Page 2 - Imports

Centre likely to announce measures to curb Chinese imports in Budget 2023

The imports of finished goods entering India from China directly or indirectly via a third country will most likely be restricted

Govt to support farmers to produce more pulses, streamline imports

The government on Thursday said it will take steps to support farmers for increasing pulses production and also streamline imports as part of its objective to make available the products at affordable rates. The Department of Consumer Affairs will take all necessary steps required to support Indian farmers to produce more pulses, according to an official statement. Importers will also be supported for seamless imports of pulses so that the pulses are available to the consumers at affordable prices, throughout 2023, said Rohit Kumar Singh, Secretary Department of Consumer Affairs during a meeting with pulses associations. Further, Singh reiterated the importance of both domestic production and the imports of pulses especially Tur, Urad and Masoor. "Global availability in the coming year is expected to be better with increase in production expected from Myanmar, where arrivals have started and pulses sowing intentions in African countries indicating increase in area coverage under ..

India imports 4.61 mn tonnes of urea in April-November this fiscal

Urea production stood at 187.21 lakh tonnes during April-November period of this fiscal, while imports were at 46.14 lakh tonnes to meet domestic demand. In a written reply in the Rajya Sabha, Minister of State for Chemicals and Fertilisers Bhagwanth Khuba shared the data for consumption, production and import of urea in the last three years. As per the data, urea production stood at 250.72 lakh tonnes in the 2021-22 fiscal as against 246.05 lakh tonnes in 2020-21 and 244.58 lakh tonnes in the 2019-20 financial year. Urea imports stood at 91.36 lakh tonnes in the last fiscal, 98.28 lakh tonnes in 2020-21 and 91.23 lakh tonnes in 2019-20. Urea is presently sold in 45-kg bags and the maximum retail price (MRP) is Rs 242 per bag (excluding charges towards neem coating and taxes as applicable). "The subsidy provided per 45kg bag of urea is approximately Rs 1800 (Q1 of 2022-23)," the minister said. The difference between the production cost and MRP is reimbursed as subsidy to fertilis

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

World's play store: India scripts a local toy story, turns a net exporter

India is likely to extend the production-linked incentive (PLI) scheme to domestic toy manufacturers after Chinese toys were found to be "unsafe"

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