Page 5 - India Imports

Govt working on revamped interest subvention scheme for exporters

IES is an interest subvention scheme, under which benefits in the interest rates charged by the banks are given to the exporters on their pre and post shipment rupee export credits

Thaw in Indo-China ties: How bilateral trade fared in last decade

China has been among India's top two trade partners for close to over a decade, although New Delhi's import dependency on Beijing has been high as compared to exports

Trade game: India's exports to 8 of top 10 markets grow in H1 FY25

Netherlands, US, UK see positive growth despite muted global demand

India recalibrates FTA strategy amid past challenges and rising imports

Standard operating procedure will take into account strategy towards modern FTA issues such as environment, labour, and digital trade

Meeting 2030 target may push India's solar imports to $30 bn per yr: GTRI

The country's target of installing 500 GW of renewable energy by 2030 may push solar equipment import bill to about USD 30 billion per year and increase dependence on Chinese goods, think tank GTRI said in a report on Sunday. It said developing a self-reliant solar manufacturing industry in India will require significant investment to create an integrated supply chain, especially in areas like polysilicon and wafer production. Without this, India may continue to face high import costs and struggle to meet its renewable energy goals. India installed 15 GW of solar capacity in 2023-24, raising the total to 90.8 GW by September, compared to just 2.8 GW in 2014, it said. To meet the government's target of installing 500 GW of renewable energy by 2030, India needs to significantly ramp up installations to 65-70 GW each year, with over 80 per cent of this target expected to come from solar power, according to the Global Trade Research Initiative (GTRI). "This target seems ambitious, ...

Showcause notice only a demand notice and not an adjudicating order

Rajagopalan answers readers' SME queries related to GST, export and import matters

Govt imposes import curbs on parts of pocket lighters with immediate effect

The government on Sunday imposed import curbs on parts of pocket lighters with immediate effect, a move which would help encourage domestic manufacturing and cut dependence on their inbound shipments from China. "Import of parts of pocket lighters, gas fuelled, non-refillable or refillable lighters (cigarette lighters)... is restricted with immediate effect," the directorate general of foreign trade (DGFT) said in a notification. Imports of cigarette lighters, priced less than Rs 20, are already prohibited. The import ban is also there on pocket lighters, gas-fuelled, non-refillable or refillable. Last year, the government also issued mandatory quality standard norms for flame-producing lighters with a view to contain import of sub-standard goods and boost domestic manufacturing. Items under the quality control orders (QCO), cannot be produced, sold/traded, imported and stocked unless they bear the BIS (Bureau of Indian Standards) mark. During April-July this fiscal, import of lig

Govt's policy flip-flops on imports of gadgets raises biz uncertainty: GTRI

The government's policy flip-flops on restricting imports of laptops and similar products have increased business uncertainty and costs, think tank GTRI said on Wednesday. A decisive and consistent policy is crucial to encourage global technology companies to shift manufacturing units to India and build a robust electronics supply chain, it added. To promote local manufacturing and reduce reliance on China, the government must announce a stable and long-term policy, it noted. India, it said, is bound by the ITA-1 (information technology) agreement of the World Trade Organisation (WTO) and cannot raise import duties, leaving import restrictions as the primary tool for fostering domestic production. However, the repeated extensions of import authorisations and delays in implementing a clear Import Management System (IMS) have undermined these efforts, the think tank said. "A decisive, consistent policy is crucial to encourage global tech companies to shift manufacturing to India and

Govt considers extending laptop import rules as September 30 deadline nears

The import authorisation system, introduced in October 2023 to monitor imports, has already led to a decline in imports of seven IT hardware products, including laptops, personal computers, and tablet

Indian steel firms under pressure from rising imports, drop in exports

Global steel industry is facing a major threat due to surge in steel exports, particularly from China at predatory prices

Coal import rises 41% to 25.23 MT in July, demand to be buoyant: mjunction

India's coal import rose by 40.56 per cent to 25.23 million tonne (MT) in July, according to data compiled by B2B e-commerce platform mjunction services. The country's coal import was 17.95 MT in the corresponding month of previous fiscal. Coal import also rose to 100.48 MT in the April-July period of the ongoing fiscal from 89.11 MT a year ago, it said. mjunction MD & CEO Vinaya Varma said the import demand is likely to be buoyant in coming weeks, ahead of the festive season next month. "Imports of non-coking coal showed an uptrend amid softening of prices in the seaborne market. There, however, was a drop in coking coal volumes due to tepid demand from the steel mills," mjunction services said. Of the total imports in July, non-coking coal's share stood at 16.52 MT, against 10.16 MT imported in the same month a year ago. Coking coal import volume was 4.81 MT against 5.03 MT in July last fiscal. During the April-July period, non-coking coal import was higher at 65.64 MT compared

