India’s move to cut the import duty on gold and silver to 7.5% from 12.5% will help to reduce smuggling and also spur consumption of jewellery in a limited way, traders said Tuesday. Despite the 5% reduction in customs duty, effectively this amounts to around a 2% lower duty because of the imposition of an […]
With covid pandemic in mind, Finance Minister Nirmala Sitharaman announced a plethora of allocations and tax incentives in the annual budget to expedite the economic recovery process. The Union Budget 2021-2022 definitely cheered investors and propelled the benchmark stock index (SENSEX) by 2,000 points, the largest in 10 months. The budget made substantially higher allocations for […]
Mumbai-based Solvent Extractors Association of India (SEA), the edible oil industry body has urged the government to allow import of only crude palm oil and place all refined oils under the restricted category of trade. In a recent virtual meeting with Food Ministry Secretary Sudhansu Pandey on ways to boost domestic production and reduce import of edible oils, […]
Apex tea planters’ body in South India has taken strong objection to any move that might tinker with the import duty structure of tea, cautioning about its counter-productive impact on the tea growing sectors. United Planters’ Association of Southern India (Upasi) president AL RM Nagappan, in a press statement, said tea was an important agro-industry […]
The United States remained India’s top trading partner for the second consecutive fiscal in 2019-20, which shows increasing economic ties between the two countries. According to the data released by the commerce ministry, in 2019-20, the bilateral trade between the US and India stood at USD 88.75 billion as against USD 87.96 billion in 2018-19. […]
The gems and jewellery industry urged the government to reduce the import duty on precious metals, cut and polished diamonds and gemstones and amend taxation laws to give domestic traders a level playing field in the global market. Speaking at the 13th edition of the India International Jewellery Show (IIJS), Gem and Jewellery Export Promotion Council (GJEPC) Chairman […]
India’s vegetable oils import rose 26 per cent to 14.12 lakh tonnes last month on sharp jump in shipments of refined palm oil, the highest since May 2013, according to latest data from the Solvent Extractors’ Association of India (SEA). Imports of vegetable oils (edible and non-edible) stood at 11.19 lakh tonnes in July last […]
With imports of finished aluminium products having risen over 50 per cent year-to-date, the micro, small and medium enterprises (MSME) segment is witnessing sharp margin contraction and slim hope for change in situation for the next six months. “Margins of MSME players have dropped to 2-3 per cent, from 8-10 per cent, as the surge in finished […]
Indian pepper growers want pepper imported from Sri Lanka to be slapped with the standard import duty of 52 per cent for Asian countries or 70 per cent in general to safeguard Indian pepper growers. The pepper is brought into India from Sri Lanka by paying only 8 per cent duty under the South Asian […]
Production and exports of palm oil from Indonesia, the world’s largest producer of the vegetable oil, rose in July from a month earlier, said a Reuters survey of two industry groups and a state palm oil research firm. Palm oil production is expected to have reached 3.897 million tonnes in July from 3.45 million tonnes […]
