Import/Export Industry Notifications

Malaysia has contracted to import a record 100,000 tonnes of rice from India for shipment this month and in a further sign of improving trade relations between the countries after a diplomatic spat. Since Myanmar, Vietnam and Cambodia have placed temporary curbs on exports to save the grain for themselves, Malaysia imports twice the average annual volume of rice in the last 5 years, from India.

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After relaxing the labour laws, the Uttar Pradesh government has now decided to elevate the warehousing and logistics sector to industry status. CM Yogi Adityanath has already given a green signal to the proposal which would be put up before the state cabinet soon.

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The challenges triggered by the Covid-19 pandemic have opened up a slew of opportunities for the footwear industry in India. The industry leaders plan to use the lockdown time to redefine their internal processes and build a lean and agile organisation that can adapt to the changing market environment. The current negative sentiments against China are working in India’s favour.

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The government decided to deregulate essential commodity trade and introduce a Central law to ease inter-state farm trade overriding the APMC mandis. The proposed trade will complement whatever limited APMC reforms that have been undertaken by some states in recent months.

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Rs. 1 lakh crore funds have been announced to boost agriculture infrastructure across the country by Finance Minister Nirmala Sitharaman. The fund will be provided for funding agriculture infrastructure projects at farm-gate and aggregation points including primary agricultural cooperative societies, farmers’ producer organisations and start-ups among others.

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The Reserve Bank said a scheme providing interest subsidy for post and pre-shipment export credit has been extended by a year till March 31, 2021. This would provide relief to exporters who had been demanding extension of the scheme, particularly when they are facing huge problems due to the COVID-19 crisis.

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India’s basmati rice exports have reduced by 50% to 2 lakh tonnes per month due to a shortage of cargo containers at the ports. The shortage of containers comes at a time of ample demand from the Middle East countries. This has slowed down the movement of basmati rice from the country to export destinations in times when the demand for basmati rice increases in the Middle East countries due to Ramadan.

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India has suspended 39 licences to import 452,303 tonnes of refined palm oil after a surge in duty-free purchases. The suspension could pressure Malaysian palm oil futures but could lift shipments of soy oil and sunflower oil. In Indian markets, the consumption has fallen as much as 40% after a nationwide coronavirus lockdown.

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After getting relief on penalty levied by shipping companies, importers are now knocking the government doors against CFS and ICD operators for not adhering to waiver of charges due to COVID-19 lockdown. Over 6,000 micro, small and medium enterprises in the recycling industry are staring at charges of ₹4,200 crores, which is increasing by the day.

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