Page 9 - Imports

India says GM technology important for food security, import reduction

The environment ministry in October granted environmental clearance for indigenously developed GM mustard seeds, potentially paving the way for a commercial release of the country's first food crop

Bangladesh's current account deficit widens in Oct as imports surge: Report

Bangladesh's current account deficit further widened in October as imports continued to increase in comparison to the combined receipts from exports and remittances

Govt working on ways to contain surge in imports of non-essential goods

The government is working on ways to contain surge in imports of non-essential goods with an aim to boost the country's exports and reduce trade deficit, an official said. The commerce ministry has identified those products and have sent communications to the line ministries to work on remedial measures for cutting down those imports, the official said. According to the ministry's data, imports during April-October this fiscal have increased to USD 436.81 billion as against USD 328.14 billion in the same period last year. Trade deficit for April-October 2022 has widened to USD 173.46 billion as against USD 94.16 billion in April-October 2021. Another official said that it is the commerce ministry's mandate to constantly monitor trends in imports and exports, and ascertain reasons behind those trends. "In this regard, we reach out to various ministries, industry bodies, export promotion councils, trade experts and other relevant stakeholders to seek information related to the trends

Nepal to lift ban on import of vehicles, liquor products from Dec 16

Nepal's cabinet has decided to lift an eight-month-long ban on the import of some vehicles, liquor products and expensive mobile sets from December 16, a cabinet minister said

Crude concerns: India may have to rely on dark fleets for Russian imports

India will continue to buy Russian oil, and the lack of ships or insurers will not be a hindrance, said an oil ministry official

Govt to tighten check on imports; set up task forces for telecom production

The government will come up with a methodology to check imports from neighbouring nations, which are non-compliant to trusted source rules of the telecom sector, Union minister for communications and IT Ashwini Vaishnaw said on Saturday. The minister had a meeting with over 40 CEOs of telecom gear makers that have qualified for production linked incentive scheme and decided to set up 4-5 task forces to provide market support to them as well as streamline their business for value addition in the economy. Telecom gear makers expressed concern around import of network gear from China, which is being routed through other neighbouring countries. When asked about concerns around such imports, the minister said, "This issue was discussed. Representatives from customs department, finance ministry and other ministries... work will be done on it to devise how to check it in a methodical manner." The minister said that the companies under telecom PLI are close to start export of their gears a

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

Centre tells fertiliser companies, states to promote Nano urea use

At present, the capacity of Nano urea is 50 million bottles per year

FTAs and their discontents: Do free trade agreements benefit India?

India's balance of trade has worsened with countries with which it has signed free trade agreements

India imports 2.34 mn tons of fertiliser including urea, DAP in October

The country imported 23.4 lakh tonne of fertilisers, including urea and Di-ammonium Phosphate (DAP), in October this year, according to official data. Out of the total fertiliser imports, DAP was maximum at 14.70 lakh tonne, followed by urea at 4.60 lakh tonne, Muriate of Potash (MoP) at 2.36 lakh tonne and complexes at 1.70 lakh tonne in the said month, the data showed. Meanwhile, the domestic production of fertilisers was 36.19 lakh tonne in October, lower than the target of 41.54 lakh tonne set for the month. Against the assessed requirement of 71.47 lakh tonne fertilisers for October, the availability was less at 64.28 lakh tonne, and sales stood at 53.34 lakh tonne during the period, as per the data. Barring urea and ammonia, prices of DAP and fertilisers had shown an increase in the global market in October when compared to the year-ago period. Urea is highly subsidised at Rs 5,360 per tonne in the country. The government also offers subsidies on other fertilisers to ensure

India likely to import 64% less soyabean in 2022-23: Industry body SOPA

India's soyabean import is pegged lower by 64 per cent at 2 lakh tonnes in the 2022-23 season on prospects of higher domestic production, industry body SOPA said on Wednesday. The country had imported 5.55 lakh tonnes of soyabean during the 2021-22 season (October-September), it said. According to the Soybean Processors Association of India (SOPA), the domestic production of soyabean is estimated to increase to 120.40 lakh tonnes in the 2022-23 season when compared with 118.89 lakh tonnes last season. Even the carry-over stock remains higher at 25.15 lakh tonnes as against 1.83 lakh tonnes in the previous year. The total availability of soyabean is estimated at 147.55 lakh tonnes this season, higher than 126.27 lakh tonnes in the previous season, the industry body said in a statement. Out of the total soyabean, about 100 lakh tonnes would be available for crushing this season as against 84 lakh tonnes in the previous 2021-22 season. About 13 lakh tonnes are estimated to be retain

Tax-authorities tighten noose around under-invoicing of Chinese imports

Tax authorities suspect a tax evasion of more than Rs 16,000 crore through under-invoicing by businesses from April 2019 to December 2020

World food import bill to be at record high of $1.94 trillion in 2022: FAO

The world food import bill is estimated to rise to US$1.94 trillion in 2022, higher than previously expected, according to the latest Food Outlook forecast released by the FAO

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

Trade data from China, India shows gaping hole of $12 billion: Report

India-China trade: Under-invoicing of shipments by Indian importers is believed to be the main reason behind the gap in figures

PM expresses concern on high import bill for edible oil, fertlisers

Prime Minister Narendra Modi on Monday expressed concern over the huge edible oil and fertilisers import bill, which is putting pressure on the exchequer, saying it is time to work in mission mode to make India self-reliant and reduce import dependence. Modi said it was necessary to become 'AatmaNirbhar' or self-reliant because problems in the exporting countries directly hit import prices for India as happened after the outbreak of the Russia-Ukraine war. Addressing a gathering after launching several projects related to the agriculture sector, the Prime Minister said it is important to reduce dependence on imported edible oil and fertilisers, and even crude oil to the extent possible. Modi said the government would be spending Rs 2.5 lakh crore on the import of soil nutrients this year only to ensure high global prices do not affect farmers. He also said the government was purchasing urea from overseas for Rs 75-80 per kg but was supplying it to farmers at Rs 5-6 per kg to protec

Need for rules to assist imported goods valuation unclear

The draft rules specify 11 types of imports that will be exempted from application of the rules

Govt must curb non-essential imports to stem rupee fall: CEO poll

India Inc encourages FDI, raising dollar deposits from NRIs

India proposes 15% retaliatory duties on 22 items imported from UK

India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK in retaliation to Britain's decision to impose restrictions on steel products. In a communication to the World Trade Organisation (WTO), India said it is estimated that the safeguard measures taken by the UK on steel products have resulted in the decline of exports to the tune of 2,19,000 tonnes on which the duty collection would be USD 247.7 million. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the UK, it said. "India hereby notifies the (WTO's) Council for Trade in Goods of its decision to suspend concessions or other obligations under the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards that are substantially equivalent to the amount of trade affected by the measures of the UK," it added. The other products .

Commerce min for imposing anti-dumping duty on Chinese steel tubes, pipes

The commerce ministry has recommended imposition of anti-dumping duty on Chinese steel tubes and pipes for five years to guard domestic players from cheap imports from the neighbouring country. The Directorate General of Trade Remedies (DGTR) has recommended the duty on imports of 'stainless-steel seamless tubes and pipes' from China after concluding in its probe that the product has been exported at dumped prices into India, which impacted the domestic industry. "Definitive anti-dumping duty...is recommended to be imposed for five years," the directorate has said in a notification. Stainless-steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. It is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators, including nuclear and thermal power. DGTR had conducted the probe following a complaint from Chandan Steel Ltd, Tubacex Prakash India Pvt Ltd, and Welspun Specialty Solutions Ltd abo