billion, as compared to USD 35.80 Billion in January 2023.
• Merchandise imports in January 2024 were USD 54.41 Billion, as compared to USD 52.83 Billion in January 2023.

Fig 3: Merchandise Trade during January 2024

• Merchandise exports for the period April-January 2023-24 were USD 353.92 Billion as against USD 372.10 Billion during April-January 2022-23.
• Merchandise imports for the period April-January 2023-24 were USD 561.12 Billion as against USD 601.47 Billion during April-January 2022-23.
• The merchandise trade deficit for April-January 2023-24 was estimated at USD 207.20 Billion as against USD 229.37 Billion during April-January 2022-23.

Fig 4: Merchandise Trade during April-January 2023-24

• Non-petroleum and non-gems & jewellery exports in January 2024 were USD 26.12 Billion, compared to USD 25.48 Billion in January 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January 2024 were USD 33.72 Billion, compared to USD 34.51 Billion in January 2023.

Table 3: Trade excluding Petroleum and Gems &Jewellery during January 2024

Note: Gems &Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems &Jewellery during January 2024

• Non-petroleum and non-gems & jewellery exports during April-January 2023-24 was USD 256.83 Billion, as compared to USD 259.21 Billion in April-January 2022-23.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 354.46 Billion in April-January 2023-24 as compared to USD 367.51 Billion in April-January 2022-23.

Table 4: Trade excluding Petroleum and Gems &Jewellery during April-January 2023-24

Note: Gems &Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems &Jewellery during April-January 2023-24

SERVICES TRADE

• The estimated value of services export for January 2024* is USD 32.80 Billion, as compared to USD 28.00 Billion in January 2023.
• The estimated value of services import for January 2024* is USD 16.05 Billion as compared to USD 14.83 Billion in January 2023.

Fig 7: Services Trade during January 2024*

• The estimated value of services export for April-January 2023-24* is USD 284.45 Billion as compared to USD 267.50 Billion in April-January 2022-23.
• The estimated value of services imports for April-January 2023-24* is USD 147.68 Billion as compared to USD 150.11 Billion in April-January 2022-23.
• The services trade surplus for April-January 2023-24* is estimated at USD 136.77 Billion as against USD 117.38 Billion in April-January 2022-23.

