India clamps down on Chinese products, imposes 5-year anti-dumping duty for five years
The DGTR in separate probes have concluded that these products have been exported at a price below normal value in Indian markets, which has resulted in dumping. The domestic industry has suffered material injury due to the dumping of these products. Key Points
FirstpostIndia imposes anti-dumping duty on three Chinese products for five years
India has decided to impose anti-dumping duties on three Chinese products, namely wheel loaders, gypsum tiles, and industrial laser machinery. The purpose of these duties is to protect local manufacturers from the influx of cheap imports from China. The imposition of these duties follows the recommendations made by the Directorate General of Trade Remedies (DGTR), which is the investigation arm of the commerce ministry. Key Points
Economic TimesIndia will have to eventually move to lower customs duty regime, says DPIIT Secy Rajesh Kumar Singh
India will eventually move to a lower customs duty regime and cannot continue protecting domestic manufacturers by citing the infant industry argument. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said tariffs are not considered a revenue source but are used as a policy tool to ensure higher protection for certain sectors to boost domestic manufacturing. Key Points
Economic TimesNo loss to India due to removal of retaliatory customs duties on eight US products: Minister
India has agreed to remove retaliatory customs duties it imposed on eight US products including apples and lentils. The duties were imposed by India in retaliation to the US raising import duty on steel and aluminum. Indian Minister of State for Commerce and Industry Anupriya Patel said in a written reply to the Rajya Sabha that “the removal of retaliatory tariffs or cuts in import duty with the US does not result in a loss to India. Key Points
Economic TimesNo loss to country on removal of US retaliatory tariffs: Govt tells Parliament
India has removed retaliatory customs duties on eight US products. Among these were almonds, walnuts, and chickpeas as the country looks to resolve its trade disputes with the US. Retaliatory charges had been imposed on 28 US products in response to America's decision to levy extra import taxes on certain steel and aluminium products. The most-favoured nation tariff rates now apply to all countries. Key Points
Economic Times
Indian carmakers up in arms against duty cuts on high-end EVs for Tesla & co
Indian automakers, including Tata Motors and Mahindra & Mahindra, voice concerns over potential import duty cuts for luxury electric vehicles like Tesla. The government explores options, considering a temporary reduction. Industry players fear adverse effects on existing investments and market positions. Key Points
Economic TimesGovt needs to reduce import duties on inputs, capital goods to lessen need for export schemes: GTRI
India's Global Trade Research Initiative (GTRI) suggests that reducing import duties on inputs and capital goods could help reduce the need for many existing export schemes. The think tank argues that many countries, including major trade partners like the EU and the US, view Indian schemes as subsidies and punish exporters by charging countervailing duties. Key Points
Economic TimesA look at what PM Narendra Modi is planning to do in his potential third term, as per his adviser
India's Prime Minister Narendra Modi's government aims to enhance manufacturing, focusing on export-oriented sectors facing high import duties to boost competitiveness, according to government adviser Arvind Virmani. The government plans to reduce trade barriers, improve output-linked incentive plans, and identify sectors for duty reduction. The move aligns with efforts to attract manufacturers through incentives like tax cuts and capital support. Key Points
Economic TimesAssam doctor Mayur Hazarika secures fifth rank in UPSC CSE 2022, aims for Indian Foreign Services
While preparing for the prelims, Mayur Hazarika fulfilled his duties at a hospital in Nagaon district as part of his rural posting under the National Health Mission. Given his time constraints, he primarily relied on self-study to progress. Key Points
The Indian ExpressIndia weighs options against EU law on retaliatory tariffs
Officials said the EU law violates global trade norms and can become another dispute at the organisation. While the EU has not invoked the law as yet, New Delhi is also examining if it can retaliate by imposing higher duties on products coming from the EU against the quota restrictions put in place by the bloc on steel imports from India in 2020. Key Points
Economic Times
