Page 3 - Imports

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

Need for rules to assist imported goods valuation unclear

The draft rules specify 11 types of imports that will be exempted from application of the rules

Govt must curb non-essential imports to stem rupee fall: CEO poll

India Inc encourages FDI, raising dollar deposits from NRIs

India proposes 15% retaliatory duties on 22 items imported from UK

India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK in retaliation to Britain's decision to impose restrictions on steel products. In a communication to the World Trade Organisation (WTO), India said it is estimated that the safeguard measures taken by the UK on steel products have resulted in the decline of exports to the tune of 2,19,000 tonnes on which the duty collection would be USD 247.7 million. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the UK, it said. "India hereby notifies the (WTO's) Council for Trade in Goods of its decision to suspend concessions or other obligations under the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards that are substantially equivalent to the amount of trade affected by the measures of the UK," it added. The other products .

Commerce min for imposing anti-dumping duty on Chinese steel tubes, pipes

The commerce ministry has recommended imposition of anti-dumping duty on Chinese steel tubes and pipes for five years to guard domestic players from cheap imports from the neighbouring country. The Directorate General of Trade Remedies (DGTR) has recommended the duty on imports of 'stainless-steel seamless tubes and pipes' from China after concluding in its probe that the product has been exported at dumped prices into India, which impacted the domestic industry. "Definitive anti-dumping duty...is recommended to be imposed for five years," the directorate has said in a notification. Stainless-steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. It is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators, including nuclear and thermal power. DGTR had conducted the probe following a complaint from Chandan Steel Ltd, Tubacex Prakash India Pvt Ltd, and Welspun Specialty Solutions Ltd abo

Surge in import cost may negate positive impact of rupee fall: Experts

According to an analysis done by FIEO, the rupee has depreciated by 8.1 per cent till September 7, 2022 since the same point last year

China's export growth sinks in August, imports shrink due to inflation

China's trade weakened in August as high energy prices, inflation and anti-virus measures weighed on global and Chinese consumer demand, while imports of Russian oil and gas surged. Exports rose 7% over a year ago to USD 314.9 billion, decelerating from July's 18% expansion, customs data showed Wednesday. Imports contracted by 0.2% to USD 235.5 billion, compared with the previous month's already weak 2.3% growth. Demand for Chinese exports has softened as Western economies cool and the Federal Reserve and central banks in Europe and Asia raise interest rates to contain surging inflation. At home, repeated closures of Chinese cities to fight virus outbreaks has weighed on consumers' willingness to spend. The slowdown in China's export sector is adding to headwinds for the Chinese economy, said Rajiv Biswas of S&P Global Market Intelligence in a report. Lack of import growth highlights continued weakness of Chinese domestic demand. Growth in the world's second-largest economy fell .

Petronet LNG Ltd to invest Rs 40,000 cr in 5 yrs to expand import infra

Petronet LNG Ltd, India's biggest gas importer, will invest Rs 40,000 crore in the next five years for expanding import infrastructure as well as foraying into new business to boost profitability to Rs 10,000 crore. Petronet, which operates two liquefied natural gas (LNG) import facilities at Dahej in Gujarat and Kochi in Kerala, is looking to foray into the petrochemicals business, according to the firm's latest annual report. The company has formulated a '1-5-10-40' strategy for exponential growth and diversification. "The company aims at achieving an annual turnover of Rs 1 lakh crore over next five years and annual profit after tax of Rs 10,000 crore with investments of Rs 40,000 crore," it said. It had a net profit or profit after tax of Rs 3,352 crore on a turnover of Rs 43,169 crore in fiscal 2021-22 (April 2021 to March 2022). LNG is natural gas that has been cooled down to liquid form for ease of transporting in ships. At the import terminal, LNG is regassified into its ..

CAD may touch nine-year-high in Q1FY23 as net exports soar

India's CAD stood at 1.5% of GDP in the March quarter of FY22 compared to a CAD of 2.6% of GDP in the preceding quarter of FY22

Bangladesh imports 36 F-7BGI aircraft from China to boost military supplies

China has been trying since a long time to emerge as a major defence exporter to India's neighbouring countries like Bangladesh, Pakistan etc

Govt issues 63 show cause notices to makers, importers of weighing machines

The government has issued 63 show cause notices to the manufacturers and importers selling weighing and measuring instruments on e-commerce platforms, seeking details of compliance with legal requirements. It has been observed that some manufacturers and importers of these instruments are selling the person weighing machines and kitchen scales on the e-commerce platforms without complying with the legal provisions, an official statement said on Tuesday. "Centre, through the Department of Legal Metrology has issued 63 show cause notices to the manufacturers/importers of the weighing and measuring instruments for seeking details of compliance," it said. It noted that unauthorised sales on e-commerce sites have not only created deficiency in service to the consumer but have also caused revenue loss to the government. "The notices were issued to manufacturers/ importers/ sellers on e-commerce platforms, seeking details of the approval of model, manufacturing/importer/dealer license and

Mexico's imports from Russia increase by 20% in first half of 2022

Mexico imported goods from Russia worth $1.193 billion in January-June of this year, according to the latest figures from the Bank of Mexico

Investment demand to lift India's silver imports to record high level

Higher demand in India, the world's biggest silver consumer, could support global prices

RBI took steps to promote rupee as preferred currency for global trade: FM

RBI asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.

Despite trade ban, Pakistan imports from India jump 2x in April-May

The Shehbaz Sharif-led govt named a senior official 'trade minister' in Pakistan's New Delhi embassy in May

MoD bans imports from 18 top defence platforms, items to be made in India

Items include light-weight tanks, self-healing minefields, "plug-and-play housing" for soldiers at extreme altitudes, 127 mm naval gun, multi-role helicopter, among others

China facing stiff competition for its favourite Russian oil from India

India has ramped up purchases of crude from Russia's far east, a grade that's typically favored by Chinese oil refiners

China's exports bounce back, but global risks darken trade outlook

China June export grows at fastest pace in 5 months; trade surplus at record, but export outlook still faces uncertainty

South Korea to increase tariff-free import items to counter inflation

The government had lifted import duties on 26 major industry and food items, such as cooking oil, pork and liquified natural gas (LNG), earlier this year

How will the hike in import duty of gold affect customers in India

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively