Page 10 - Import

Crude oil import from Russia miniscule, says Oil Min Hardeep Singh Puri

Oil minister Hardeep Singh Puri on Monday allayed fears of short supply of crude oil amid the Russia-Ukraine conflict and said that crude oil imports from Russia are miniscule at just 0.2 per cent of total such imports till January this fiscal. "About the increased oil import concerns...we require total of five million barrels per day. Sixty per cent of it comes from Gulf. We have imported from Russia, just 0.419 million metric tonnes...that is 0.2 per cent of total requirement (during April-January this fiscal)," Puri said in the Rajya Sabha while replying to a supplementary to a starred question. "We are monitoring the situation. As far as oil imports are concerned from Russia, contrary to what played up in media, it is miniscule," the minister said. According to the written reply tabled in the House, in financial year 2020-21, India imported 85 per cent of its crude oil requirements and 54 per cent of its natural gas requirement. According to Petroleum Planning & Analysis Cell .

Indian drone makers welcome govt's decision to ban import of drones

The decision will block cheaper Chinese products, encourage participation from large corporations

India to allow pork imports from US in exchange mango, pomegranate exports

Development comes months after the two govts renewed India US Trade Policy Forum (TPF), and both nations agreed to iron out thorny issues, including market access issues pertaining to farm sector

IGST on ocean freight can't be imposed on importers, companies tell SC

They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution

World's record food bill is hitting poorer countries hardest

Higher shipping rates and prices of foodstuffs from grains to vegetables are likely to drive the cost of importing food

SME Chatroom: 'Defective packaging can imperil marine insurance claims'

Clause 4.3 of Institute Cargo Clauses (C) says that in no case will insurance cover loss, damage or expense caused by insufficiency or unsuitability of packing or preparation of subject matter insured

Sri Lanka slaps 100 per cent LC margin to restrict imports: Report

The new margin requirement will be in effect from September 8 for over 600 items ranging from chocolates and wine to raincoats and carpets to discourage imports

India's new LNG plant starts next year, to boost import capacity by 12%

New demand for LNG from India is expected to support Asian gas prices which rose to record highs earlier this year, partly aided by the transition from coal or oil to gas in developing countries.

In a first, India to import 1.2 mn tonne GM soyameal after govt clears air

In a first, India is all set to import 1.2 mn tonne of genetically modified soyameal, used as livestock feed, after the environment ministry and DGFT cleared the air on the GM issue, an official said

Centre set to allow import of GM soymeal to check rising feed prices

Feed meal prices have risen due to a staggering 64% increase in prices of soymeal, which is one of the main constituents of feed meal along with maize

Global shipping crisis result of uneven post-Covid recovery of countries

The crisis in the global shipping industry has been largely on the back of uneven post-Covid recoveries of the major importing and exporting countries, according to a report by Drip Capital

Pakistan's Cabinet makes U-turn on plan to resume trade with India

The India-Pakistan cease-fire marked a milestone in secret talks brokered by the UAE, Bloomberg reported earlier this month

Import monitoring system being built for several sectors: Commerce Ministry

The system would help gather advanced information on imports of these products and make it available to the stakeholders, including government and domestic industries

IEC not required for services exporters claiming no FTP benefits: Expert

Section 28DA of the Customs Act requires an importer to possess sufficient information about origin of imports, where preferential tariff treatment has been claimed.

Covid-19 crisis: Canada's exports, imports fall 1% in August, shows data

Statscan revised July's trade deficit to C$2.53 billion from an initial C$2.45 billion.

Top headlines: August exports shrink 12.6%; telcos sound alarm over 5G

From Facebook saying zero tolerance on hate speech to Delhi Metro seeing pick up in ridership, here are top headlines this morning

Licence raj returns

Creation of import barriers must be avoided

From textiles to furniture, 350 items may face non-tariff barriers

Move is in line with govt's 'Atmanirbhar Bharat' objective

Auto industry bodies fear delay in imports clearance may impact production

Automobile industry bodies SIAM and ACMA expressed concern over import consignments from China being subjected to manual inspection

Export of services rises 11.6% to $20 bn in Dec; imports up 10.3%

Surplus in trade services stood at $7.45 billion for December