GTRI advises government to maintain current import tariffs on smartphone components to sustain growth in India’s manufacturing sector. Experts highlight success of policies like PLI scheme, driving significant exports and local production. Cutting tariffs may hinder long-term manufacturing growth and global competitiveness, they argue.
GTRI urges govt not to cut import duty on smartphone components in Budget
The Economic Survey 2023-24 highlights that Indian exporters are expanding their global footprint amidst geopolitical uncertainties. India benefits from strong trade relations with Asia, Europe, and the US, and is diversifying its export destinations regionally.
India-Bangladesh trade via land ports halted due to protests, a two-day holiday, and unrest. BSF evacuated students. Over 700 trucks with general merchandise wait in Petrapole, South Asia’s largest port, impacted by unrest in North 24 Parganas. Mahadipur, Gojadanga, Fulbari affected. Economic factors and monsoon also impacted trade.
DGFT, customs process overhaul, revamp textile PLI scheme, QCO suspension to aid exports: GTRI
1 year ago
To enhance India’s garment exports, GTRI recommends suspending QCOs, expanding the PLI scheme, and reforming DGFT and Customs. High import duties and domestic monopolies stifle growth. Supply chain issues worsen the situation. Bangladesh and Vietnam’s exports surged from 2013-2023, outpacing India. DGFT’s advance authorisation process for duty-free inputs further raises transaction costs.
David Lammy, UK’s Foreign Secretary, visits India to discuss the India-UK FTA from January 2022. India queries Labour’s stance, visa issues aren’t a priority. Lammy seeks swift conclusion. Labour’s manifesto, led by Keir Starmer, aims for a strategic partnership with India. Lammy also joins the ASEAN Foreign Ministers’ Meeting in Vientiane, noting Boris Johnson’s missed […]
Three Indian Coast Guard ships responded to a distress call from the cargo vessel MV Maersk Frankfurt, which reported explosions on its front deck in the Arabian Sea. The ships Sujeet, Sachet, and Samrat fought the fire for over 12 hours, preventing its spread. The operation, amid rough seas and inclement weather, involved aerial assessments […]
Changes in procurement norms: Imported items sourced locally excluded from local content calculation
1 year ago
The government has updated public procurement norms to prioritize companies using higher levels of local content in their products. Imported items sourced locally, royalties, and technical charges paid outside India will be excluded from the local content calculation. These changes aim to support the ‘Make in India’ initiative.
Non-tariff barrier resolution portal soon; move assumes significance as agri exports fell 3% in Q1
1 year ago
India is set to launch an online platform for registering and resolving non-tariff barriers (NTBs) faced by exporters in the next 2-3 months. The portal will cover three areas: sanitary and phyto-sanitary measures (SPS) and technical barriers to trade (TBT). It is significant as India’s agricultural exports fell by 3% in the first quarter.
India flags trade gap with China at WTO
1 year ago
India raises concerns over its significant trade deficit with China and the lack of transparency in Chinese subsidies. China’s export numbers fluctuate as global partners express worries over its industrial policies. India and EU highlight issues such as import substitution and intellectual property rights. Calls for China to reconsider its developing country status and trade […]
Trade policy review meet of China in WTO: India flags trade deficit, non-transparent subsidies
1 year ago
India has raised concerns over China’s high trade deficit and non-transparent subsidies, affecting domestic industry. India’s bilateral trade with China recorded the largest trade deficit in 2023-24, with exports ending at USD 16.65 billion and imports at USD 101.75 billion. The EU also raised concerns over China’s distortive industrial policies and import substitution.