Page 8 - Import

Robust trade ecosystem crucial to achieve $2 trn exports by 2030: DGFT

A robust and easy trade finance ecosystem is important for India to achieve the USD 2 trillion exports target by 2030, a senior government official said on Thursday. Additional Director General of Foreign Trade (DGFT) S C Aggarwal said easy availability of affordable trade finance helps promote export competitiveness. Traders and the government have to work on issues like obtaining easy finance both for domestic and cross-border trade, he said. "A robust and easy trade finance ecosystem is very important for moving us to achieve this goal (of USD 2 trillion)," Aggarwal said here at an event. India has set an ambitious target to take its total goods and services exports to USD 2 trillion by 2030. According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53 billion in 2021-22. He suggested the industry to focus on how to make it easier to get the finance and ways to strengthen this ecosystem.

IAF chief Chaudhari underlines need to reduce dependence on imports

IAF Chief Air Chief Marshal V R Chaudhari on Friday said the key to success lies in increased spending on research and development, coupled with indigenous manufacture of defence equipment. Addressing a conclave here, he also impressed upon the need to reduce dependence on imports. The IAF on Friday shared a tweet highlighting some of the key points made in Air Chief Marshal Chaudhari's speech. "Speaking on the topic of 'Propelling Self Reliance in the Aerospace & Defence Sector' at the 'India Defence Conclave' organised by the @EconomicTimes, #CAS Air Chief Marshal VR Chaudhari impressed upon the need to reduce dependence on imports," it tweeted. It was followed by more tweets in one thread along with some photographs. The IAF chief advocated an "ABCD approach for achieving strategic autonomy in defence equipment," it tweeted. "Such a methodology would entail ACQUISITION of Indigenous technology, BOOSTING capability with upgrades, CONSERVING capacity through maintenance & ...

Govt caps amount of interest subvention at Rs 10 cr per IEC holder

The government on Thursday capped the amount of interest subvention at Rs 10 crore per IEC (import-export code) holder in one financial year. In March last year, the RBI extended the interest equalisation scheme for pre and post-shipment rupee credit for MSME exporters till March 2024 with the objective of boosting outbound shipments. Exporters get subsidies under the 'Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit'. "The annual net subvention amount would be capped at Rs 10 crore per IEC in a given financial year. All disbursements made from April 1, 2023, shall be counted for an IEC for the current financial year," the directorate general of foreign trade (DGFT) said in a trade notice. The interest equalisation rates under the scheme have been revised to 2 per cent and 3 per cent for specified categories of MSME manufacturer exporters. Import-Export Code (IEC) is an important document required to undertake the business of inbound and outbound shipment

Palm oil import in May to hit 27-mnth low, traders switch to soy, sunflower

The surprising drop in palm oil imports by India, the world's biggest importer of vegetable oils, could bring down palm oil prices

Import of PCs, medical devices, solar cells from China falls in FY23: GTRI

India's imports of electronic goods such as laptops, personal computers (PCs), integrated circuits and solar cells from China declined during 2022-23, according to a report by economic think tank GTRI. The fall in imports is notable in electronic items where the PLI (production linked incentive) scheme is operational, the report by Global Trade Research Initiative (GTRI) said. Import of medical equipment declined 13.6 per cent to USD 2.2 billion last fiscal year as compared to 2021-22. Similarly, import of solar cells, parts, diodes slumped 70.9 per cent to USD 1.9 billion in 2022-23. The report stated that import of laptops, PCs slipped 23.1 per cent to USD 4.1 billion and that of mobile phones came down by 4.1 per cent to USD 857 million in last financial year as compared to 2021-22. Inbound shipments of integrated circuits contracted by 4.5 per cent to USD 4.7 billion. Import of urea and other fertilizers declined 26 per cent to USD 2.3 billion in 2022-23. However, import of .

