Citi has urged the government to permanently abolish the 11 per cent import duty on cotton in the Union Budget 2026, warning that higher input costs and global competition could hurt the competitiveness of Indian textile and apparel exporters.
India imported 1.2 million tonnes of vegetable oils in January 2024, 28 per cent lower than it shipped in the same month last year at about 1.7 million tonnes, data compiled by The Solvent Extractors’ Association of India (SEA) showed on Monday. Of the total imports, it consisted of 1.19 million tonnes of edible oils […]
In a bid to curb tax advantages exploited by jewellers, the government considers raising taxes on imported ‘Gold Findings’ used as connectors, following revelations of surging imports The government has moved to hike taxes on the imports of ‘gold findings’ after a report in BW Businessworld on 31 December 2023 revealed that its imports had […]
The government should not reduce import charges on electronic components used in smartphone manufacture in the next Budget since the present tariff system has proven successful and altering it might affect local manufacturing, according to a GTRI report released on Monday. The Global Trade Research Initiative (GTRI) stated that keeping existing rates will assist in […]
The shares of several edible oil companies such as Adani Wilmar, Patanjali Foods and Kriti Nutrients jumped by up to 7.5 per cent in Friday’s trade, after the Indian government announced that they would allow the import of edible oils at lower tax rates until March 2025. Adani Group’s fast-moving consumer goods (FMCG) firm Adani […]
India’s wheat inventories at state warehouses have dropped to 19 million metric tons, the lowest in seven years, two government sources said on Friday, as two years of falling production forced state-run agencies to sell more grain to private players. Last year, India, the world’s second-biggest wheat producer, banned exports after output was curtailed due […]
Indian wheat prices surged to an eight-month high on Tuesday, propelled by strong demand for big festivals, limited supplies and as import duty makes overseas buying unfeasible for domestic flour mills. The increasing prices may prompt the government to release more stocks from inventories and eliminate import duties on the cereal to bolster supplies and […]
The Indian Bullion and Jewellers Association (IBJA) has raised an alarm against the import of silver at just 9 percent duty against the applicable 15 percent tax rate. In a letter dated July 17 to Revenue Secretary Sanjay Malhotra, IBJA revealed that a leading bank had imported silver this year at less than the applicable […]
A higher import duty on capital goods may hinder India’s potential as a global manufacturing hub and hence it should reconsider the import duty to enhance its participation in the global value chain and accelerate the success of its Make in India program, MVIRDC World Trade Center Mumbai said in a report. The report suggested […]
