Exporters believe the government’s two recently approved schemes, worth a total of ₹45,000 crore, will help the industry overcome persistent challenges such as limited access to affordable finance, complex compliance procedures, and weak branding. The Export Promotion Mission (₹25,060 crore) and the Credit Guarantee Scheme (₹20,000 crore) are expected to strengthen India’s export ecosystem and boost its global competitiveness.

According to Sanjay Budhia, Chairman of CII’s National Committee on Exports and Managing Director of Patton International Ltd, these initiatives aim to empower MSMEs, first-time exporters, and labour-intensive sectors, building resilience in a volatile global trade environment. He noted that by combining financial and non-financial support, the schemes address long-standing hurdles and open new opportunities for smaller enterprises. Budhia added that digital integration with existing trade systems will simplify procedures, reduce paperwork, accelerate disbursals, and improve coordination.

A. Sakthivel, Vice Chairman of the Apparel Export Promotion Council (AEPC), shared a similar view, saying the initiatives will improve access to finance, enhance market preparedness, strengthen the export ecosystem, and generate large-scale employment—giving a strong push to India’s export growth.

S. C. Ralhan, President of the Federation of Indian Export Organisations (FIEO), said the Export Promotion Mission ensures continuity and flexibility to adapt to global trade dynamics. He added that the Credit Guarantee Scheme will particularly benefit MSMEs by facilitating collateral-free loans and improving liquidity at a crucial time.
Disclaimer: This image is taken from Bloomberg.

External Affairs Minister S. Jaishankar met Canadian Foreign Minister Anita Anand on Tuesday (local time) on the sidelines of the G7 Foreign Ministers’ Meeting in Niagara, where they reviewed progress in bilateral cooperation under the India-Canada Roadmap 2025. In a post on X, Jaishankar said he was pleased to meet Anand, congratulating her on hosting the G7 meeting and appreciating the ongoing implementation of the New Roadmap 2025. He added that he looks forward to strengthening the bilateral partnership further.

Their meeting follows last month’s discussions in India, where both ministers agreed on a New Roadmap for India-Canada relations based on shared democratic values, respect for sovereignty, and the rule of law, according to the Ministry of External Affairs. During his visit to Canada, Jaishankar also held talks with his counterparts from South Africa, Mexico, France, Germany, and Brazil, as well as with Saskatchewan Premier Scott Moe, to boost cooperation across multiple sectors.

He met South African Foreign Minister Ronald Lamola and Mexican Foreign Minister Juan Ramon de la Fuente, focusing on trade, health, pharmaceuticals, and technology. With Premier Moe, discussions centred on collaboration in energy, food, and fertilisers. Jaishankar also met German Foreign Minister Johann Wadephul to advance India-Germany strategic ties and discuss developments in West Asia, Afghanistan, and the Indo-Pacific. His talks with French Foreign Minister Jean-Noël Barrot and Brazilian Foreign Minister Mauro Vieira covered strengthening partnerships in trade, investment, health, and technology.

Jaishankar is in Canada from November 11 to 13 to attend the G7 Foreign Ministers’ Meeting with Outreach Partners at the invitation of Canada’s Foreign Minister. India’s participation underscores its commitment to working with global partners on shared challenges and amplifying the Global South’s voice in international forums. The G7 meeting includes foreign ministers from Canada, France, Germany, Italy, Japan, the UK, the US, and the EU, along with outreach nations such as India, Australia, Brazil, Saudi Arabia, Mexico, South Korea, South Africa, and Ukraine.
Disclaimer: This image is taken from X/@DrSJaishankar.

India will continue to safeguard its sensitive sectors, including dairy, farmers, and MSMEs, in free trade agreement (FTA) negotiations with New Zealand, Commerce and Industry Minister Piyush Goyal said on Wednesday. He noted that talks for the proposed FTA have made significant progress.

New Zealand has been seeking greater access for its agricultural exports, such as dairy and wine, but India has made it clear that dairy products remain a “red line” due to domestic sensitivities. Both sides are now exploring cooperation beyond tariffs, particularly in areas like farming technology and dairy machinery, Goyal said in Auckland.

“India never compromises on the interests of dairy, farmers, or MSMEs. We always protect vulnerable sectors and respect mutual sensitivities,” he told reporters. Goyal and senior commerce officials are in New Zealand for the fourth round of FTA discussions, which resumed earlier this year after a 10-year break. The two countries had first begun talks 15 years ago but paused after 10 rounds in 2015. Goyal added that only a few more negotiation rounds may be needed, given the recent progress.