Mechanism to monitor steel, aluminium products export at concessional rates to US in the making
During the visit of Prime Minister Narendra Modi in June last year, the two countries decided to remove trade irritants and as part of that, both sides agreed to end six trade disputes at the WTO. They have mutually resolved those seven disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019. Key Points
Economic TimesGovt slashes import duty on mobile parts
The Indian government has cut import taxes on some components of mobile phones in a bid to make the local industry more competitive. The move will help the likes of Apple and Samsung to ramp up exports, according to exports. The India Cellular and Electronics Association (ICEA) had earlier submitted a report comparing import duties among India, China, Vietnam and other countries, where they flagged a steep cost disability due to high tariffs on input parts. Key Points
Economic Times'Manuvadi', 'regressive', 'RSS mentality' — Oppn slams Assam CM Himanta Sarma for Varna post
Sarma had tweeted Gita verse that deals with duties of those who possess qualities of Vaishyas & Shudras. Congress, RJD & CPI(M) criticise post. Key Points
ThePrintIndia, UK free trade agreement: 12th round of talks from Aug 7
India and the UK are close to finalizing a free trade agreement (FTA), with the 12th round of talks set to take place in August. The talks are expected to cover issues such as investment, reduced duties on autos and whiskey, and trade in services. Of the 26 chapters in the proposed FTA, 19 have been agreed, while a separate agreement on bilateral investment is also being negotiated. Key Points
Economic TimesServing your notice period gracefully can land you a better job opportunity
Resigning from your job does not mean you can slack off during your notice period. In fact, it is important to maintain productivity levels, show gratitude towards your employer and inform colleagues and clients. It is also crucial not to take any company belongings and not to brag about your new job. Instead, finish your tasks on time and help the person taking your position understand their duties. Key Points
Economic Times
India, EU ask WTO dispute settlement body not to adopt ruling on ICT import duties till September 19
India and the European Union (EU) have requested the WTO's dispute settlement body (DSB) not to adopt its April 17 ruling against India's import duties on certain information and technology products. A communication to the WTO calls for a special meeting of the DSB on June 15, with the two sides asking for the panel's ruling to be postponed until September 19 as talks continue between the two regions in a bid to resolve the matter. The ruling was made following a case brought by the EU, Japan and Taiwan, and found that India was in violation of WTO trading norms by imposing the import duties. Key Points
Economic TimesRejection rates of DGTR's recommendations by FinMin to impose anti-dumping duties rise: Report
From September 2020 to October 2022, as many as 70 anti-dumping and countervailing duties recommendations of the commerce ministry were rejected out of 120. From 1991 to 2020, only seven recommendations were turned down by the finance ministry out of 1,052 cases recommended by the commerce ministry's investigation arm -- Directorate General of Trade Remedies (DGTR). Key Points
Economic Times20 pc retaliatory duty removal on American apple imports to have 'zero' impact on Indian farmers: official
India's decision to remove retaliatory tariffs on US apples, imposed in 2019 in response to the US increasing tariffs on certain steel and aluminium products, will not have any negative impact on Indian farmers. The decision to remove these additional duties was part of an agreement reached between India and the US during Modi's visit to USA. Key Points
Economic TimesKing Charles diagnosed with cancer: Buckingham Palace
UK News: Britain's King Charles, aged 75, has been diagnosed with a form of cancer. The monarch will be postponing public-facing duties in light of this recent development. King Charles will continue to undertake State business and official paperwork as usual. Key Points
Times Of IndiaLooking at liberalising some restrictions on SEZ units: Piyush Goyal
We are looking at ways and means to liberalise some of these restrictions on SEZ units. It's under consideration...We are discussing it with all the stakeholders and hopefully that itself will give a significant boost to the SEZ units, Goyal said here at an industry chamber function. Key Points
Economic TimesI've been undiagnosed for 8 months as I experience extreme fatigue and periods of paralysis. It's affecting my parenting the most.
