Page 6 - India Imports

India imports 1.8 MT urea, 2.2 MT fertiliser from China in 2023-24

India imported 18.65 lakh tonne urea and 22.58 lakh tonne phosphatic and potassic (P&K) fertilisers from China during 2023-24, the government informed Parliament on Tuesday. In a written reply to the Rajya Sabha, Minister of State for Chemicals & Fertilisers Anupriya Patel said, "Government of India through Department of Fertilizers imports urea (agriculture purpose) on government account to bridge the gap between production and assessed demand." As per the data, the country imported 70.42 lakh tonne urea in 2023-24 for USD 2.6 billion. Of this, India imported 18.65 lakh tonne urea from China valuing USD 730 million. "So far as P&K fertilizers are concerned, these grades of fertilizers are covered under Open General Licence (OGL) under the Nutrient Based Subsidy Scheme (NBS). They are imported by the companies on their commercially viable terms," Patel said. The value of imported P&K fertilizers is not maintained in the department. India imported a total of 106.53 lakh

Govt must take note of CEA's warning on China

Our government is best placed to assess national security considerations and determine the extent of access we should give to Chinese goods and investments

Atmanirbhar shouldn't lead to inefficient import substitution: Ex RBI chief

Owing to supply disruptions caused by the Russian-Ukrainian war, many countries started thinking about being self-sufficient with respect to critical imports' and India needs to ensure that Atmanirbhar should not degenerate into inefficient import substitution', former RBI Governor C Rangarajan said on Saturday. Addressing the 14th Convocation of the ICFAI Foundation For Higher Education, he said India's development strategy should be multidimensional and growth may be stimulated by raising investment rate, emphasizing agriculture, manufacturing and services, absorbing new technologies and promoting a mix of sectors that are employment friendly. Any import substitution must look at cost. Expensive, import substitution is not to the advantage of anybody. What we need to do is efficient import substitution. Atman should not degenerate into the old style import substitution. I think that is contrary to what is good for our country, he said. Jobless growth is certainly a matter of ...

India's duty cut to revive gold demand after weak June quarter: WGC

Higher purchases in the world's second-biggest gold consumer could support global benchmark prices, which are trading near record highs

Govt considering potato imports from Bhutan amid rising prices, lower yield

The Ministry of Agriculture & Farmers' Welfare's first advance estimate indicates that potato production is projected to be around 58.99 million tonnes this year

Non-tariff barriers: Centre readies steps to ease exporters' woes

Sets up panel, identifies challenges, to launch portal soon

US urges India to delay health certificate mandate for food imports by 6 mt

Currently, India mandates that all imported milk and milk products, pork and pork products, and fish and fish products must be accompanied by a health certificate issued by the exporting country

India permits limited imports of corn, vegetable oils at concessional duty

India has set import limits at 150,000 metric tonnes for sunflower or safflower oil, 500,000 tonnes for corn, 10,000 tonnes for milk powder, and 150,000 tonnes for refined rapeseed oil

India expects surge in solar cell output, says will curb imports from China

In a bid to wean itself off Chinese imports, India has levied taxes on some solar components and introduced a so-called approved list of models and manufacturers

CII says reducing dependence on China 'critical' for electronics industry

It recommended the government to come up with revised electronic components production-linked incentive schemes with higher incentives in the range of 35-40 per cent to reduce dependence on imports

Amid call for reduced dependency, India's coal import rises 13% in April

India's coal import rose by 13.2 per cent to 26.10 million tonne (MT) in April 2024 as buyers took fresh positions amid early onset of summer. The country had imported 23.05 MT of coal in the year-ago period, according to data compiled by B2B e-commerce company mjunction services ltd. This comes amid coal and mines minister G Kishan Reddy stating that India should increase domestic production of the fossil fuel and reduce coal imports. "India's coal and coke imports in April 2024 through the major and non-major ports increased by 13.2 per cent over April 2023," the data showed. Of the total import in April, non-coking coal import stood at 17.40 MT against 15.15 MT in the year-ago month. Coking coal import was 4.97 MT against 4.77 MT. "There was an increase in volumes...Going ahead, there may be continued demand from both the power and non-regulated sectors due to pre-monsoon restocking," mjunction MD & CEO Vinaya Varma said. Coal imports in April were up by 8.93 per cent as ...

India's May exports rise 9.1%; merchandise imports up 7.7% at $61.91 bn

Merchandise imports in the same month rose 7.7 per cent year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion

Chatroom: 'DGFT should review Para 2.12 of FTP'

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

Adopting global standards to help India improve quality of goods: GTRI

Steps such as adoption of international standards, using risk-based regulations, and modern infrastructure development will help further improve quality of goods manufactured and exported from India, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also recommended support to small and medium enterprises, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems. These suggestions come at a time when India is on the fast track to issue Quality Control Orders (QCOs) and Compulsory Registration Orders (CROs) with a view to curb imports of sub-standard goods from countries like China, boost domestic manufacturing and push exports of high-quality goods from the country. GTRI Founder Ajay Srivastava said that to fully capitalize on these initiatives, it is crucial to comprehensively .

FTA benefits elude India

The high import and low export trend is likely to continue with free-trade agreements under negotiation

India in trade deficit with 9 of top 10 trading partners in 2023-24: Data

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed. The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23. China has emerged as India's largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US. The bilateral trade between India and the US stood at USD 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. India has a free

Laptop, tablet imports from China surged 47% to $273.6 million in March

With the import monitoring system now in place, the government is able to collect data about specific products coming in from different sources

Govt continues curbs on import of unregistered IT, electronic goods

Rules referred to 2012 have been replaced with 2021 and there is no change in policy, says senior government official

Govt reaffirms restrictions on import of non-compliant electronic products

There is no implication of this notification. The import policy for these categories in question were restricted anyway, so its status quo, a government official aware of the matter said on Tuesday.

India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI

India's imports of goods from countries with which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal years to USD 187.92 billion, according to think tank GTRI. On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per cent to USD 122.72 billion in 2023-24 from USD 107.20 billion in 2018-19. "From FY'2019 to FY'2024, India's imports increased by 37.97 per cent, from USD 136.20 billion to USD 187.92 billion. This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," the Global Trade Research Initiative data showed. According to the data, India's exports to the UAE increased by 18.25 per cent to USD 35.63 billion in 2023-24 as against USD 30.13 billion in 2018-19, while imports surged 61.21 per cent, from USD 29.79 billion in FY2019 to USD 48.02 billion in the last fiscal. The FTA between India and the UAE came into effect