Page 5 - Import

February crude oil imports from Russia edged up from January trade

The world's third biggest oil importer and consumer, India has been gorging on Russian oil since the West imposed sanctions on Moscow for its invasion on Ukraine in February 2022

India remains world's top arms importer, Pakistan ranks 8th: SIPRI report

India remained the world's top arms importer, but its imports declined by 11 per cent between 2013-17 and 2018-22, according to a report released on Monday by Stockholm-based defence think-tank SIPRI. The decline was linked to a complex procurement process, efforts to diversify arms suppliers and attempts to replace imports with local designs, the report said. The Stockholm International Peace Research Institute (SIPRI) said the five largest arms importers in the world during 2018-22 were India, Saudi Arabia, Qatar, Australia and China. The five largest arms exporters were the United States, Russia, France, China and Germany. The imports by Pakistan, the world's eighth-largest arms importer during 2018-22, increased by 14 per cent, with China as its main supplier, the report said. It said France's arms exports increased by 44 per cent between 2013-17 and 2018-22 and most of these exports were to countries in Asia and Oceania and the Middle East. The report said India received 30

India-US trade likely to top $200 billion this year: Ambassador Garcetti

The India-United States trade is likely to surpass the previous record of USD 200 billion this year and huge opportunities exist for the two countries to expand cooperation in defence, space besides critical emerging technologies like semiconductors and artificial intelligence, said American Ambassador Eric Garcetti on Thursday. The US is proud to be India's No. 1 trading partner with two-way trade reaching nearly USD 200 billion last year, Garcetti told reporters in Indore. "I think this year we will break the (previous) record of USD 200 billion in bilateral trade (between India and the US)," he said. The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year. Garcetti said huge opportunities exist to further grow Indo-US trade, and for ..

India's free trade agreement with EFTA likely to be signed on March 10

The Union Cabinet on Thursday discussed the proposed free trade agreement between India and four European nation bloc EFTA and the pact is likely to be inked on Sunday, said sources. The negotiations for the pact with the European Free Trade Association (EFTA) members -- Iceland, Liechtenstein, Norway, and Switzerland -- have concluded. The pact is expected to be signed on Sunday here, sources added. India and EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. The agreement has several chapters including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. EFTA has 29 free trade agreements (FTAs) with 40 partner countries, including Canada, Chile, China, Mexico, and Korea. Under free trade pacts, two trading partners significantly reduce or eliminate .

Govt panel backs higher carbon tax on coal imports to limit polluting fuel

Coal is among India's top five commodity imports by value. Despite surging domestic production, mainly of low-quality coal with high ash content

Govt extends mandate for utilities to import 6% of coal needs until June

India last year had asked utilities to import 6% of their coal requirements until March due to an unprecedented surge in power and coal demand

Govt cuts import duty on turkeys; exempts extra long staple cotton from tax

The government has fully exempted customs duty on import of extra long staple cotton, and has cut duties on specified varieties of imported blueberries, cranberries and frozen turkeys. In a notification, the Finance Ministry has slashed import duty on certain items of blueberries and cranberries from 30 per cent to 10 per cent in some cases and 5 per cent in other cases. Similarly, import duty pertaining to meat and edible offal of turkeys, were also reduced from 30 per cent to 5 per cent effective Tuesday. According to officials, the duty rate changes on frozen turkey, specified cranberries and blueberries and their processed products is to implement the recommendation of the Department of Commerce following a mutually agreed solution between India and the US. Nangia Andersen India Associate Director- Indirect Tax, Khushbu Trivedi, said, in pursuance of the bilateral agreement that took place in the recent G20 Leaders' Summit between India and USA intended at addressing the past .

Govt focusing on eliminating non-essential imports of coal: Pralhad Joshi

The government has taken several steps to ramp up domestic production of coal and is committed to reducing shipments of all substitutable grade coal, Parliament was informed on Monday. Coal import for blending dropped 44.3 per cent in April-November FY24 over the year-ago period, Coal Minister Pralhad Joshi said in a written reply to Rajya Sabha. "The focus of the government is on increasing the domestic production of coal and to eliminate non-essential imports of coal in the country. Most of the requirements of coal in the country are met through indigenous production/supply," he said. The country imported 169.08 MT of coal in April-November FY24. The import was 237.67 MT in FY23, 208.63 MT in FY22 and 215.25 MT in FY21.

