Domestic medical device makers seek hike in basic custom duty

Source: The Hindu Business Line, Jan 11, 2018

New Delhi: The government needs to increase the basic customs duty on medical devices in the range of 5-15 per cent to promote domestic manufacturing, Association of Indian Medical Device Industry (AiMeD) said on Thursday.The current slab is 0-7.5 per cent, it said.

“The government has rightly revised custom duty on Electronics to up to 20 per cent recently to maintain the investment climate, and same is sought for Medical Electronics where import dependency is 90 per cent,” AiMeD Forum Coordinator Rajiv Nath told PTI.

He said nominal import duty on critical items is not protectionism but sound ‘Make in India’ economics.

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Britain doubles export backing for India

Source: The Economic Times, Jan 11, 2018

LONDON: The UK government today announced the doubling of its national credit support for UK businesses exporting to India, during the visit of Commerce and Industry Minister Suresh Prabhu.

Prabhu held talks with Britain’s international trade minister, Liam Fox, in London as part of the 12th meeting of the UK-India Joint Economic and Trade Committee (JETCO) to discuss greater cooperation between the two countries and identify barriers to trade and investment.

As part of the deliberations, Fox announced that the UK’s national export credit agency, UK Export Finance (UKEF), has more than doubled its financial support to enable UK businesses to trade with India. This means 4.5 billion pounds will now be available for UK companies exporting to India as well as Indian buyers of UK goods and services.

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Consumer appliances makers welcome import duty hike

download (14).jpgSource: ETRetail.com, Dec 16, 2017

NEW DELHI: Consumer electronics and appliance makers today welcomed government’s decision to hike import duty on electronics items like smartphones and television, saying the move will boost domestic manufacturing industry and give a push to the Make in India initiative.

The government today hiked import duty on smartphones, television sets, microwave, LED lamps and some other electronic items in a bid to protect domestic manufacturers.

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Exports grow 30.6% to $26.2 b in Nov; gold imports see sharp drop

Source: The Hindu Business Line, Dec 15, 2017

New Delhi: The trade deficit narrowed marginally to $13.82 billion in November, even as merchandise exports rose 30.55 per cent and gold imports saw a sharp drop.The trade deficit had widened to a near three-year high of $14.02 billion in October. It had been lower, at around $13.39 billion, in November 2016.

Data released on Friday showed that merchandise exports rose $26.19 billion in November this year, compared to $20 billion in November 2016. Exports of chemicals, petroleum products, engineering goods and gems and jewellery saw significant growth in November, according to an official release.

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How Chinese companies are beating India in its own trade backyard

download (6).jpgSource: The Economic Times, Dec 13, 2017

In just 10 years, China has built world-class MNCs that have graduated from making cheap copycats of western products to competing with world’s biggest MNCs. And now India is in their cross hairs. Indian companies have a reason to be afraid because they are not going to match the Chinese manufacturers who ride on aggressive pricing, state subsidy, protectionist policies and cheap finance. download (7)

Take smartphone-maker Xiaomi. Once considered a cheap copycat, it is now emerging as a leader in India. It plans to diversify into high-margin products such as electric vehicles and fast-track segments such as payment banking. Recently, it made a regulatory filing in India, stating its future game plan.

Given its runaway success in smartphones in a very short period, it can dominate auto and consumer goods segments in coming years.
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Paper imports hit new high, jump 60% to 10.5 lakh tonnes in H1

Source: The Hindu Business Line, Dec 13, 2017

Mumbai: Despite the Centre’s Make in India push, paper and paperboard imports touched an all-time of 10.5 lakh tonnes in the first half of this fiscal, up 60 per cent from 6.5 lakh tonnes logged in the same period last year.

In fact, duty-free imports from ASEAN countries under free trade agreements (FTAs) more than doubled to 2.1 lakh tonnes from 0.8 lakh tonnes during the period, according to the latest data released by the Directorate General of Commercial Intelligence and Statistics. Paper imports have increased at a CAGR of 15 per cent in value terms over the past six years, from ₹3,411 crore in FY11 to ₹8,237 crore in FY17.

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Importers of food, cosmetics to get refund on excess GST

Source: The Economic Times, Dec 07, 2017

NEW DELHI: Unsold inventory of imported chocolates, confectionery and cosmetics, which attracted 28% Integrated Goods & Services Tax (GST) during inbound shipments but are now retailing with an 18% levy, can claim refunds on the excess tax paid.

“We have told importers that if they have imported goods at 28% and are selling them at 18%, they can claim a refund,” a senior official at the Central Board of Excise and Customs (CBEC) said. “They will, however, have to submit proof. We understand they have issues related to stickers.”

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