Fig 8: Services Trade during April-January 2023-24*

• For the month of January 2024, undermerchandise exports, 18 of the 30 key sectors exhibited positive growth in January 2024 as compared to same period last year (January 2023). These include Iron Ore (109.79%), Tobacco (47.32%), Meat, Dairy & Poultry Products (26.12%), Spices (20.5%), Cereal Preparations & Miscellaneous Processed Items (18.69%), Oil Meals (14.66%), Oil Seeds (11.34%), Fruits & Vegetables (10.61%), Plastic & Linoleum (9.55%), Carpet (9.44%), Electronic Goods (9.31%), Tea (6.92%), Drugs & Pharmaceuticals (6.84%), Petroleum Products (6.57%), Coffee (5.53%), Engineering Goods (4.2%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (2.5%) and Organic & Inorganic Chemicals (0.3%).
• Under merchandise imports, 17 out of 30 key sectors exhibited negative growth in January 2024. These include Fertilisers, Crude & Manufactured (-69.08%), Newsprint (-57.23%), Sulphur & Unroasted Iron Pyrts (-46.18%), Project Goods (-43.94%), Vegetable Oil  (-38.18%), Pulp And Waste Paper (-37.96%), Cotton Raw & Waste (-32.32%), Leather & Leather Products (-28.81%), Wood &  Wood Products (-21.21%), Transport Equipment (-20.6%), Organic & Inorganic Chemicals (-18.05%), Chemical Material & Products (-11.48%), Textile Yarn Fabric, Made-Up Articles (-11.24%), Artificial Resins, Plastic Materials, Etc. (-7.93%), Iron & Steel (-7.47%), Machinery, Electrical & Non-Electrical (-5.71%) and Non-Ferrous Metals (-2.12%).
• For April-January 2023-24, under merchandise exports, 14 of the 30 key sectors exhibited positive growth during April-January 2023-24 as compared to April-January 2022-23. These includeIron Ore (189.23%), Oil Meals (25.63%), Electronic Goods (20.77%), Ceramic Products & Glassware (16.52%), Fruits & Vegetables (15.76%), Tobacco (15.48%), Meat, Dairy & Poultry Products (10.42%), Oil Seeds (9.61%), Cereal Preparations & Miscellaneous Processed Items (8.14%), Drugs & Pharmaceuticals (8.07%), Spices (7.18%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (5.69%), Coffee (4.35%) and Engineering Goods (0.002%).
• Under merchandise imports, 17 of the 30 key sectors exhibited negative growth in April-January 2023-24 as compared to April-January 2022-23. These include Cotton Raw & Waste (-61.57%), Silver (-44.42%), Sulphur & Unroasted Iron Pyrts (-39.85%), Fertilisers, Crude & Manufactured (-39.62%), Vegetable Oil  (-28.88%), Coal, Coke & Briquettes, Etc. (-24.75%), Pearls, Precious & Semi-Precious Stones (-23.84%), Organic & Inorganic Chemicals (-20.8%), Newsprint (-17.21%), Petroleum, Crude & Products (-15.91%), Transport Equipment (-15.25%), Textile Yarn Fabric, Made-Up Articles (-14.85%), Project Goods (-14.53%), Pulp And Waste Paper (-14.36%), Wood &  Wood Products (-12.26%), Leather & Leather Products (-9.27%) and Artificial Resins, Plastic Materials, Etc. (-3.56%).
• Services exports is projected to grow positively at 6.34 percent during April-January 2023-24 over April-January 2022-23.
• India’s trade deficit has shown considerable improvement in April-January 2023-24. Overall trade deficit for April-January 2023-24* is estimated at USD 70.43 Billion as compared to the deficit of USD 111.99 Billion during April-January 2022-23, registering a decline of (-) 37.11 percent. The merchandise trade deficit during April-January 2023-24is USD 207.20 Billion compared to USD 229.37 Billion during April-January 2022-23, registering a decline of (-) 9.66 percent.

The Department of Revenue (DoR), Ministry of Finance has invited applications for appointment to the posts of the Judicial Members, Technical Members (Centre) and Technical Member (State) in the Principal bench and States benches of GST Appellate Tribunal (GSTAT).

GSTAT is the second Appellate Authority established under the Central Goods and Services Tax Act, 2017 (CGST Act) to hear various appeals under the said Act and the respective State/UT GST Acts. GSTAT will have one Principal Bench located at Delhi and 31 State benches located at various locations across States.

Details of posts and eligibility in brief are given below:

Minimum age to apply is 50 years (as on last date of application). Pay is ₹ 2,25,000 (fixed) per month. All other allowances and other terms and conditions of service (DA, Medical etc.) shall be the same as applicable to Central Government officers carrying the same pay (presently an officer at Pay Level 17).

The Hon’ble Supreme Court of India in the SLP filed in the case of Shanti Motors v. Union of India & Ors. [SLP(C) Dy. No.4695/2024 dated February 09, 2024], wherein the constitutional validity of Section 16(4) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) is challenged, which imposes a time limit for availing of Input Tax Credit (“ITC”), as being violative of Articles 14, 19(1)(g) and 300A of the Constitution of India.

The Hon’ble Supreme Court has admitted the SLPs and issued Notices to the Respondents, along with interim reliefs.

Representing the Petitioners for Shanti Motors, Mr. Sujit Ghosh, Sr. Adv., Mr. Bimal Jain, Adv., Ms. Mannat Waraich, AOR, Mr. Ajinkya Tiwari, Adv. and Mr. Keshav Jatwani, Adv.

The next date of hearing is February 19, 2024.

The 6th round of India -Peru negotiations for a Trade Agreement was held from February 12 to 14, 2024, in Lima, Peru, to continue the work that started in 2017 when the negotiation process was formally announced.