Red Sea crisis pushes costs of fuel tanker above $100,000 per day

The cost to ship refined products from the Middle East to Japan added another 3% to $101,000 a day on Thursday, according to data from the Baltic Exchange in London

SC junks review plea on overvaluation in capital goods' import by Adani cos

According to a lawyer associated with the case, the court had found that the project cost of APML and APRL was either similar or lower than the price of their competitors

Cabinet clears Rs 8,500 cr incentive scheme for coal gasification projects

The Union Cabinet on Wednesday approved a Rs 8,500 crore incentive scheme for coal gasification projects, sources said. The adoption of gasification technology in India is expected to reduce the country's reliance on imports of natural gas, methanol, ammonia and other essential products. The cabinet has given its go-ahead to Rs 8,500 crore incentive scheme for coal gasification projects, the sources said. The government is targeting to gasify 100 million tonnes (MT) of coal by 2030. In gasification process, coal is partially oxidised by air, oxygen, steam, or carbon dioxide under controlled conditions to produce a liquid fuel known as syngas. Syngas or synthesis gas can be used for power generation and to make methanol as well.

Shipping industry CEOs see no short-term end to Red Sea disruptions

Among the other leaders watching the renewed threats to supply chains was European Central Bank President Christine Lagarde

Will keep diversifying crude oil supply, accelerate energy transition: Puri

Puri said that while OPEC+ nations have a right to decide on their energy production, supply cuts against such uncertainty, and resulting adverse impact on global prices, will dent long term demand

Govt extends low tax on edible oil import by another year to cap prices

Traders and processors will benefit from a zero base import tax until the end of March next year, according to a finance ministry notification

Red Sea crisis: Attacks on ships around India matter of concern, says EAM

Terming the attacks on ships in the vicinity of India as a matter of "grave concern" to the international community, External Affairs Minister S Jaishankar Monday said that such threats have a direct bearing on India's energy and economic interest as he underlined that this "fraught situation" is not to the benefit of any party. "There have also been recently a perceptible increase in threats to the safety of maritime commercial traffic in this important part of the Indian Ocean," he said in a joint press statement after wide-ranging talks with Iranian counterpart Hossein Amirabdollahian. He stressed that it's important that this issue be "speedily addressed", in an apparent reference to targeting of merchant vessels in the Red Sea - one of the busiest trade routes - by Iranian-backed Yemen's Houthi rebels amid the Israel-Hamas conflict. "We have even seen some attacks in the vicinity of India. This is a matter of great concern to the international community. Obviously, it also has

Exports marginally up at $38.45 bn in December; trade deficit narrows

Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments

No import restrictions on certain IT products like desktop computers: DGFT

The government has clarified that there are no import restrictions on certain IT hardware products such as desktop computers. In a circular to customs authorities and industry, the commerce ministry arm Directorate General of Foreign Trade (DGFT) has said only the import of laptops, tablets, all-in-one personal computers, ultra small form factor computers and servers is restricted and imports of these goods are allowed against a valid import authorisation. "The given import restriction does not apply to any other goods such as desktop computers, etc, under the tariff head 8471," it said. In international trade parlance, every product is categorised under an HSN (Harmonised System of Nomenclature) code, or tariff heads. It helps in systematic classification of goods across the globe. HS Code 8471 includes products related to automatic data processing machines and units. It includes a mouse, printers, scanners, and CD drives. In August 2023, the government imposed restrictions on ..

US urges transparency in India's IT import monitoring beyond 2024

USTR Katherine Tai emphasizes open communication with India on import policies

Govt to come up with 65 QCOs to curb imports of sub-standard goods

The government will issue 65 quality control orders (QCOs) covering over 500 products to contain imports of sub-standard goods and boost domestic manufacturing, a senior government official said on Thursday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said these orders are promoting safe products to consumers. Under these orders, items cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. "We are coming up with almost 65 QCOs, covering more than 500 products. QCO is benefitting consumers and reducing sub-standard imports," he told reporters here. These orders are already issued for goods like smart meters, nuts, bolts and fasteners. Violation of the law can attract a penalty of up to two years of imprisonment or a fine of at least Rs 2 lakh for the first offence, which increases to Rs 5 lakh minimum for the second and subsequent offences. These orders are issued by the .

India will have to eventually move to lower customs duty regime: DPIIT

India will have to eventually move to a lower customs duty regime and cannot continue to protect domestic manufacturers by citing infant industry argument, a senior government official said on Thursday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that tariffs are not really considered a revenue source. Normally, customs duties or tariffs are used as a policy tool to ensure a higher level of protection for certain sectors to boost domestic manufacturing. "The DPIIT's view is that there are possibilities of using tariffs in a creative manner to protect some of our industries, particularly when they are subject to predatory pricing or dumping from certain geographies," he told reporters here. While there is a need to protect sectors which are weak, there is no need to continue with the high tariff walls for segments that are doing well, he added. "But I think, over time, we will have to move to a lower tariff regime overall