Page 7 - India Imports

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

Iraq closes gap with Russian oil in FY24 as Moscow's discounts shrink

Tightening of US sanctions on Russian shipping coupled with reduced availability of Russian oil due to its participation in the OPEC+ grouping's production cuts has hurt discounts to Indian refiners

Australia to grow more yellow chana after India removes 40% import duty

The removal of 40% import duty on desi chana by India will incentivise Australian farmers to increase both the acreage and production of Bengal gram for export to India

India's oil import bill could swell to $101-104 billion in FY25: ICRA

India's net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of USD 7.9 billion in 11 months (April-February) of 2023-24, up from USD 5.1 billion in 2022-23. "With India's oil import dependency expected to remain high, if the discounts on purchases of Russian crude persist at the prevailing low levels, ICRA expects India's net oil import bill to widen to USD 101-104 billion in FY2025 from USD 96.1 billion in FY2024, assuming an average crude oil price of USD 85/bbl in the fiscal," ICRA said. Additionally, any escalation in the IranIsrael conflict and an associated rise in crude oil prices could impart an upward pressure on the value of net oil imports in the current fiscal year, it .

Export figures for FY04, FY14, and FY24 show interesting trends

A look at the destination of our exports shows that our shipments to our neighbours in South Asia at 5.8 per cent have stagnated in the past 10 years

China's share in industrial goods imports jump to 30% from 21%: GTRI

With increasing India's dependence on Chinese industrial goods like telecom, machinery and electronics, Beijing's share in New Delhi's imports of such goods rose to 30 per cent from 21 per cent in the last 15 years, a report said. According to the report by the economic think tank Global Trade Research Initiative (GTRI), the growing trade deficit with China is a cause of concern, and the strategic implications of this dependency are profound, affecting not only economic but also national security dimensions. From 2019 to 2024, India's exports to China have stagnated at around USD 16 billion annually, while imports from China have surged from USD 70.3 billion in 2018-19 to over USD 101 billion in 2023-24, resulting in a cumulative trade deficit exceeding USD 387 billion over five years. The Indian government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains, GTRI founder Ajay Srivastava said. This

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

AAR observed that this clarification was given to a specific SEZ unit and is not a circular but there is no bar in borrowing the rationale of the clarification

The increasing profitability of apiculture

Interestingly, while India's honey output has increased since 2005-06 by nearly 240 per cent, exports have bounced by over 260 per cent

Tesla begins making cars in Germany for export to India this year

Under the new Indian policy, companies can import up to 8,000 cars a year at the lower tax rate