India-Singapore trade: Jindal Stainless leads an India-Singapore collaboration to eliminate paper in cross-border trade. The project aims to simplify transactions for all parties. A major step toward modernizing foreign trade.
The first “live” exchange of interoperable e-Bills of Lading (eBLs) between Singapore and India was begun by India’s Commerce and Industry Minister Piyush Goyal and Singapore’s Gan Kim Yong. This was a big deal. At the G20 Trade and Investment Ministerial in Jaipur, India, this occurred within the Trade Trust Framework.
The ambitious blockchain project is the first real-time e-Bill letter of credit exchange. Traders, shippers, and banks can use this technology to conduct real cargo transactions without paper across borders and platforms.
The NITI Aayog and MTI of Singapore collaborated on this project. ICICI Bank, Enterprise Singapore, IMDA, DBS Bank, Maptrasco, and A.P. Moller-Maersk are also important. Jindal Stainless leads Indian corporate interest.
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Jindal Stainless Ltd.’s earlier work shows its creativity. India’s greatest stainless steel producer has created a high-strength alloy steel for Chandrayaan-3’s motor case. This three-year project showcases heat-resistant steel that fulfills ISRO quality criteria and supports India’s space aspirations.
Even though Jindal Stainless Ltd.’s shares fell 1.42% to Rs 420.65 per, the company’s performance remains noteworthy. The stock’s multi-bagger returns of 240% in one year, 750% in three years, and 2,300% over ten years demonstrate its market position. Given its potential earnings, buyers should closely monitor this iron and steel manufacturing stock.
This information reveals what the company has done and what it can do, but purchasers must be careful. Each purchase should be based on careful research, as a stock’s previous success does not guarantee its future performance.
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Our Reader’s Queries
What does India trade with Singapore?
In terms of trade with ASEAN member nations, Singapore holds a significant 38% share for India. This accounts for 3.4% of India’s total foreign trade. In 2005, India’s primary exports to Singapore were petroleum, gemstones, jewellery, and machinery. On the other hand, India’s imports from Singapore included electronic goods, organic chemicals, and metals.
What are the major exports from India to Singapore?
In 2022, India exported a total of $11.3 billion worth of goods to Singapore. The top exports included mineral fuels, oils, and distillation products, valued at $5.51 billion. Pearls, precious stones, metals, and coins followed at $1.28 billion, while machinery, nuclear reactors, and boilers were valued at $1.18 billion. Additionally, India exported $1.08 billion worth of ships, boats, and other floating structures to Singapore. Overall, India’s exports to Singapore continue to thrive, with a diverse range of products being shipped across the border.
What products does Singapore import from India?
In 2022, Singapore imported a total of $656.44M worth of machinery, nuclear reactors, and boilers from India. Articles of iron or steel followed closely behind with a value of $315.61M. Electrical and electronic equipment also made the list, with imports totaling $288.73M. Zinc imports from India amounted to $252.75M in 2022. These are just a few of the many items that Singapore imports from India, highlighting the strong trade relationship between the two countries.
What is the connection between India and Singapore?
India’s association with Singapore can be traced back to the Cholas, but it was Sir Stamford Raffles who cemented the modern relationship. In 1819, he founded a trading station in Singapore along the Straits of Malacca, which eventually became a British colony under the governance of Calcutta from 1830 to 1867.