Policy flip-flops on IT hardware import increase cost of doing business: GTRI

The government’s inconsistent policies on laptop import restrictions have led to increased business uncertainty and costs, according to think tank GTRI. To promote local manufacturing and reduce reliance on China, a stable and long-term policy is needed. Import restrictions could encourage global tech giants to shift production to India.

The Federation of Indian Export Organisations (FIEO) has urged the government to extend the interest equalisation scheme for five years to boost credit flow amid a 13-month decline in goods exports. The scheme, aiding MSME exporters, is set to end on September 30. FIEO also signed an MoU with Stenn to enhance SME financing.

Industry experts at the Indo-US Economic Summit called for lower tariffs and harmonisation of local norms to boost India-US agricultural trade. Key concerns include supply chain disruptions, absence of a free trade agreement, and local quality norms. Experts also emphasized sustainability, technology integration, and private sector participation to enhance productivity and export growth.

The Federation of Indian Export Organisations (FIEO) has urged the government to extend the interest subvention scheme for five years to boost credit flow and support exports. The scheme, set to end on September 30, provides interest benefits on pre- and post-shipment rupee export credit, aiding MSMEs facing financing challenges.

India has extended its import management system for IT hardware products like laptops and tablets until December 31, 2024. Importers must apply for new authorizations starting January 1, 2025. The move aims to monitor imports without disrupting market supply and encourage local production.

India’s gem & jewellery exports in August fell by 18.79% to USD 2012.51 million compared to last year. The decline is due to global consumption slowdown amid geo-political tensions. Exports of cut and polished diamonds, lab-grown diamonds, gold jewellery, and coloured gemstones also saw significant drops.

Commerce and industry minister Piyush Goyal has urged Australian pension funds to invest in India’s renewable energy, manufacturing, education, fintech, and agritech sectors. He highlighted India’s digitalisation growth and potential for collaboration in data infrastructure and coastal tourism during his visit to Australia. Goyal also discussed critical minerals sector cooperation with Tania Constable, CEO of […]

Indian refiners have cancelled 1,00,000 metric tons of palm oil purchases for delivery between October and December. This move follows New Delhi’s decision to raise import duties due to a surge in overseas prices. The cancellations may impact Malaysian palm oil prices and shift demand towards soyoil.

Commerce and Industry Minister Piyush Goyal announced plans to open Invest India offices in various countries to support foreign investors. The first office was inaugurated in Singapore, serving as a point of contact for regional companies. This initiative aims to deepen investment partnerships and facilitate global investor engagement with India’s economy.

Piyush Goyal will visit Australia from September 23-25 to meet with Indian and Australian CEOs and discuss investment opportunities. He will co-chair the 19th India-Australia Joint Ministerial Commission meeting in Adelaide on September 25, focusing on enhancing bilateral economic engagement in areas like critical minerals, manufacturing, and renewable energy.