All posts tagged: import

US proposes action against India, 59 others over forced labour import curbs

US proposes action against India, 59 others over forced labour import curbs

The United States Trade Representative (USTR) has proposed trade action against 60 economies, including India, after determining that they have failed to impose and effectively enforce prohibitions on the import of goods produced with forced labour. India is among 54 economies that, according to the USTR, have failed to impose and effectively enforce a prohibition on imports made with forced labour. (Reuters) In a statement issued on Tuesday, the USTR said it had concluded under Section 301 of the US Trade Act of 1974 that the acts, policies and practices of the 60 economies are “unreasonable and burden or restrict US commerce”, making them actionable under American trade law. India is among 54 economies that, according to the USTR, have failed to impose and effectively enforce a prohibition on imports made with forced labour. The list also includes countries such as Australia, Bahrain, Bangladesh, China, Japan, Kuwait, Saudi Arabia, Singapore, the United Kingdom and the United Arab Emirates. “The failure of our most important trading partners to address the importation of goods made with forced …

Import duty on gold, Storm and Withholding tax

Import duty on gold, Storm and Withholding tax

Preliminary Examination: Current events of national and international importance.   Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. What’s the ongoing story: AFTER HIKING import duty on gold, the government and the Reserve Bank of India are learnt to be considering multiple measures to attract foreign investment inflows including a cut in the withholding tax rate on government bonds, if not completely eliminating it. Key Points to Ponder: • What is Withholding tax? • What is foreign portfolio investment (FPI)? • What is Foreign Direct Investment (FDI) • What is the difference between FDI and FPI? • What is the primary objective behind reducing withholding tax? • Why does Government wants greater foreign participation in the financial and debt market? • What are the benefits and risks of increased foreign portfolio investment in India? Key Takeaways: • Withholding tax is akin to a tax deducted at source and is paid by foreign investors on interest income they receive on their holding of Indian bonds. At present, …

Tamil Nadu CM Vijay urges Prime Minister Modi to scrap cotton import duty amid textile sector crisis

Tamil Nadu CM Vijay urges Prime Minister Modi to scrap cotton import duty amid textile sector crisis

Tamil Nadu Chief Minister C. Joseph Vijay on Thursday urged Prime Minister Narendra Modi to immediately remove the 11 per cent import duty on cotton, warning that the state’s textile and apparel sector was facing a severe crisis due to spiralling raw material costs. In a letter addressed to the Prime Minister, Vijay said the sharp increase in cotton and yarn prices had put immense pressure on garment manufacturers and threatened the livelihoods of lakhs of workers dependent on the sector. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

Government doubles import duty on gold & silver, effective rate now at 18.4%

Government doubles import duty on gold & silver, effective rate now at 18.4%

The Indian government has doubled the effective tax paid on the import of gold and silver to a total of 18.4% from the previous 9.2%, effective from May 13, 2026. It made the changes through two separate notifications issued late night on May 12.  Previously, the basic customs duty on gold and silver stood at 5%, with a 1% Agriculture Infrastructure and Development Cess (AIDC), and a 3% Integrated Goods and Services Tax (IGST) rate on the total assessable value of the imports, which includes the cost, insurance, and freight price, and the applicable basic customs duties, taking the effective import tax to about 9.2%. Now, the customs duty has been hiked to 10%, and the AIDC has become 5%, taking the effective tax rate, including the IGST, to about 18.4%.  According to industry players and experts, this “retrograde” and “blunt” decision will not only encourage a shift to smuggling, since the Indian appetite for gold is largely cultural, but will also have other negative effects on employment. The Ministry of Finance has not yet released …

Can India’s first large private gold mine post-independence in Andhra Pradesh reduce import dependence?| India News

Can India’s first large private gold mine post-independence in Andhra Pradesh reduce import dependence?| India News

For a country that requires vast quantities of gold every year, India’s domestic production has long remained surprisingly limited. That imbalance, however, could begin to shift as a new gold mine in Andhra Pradesh prepares to enter commercial production—marking a rare expansion in a sector that has seen little large-scale activity since Independence. India News The upcoming Jonnagiri gold project signals more than just another mining operation. It represents a structural shift, particularly because it is being led by a private company at scale—something India has not seen in decades, according to a report by Business Standrad (BS). A new chapter after decades of stagnation India’s modern gold mining journey has been defined by a handful of legacy operations. The Hutti Gold Mines, which began operations in 1947, has long been the country’s primary source of domestically produced gold. Before that, the iconic Kolar Gold Fields, which started in 1880, dominated production until its closure in 2001. Now, nearly eight decades after Hutti began operations, Jonnagiri is set to become the first large-scale gold mine …

Supreme Court asks Centre to revisit yellow dal import policy, underlines need to diversify crops | Legal News

Supreme Court asks Centre to revisit yellow dal import policy, underlines need to diversify crops | Legal News

