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Additional Secretary in the Department of Commerce Anant Swarup said that the Asian Development Bank has been requested to conduct a study in this regard.
India's coal import increased by 13% to 21.64 million tonnes in February, driven by non-coking coal. The country's coal production reached 880.72 million tonnes in the April-February period of FY24.
Exporters Seek Exemption From 45-day Payment Rule: The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) Act, 2006.
India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers to them.
India imported 69.06 million metric tons of Russian oil, equivalent to 1.85 million barrels per day (bpd), between January and September, commerce ministry data showed, including Russian oil imported from South Korea, Greece and Spain through transshipments.