The round started with an opening ceremony with the participation of the Vice Minister of Foreign Trade of Peru, Ms. Teresa Mera; the Ambassador of India in Peru, Mr. Vishvas Sapkal; the Chief Negotiator of India, Mr. Vipul Bansal; the Chief Negotiator of Peru, Mr. Gerardo Meza; and the delegations of both countries.

During the ceremony, the Vice Minister of Foreign Trade of Peru and the Chief Negotiator of India gave brief introductory remarks reaffirming their commitment to continue working with efficiency, as India and Peru did before the pandemic with five successful rounds until August 2019. The negotiations resumed with the Special Virtual Round in October, 2023.

In this sense, both speakers emphasized the importance of taking forward the negotiation process with pragmatism, in order to find creative solutions and to reach consensus that allows to achieve this common objective in the short term. The Trade Agreement will create more trade opportunities for their citizens and enterprises, and also strengthen their economic and commercial ties.

In this round, nine working groups held in-person meetings: Trade in Goods, Rules of Origin, Trade in Services, Movement of Natural Persons, Customs Procedures and Trade Facilitation, Dispute Settlement, Initial Provisions and General Definitions, Final Provisions and Legal and Institutional Issues.

These meetings involved the participation of more than 70 delegates from both countries together, including their respective negotiating teams. From the Peruvian side, the delegation was led by the Ministry of Foreign Trade and Tourism, with the participation of government officials from other entities such as the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Ministry of Agriculture, the Ministry of Production, Customs Administration, among others. From the Indian side, the delegation comprised government officials and legal representatives from the Department of Commerce, Department of Revenue and the Directorate General of Foreign Trade.

Additionally, during this week and the following, other working groups such as, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, Trade Remedies and Cooperation will continue to hold virtual meetings. The next round is expected to be held in April 2024. The date will be set in the following days.

In the last two decades, the trade between India and Peru has increased significantly, from US$ 66 million in 2003 to around US$ 3.68 billion in 2023.

Transactions worth around ₹45,800 crore awarded by MoD via GeM in current financial year

MoD awards 50.7% of the total orders to Micro and Small Enterprises

The Ministry of Defence (MoD) has made an astounding accomplishment by surpassing the ₹1 Lakh Crore mark in terms of total order value transacted through the Government e-Marketplace (GeM) portal, also known as Gross Merchandise Value (GMV).  Of this, transactions worth around ₹ 45,800 Crore have been awarded in the current financial year. From procurement of general store items like eggs to missile systems and critical defence acquisitions, GeM has helped MoD execute more than 5.47 lakh orders.

“The Ministry is the first central government entity to cross this staggering figure, exemplifying its resolute commitment towards optimising public spending in the Defence sector. This milestone underscores the effort and commitment of the Ministry of Defence to embrace the change and set out as a key propeller of Prime Minister Shri Narendra Modi’s vision of a self-reliant India,” said CEO, GeM, Shri P. K. Singh.

In line with GeM’s core value of maximising social inclusion, 50.7% of the total orders, amounting to ₹60,593 Crore, have been awarded to Micro and Small Enterprises (MSEs) by MoD buyers, driving India’s economy closer to self-reliance.

Since its inception, MoD has been an early adopter of GeM. The immense trust placed in the portal by nearly 19,800 MoD buyers across the country, including remote far flung areas like North-Eastern States, Leh-Ladakh, & various Island Territories, have enabled it to bag this remarkable achievement.

Furthermore, the engagement of Defence PSUs on the GeM platform has not only facilitated procurement but has also facilitated sales, marking a paradigm shift in the procurement landscape.

Through initiatives like demand aggregation modules, GeM continues to deliver cost-effectiveness and efficiency in government transactions. By pooling requirements for similar products across different organisations, GeM is maximizing the benefits of large-volume procurement for buyers like the Ministry of Defence, demonstrating its commitment to driving transformative change in government procurement practices