Despite ongoing global challenges, India's services exports for fiscal year 2023-24 are estimated at USD 339.62 billion, with imports standing at USD 177.56 billion, contributing to an overall export projection of USD 776.68 billion, a slight increase from the previous fiscal year's USD 776.40 billion.

During April this year, India imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier, according to data compiled by trade tracking agencies Kpler and LSEG.

The report alleged that the ‘opaque and unpredictable’ nature of India’s application of quantitative restrictions has affected the ability of US exporters to access the market.

The Indian Railways has partnered with Ramakrishna Forgings Ltd to establish a manufacturing facility for forged wheels in Gummidipoondi, Tamil Nadu, with an initial investment of Rs 650 crore. The plant is expected to have a production capacity of 2.5 lakh wheels, out of which 80,000 will be utilized domestically, and the remaining 1.70 lakh wheels will be exported.

In FY24, coal imports for blending stood at approximately 22.20 million tonnes, down from 30.80 million tonnes in FY 2022-23. The government is striving to eliminate coal imports entirely by 2026.

In a move to strengthen trade ties, the DGFT has approved the export of 4,750 tonnes of onions to Bhutan, Bahrain, and Mauritius, while also implementing import restrictions on premium duck meat for hotels and restaurants, and revising registration timelines and procedures for yellow pea imports on Wednesday.

"On the basis of the duly substantiated application by the domestic industry, and having satisfied itself, on the basis of prima facie evidence submitted by the applicant substantiating the dumping and consequent injury to the domestic industry, the authority hereby initiates an anti-dumping investigation into the alleged dumping," the notification said.