Tesla recalls 1.1 million electric cars from China over braking defect

Some 1.1 million electric cars that Tesla made at its Shanghai factory or imported into China between January 2019 and April this year will need to be fixed

Apex court verdict on pre-import conditions gives relief to exporters

Any claim for refund/credit shall be examined on its merits and on a case-by-case basis: SC

Government bans apple imports if its price is less than Rs 50 per Kg

The government on Monday banned the import of apples if its imported price is less than Rs 50 per Kg. "Import of apples...is prohibited wherever the CIF (cost, insurance, freight) import price is less than equal to Rs 50 per Kg," the directorate general of foreign trade (DGFT) said in a notification. Minimum import price condition shall not be applicable for imports from Bhutan, it said. In 2023, India imported apples worth USD 296 million against USD 385.1 million in 2022. The main countries which export apples to India include the US, Iran, Brazil, UAE, Afghanistan, France, Belgium, Chile, Italy, Turkey, New Zealand, South Africa and Poland.

Import of key Chinese medical devices rises up to 152% till Dec FY23

Overall imports decline 8% in first nine months of FY23

BIS non-clearance halt import of viscose, polyester staple fibre

According to industry sources, even after around 20 days since its implementation, applications for BIS certification by foreign companies are still pending, causing a halt on imports of both VSF, PSF

Edible oil import rises 8% to 1.135 mn tonnes in March: Industry body SEA

Edible oil imports rose 8 per cent year-on-year in March to 11.35 lakh tonnes, industry body SEA on Friday said and demanded that the duty difference between crude palm oil and refined palm oil should be increased to protect domestic refineries. The Solvent Extractors' Association of India (SEA) in a statement said edible oil imports rose to 11,35,600 tonnes in March from 10,51,698 tonnes in the year-ago period. Imports of non-edible oil fell to 36,693 tonnes in March from 52,872 tonnes in the same month last year. The total imports of vegetable oils (edible oils and non-edible oils) went up 6 per cent to 11,72,293 tonnes in March from 11,04,570 tonnes a year ago. From November 2022 to March 2023, imports of edible oils rose to 69,80,365 tonnes from 56,42,918 tonnes in the corresponding period of the previous oil marketing year. The oil marketing year runs from November to October. Imports of non-edible oils fell to 79,828 tonnes in the first five months of the 2022-23 oil year f

Stagnant milk output: Dairy imports may be allowed after a decade

India usually imports high-value milk products but not mass-consumed items

Pakistan's forex reserves fall to less than a month's import cover

As Pakistan struggles to secure external financing to pull the country out of the economic crisis, foreign exchange reserves held by the SBP reversed their course, snapping their 6-week winning streak

New foreign trade policy may not bank on incentives to boost exports

Set to be unveiled on Friday, it is likely to focus on export hubs, e-com

Union Budget 2023-24: Push for ELS cotton yield to reduce imports

ELS cotton usually comprises those that are 32-36 mm

Silver lining: India's imports at record 9,450 tonnes amid demand revival

The surge was led by demand revival from industry, fabricators and investors

Rupee slides 0.5% as importers continue to lock in dollar purchases

FPI outflows, likely RBI dollar purchases weigh on domestic currency

Indian toy retailers play hardball as they sit on non-BIS inventory

Some shut shop as they fear raids

Govt to discontinue import of crude soybean oil under tariff rate quota

The government on Wednesday said that it has decided to discontinue import of crude soybean oil under tariff rate quota (TRQ) from April 1 this year. TRQ is a quota for a volume of imports that will enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports. "Last date for import of crude soybean oil under TRQ has been revised to March 31, 2023. Further, no allocation of TRQs for import of crude soybean oil shall be made for 2023-24," the directorate general of foreign trade (DGFT) said in a public notice. The government has earlier exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soybean oil and crude sunflower oil each, to ease domestic prices. The duty-free import of 20 lakh MT per year was earlier applicable for two financial years -- 2022-23 and 2023-24 -- for crude soybean oil and crude sunflower oil. Now it is applicable only for crude sunflower see

Looming crisis: As power demand hits a peak, gencos told to import coal

Domestic coal supply to be regulated for those not adhering to the directive