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Panagariya's comments come at a time when India has introduced certain imports in the restricted list including tyres and TVs to curb imports from China as it aims to become self reliant. “While I am not yet worried about the return of term Atma Nirbhar Bharat, what is worrying is turn in policies three years ago and that have not reversed since,”.
India’s exports contracted for the fourth consecutive month in June with the country reporting a trade surplus after 18 years on declining imports.
New Delhi: Union Minister Nitin Gadkari on Saturday (August 8) said that the government will consider increasing duties on sectors heavily dependent on imports in a bid to encourage domestic production, particularly by small industries. Speaking at the India @75 summit organised by the Confederation of Indian Industry (CII), he said: “Because unless we meet what China is producing in volume, our costs will not come down. This is why we have to see that we increase the duty and encourage Indian manufacturers. When production happens in bulk, we can naturally make it competitive.”
Road Transport, Highways and MSME Minister Gadkari while addressing a CII event "India@75 Summit - Mission 2022" urged the industry to look beyond metropolises and developed cities to lay a network of industries and ventures in rural, far-flung and tribal areas which never grabbed attention.
Gadkari-led MSME ministry earlier this year managed to have import duties slashed on incense sticks and bamboo used in the same, to encourage local industry here. In July this year, the government imposed licensing requirements for import of colour TV and tyres, in a bid to discourage imports. Similar measures are being mulled for toys, furniture and sports goods.
US President Donald Trump has signed an executive order that requires Washington to develop a list of essential medicines and buy them as well as medical supplies from American companies instead of from foreign countries like China.
As per the procedure laid out, it was decided that from August onwards, applications filed from the first day to third day of each month would have to be considered for the quota of that month. On June 29, the DGFT permitted shipments of personal protective equipment (PPE) medical coveralls for COVID-19 treatment with a monthly export quota of 50 lakh units per month.
The agreement to this effect was signed on August 3 through exchange between Saroj Khuntia, general manager, Exim Bank, and Adriano Isaias Ubisse, national directorate of treasury, Ministry of Economy and Finance, Mozambique. With the signing of this LOC agreement, Exim Bank till date has extended 14 LOCs to Mozambique, taking their total value to USD 772.44 million.
PET resin is used in textiles, plastic bottles, tires, undersea cables and 3-D printing, among others. However, the department said that the scope of product under consideration does not include recycled PET Resin used to manufacture preforms, which are then converted into PET bottle and jars for the storage of mineral water, carbonated soft drinks, edible oils, and pharmaceutical products.
Customs authorities and field formations have been directed to verify and confirm within 48 hours that any hazardous and explosive material lying in warehouses and ports across the country meets all safety standards.
The benefits are under for Maximum Admissible Export Quantity (MAEQ) scheme for the current sugar season 2019-20, which was notified to facilitate exports and improve the liquidity of the sugar mills to help them pay for cane purchased from farmers.
India has terminated the anti-dumping investigation on imports of crude naphthalene coming from China, the EU, Russia, Iran and Japan, and refined naphthalene coming from China, EU and Taiwan at the request of the domestic industry which has claimed dumping from more countries and wants to enhance the scope of the probe with other countries as well.
AAI urged the Centre to continue with processing of applications through the Directorate General of Foreign Trade (DGFT) MEIS portal.
The Asean Agreed to India’s request for review of the FTA as the trade deficit with the 10-member grouping rose from around $5 billion in FY11 to $21.8 billion in FY19.
The minister added that the country "today is in a mood" to not only bring back economic activity but also become self-reliant, improve the quality and competitive pricing of products.
The government has decided to license these imports after finding that higher duties have been ineffective in reducing the amount of goods coming into India, even as they raise costs for domestic industry. The licence requirements serve as non-tariff barriers that discourage imports. According to experts, cheap imported goods have been finding their way into the country through the misuse of free trade agreement route.
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