Punjab

The Directorate General of Foreign Trade in India has a scheme with an objective of recognizing established exporters in India. Under this scheme exporters are recognized as Export House, Trading House, Star Trading House and Super Star Trading House. For getting a Star Trading House recognition, the average FOB (free on board) value of exports during the preceding three licensing years needs to be at least Rs. 375 crores.

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In India, Section 2(5) of the Finance (No. 2) Act, 1962 provides for a tax concession in the case of profits derived from the export of goods or merchandise out of India. If the export profits are set off against any losses in the process of computing the total income, no tax concession will be available.

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Below is a list highlighting 15 of India’s top trading partners in terms of countries that imported the most Indian shipments by dollar value during 2018. Also shown is each import country’s percentage of total Indian exports.

United States: US$51.6 billion (16% of total Indian exports)
United Arab Emirates: $29 billion (9%)
China: $16.4 billion (5.1%)
Hong Kong: $13.2 billion (4.1%)
Singapore: $10.4 billion (3.2%)
United Kingdom: $9.8 billion (3%)
Germany: $9 billion (2.8%)
Bangladesh: $8.8 billion (2.7%)
Netherlands: $8.7 billion (2.7%)
Nepal: $7.3 billion (2.3%)
Belgium: $6.8 billion (2.1%)
Vietnam: $6.7 billion (2.1%)
Malaysia: $6.5 billion (2%)
Italy: $5.5 billion (1.7%)
Saudi Arabia: $5.5 billion (1.7%)

About three-fifths (60.4%) of Indian exports in 2018 were delivered to the above 15 trade partners.

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Export promotion leads to expansion of goods for the foreign market. These goods earn foreign exchange that can be used to facilitate development. Export promotion industries have a wide market for their produce for both domestic and foreign markets. They are therefore able to produce for a greater capacity.

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Star export house is an Indian exporter who has excelled in international trade and successfully achieved certain minimum amount of export performance in two out of three financial years. Two star and above export houses are permitted to establish export warehouses as per Department of Revenue guidelines.

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Contrary to popular belief, freezing spices and herbs is not necessarily beneficial. In fact, it may cause more harm than good due to condensation. When you take a jar or bag of spices out of the freezer, condensation can form on the surface, leading to the introduction of unwanted moisture. This is why ground spices have a shorter shelf life compared to whole spices or seeds. Therefore, it’s best to avoid freezing spices and herbs altogether.

Some individuals prefer to store red spices such as chili powder, cayenne pepper, and paprika in the refrigerator to preserve their color and flavor. However, as mentioned above, about storing food in the freezer, storing these spices in the refrigerator can do more harm than good. The moisture in the refrigerator can cause these spices to clump together and lose their potency over time. It’s best to store these spices in a cool, dry place, such as a pantry or spice cabinet, away from direct sunlight and heat sources. This will help to maintain their flavor and texture for a longer period of time.

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The Directorate General of Foreign Trade in India has a scheme with an objective of recognizing established exporters in India. Under this scheme exporters are recognized as Export House, Trading House, Star Trading House and Super Star Trading House. For getting a Star Trading House recognition, the average FOB (free on board) value of exports during the preceding three licensing years needs to be at least Rs. 375 crores.

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India primarily exports pepper, chilli, turmeric, ginger, cardamom, coriander, cumin, fennel, fenugreek, celery, nutmeg and mace garlic, tamarind and vanilla. Processed spices such as spice oils and oleoresins, mint products, curry powder, spice powders, blends and seasonings are also exported.

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To start export business, the following steps may be followed :

1) Establishing an Organisation.
2) Opening a Bank Account.
3) Obtain Permanent Account Number (PAN)
4) Obtain Importer-Exporter Code (IEC) Number.
5) Obtain Registration cum membership certificate (RCMC)
6) Select products to Export
7) Select Markets
8) Find Buyers
9) Do Sampling
10) Pricing/Costing depend on Market and Products
11) Negotiation with Buyers
12) Cover Risks through ECGC

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India primarily exports pepper, chilli, turmeric, ginger, cardamom, coriander, cumin, fennel, fenugreek, celery, nutmeg and mace garlic, tamarind and vanilla. Processed spices such as spice oils and oleoresins, mint products, curry powder, spice powders, blends and seasonings are also exported.

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