Import/Export Industry Notifications

If India’s foreign trade in goods and services have in recent quarters been a continuous drag on the gross domestic product (GDP), the pull-down effect could be far stronger in the current fiscal. By capping the outlay for the Merchandise Exports from India Scheme (MEIS) at Rs 9,000 crore for the April-December period, the revenue department has deprived exporters of over two-thirds of the duty remission benefits they are entitled to. The move could also have wider implications for exporters of assorted goods as the denial of the benefit will suffice to blunt the already-narrow edge they enjoy in key markets over competitors.

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Private airline company SpiceJet is keen on starting cargo flights from Nashik and has already started a survey to find the export potential of the district. Apart from agricultural produce, goats, pharma and other industrial products are exported at large from Nashik. The Spice Jet has initiated discussions with freight agents like Halcon and industry bodies to assess and develop the market from Nashik. They have plans to develop Nashik into a cargo hub that caters to the entire district and adjoining industrial belts.

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The government has imposed safeguard duty on solar cells for one more year until July 2021 to protect domestic manufacturers and discourage cheap imports from countries like China. The move followed a recommendation by the Commerce Ministry’s investigation arm Directorate General of Trade Remedies (DGTR) for the continued imposition of the duty for one more year.

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Exporters are finding it challenging to fulfil orders due to limited availability of containers and workers. India's rice export prices rose this week as the worsening Coronavirus crisis in the country caused logistical snags, while widespread flooding in Bangladesh severely damaged crops.

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Cargo handlers using India’s minor ports enjoy significant competitive advantages over major landlord ports, including unregulated tariffs, fewer government controls, and relatively modern infrastructure. COVID-19 deals a hard blow to India’s private ports.

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Indian Railways hopes to become fully ‘Made in India’ in a year by bringing down its import dependence to nil. In 2016-17, the import content in overall-procurement was 6-7 per cent, which dropped to 1.46 per cent last year. The import content is expected to be zero from next year.

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India is working to ensure that the next round of import tariff hikes targeting China includes items that are covered under free trade agreements with other trade partners. This is done to insulate them, and for which domestic capacities and alternatives exist to avoid shortages. The Commerce and Industry Ministry has received inputs from various industry bodies and the council's proposing items where import duties can be increased. The suggestions are being vetted for their appropriateness and a final list is being drafted.

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ICT under the aegis of J M Baxi group is deploying its own rakes on the East Coast of India connecting Visakha Container Terminal to the hinterland. As a first step towards this, ICT has deployed its rakes for Jindal Stainless Limited (ICD Jajpur) from VCT partnering with Maersk Line. The rakes will be carrying import containers of steel scrap and other ancillary products from VCT to JSL’s facility at Jajpur – Odisha and exports of steel as finished products in return. This Rake movement will ease the process of EXIM flow and would lead to cost & time saving for the stakeholders involved in the process.

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The Delhi Police's Cyber Cell has busted a gang involved in allegedly stealing licenses of multiple export companies by fraudulently using their information. The police had initiated a probe after receiving complaints last year from four different garment export firms alleging that their licenses of duty rebate on garment exports (RoSCTL) had been stolen from the DGFT website and transferred to multiple beneficiaries using fake Digital Signature Certificate (DSC) keys.

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