India’s plans to impose tariffs on steel imports remain unchanged despite recent talks between leaders of India and China. The proposed safeguard duty aims to protect domestic steel producers from cheap imports, particularly from China, and would apply broadly to all nations, not targeting any specific country.
Thaw in China ties unlikely to deter India’s plans for steel tariffs
In light of the economic impact and pressures from Indian businesses, Prime Minister Narendra Modi’s administration is reconsidering its strict investment restrictions on China. While maintaining certain safeguards, India aims to stabilize relations and boost high-end manufacturing by potentially easing rules on Chinese entry, primarily focusing on non-sensitive sectors.
The Indian government has outlined new export conditions for sesame seeds to the US, effective from November 16. The India Oilseeds and Produce Export Promotion Council will issue the export certification. Additionally, the Directorate General of Foreign Trade has detailed the procedure for the annual RoDTEP return, mandatory by March 31 next year.
The government has removed the minimum export price for non-basmati rice and exempted parboiled and husked rice from export duty. The changes took effect on October 22. This move follows a previous lifting of the export ban. These steps aim to boost rice exports amid stable rice stocks and controlled retail prices.
India imposes anti-dumping duties on five Chinese goods, including glass mirror and cellophane transparent film, to shield domestic industries from underpriced imports. The duties, recommended by DGTR and finalized by the finance ministry, aim to ensure fair competition and protect local producers.
Despite recent diplomatic progress between India and China, think tank GTRI deems a surge in Chinese investments unlikely. Trade imbalances persist, with India’s heavy reliance on Chinese imports posing a structural issue. Addressing these economic disparities will necessitate long-term policy efforts and diversified manufacturing capabilities.
India’s cotton imports to increase by 42% in 2024-25 due to fall in production, says CAI
2 years ago
India’s cotton production for 2024-25 is expected to decrease by 7% due to reduced acreage and damage from excessive rainfall. Cotton imports are predicted to rise by 42%, while exports may drop by 37%. The total cotton supply is estimated to be 357.44 lakh bales, while domestic consumption remains unchanged at 313 lakh bales.
India has eliminated the export tax on parboiled rice, boosting its position as the world’s largest rice exporter. This decision follows last month’s reduction of the duty from 20% to 10% to enhance exports, along with the resumption of non-basmati white rice exports at a set floor price of $490 per metric ton.
India’s manufacturing sector growth has not benefited much from the US-China trade war. Other Asian countries like Vietnam, Taiwan, and South Korea have gained more. India’s share in US imports increased slightly, but it continues to import many components from China. India’s export strengths lie in sectors with limited growth potential.
India managed to import only 577 tonnes of Hilsa from Bangladesh despite an order for 2,420 tonnes due to a late import permit. The delay, caused by the seasonal decline in Hilsa availability, led to minimal price reductions. Bangladeshi officials aim to discuss lifting the 2012 export ban in November.