New Zealand Prime Minister Christopher Luxon emphasized that people-to-people ties and labour mobility will be key to the deal. “India is vital to New Zealand’s prosperity and security. We’re working hard on a free trade agreement that will open major opportunities for Kiwi businesses in the Indian market,” Luxon said on X.

In 2024, India exported goods and services worth $752 million to New Zealand and imported $791 million. Key Indian exports include pharmaceuticals, gems, textiles, and farm equipment, while imports consist mainly of metals, wood products, wool, and agricultural goods like apples, kiwi fruit, and lamb.
Disclaimer: This image is taken from PTI.

A tanker transporting Russian crude oil to India has unexpectedly reversed direction and is now stationary in the Baltic Sea, hinting at possible interruptions in oil trade between India and Russia following tighter U.S. sanctions on Moscow. According to ship-tracking data, the vessel — named Furia — was traveling west through the strait separating Denmark and Germany before making a U-turn on Tuesday. It then proceeded only a short distance before slowing almost to a stop. The Aframax-class tanker is reportedly hauling a shipment supplied by Rosneft PJSC, data provider Kpler noted.

This turnaround near the Fehmarn Belt comes shortly after the U.S. imposed sanctions on Rosneft and fellow Russian energy giant Lukoil PJSC. The U.S. Treasury has instructed that dealings with these companies must end by November 21. The restrictions put at risk a key, lower-cost source of crude oil for India’s refineries. Senior officials at major Indian processors told Bloomberg they anticipate a sharp drop in Russian oil imports as a consequence.

The Furia loaded nearly 730,000 barrels of Urals-grade crude at the Russian port of Primorsk on Oct. 20, according to data from Kpler and Vortexa. Initially, the ship listed Sikka — a port in Gujarat that supplies Reliance Industries Ltd. and Bharat Petroleum Corp. Ltd. — as its destination, with arrival planned for mid-November. The vessel later updated its itinerary, pointing instead to Port Said in Egypt for mid-next month. Tankers heading to India via the Suez Canal often label Port Said as a temporary waypoint before updating their final destination after clearing the canal.

Reliance, which has a long-term supply contract with Rosneft for Urals crude, recently emphasized that it will adhere to sanction requirements and has been observed shifting toward Middle Eastern supplies. Indian state-controlled refiners are also becoming more cautious about purchasing oil linked to companies targeted by U.S. sanctions. Indian refineries typically purchase crude on a delivered basis — meaning ownership transfers only upon offloading at the destination port. Requests for comments sent to Reliance and BPCL have not yet been answered.

Meanwhile, some European nations — including Denmark — have increased scrutiny of tankers to prevent shipments of Russian oil from moving through their territorial waters. Denmark recently announced it will focus inspections on older vessels, which frequently make up Russia’s so-called shadow fleet.
Disclaimer: This image is taken from Bloomberg.

China has lifted its ban on approving exports of “dual-use items” — including gallium, germanium, antimony, and super-hard materials — to the United States. Originally imposed in December 2024, the suspension will remain in effect until 27 November 2026. Daniel Martin discusses the matter with Malminderjit Singh, Founder and Managing Director of Terra Corporate Affairs.

Disclaimer: This Podcast is taken from CNA.

Singapore plans to update its “30 by 30” food sustainability goal with new, more specific targets as part of a refreshed food resilience strategy. Under the new plan, local farms are expected to produce 20 percent of the nation’s fibre and 30 percent of its protein needs by 2035. Hairianto Diman and Rani Samtani discuss the practicality of meeting these goals with Luke Tay, Founder of Cornucopia FutureScapes.
Disclaimer: This Podcast is taken from CNA.

On Open For Business’ daily market review, Andrea Heng discusses the latest insights with Heng Koon How, Head of Markets Strategy for Global Economics and Markets Research at UOB.

Disclaimer: This podcast is taken from CNA.

The U.S. government’s recent adjustments to H-1B visas — including stricter eligibility criteria and increased wage thresholds — are impacting sectors such as technology, healthcare, and finance. Andrea Heng and Syahida Othman discuss with Alex Capri, Senior Lecturer at NUS Business School and author of Technonationalism: How It’s Reshaping Trade, Geopolitics, and Society, how these changes influence skilled foreign workers, corporate hiring strategies, and the wider economy.
Disclaimer: This Podcast is taken from CNA