Page 5 - Import

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

Crude oil imports from Russia plunge in December on payment issues

After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December

California walnut imports witness sharp uptick after India's tariff removal

Chile is currently the top walnut supplier to India

DPIIT working with 24 sub-sectors to promote manufacturing, cut imports

The department for promotion of industry and internal trade (DPIIT) is working with 24 sub-sectors, including furniture, aluminium, agrochemicals and textiles, to promote domestic manufacturing, boost exports and reduce imports, according to an official statement. The commerce and industry ministry on Tuesday said that since its launch, 'Make in India' has made "significant" achievements and is now focusing on 27 sectors under 'Make in India 2.0'. While the DPIIT is coordinating action plans for 15 manufacturing sectors, the Department of Commerce is coordinating for 12 service sectors. "Now, DPIIT is working closely with 24 sub-sectors which have been chosen keeping in mind the Indian industries strengths and competitive edge, need for import substitution, potential for export and increased employability," the ministry said. It added that these sub-sectors are -- furniture, air-conditioners, leather and footwear, ready to eat, fisheries, agri produce, auto components, aluminium, .

India sees 25% fall in vegetable oils import to to 1.1 MT in Nov: SEA

The country's vegetable oils import declined by 25 per cent to 11.60 lakh tonne in November, the first month of the 2023-24 oil year, compared to 15.45 lakh tonne in the year-ago period, industry body SEA said on Friday. Of the total vegetable oil imports, edible oils were 11.48 lakh tonnes and non-edible oils 12,498 tonnes during November 2023. India, the world's leading vegetable oil buyer, imports refined and crude vegetable oils in the edible oil category. Oil year runs from November to October. According to the Solvent Extractors Association of India (SEA), the country's crude vegetable oils declined by 26.34 per cent to 9.77 lakh tonnes in November this year as against 13.26 lakh tonnes in the year-ago period. Similarly, refined vegetable oils import declined by 15.41 per cent to 1,71,069 tonnes in November this year from 2,02,248 tonnes in the year-ago period. Among crude vegetable oils, although the import of RBD palmolein declined in November 2023 to 1.71 lakh tonnes from

Govt announces registration procedure for importers of yellow peas

The government on Wednesday notified the procedure for traders to register imports of yellow peas under the import monitoring system. The Directorate General of Foreign Trade (DGFT) said that an importer can apply under the system online on the DGET website. "The importer on submission of advance information in this online system and online payment of Rs 500 shall be issued an Automatic Registration Number," the DGFT said. The importer has to apply for registration not later than five days before the expected date of arrival of the import consignment. After that, they have to submit the registration number to the concerned Customs authorities when filing for import clearance. "One Automatic Registration Number granted shall be valid for any number of import consignments up to March 31, 2024 only," it added. Further, one number shall be valid for one specific country of origin and one Port of import only. Recently, the government has made it mandatory to register the import of yel

No plan to expand laptop, personal computer import curbs: India tells WTO

India said that industry experts were consulted prior to the notification issued on August 3, and a transition period of three months was provided till October 31

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China's exports edged higher for first time in 7 months, imports falls

China's exports rose in November, the first increase since April, while imports fell, according to customs data released Thursday. Exports rose 0.5 per cent from a year earlier to USD 291.9 billion, a sign that demand may be picking up after months, but imports fell 0.6 per cent, to USD 223.5 billion, after they climbed 3 per cent in October. China has been grappling with sluggish foreign trade this year amid slack global demand and a stalled recovery, despite the country's reopening after its strict COVID-19 controls were lifted late last year. The trade surplus of USD 68.4 billion was up 21 per cent compared to October's USD 56.5 billion. Demand for Chinese exports has been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs.

AIPEF demands probe into coal shortage at thermal power plants, imports

All India Power Engineers Federation (AIPEF) on Tuesday demanded an independent enquiry into shortage of coal at various thermal power plants as well as the imports of dry fuel in the country. The engineers' body also said the central government should bear the additional cost of coal imports by power generation utilities, according to an AIPEF statement. It said that certain entities are benefitting from rising coal imports and demand from a number of power producers leads to an increase in the price of the dry fuel in the international market. AIPEF chairman Shailendra Dubey said the term of reference of the enquiry should include who are the main beneficiaries of coal imports. According to AIPEF, imports of coal have increased after the government has made it mandatory for imported coal based plant to run with full capacity and instructed the domestic coal based plants to increase blending of imported coal from 4 per cent to 6 per cent. In March this year, the government issued

Global South calls for ramped up global efforts to improve supply chains

The Global South leaders further highlighted the role of South-South cooperation in this regard and discussed ways to promote mutual cooperation and investments amongst the Global South countries

Import licensing announcement pushed PC sales in India up 14% in Jul-Sep

HP Inc continued to lead the PC market with a total share of 29.4% during the quarter

Govt to ensure trusted supply chain for digital ecosystem: Official

India is determined to ensure a trusted supply chain for its digital ecosystem and will not compromise on the security of the internet, an IT Ministry official said on Wednesday, after the US, China and Korea raised concerns over the decision to impose import curbs on laptops and computers at a recent WTO meeting. These concerns were flagged in the meeting of the WTO Committee on Market Access. It was chaired by Renata Crisaldo of Paraguay on October 16 in Geneva. The senior IT Ministry official on Wednesday affirmed that India is determined, indeed justified, in ensuring that the digital backbone and ecosystem are trusted and without any compromise. "...We are very clear and determined that we want an absolutely trusted supply chain for the Indian digital ecosystem, and especially, when we are just going to take off, and the entire internet is going to be built on servers, clouds and data centres," the official said in response to a question on the US and Korea raising concerns ove