Daily News - Monday, 20 April 2026
India Expands RELIEF Export Scheme to 12 West Asia Nations (CNBC TV18)
India has expanded its RELIEF (Resilience & Logistics Intervention for Export Facilitation) scheme to cover 12 West Asia nations, adding Egypt and Jordan to the earlier list of 10 countries including the UAE, Saudi Arabia, Kuwait, Israel, Qatar, Oman, Bahrain, Iraq, Iran, and Yemen, according to the Commerce Ministry. Launched on 19 March 2026 under the Export Promotion Mission (EPM), RELIEF provides targeted support to exporters hit by extraordinary freight escalation, insurance premia hikes, and war related risks in the Gulf maritime corridor. Exporters with ECGC (Export Credit Guarantee Corporation) insurance between 14 February-15 March 2026 will receive up to 100% risk coverage, while those shipping between 16 March-15 June 2026 can access 95% enhanced cover. For MSME exporters without ECGC cover, the scheme offers up to 50% reimbursement of freight and insurance surcharges, capped at ₹50 lakh per exporter, subject to verification. The intervention is designed to sustain shipment flows and protect India’s export competitiveness amid the West Asia crisis. Implementation is being coordinated through ECGC as the nodal agency, ensuring both insured and uninsured exporters receive calibrated relief.
India-Austria Bilateral Trade at €3 Billion (USD $3.2 Billion) (Fortune India)
Prime Minister Narendra Modi met Austrian Chancellor Christian Stocker in New Delhi, marking the first Austrian Chancellor visit in 40 years and describing it as historic. The discussions focused on trade, technology, defence, and sustainability, with both sides signing an MoU on food safety, exchanging Letters of Intent on military cooperation, and establishing a joint working group on counter-terrorism, under the Ministry of External Affairs. Bilateral trade currently stands at about €3 billion (USD $3.2 billion / INR ₹26,600 crore), with around 160 Austrian firms active in India across semiconductors, renewable energy, automotive, and infrastructure. India and Austria also launched a Fast‑Track Mechanism (FTM) to accelerate investment flows and resolve business bottlenecks, overseen by the Commerce Ministry. Modi highlighted India’s strengths in scale and talent, paired with Austrian expertise in innovation and technology, as a pathway to reliable technology for the world. The visit also announced an India-Austria Working Holiday Programme to promote youth mobility, reinforcing the broader push for deeper integration with European markets.
India-South Korea Summit Targets USD $50 Billion Trade by 2030 (Reuters)
South Korean President Lee Jae Myung began his first state visit to India in eight years on April 20, 2026, meeting Prime Minister Narendra Modi to push for a major boost in economic ties. Both sides aim to nearly double bilateral trade to USD $50 billion (INR ₹4.16 lakh crore) by 2030, up from USD $25.7 billion (INR ₹2.14 lakh crore) in 2025, according to presidential adviser Wi Sung‑lac. Key areas of cooperation include shipbuilding, finance, artificial intelligence, defence, and consumer sectors, with South Korea highlighting India’s role as a production hub in global supply chains. Seoul has also requested India to expand naphtha supplies, which accounted for 8% of South Korea’s imports last year, to cushion disruptions from the Iran war. Trade data from the Korea International Trade Association shows South Korea had a USD $12.8 billion (INR ₹1.06 lakh crore) surplus in 2025, with exports worth USD $19.2 billion (INR ₹1.6 lakh crore) and imports at USD $6.4 billion (INR ₹53,000 crore), prompting India to seek balance. Analysts note that shipbuilding could be a flagship sector, aligning India’s job creation priorities with South Korea’s industrial strengths, while cultural exports like food and consumer goods linked to K‑culture may also expand.
India Commerce Ministry Strengthens Directorate General of Foreign Trade (DGFT) Norms Committees for Faster Export Approvals and Reduce Delays (Economic Times)
The Ministry of Commerce and Industry has strengthened the functioning of Norms Committees under the Directorate General of Foreign Trade (DGFT) to speed up approvals for exporters. These committees, which administer the Advance Authorisation (AA) Scheme and Duty-Free Import Authorisation (DFIA) Scheme, now hold fortnightly meetings, prioritise long pending cases, and finalise minutes in a time‑bound manner. The number of technical experts has been expanded from 12 to 22, with nominations from line ministries to improve capacity. A special disposal drive has already reviewed 3,925 cases and cleared 1,770 applications between January-April 7, 2026, reducing pendency. The reforms are expected to cut transaction costs, shorten approval timelines, and provide predictability for exporters, particularly MSMEs, under the Foreign Trade Policy. Monitoring mechanisms for case ageing and pendency have also been tightened, ensuring transparency and efficiency in export authorisations.