3 min readNew DelhiMar 14, 2026 03:48 AM IST The Supreme Court on Friday asked the Centre to call a meeting of stakeholders to revisit the import policy for yellow peas with focus on incentivising farmers for diversifying from water-intensive crops like rice and wheat to pulses. A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi said this while hearing a PIL filed by Kisan Mahapanchayat against the Centre allowing import of yellow dal without any duty, which it contended was hurting local farmers by denying them a level-playing field. Appearing for the petitioner organisation, Advocate Prashant Bhushan said this had resulted in crashing the price of locally produced pulses and farmers getting less than the Minimum Support Price. Additional Solicitor General N Venkataraman said there has been a steep decline in production because of a disease. He added that the production was 273 lakh tonnes in 2021-22, but fell to 261 lakh tonnes in 2022-23 and 242 lakh tonnes in 2023-24. The CJI sought to know if the Department of …

Why India’s Oil Import Dependence Could Reach New Peak in FY26

Why India’s Oil Import Dependence Could Reach New Peak in FY26

With increasing demand for fuel and other petroleum products amid stagnant domestic crude oil production, India’s dependence on imported crude oil grew to over 88.5% in the first 10 months of the current financial year FY26, indicating that the import reliance level for the full financial year could be headed for yet another record high. According to the latest data released by the Petroleum Planning & Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas (MoPNG), the country’s oil import dependency was 88.6% in April-January, up from 88.2% in the corresponding period of FY25. For the full FY25, reliance on imported oil was 88.3%. According to industry insiders, the import dependency for the full FY26 could be a tad higher than the April-January level, similar to what happened in the last financial year. India is seen as a major growth centre for oil demand given the future potential in energy-intensive industries, growing vehicle sales, a rapidly expanding aviation sector, expected growth in consumption of petrochemicals, and a still-growing population with relatively low per-capita …

What will India import? The 0 billion key question answered| India News

What will India import? The $500 billion key question answered| India News

Between Monday’s announcement of an India-US trade deal and Saturday’s joint statement with finer details, a big question, worth $500 billion, remained. While US tariffs on Indian produce were reduced from 50 per cent to 18 per cent, it was not clear what India would import from the United States. However, that has now been answered. US President Donald Trump and Prime Minister Narendra Modi announced the India-US trade deal on Monday. (Reuters) A detailed framework for an interim trade deal was released in a joint statement on Saturday, confirming reduced US tariffs, both countries’ commitment to zero duties on select products, market-opening measures, and an overall deeper economic relationship. ALSO READ | What does the trade deal with US mean for India? Key points for Delhi in the details so far The trade deal also gives India a competitive edge over other countries, such as China, Vietnam, Indonesia, Bangladesh and Pakistan, all of which have higher tariffs than New Delhi. China’s products carry tariffs of 33 per cent, Vietnam and Bangladesh 20 per cent, …

No import benefits given to US for agricultural products, says Goyal| India News

No import benefits given to US for agricultural products, says Goyal| India News

Union commerce minister Piyush Goyal on Saturday stated that no import benefits will be given to the United States on agricultural products. Detailing on the India-US joint statement on the bilateral trade agreement, the BJP leader added that this decision was taken since India is “self-sufficient” in the agricultural sector. Detailing on the India-US joint statement on the bilateral trade agreement, the BJP leader added that this decision was taken since India is “self-sufficient” in the agricultural sector. (Raj K Raj / Hindustan Times) Speaking to reporters during a press conference, Goyal stated that the no import benefits product list includes – meat, poultry, dairy, soyabean, maize, rice, wheat, cereals, millets (jawar, bajra, ragi), fruits, green tea, oil seeds, ground nuts, honey, non-alcoholic drinks, ethanol and tobacco. Follow LIVE updates here This comes as a step away from the other free-trade agreements India has signed with the European Union, the United Kingdom and Australia. India has usually kept out sensitive sectors such as dairy, rice, wheat, meat, poultry, cereals, GM foods, soymeal, and maize out …

Budget 2026: Govt Announces Duty Relief On 17 Cancer Drugs, Import Exemptions For Rare Diseases | India News

Budget 2026: Govt Announces Duty Relief On 17 Cancer Drugs, Import Exemptions For Rare Diseases | India News

Last Updated:February 01, 2026, 16:35 IST Sitharaman, while presenting the Union Budget, said the duty exemption would directly help reduce the prices of critical drugs used across multiple cancer treatments. Budget 2026: 17 cancer medicines to become cheaper as Sitharaman announces basic customs duty exemption. Finance Minister Nirmala Sitharaman, in her Union Budget 2026, delivered significant relief to cancer patients and their families by lowering the cost of critical cancer treatments and announced the removal of basic customs duty on 17 cancer-related drugs and medicines. Notably, the move was aimed at making the treatment more affordable and improving access to essential treatment, particularly for patients dependent on imported medicines for complex and advanced cancers. Sitharaman, while presenting the Union Budget, said the duty exemption would directly help reduce the prices of critical drugs used across multiple cancer treatments. Notably, the imported oncology medicines often attract basic customs duty, which significantly increases the retail price of medicines. The government expects cost savings to be passed on to patients, easing one of the largest financial burdens associated …