'India's dependence on Chinese imports for MSME goods has been declining'

India's reliance on imports of MSME goods such as articles of leather, toys, and musical instruments from China is declining steadily, reflecting the country's efforts to diversify import sources and strengthen domestic production capabilities, an official said on Monday. On the other hand, dependency on imports of these goods from China by other countries like Brazil is increasing. Citing data, the official said that the concentration of musical instrument imports from China has decreased from 77.58 per cent in 2013 to 51.51 per cent in 2023. The share of imports of essential oils, cosmetics, and toilet preparations from China has also declined from 16.33 per cent in 2013 to 11.86 per cent in 2023. Similarly, the inbound shipments of toys and games from the neighbouring country have dipped from 76.7 per cent in 2013 to 70.97 per cent in 2023. "India's trend of reducing its reliance on Chinese imports, particularly in categories like articles of leather, ceramic products, toys, an

Chinese import of goods like umbrellas, toys hurting Indian MSMEs: GTRI

Increasing imports of goods such as umbrellas, toys, certain fabrics, and musical instruments are severely hurting MSMEs as many of these products are also made by domestic businesses, according to think tank GTRI. The report said that during January to June 2024, India exported goods worth only USD 8.5 billion, while imports stood at USD 50.4 billion, resulting in a trade deficit of USD 41.9 billion. This low export and high import makes China India's largest trade deficit partner. "China accounts for 29.8 per cent of India's industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from China," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said that these imports from China are "hurting" Indian MSMEs, as many of the imported products are also made by these local businesses. He noted that the cheaper Chinese goods make it tough for MSMEs to compete, leading to struggles for survival. "

India ramped up Russia crude oil imports in June quarter: Govt data

Growth set to build on June qtr's $14.7 bn oil inflows amid competition from UAE, Iraq

Imports from China up 13% to $10.2 bn, exports dip 9.44% to $1.5 bn in July

India's exports to China dipped by 9.44 per cent to USD 1.05 billion, while imports rose by 13.05 per cent to USD 10.28 billion in July, according to the commerce ministry data. Cumulatively, during April-July this fiscal, exports to the neighbouring country also dipped by 4.54 per cent to USD 4.8 billion, while imports grew 9.66 per cent to USD 35.85 billion, leaving a trade deficit of USD 31.31 billion, the data showed. The country's exports also contracted to the UK, Germany, South Africa, Malaysia, France, Italy, Australia, Nepal, Brazil, Belgium, Turkey, and Indonesia during the month. However, the outbound shipments recorded growth in the US, UAE, the Netherlands, Singapore, Saudi Arabia, Bangladesh, and Mexico in July. According to the data, India's exports to the US rose 3.15 per cent to USD 6.55 billion, while imports increased by 1.43 per cent to USD 3.71 billion in July. Cumulatively, during April-July 2024-25, exports to the US increased 9 per cent to USD 27.44 billion

India's exports dip 1.2% to $33.98 bn in July, imports up by 7.45%

India's merchandise exports in July dipped 1.2 per cent to USD 33.98 billion from USD 34.39 billion in the year-ago month, according to government data released on Wednesday. Imports increased by about 7.45 per cent to USD 57.48 billion in July against USD 53.49 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review stood at USD 23.5 billion. Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country's total exports of goods and services will cross last year's figure. India's merchandise exports rose by 2.56 per cent to USD 35.2 billion in June, even as the trade deficit widened to USD 20.98 billion. Exports during April-July this fiscal increased 4.15 per cent to USD 144.12 billion, and imports grew 7.57 per cent to USD 229.7 billion.

Govt likely to extend import regime for laptops, IT hardware products

The system kicked in on November 1 to promote domestic manufacturing of these goods and reduce dependence, especially on China

Merchandise exports growth may slow to 4.2% in Q2, says Exim Bank

Merchandise exports are projected to increase to $111.7 billion in Q2 against $109.9 billion recorded in Q1

India's imports of pulses likely to decline in FY25 on good monsoon

Eminent agri economist Ashok Gulati says imports likely to double in the next 5 yrs if policies remain unchanged

Govt fast tracks visa approvals for China vendors to step up manufacturing

Move to help firms investing in sectors covered by PLI schemes