Import/Export Industry Notifications

The Ministry of New and Renewable Energy (MNRE) recently imposed an essential customs duty (BCD) of 40% on solar modules and 25% on solar cells, starting April 1, 2022.

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The federal cabinet has taken a significant decision to preserve historical monuments and has approved the import of red clay sandstones from India for conservation work on Shalamar Bagh Lahore's monuments and tombs of Noor Jahan and Asif Jah.

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This week, PVC prices raced higher in Asia. The steep price gain was triggered by bullish import offers from overseas producers and deals concluded at higher price levels in the region.

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Ajay Sahai, Director General of the Federation of Indian Export Organisations, says that Indian exporters are now experiencing a flurry of foreign orders as global trade picks up. He warns that the international crisis over lack of available shipping containers, lack of liquidity facing MSMEs and differential levels of vaccination in different economies continues to pose a challenge.

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MSME support and development organization National Small Industries Corporation (NSIC) will help micro, small and medium enterprises working with the Agricultural and Processed Food Products Export Development Authority (APEDA) over multiple areas. NSIC, through an MoU with APEDA, will help its MSME members in the export potential of their agricultural and processed foods products.

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Indian steel companies may face some problems managing steel exports at current levels during the next financial year. Domestic production will just about meet demand within the country, a top industry official has said.

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The Textile Ministry has put its weight behind an early limited Free Trade Deal between India and the UK, which must include tariff reduction for textile and clothing items, resulting in possible gains for the sector, officials have said.

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On Wednesday, a trade body said that Indian mills have undertaken to export 4.3 million tonnes of sugar so far in the 2020/21 season-ending on Sept. 30, as a rally in global prices to a four-year high and an export subsidy makes overseas sales lucrative.

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With the Union Minister of Commerce & Industry (CIM) doing constant engagements with the plastics industry, which essentially comprise MSMEs, the industry is seeing stabilization in raw materials prices (particularly PVC Resin) in March 2021. The Plastics Export Promotion Council (PLEXCONCIL), the apex trade body of plastics exporters, has stated that plastics’ exports have grown in January 2021 (up 12.2% vis-à-vis January 2020) and February 2021 (up 3.2% vis-à-vis February 2020 on a provisional basis).

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