The author shares how she's experienced extreme fatigue and paralysis and has no answers. She can't even pick up her children up. Key Points
InsiderBJP MP from Vadodara backs out of Lok Sabha polls, cites 'personal reasons'
The BJP MP from Vadodara, Ranjan Bhatt, pulled out of the Lok Sabha poll race citing "personal reasons". The party fielded her from Vadodara for the third time. Key Points
India TodayIndia pitches re-examination of customs duties moratorium on e-commerce
India calls for re-examination of customs duties moratorium on e-commerce at WTO. Developing countries losing $10 billion annually. India opposes extension, facing $500 million loss each year. Policy options needed for digital industrialisation. Discussions at 13th Ministerial Conference. Key Points
Economic TimesIndia's stance on data transfers at WTO spooks chip giants
A global semiconductor consortium, including industry giants like Qualcomm and Intel, urges India to reconsider its plan for duties on cross-border digital e-commerce and data transfers. The World Semiconductor Council warns that such a stance could hinder India's chip design industry and impact the global semiconductor workforce. The semiconductor sector is crucial for India's economic growth, with a $10 billion incentive package in place. Key Points
Economic TimesWTO meet: India to oppose no customs duty policy on ecomm transmissions
New Delhi is of the view that e-commerce needs to be looked at from a development dimension and not from the “eyes of big tech companies”. The moratorium on customs duties on electronic transmissions is in place since 1998 and gets extended every two years when the WTO ministerial conferences take place. “There is no question of extending the moratorium. We have given a final extension. There will be no more extension…We are in favour of continuation of the work programme,” said the official. Key Points
Economic Times
Indian official delegation heads for London for FTA talks
Negotiations for the India-UK free trade agreement are in the final stage. A high-level Indian delegation is heading to London to resolve remaining issues on goods, services, and rules of origin. The negotiations cover 26 chapters, including market access, skilled professionals, and import duties. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23. Key Points
Economic TimesEveryone wants to do an FTA with India: GTRI report
Economic think tank GTRI has reported that economies like Europe, the UK, Oman and Peru are keen to establish free trade agreements with India due to the country's rapidly growing market. The report suggests that such agreements can provide access to the Indian market with less or no import duties, giving companies an advantage in selling to the Indian market. Key Points
Economic TimesIndia, Taiwan get time to resolve ICT dispute
If the talks fail, Taiwan could adopt WTO panel filings and India could take the case to the Appellate Body of WTO, which hasn't been functional for nearly two years due to the US blocking the appointment of judges. India has appealed against the ruling in its dispute with Japan and the EU. The dispute was filed in 2019 when the three members had challenged the import duty of 7.5%-later increased to 15%-levied by India in 2017. India further raised the duty to 20%. The duties were to boost local manufacturing. Key Points
Economic TimesRoDTEP extension to help boost exports, create jobs: CII EXIM committee chairman
The Indian government's decision to extend export benefits under the RoDTEP scheme until June 2024 will have a positive impact on domestic manufacturing, exports, and job creation, according to Sanjay Budhia, Chairman of the CII national committee on EXIM. The scheme provides refunds for taxes, duties, and levies incurred by exporters in the manufacturing and distribution process. Budhia believes this move will boost exports, generate employment, and help establish India as a global manufacturing hub. Key Points
Economic TimesIncome tax officials ‘visit’ Chinese computer-maker Lenovo's office in India for 'search op'
It wasn’t immediately clear why these searches were conducted. Lenovo is one of several Chinese tech companies that central government has accused of evading GST & customs duties. Key Points
ThePrint
India’s trade policy is working great — for Vietnam
Elsewhere in Asia, the contest is about semiconductors, the high-value heart of communication, transportation, artificial intelligence, and a lot else besides. From Thailand to Singapore and Malaysia, several countries are now in the fray to shift the locus of front-end chip manufacturing from East to Southeast and South Asia. India is trying tostep on that ladder via packaging and testing. While those plans are yet to bear fruit, cheap labor has already made the nation an upcoming rival to Vietnam in a low-value-added activity like assembling electronics parts. Key Points
Economic TimesIndia, US inform WTO of mutual resolution of all six disputes
India and the US have informed the World Trade Organization (WTO) on the mutual resolution all the six trade disputes, in line with the commitment they made last month. In five separate notifications to the WTO on Tuesday, they asked the multilateral trade watchdog to terminate these disputes. The US and India had initiated three disputes each. Key Points
Economic TimesIndia’s production push is not moving past the assembly line
India's $10 billion plan to produce semiconductors is under threat, potentially exposing a fault line in Prime Minister Narendra Modi's campaign for greater economic self-reliance. Critics argue that the success of India's smartphone manufacturing industry is a hollow claim, created by low-end assembly-line jobs with expensive state subsidies and protectionist import duties. The government is expected to reject incentives for a proposed 28-nanometer chip unit, which would make sense only as a quick pathway to more sophisticated production. The PLI program, a $24 billion subsidy scheme, is also under scrutiny. Key Points
mintHow much jewellery, gold can I take with me to UK from India?
Indian laws have no value limit on exporting gold jewellery as long as it is the passenger's bonafide baggage. UK customs/import duties may apply. Declare items beforehand. Key Points
mint