India's Import

India's trade deficit with China hits record $99.2 bn on import surge

India's exports to China fell 14.5% to $1.5 billion in March from a year earlier, with total exports dropping to $14.3 billion in the 12-months period, data showed

Not a great start for India's importers and exporters in the New Year

Donald Trump, who will take over as President of the United States, has threatened to hike import tariffs across the board, and impose high tariffs on imports from China, Canada, Mexico and India

Budget 2024: FinMin announces Critical Mineral Mission; what we know so far

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the government will soon conduct the first round of offshore mineral auction round under the Critical Mineral Mission

China's share in India's import basket declines to 13.79% in FY23: Govt

China's share in India's import basket has declined to 13.79 per cent in 2022-23 from 15.43 per cent a year ago, with inbound shipments of major items like fertilisers and electronic goods coming from alternative markets, the Commerce Ministry said on Thursday. However, in absolute terms, the total imports from China increased to USD 98.51 billion during the financial year ended March against USD 94.57 billion in the previous fiscal. As per the latest trade data issued by the Commerce Ministry, India's overall imports increased by 17.38 per cent to USD 892.18 billion from USD 760.06 billion in FY 2021-22 (April-March). Meanwhile, India's exports to China fell to USD 15.32 billion in FY23 from USD 21.26 billion a year ago, showing a negative growth of nearly 28 per cent, the data showed. India's overall exports (Merchandise and Services combined) in FY 2022-23 (April-March) is estimated to exhibit a positive growth of 13.84 per cent to USD 770.18 billion from USD 676.53 billion in .

Slew of road projects will make Nashik major export-import hub: Gadkari

Union Minister Nitin Gadkari on Sunday said efforts are on to develop infrastructure to make Nashik a leading region in the country for export-import of agricultural produce as well as automobile and other manufacturing items. He was speaking here while inaugurating some projects and laying foundation stones for upcoming ones. "Rapid development, especially of good roads, will bring about employment opportunities. We want export of grapes, onions etc as well as automobile sector items to take place directly from here. Efforts are on to make Nashik a leading region for export-import using road, rail and air," he said. He launched and laid foundation stones of 226 kilometres of road worth Rs 1,830 crore during the function held in Igatpuri here. "We are performing the bhoomipujan of seven road works with a total length of 205 kilometres. These projects are worth Rs 1,577 crore. They include works in Dhule Lok Sabha area as well. The work on six-laning the Gonde-Pimpri Sado section wi

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

Under scanner: Special mechanism for sharing trade data in the works

CBIC come across 12-13 cases of import-export data leaks to dark web

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

CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

Russia-Ukraine crisis to widen India's current account deficit: Ind-Ra

The crisis is expected to increase prices of mineral fuels and oils, gems and jewellery, edible oils and fertilisers

Rise in copper import in recent times great concern for govt: V K Saraswat

India was a net exporter of copper for close to two decades before the closure of Sterlite Copper plant at Tuticorin, Tamil Nadu in May 2018.

What explains China's sizeable presence in India's import basket

Merchandise imports from the country more than doubled in April YoY

India's exports dip 6.57% in September at $26 bn; imports contract 13.58%

India's exports contracted by 6.57 per cent to USD 26 billion in September mainly due to significant dip in shipments from key sectors such as petroleum, engineering, leather, chemicals, and gems & jewellery. Imports too declined by 13.85 per cent to USD 36.89 billion, narrowing trade deficit to USD 10.86 billion in September, according to official data released on Tuesday. Trade deficit in September last year stood at USD 14.95 billion. Out of 30 key export sectors, as many as 22 showed negative growth in September. Shipments of gems and jewellery, engineering goods, and petroleum products contracted by 5.56 per cent, 6.2 per cent and 18.6 per cent, respectively. In September, oil imports declined by 18.33 per cent to USD 8.98 billion, and non-oil imports fell by 12.3 per cent to USD 27.91 billion. Cumulatively, during April-September 2019, exports were down 2.39 per cent to USD 159.57 billion while imports contracted by 7 per cent to USD 243.28 billion. Gold imports plunged ..

Govt may soon announce import curbs on several non-essential items: FinMin

Last week, FM Jaitley announced the govt's decision to impose restrictions on the non-essential imports as part of efforts to check rising CAD and rupee slide

India's import cover at a robust 12 months

Ratio of volatile capital flows to reserves declined from 87.1% in March 2016 to 85.8% in Sept 2016