Import/Export Industry Notifications

More ships are being held in Asia’s departure ports for a week or more. Carriers wrestle with the recovery of their shattered schedules. Hapag-Lloyd CEO Rolf Habben Jansen told customers today the carrier’s fleet was “fully deployed and stretched beyond capacity”.

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Finance Minister Nirmala Sitharaman made a slew of announcements during her Budget presentation, including Customs Duty changes on several items. The FM proposed reviewing over 400 exemptions this year and said that the idea is to promote domestic manufacturing and help India get onto the global value chain, and enhance exports.

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On Monday, the government has overhauled the customs duty structure to encourage local manufacturing and slow down imports as a way of steering the economy out of recession.

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India is the world’s largest cotton grower. On Monday, Finance Minister Nirmala Sitharaman said that a 10% duty on imports of the fibre would be imposed to help farmers. According to the minister, the government also raised the levy on raw silk and silk yarn to 15% from 10%.

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According to India Pulses, the government's decision to levy agriculture infrastructure and development cess of 20%-50% on imported pulses will not have any impact on prices as the rise in cess will be neutralised by lowering customs duty and Grains Association (IPGA).

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On Monday, the Government of India said that it would temporarily withdraw duties on some steel products imposed to stop dumping mainly from China, after a spike in domestic prices hit job-creating small and mid-sized manufacturing companies.

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On Monday, the government proposed to increase import duty on solar inverters and lanterns or lamps but did not go ahead with its plan to impose a basic customs duty on solar equipment across the board to boost domestic manufacturing.

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Struggling with losses because of low export due to the Covid-19 pandemic, the leather goods manufacturers and exporters chambers said that the Union budget 2021 offers withdrawal of a few exemptions to leather imports and imposes a custom duty of 10%, a move which would affect the competitiveness of the industry.

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According to exporters, steps announced to develop modern infrastructure and rationalisation of customs duties on multiple products would help promote domestic manufacturing and boost exports. S K Saraf, Federation of Indian Export Organisations President, said that modern infrastructure makes exports competitive as it helps reduce logistics costs.

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