Page 8 - Imports

Govt to come up with control orders to stop sub-standard goods' import

The government will come up with as many as 58 quality control orders (QCOs) for products such as aluminium, copper items and household electrical appliances in the next six months, in a move aimed at containing import of the sub-standard goods and boost domestic industry, a senior government official said. The department for promotion of industry and internal trade (DPIIT) is working hard to promote manufacturing of high quality products in the country. "Since 1987, only 34 QCOs have been issued. But now we are coming up with 58 QCOs in the next six months. The main objective is to stop import of sub-standard goods. These mandatory norms will be for domestic and foreign players," Joint Secretary in the DPIIT Sanjiv told PTI. There will be 315 product standards under these orders. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless they bear the BIS (Bureau of Indian Standards) mark. "These QCOs will be notified within a year after following

Trade watch: Low demand for goods from China, others sinks imports

Import from India's key crude oil suppliers -- Saudi Arabia and Iraq -- contracted 14.3 per cent and 11.2 per cent, respectively

Share of US in India's crude basket rises to record 14% in December

In December, crude oil imports from the US shot up 93 per cent to 3.9 million MT

DPIIT to bring quality control norms for building material to check imports

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring building materials like asbestos and gypsum under quality control norms, a move aimed at containing import of sub-standard goods and boosting the domestic industry. In this regard, the department has sought industry comments on draft quality control orders (QCOs) for concrete, asbestos, gypsum and ceramic-based materials industry. It has floated draft QCOs for 53 products. "In this regard, all the industry, apex industry/ associations, sectoral industry/association, regional industry/association, respective administrative ministries, concerned R&D institutions/organisations are requested to furnish their comments on the draft QCOs," DPIIT said. Comments can be sent till February 20. The 53 products include cement concrete flooring tiles, concrete paving blocks, gypsum plaster boards , and pulverised fuel ash - lime bricks.

Indian refiners may buy Russian oil for domestic demand, export own: Report

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

India's merchandise trade crosses the $1-trillion mark in 2022

Outbound shipments grew 13.7 per cent year-on-year (YoY) in 2022, while imports rose by 21 per cent, commerce and industry ministry's data showed

Finance ministry increases 'risk profiling' of shipments from China

Govt taking steps to address possible cases of under-invoicing

Govt exempts customs duty on imports of Covid-19 vaccines till March 31

Currently, Covid vaccines administered in India include Covishield, Covaxin, Sputnik V, Corbevax and Covovax

Customs dept monitoring toy imports, newer modus operandi adopted: CBIC

The CBIC on Saturday said the customs department is closely monitoring import of toys and continuously tackling newer modus operandi adopted to circumvent the quality control and safety norms. The government earlier this week said 18,600 toys have been seized in the last one month from major retail stores, including those of Hamleys and Archies, at airports and malls across India for lack of BIS quality mark and use of fake licences. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said the customs department is engaged with both BIS and the DGFT (Directorate General of Foreign Trade) to thwart attempts of circumventing the quality control and safety checks. It said newer modus operandi adopted to circumvent the BIS restrictions by way of imports of parts of toys, staggered import of such parts through different ports, and misdeclaration of toys and their parts as entirely different items is being "continuously tackled". "Indian Customs has been closely monitoring

India may be in better economic shape to create a rupee trade zone

But the China factor could play spoiler

DRI issues show cause notice against Samsung India for tax evasion: Report

The agency has asked the company on why it should not impose penalty against the management

Fiscal deficit touches 59% of full-year target in November at Rs 9.78 trn

The government's fiscal deficit at the end of November touched 59 per cent of the full year budget estimate, according to data released by the Controller General of Accounts (CGA) on Friday. In actual terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 9,78,154 crore during the April-November period of 2022-23. In the corresponding period last year, the deficit was 46.2 per cent of the budget estimates of 2021-22. For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP.

Myanmar's exports up 15.09% in over 8 months of FY 22-23: Govt data

During the period, the country's imports were higher by 26.19 per cent to $12,325.87 million

Airbag industry in India expected to grow to Rs 7,000 cr by FY27: Icra

The industry size of airbags, a key safety feature in vehicles, is expected to grow to up to Rs 7,000 crore by FY2027 in India, from the current levels of around Rs 2,500 crore, according to ratings agency Icra. The growth in the airbag industry, which is one of the fastest growing auto component segments, is expected to be fuelled by the increase in content per vehicle arising from higher regulatory requirements and voluntary increase in the number of airbags per vehicle for enhancing safety, Icra said in a statement. "The mandatory content per vehicle for airbag manufacturers is expected to rise from Rs 3,000-4,000 currently to Rs 8,000-10,000 by October 1, 2023. The average number of airbags per car sold is about three currently, and this is expected to increase significantly post the mandatory implementation of six airbags per car from October 1, 2023," Icra Vice President and Sector Head Vinutaa S said. Accordingly, Icra said it expects the industry to grow to Rs 6,000-7,000 ..

Covid fears in China may have cascading impact on India's exports, imports

The importance of China as India's top trading partner cannot be understated

Centre likely to announce measures to curb Chinese imports in Budget 2023

The imports of finished goods entering India from China directly or indirectly via a third country will most likely be restricted

Govt to support farmers to produce more pulses, streamline imports

The government on Thursday said it will take steps to support farmers for increasing pulses production and also streamline imports as part of its objective to make available the products at affordable rates. The Department of Consumer Affairs will take all necessary steps required to support Indian farmers to produce more pulses, according to an official statement. Importers will also be supported for seamless imports of pulses so that the pulses are available to the consumers at affordable prices, throughout 2023, said Rohit Kumar Singh, Secretary Department of Consumer Affairs during a meeting with pulses associations. Further, Singh reiterated the importance of both domestic production and the imports of pulses especially Tur, Urad and Masoor. "Global availability in the coming year is expected to be better with increase in production expected from Myanmar, where arrivals have started and pulses sowing intentions in African countries indicating increase in area coverage under ..

India imports 4.61 mn tonnes of urea in April-November this fiscal

Urea production stood at 187.21 lakh tonnes during April-November period of this fiscal, while imports were at 46.14 lakh tonnes to meet domestic demand. In a written reply in the Rajya Sabha, Minister of State for Chemicals and Fertilisers Bhagwanth Khuba shared the data for consumption, production and import of urea in the last three years. As per the data, urea production stood at 250.72 lakh tonnes in the 2021-22 fiscal as against 246.05 lakh tonnes in 2020-21 and 244.58 lakh tonnes in the 2019-20 financial year. Urea imports stood at 91.36 lakh tonnes in the last fiscal, 98.28 lakh tonnes in 2020-21 and 91.23 lakh tonnes in 2019-20. Urea is presently sold in 45-kg bags and the maximum retail price (MRP) is Rs 242 per bag (excluding charges towards neem coating and taxes as applicable). "The subsidy provided per 45kg bag of urea is approximately Rs 1800 (Q1 of 2022-23)," the minister said. The difference between the production cost and MRP is reimbursed as subsidy to fertilis

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

World's play store: India scripts a local toy story, turns a net exporter

India is likely to extend the production-linked incentive (PLI) scheme to domestic toy manufacturers after Chinese toys were found to be "unsafe"