Import/Export Industry Notifications

The government has begun an exercise to identify exemptions under the customs duty law that need to be weeded out. It has sought suggestions from industry and other stakeholders on phasing out exemptions and simplifying customs procedures. The crowdsourcing exercise, which is not limited to only a few notifications or sectors will go on till August 21.

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Virtual events have become buzzword after the outbreak of COVID- 19 and the leather sector, which was badly affected due to the lockdown and cancellation of export orders, is utilising the online platform to attract global customers. The industry has witnessed a significant recovery in June and they are expecting that these virtual events will further lead to its revival. The Council for Leather Exports (CLE) is organising virtual leather fairs, exhibitions and B2Bmeetings in different countries with the support of Indian Embassies. So far, the virtual fairs have been organised in Korea and Vietnam and soon events will be held in Russia and Peru.

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By shifting its focus on cultivation and effectively handholding farmers, the country can be among the top-five exporters of agro commodities, according to a report by the World Trade Centre. The report comes at a time when the government has announced some reforms in the farm sector by allowing farmers to sell products outside the regulated APMC markets. This along with the relaxation of the Essential Commodities Act, among others, can help boost exports.

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To overcome the Covid-19 headwinds faced by exporters in reaching out to offshore markets, the Uttar Pradesh government has decided to promote virtual exhibitions (e-exhibitions) during the current fiscal year 2020-21. The transnational Covid-19 safety and health protocols are likely to result in the deferment and postponement of international trade fairs and exhibitions. Hence, the Adityanath government will provide financial aid to exporters participating in such virtual exhibitions under the flagship Market Development Assistance (MDA) Scheme.

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If India’s foreign trade in goods and services have in recent quarters been a continuous drag on the gross domestic product (GDP), the pull-down effect could be far stronger in the current fiscal. By capping the outlay for the Merchandise Exports from India Scheme (MEIS) at Rs 9,000 crore for the April-December period, the revenue department has deprived exporters of over two-thirds of the duty remission benefits they are entitled to. The move could also have wider implications for exporters of assorted goods as the denial of the benefit will suffice to blunt the already-narrow edge they enjoy in key markets over competitors.

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Exporters are finding it challenging to fulfil orders due to limited availability of containers and workers. India's rice export prices rose this week as the worsening Coronavirus crisis in the country caused logistical snags, while widespread flooding in Bangladesh severely damaged crops.

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The government has imposed safeguard duty on solar cells for one more year until July 2021 to protect domestic manufacturers and discourage cheap imports from countries like China. The move followed a recommendation by the Commerce Ministry’s investigation arm Directorate General of Trade Remedies (DGTR) for the continued imposition of the duty for one more year.

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India is working to ensure that the next round of import tariff hikes targeting China includes items that are covered under free trade agreements with other trade partners. This is done to insulate them, and for which domestic capacities and alternatives exist to avoid shortages. The Commerce and Industry Ministry has received inputs from various industry bodies and the council's proposing items where import duties can be increased. The suggestions are being vetted for their appropriateness and a final list is being drafted.

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Indian Railways hopes to become fully ‘Made in India’ in a year by bringing down its import dependence to nil. In 2016-17, the import content in overall-procurement was 6-7 per cent, which dropped to 1.46 per cent last year. The import content is expected to be zero from next year.

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