Page 3 - Imports

India cannot afford to remain dependent on defence imports, says Rajnath

A huge country like India cannot remain dependent on import of military hardware as such dependency can be "fatal" for its strategic autonomy, Defence Minister Rajnath Singh said on Tuesday, showcasing the Modi government's priority for boosting domestic manufacturing. In an address at a conference, Singh, without elaborating, also said that India had to face "trouble" in "difficult times" in the past due to its reliance on defence imports. He said the annual volume of domestic defence production has crossed the record figure of Rs 1 lakh crore which was nearly Rs 44,000 crore around 2014. "We will be able to maintain strategic autonomy only when arms and equipment are made in our own country, by our own people. We worked towards this, and we also saw positive results," Singh said. "While around 2014, our domestic defence production was around Rs 44,000 crore, today our domestic defence production has crossed the record figure of Rs 1 lakh crore, and it is continuously growing," he

PC, laptop imports from China surged by 11.3% to $276 million in December

In December, China's share increased to 89.4 per cent in total shipments of the items to India compared to 76.4 per cent share during April-December period of FY24

'Thermal coal imports falling first time since pandemic on domestic output'

Lower Indian appetite for imports could further pressure prices, even as miners grapple with a 70% plunge from record highs that followed Russia's invasion of Ukraine in 2022

Yellow peas import allowed after registration under monitoring system: DGFT

Import of yellow peas is allowed after registration under the import monitoring system with immediate effect for all consignments where bill of lading (shipped on board) is issued on or before April 30, according to a commerce ministry notification. The Directorate General of Foreign Trade (DGFT) said the import is permitted without the MIP (Minimum Import Price) and port restriction conditions. However, the imports are subjected "to registration under the import monitoring system, with immediate effect for all import consignments where bill of lading (shipped on board) is issued on or before April 30, 2024," the DGFT notification said. During April-December this fiscal, the import of yellow peas stood at USD 5.43 million. It was USD 0.14 million in 2022-23.

India's lentil imports from Canada surge despite diplomatic strains

After Trudeau's comments, Indian lentil buyers slowed purchases from Canada, fearing that New Delhi or Ottawa could impose barriers on trade

Net FDI into India down 55% to $9.69 billion in Apr-Dec 2023: RBI Bulletin

Receding inflation, dip in borrowing costs may support FDI in 2024

India, UAE sign agreement to develop trans-continental trade corridor

The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia

Duty concession on gold will be concern for India in FTA with Peru: GTRI

Duty concessions on gold, which accounts for 80 per cent of India's imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. India and the South American nation Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. The next round of talks is expected to start this week in Lima, Peru. "Tariff concessions on gold, accounting for USD 1.8 billion or 80 per cent of India's imports from Peru

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

Gold imports rise 26.7% to $35.95 billion in Apr-Dec on healthy demand

India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to USD 35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at USD 28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to USD 3 billion, as per the data released by the commerce ministry. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 188.02 billion in the first three-quarters of this fiscal against USD 212.34 billion in April-December 2022. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the period dipped by 16.16 per cent to USD 24.3 billion. India's current account deficit declined sharply to 1 per cent of the GDP or USD 8.3 bill

SC junks review plea on overvaluation in capital goods' import by Adani cos

According to a lawyer associated with the case, the court had found that the project cost of APML and APRL was either similar or lower than the price of their competitors

Red Sea impact: Who would a price rise hurt the most?

The Indian economy will not remain untouched by the effect of Houthi attacks. Indian exports and imports will be adversely affected if the Red Sea route cannot be used

Imports of medical devices rise 21% till October to Rs 61,262.84 cr

Imports from the US grew by 33 per cent, followed by Germany at 27 per cent and the Netherlands at 20 per cent

China chip imports suffer steepest decline on record after US restrictions

The value of integrated circuits imported by the world's largest semiconductor market fell 15.4% to $349.4 billion

Interim Budget: MedTech industry urges govt action to cut import reliance

According to the Global Trade Research Initiative (GTRI) report on August 2023, the Indian medical devices industry has the potential to expand from $12 billion to $50 billion by 2030

Need to rationalise customs duties in sectors with healthy growth: Official

There is a need to rationalise customs duties particularly in those sectors which are growing at a healthy pace for the last several decades, an official said on Thursday. The official, however, said that providing a protection of high duty is required for the infant domestic industry. "But if the industry is 40-50 years old and has developed, has good competition, good investments and if they are globally known, then they should also be competing with the global firms," the official argued. Normally, customs duties or tariffs are used as a policy tool to ensure a higher level of protection for certain sectors to boost domestic manufacturing. These remarks assume significance as there is demand from countries which are negotiating free-trade agreements with India to cut down import duties in sectors such as auto and alcoholic beverages. Overall duties in certain segments are up to 150 per cent like alcoholic beverages. "There is a need for balancing in the duty structure. One cou

Shoe imports ban, sops to help footwear industry hit $90 bn mark: Report

Market size of the Indian footwear industry can increase by over three times to USD 90 billion by 2030 provided a host of measures such as a ban on show imports, fiscal incentives, more design centres and Taiwanese contract manufacturers setting up shops in the country are taken, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that the Indian footwear market, valued at USD 26 billion, is projected to reach USD 90 billion by 2030. "This growth will be characterized by two main changes - a significant increase in the demand for non-leather footwear (like sports shoes, running shoes, casual wear, and sneakers) in India, rising from 25 per cent to 75 per cent of the market share by 2030; and a shift in leather shoe production from small-scale, cottage industries to large corporates," it said. Suggesting eight actions for the sector, the report said shoe-making technology is primitive compared to electronics or semiconductor manufacturing and Ind

Russian oil imports drop on pricing, not due to payment woes: Hardeep Puri

"There is no payment problem ... It is a pure function of the price at which our refineries will buy," Puri told a press conference

Inflation's pulse: Yellow peas imports to help potential chickpea shortfall

Advancements in pulses technology and its widespread adoption across India could help achieve self-sufficiency. For now, though, the hope is that matar will address the inflation matter

Apple files appeal after Biden admin allows tribunal's ban on watch imports

The U.S. International Trade Commission's (ITC) order will go into effect on Dec. 26, barring imports and sales of Apple Watches that use patent-infringing technology for reading blood-oxygen levels