Page 6 - Imports

Weekly India-UK FTA meets taking place, ironing out differences: Govt

The government is working on an import management system - laptops, tablets, and other IT hardware - and it will come into effect on November 1

Govt requests mills to stop raw jute imports on domestic oversupply

The Centre has advised mills to stop importing raw jute because of its oversupply in the domestic market and instructed jute importers to provide daily transaction reports in a prescribed format until December. The jute commissioner's office, representing the Union textile ministry, in a notice on Tuesday also recommended mills not to import jute of TD 4 to TD 8 variants (as per the old classification used in the trade) since these are adequately available within the country. "The variants make up 75 per cent of the total jute production and trade," said Sanjay Kajaria, former chairman of the Indian Jute Mills Association. The current season's production stands at 91 lakh bales, with an opening stock of 23 lakh bales and 5 lakh bales of imported raw jute, resulting in a total estimated availability of 119 lakh bales. According 2021-22 data, jute imports amounted to 62,500 tonnes valued at Rs 449 crore, while exports reached 32,000 tonnes, valued at Rs 222 crore. The jute commissio

DGTR recommends anti-dumping duty on Chinese wheel loaders for 5 years

The commerce ministry's arm Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty of up to 82 per cent on imports of wheel loaders from China for five years to protect domestic players. The product is a commonly used machinery in infrastructure and mining sectors. The recommendation came after a year-long investigation into the complaints of injury by domestic manufacturers of this product. According to a DGTR notification: "The Authority recommends imposition of definitive anti-dumping duties... so as to remove the injury to the domestic industry". It has concluded in its probe that the imports are coming at prices below the domestic sales price, injuring the domestic industry. The anti-dumping duty, when notified by the Department of Revenue, will be imposed on 'wheel loaders' of less than 7,000 kg capacity and even on imports of semi-knocked-down kits. Completely knocked-down kits have been excluded from the duties as this could end up with anti-dum

Govt bans manufacturing, imports of electric detonator from April 2025

The government has decided to ban manufacturing, possession and imports of electric detonator from April 2025 in view of security concerns and public safety. In a notification, the Department for Promotion of Industry and Internal Trade (DPIIT) has said that the central government is of the opinion that electric detonator is of a "dangerous" character. It is expedient for the security concerns and public safety to prohibit the manufacturing, possession and import of electric detonator, it said. It added that the government, after consultation with stakeholders of explosives industry, in the public interest has decided that its production shall be completely phased out by the end of 2024-2025. "The central government hereby prohibits the manufacture, possession and import of the electric detonator...throughout the country with effect from the 1st day of April, 2025," the notification, dated September 29, has said.

Commerce Ministry opens applications for registration to import IT hardware

The registration plan comes after the Centre decided to delay the requirement of licenses for such imports

India loosening its planned restrictions on laptop, tablet imports

As part of the latest plan, all companies bringing everything from tablets and laptops to desktop computers and servers into India will have to register

India counting on potash supplies despite diplomatic row with Canada

Ties between India and Canada deteriorated sharply after New Delhi and Ottawa expelled one of the other's diplomats in a dispute over the murder of a Sikh separatist leader

'Domestic manufacturing of premium lighting products may double in 3 yrs'

The Indian premium decorative lighting industry is focusing on domestic value addition to replace imports, and expects the localisation level to double from the current stage in the next three years as the demand is on the rise, a senior company official said. Localisation refers to locally producing or manufacturing components. It is beneficial for a sector as it cuts down the cost of the component or the whole product. The localisation and domestic manufacturing of premium lighting products is now around 20 per cent, which is expected to double in the next three years, said Usha International. president and business head (lighting) Vikas Gandhi. He explained that the volume did not support complete localisation, but the revival in the market with a boom in the housing and hospitality sectors has encouraged the company to promote local value addition. Currently, most of the imports are from China, according to the executive, whose company sells its products under the Tisva brand

Imports from Russia doubles to $25.69 billion in Apr-Aug on oil, fertiliser

The country's imports from Russia almost doubled to USD 25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were USD 13.77 billion during April-August 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China dipped to USD 42 billion during the period against USD 43.96 billion in the same period last year. Similarly, imports from the US ..

Tesla looking at sourcing components worth $1.9 billion from India: Goyal

The minister said that going forward, demand for electric vehicles will increase and it will help in pushing the growth of the sector

Mehbooba asks PM to reconsider move to remove duties on apples, walnuts

PDP president Mehbooba Mufti on Monday asked Prime Minister Narendra Modi to reconsider the decision to remove additional duties on apples, walnuts and almonds imported from the US, saying it will have a devastating effect on the horticulture industry in Jammu and Kashmir. The government last week announced its decision to remove additional duties on US products like apples, walnuts and almonds among other items. The additional levies were imposed in 2019 as a retaliatory measure to the United States raising tariffs on certain steel and aluminium items "GOIs decision to remove additional duties on apples, walnuts & almonds will have a devastating effect on local growers in J&K already grappling with huge losses post 2019. Hope @PMOIndia reconsiders," the former Jammu and Kashmir chief minister posted on X.

Panic buying? IT hardware imports rise 50% ahead of licence deadline

The rise in imports is expected to continue in September as well, as it takes 4-6 weeks for consignments to reach India

Top palm oil buyers expects 26% increase in imports to record 10 MT

Higher purchases by the world's biggest importer of palm oil could help to lower inventories in top producing Indonesia and Malaysia and support benchmark futures

India remained top buyer of Russian Ural oil in Aug despite rising prices

Indian refineries said in August that the Urals discount to the dated Brent benchmark crude had narrowed too much, making them cut purchases of the grade in September

India's crude oil imports from Russia down 24% MoM, lowest in 7 months

Indian refiners also cut shipments from Iraq, another top supplier, by 10% on the month in August to 848,000 barrels a day

Palm oil futures edges up on supply concerns amid India festive demand

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange strengthened 7 ringgit, or 0.18% to 3,937 ringgit ($849.22) per metric ton by the midday break

India mulls wheat imports from Russia at discount to calm prices: Reports

The imports would allow New Delhi to intervene more effectively in the market to drive down wheat prices that stoked inflation to a 15-month high in July

Global slowdown, protectionism start affecting services exports from India

The services trade surplus widened to $36.39 billion in the first three months of the current financial year against $31.07 billion in the first quarter of the previous year

No proposal to put import restrictions on more electronic goods: Comm Secy

There is no proposal at present to impose import restrictions on more electronic goods, Commerce Secretary Sunil Barthwal said on Monday. The government has decided to impose import curbs on laptops, personal computers and certain more electronic devices from November 1 on security grounds to reduce imports from nations like China and boost domestic manufacturing. Barthwal said there is a production-linked incentive (PLI) scheme for electronics and mobile manufacturing. "We are monitoring our imports. We are also looking that there should not be undue dependence on any particular country. We want to diversify both our exports as well as our imports. "We do not want ourselves to be dependent upon very few sources of imports...So what we are doing, we are evaluating the position in consultation with various ministries. We are looking at trends, but there is nothing in the offing, as of now," he told reporters here. He was replying to a question about whether the government is lookin

Trade deficit widens to $20.67 bn in July compared to $20.13 bn in June

Merchandise exports in July stood at $32.25 billion, down from $32.87 billion in June and $38.34 billion in July 2022