Известия за индустрията за импорта/износ

According to the WTO, world trade is likely to decline by 13-32 per cent in 2020. To increase economic activity from April 20, 2020, the Finance Ministry has asked PSBs to place in the indicative time frame from processing to disbursement. The Ministry emphasised that timely credit to businesses in the context of the COVID-19 pandemic is critical for revival of economic activity.

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While exporters agree that the RBI’s decision to relax bad loan classification and provide refinance facility would help; a comprehensive economic package with enhanced sops is required to help them survive the challenges posed in the wake of the COVID-19 situation.

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The Indian government announced stringent restrictions on foreign direct investments (FDIs) from countries sharing land borders with India. Similar restrictions were already in place for Bangladesh and Pakistan. So the fresh action is clearly aimed at monitoring and regulating Chinese FDIs into India, and buyouts of Indian companies by Chinese entities.

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Latin American countries, including Brazil, Argentina and Colombia, have scrapped import duties on some respiratory equipment from India as a temporary trade-relief measure to fight COVID-19. A group, including Colombia, Paraguay and Ecuador, has scrapped import duties on gas masks and oxygen therapy devices.

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With containers stuck in transit for days together, the Indian government has decided to allow some relaxation on the import of drugs. India is not a large pharmaceutical formulation importer and depends on China for active pharmaceutical ingredients (APIs) to make drugs. Under the existing rule, imported drugs that have less than 60 per cent shelf life remaining are not allowed into the country. This rule has been relaxed for the current situation.

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The government is fast-tracking a plan to implement an electronic Bill of Lading. To facilitate the trade documentation process and the continuity of business in a post-coronavirus world, this measure is being considered. The bottleneck situation at the port is attributed to the current manual process. E-BL would smoothen the workflow at the ports.

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The Union Finance & Corporate Affairs Minister, Nirmala Sitharaman has announced Rs 1.70 Lakh Crore relief packages under Pradhan Mantri Garib Kalyan Yojana. This will help the poor to help them fight the battle against the COVID-19 situation. The daily wager, farmers and worker’s condition amid the nationwide lockdown was considered before approving these packages.

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During the lockdown, farmers are finding it very difficult to book trucks and tractors for transporting their produce. Hence, to facilitate that, Narendra Singh Tomar, Union Agriculture Minister launched transport aggregator mobile application, Kisan Rath.

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Jharkhand Chief Minister Hemant Soren has launched a mobile app to help people of the state who are stranded outside the state amid COVID-19 lockdown. According to this, even if one person has a smartphone then the entire group could register their names. Within a week, financial assistance will be made available to the state's people who are outside the state.

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