Rupee depreciation may push import bill by USD 15 bn: GTRI

The Indian rupee’s 2.34% depreciation against the US dollar from December 2023 to December 2024 is expected to increase India’s import bill by about USD 15 billion. Gold and industrial goods imports from China, priced in USD, will be significantly affected, while a 5% drop in Brent crude prices mitigates some of the impact on […]

The government imposes six-month import restrictions on low ash metallurgical coke starting January 1, 2025, including quantitative restrictions for specific countries. Imports allowed only with DGFT authorization. QR monitored quarterly, applicable for January-March and April-June 2025. High ash content coke is exempted from this restriction.

India has imposed a six-month import restriction on low ash metallurgical coke from January 1, 2025, limiting imports from countries including Australia, China, and Russia. Import authorisation from DGFT is required, with country-specific quantitative restrictions in place during this period to ensure controlled imports within the specified limits.

India’s MoU with the US on critical minerals is viewed as progress, particularly for the EV sector, and aims to eventually qualify for benefits under the US Inflation Reduction Act. The agreement intends to boost investment and manufacturing in India. Additionally, ongoing FTA negotiations and trade expansions with countries like China and Russia are mentioned.

Trump tariffs: Exporters are discussing with the government to capitalize on potential opportunities in the US market, especially in sectors like textiles, leather, chemicals, electronics, auto parts, and toys. Increased financial support and promotion in the US market are recommended to take advantage of the changing trade dynamics favoring India over China.

FIEO has developed a strategy to boost India’s exports to the US, aiming to seize opportunities from potential tariffs on Chinese goods under Trump. They seek government financial support for exhibitions and focus on key sectors like apparel, electronics, toys, footwear, and organic chemicals. FIEO also highlights liquidity issues and calls for relaxed payment rules […]

India extends duty-free import timeline for yellow peas until February 2025 to cool pulse prices. The duty on yellow peas was first implemented in 2017. India imports pulses primarily from Canada, Russia, Myanmar, Australia, and some African countries. Despite increased production, India’s demand surpasses domestic supply.

A top trade body, FICCI, has urged the Indian government to increase customs duty on polypropylene and polyethylene from 7.5% to 12.5% to prevent dumping from countries like China, protect domestic industry, and reduce import bills. These materials are essential in various industries including automotive and medical devices.