IMPORT DUTY CUT
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
India allows imports of corn, vegetable oils at concessional duty
India has decided to permit restricted imports of corn, milk powder, crude sunflower oil, and refined rapeseed oil with concessional duty. As the largest global importer of vegetable oils, India will allow imports totaling 150,000 metric tons each of sunflower oil or safflower oil and refined rapeseed oil in the ongoing marketing year, according to the notification.
Gems, jewellery exporters seek import duty cut on gold, silver, platinum bars to 4 pc in Budget
Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperation agreement".
Charting the global economy: BOE leaves rate-cut hopes alive
The Bank of England hinted at possible interest-rate cuts as some officials are leaning towards it, despite keeping rates steady at 5.25%.
How a tax sop has created a divide in India's motown
Indian automakers are at a crossroads as they navigate the shift from internal combustion engines to electric vehicles. Consumers are showing a preference for hybrids over EVs, sparking debate among automakers. The government's proposed tax reduction for hybrids has divided industry leaders, with some advocating for incentives solely for electric vehicles. The potential impact on sales volumes and climate goals is a central point of contention.
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Gold, silver import surges 210 pc in 2023-24 from UAE; need duty revision in FTA: GTRI
Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
5 world market themes for the week ahead
Central bank decisions in Britain, Switzerland, and Norway will show the rate cutting trend, while retail sales data from the US and China will indicate consumer health. Europe gears up for the Euros 2024 tournament in Germany. Investors are monitoring cocoa supply issues in Ivory Coast, Ghana, and other countries like Brazil.
India-UK FTA talks: Pending issues to be resolved after UK polls
The issues that need to be ironed out include duties in sectors like electric vehicles, alcoholic beverages and services. General elections in the UK will be held on July 4.
Strategic reforms in customs duties, GST, commerce to push India's inclusive growth, says GTRI
The think tank suggested increasing the GST exemption limit for a firm's annual turnover from 40 lakh to 1.5 crore as this will be transformative for India's MSME sector, promoting job creation and growth. Firms with less than Rs 1.5 crore turnover make up over 80 per cent of registrations but contribute less than 7 per cent of the tax collected, it said adding a yearly turnover of 1.5 crore equals 12-13 lakh monthly turnover, translating to just Rs 1.2 lakh at a 10 per cent profit margin.
Will BJP win? This market awaits June 4 results for potential shakeups in India's trade policies & global food prices
India's agricultural markets are under scrutiny as a new government prepares to take office, potentially impacting global food prices. Prime Minister Modi's policies aimed at ensuring domestic supplies have influenced key crop exports. Changes post-election could affect rice, wheat, and sugar markets, with industry leaders seeking policy shifts to address supply and demand challenges.
Beyond Tesla…Teslar, Teslast: India to reduce EV import duty for Tesla, other global automakers
India has agreed to reduce import duties on electric vehicles (EVs) for companies like Tesla, clearing the way for the automaker to enter the Indian market. The reduced duty, from 70-100% to 15%, applies to all global companies, not just Tesla, and is tied to a minimum investment of $500 million. While some argue against such concessions, noting that previous entrants faced no such benefits, the move could open the door for Tesla to compete in India's growing EV market, which is currently dominated by more affordable options.
Mercedes-Benz, BMW and Audi may steer clear of India's new EV policy
The luxury car makers that have already been present in India for decades would rather accelerate local assembly in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn’t officially comment on investments under the new policy.
Have high import tariffs helped India improve manufacturing & counter China?
The government has successfully used tariff protection in some segments, but the policy needs a review if the country has to see improvements in efficiency and sustainability fronts.
Should Tata, Mahindra, and other Indian automakers worry about Tesla & co.
M&M and Tata Motors had in the past advised govt not to lower import duty on electric vehicles and protect domestic firms and their foreign investors. However, DPIIT Secretary Singh said the balanced EV policy's aim to boost the Indian electric vehicles market with import duty concessions for global players like Tesla, ensuring stringent norms and limited imports to benefit domestic manufacturers.
EV policy: FinMin notifies 15 pc duty on e-vehicle imports
Earlier today, the Heavy Industries Ministry notified a 'Scheme to promote manufacturing of electric passenger cars in India', under which import duty concessions would be given to companies setting up manufacturing units with a minimum investment of USD 500 million. Following that, the finance ministry notified that EVs of a minimum value of USD 35000 can be imported at 15 per cent duty up to year 2031 by companies that set up manufacturing facilities under the scheme.
Giving the economy a gold shoulder
Gold consumption last year dipped 3% from 2022, with purchases in the festival October-December quarter declining 4% over the same period a year ago. Demand during January-March ought to be slow, with fewer wedding dates. By the time summer demand sets in, interest rate movements may make bullion dearer. Subdued demand in the world's second-largest retail market for gold will have some effect on prices. Rural incomes have to revive more emphatically before rise in gold prices can be absorbed to increase consumption.
India mulls quota-based duty cuts on gold imports to Switzerland under EFTA
Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of India’s total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE.
VinFast echoes Tesla's demand for India to cut import duty on electric cars
Vietnamese electric vehicle maker VinFast has requested India to reduce import duties on its cars for about two years while a local manufacturing plant comes on stream in Tamil Nadu. VinFast hopes to start production, for domestic sales first and then exports, by the middle of next year. India is considering the requests but has not made a decision.
India cuts import duty on blueberries, turkeys; fully exempts extra long staple cotton from levy
The Finance Ministry has slashed import duty on certain items of blueberries and cranberries from 30 per cent to 10 per cent in some cases and 5 per cent in other cases.
Govt not considering cut in import duty on rubber: Official
The government maintains the differential between local and international prices, and is not considering any cut in import duty on rubber. The duty on import of dry rubber was increased, and port entry for import of natural rubber has been restricted.
Govt 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.
Import duty cut to lower cost pressure, push exports: Industry
The government on Tuesday rationalised import duties on some parts that are crucial for mobile phone manufacturing - including mechanics and display assembly - to 10%, complying with the demands of the industry that have been asking for such rationalisation to increase cost competitiveness.
Govt cuts import duty for components used in making mobile phones to 10%
The government announced a reduction in the import duty for components used in the manufacturing of mobile phones. The duty has been slashed from 15 percent to 10 percent, encompassing a range of crucial components such as battery covers, front covers, main lenses, back covers, and various other items integral to mobile phone production
Budget 2024: Gem and jewellery industry calls for reduction in import duties on gold, cut and polished diamonds
Union budget 2024: The Gem and Jewellery Export Promotion Council (GJEPC) has called on the Indian government to lower import duties on gold and cut and polished diamonds ahead of the Union Budget. The GJEPC believes that increased import taxes on polished and cut gemstones would lead to lower exports and fewer jobs in the jewellery sector, losing its competitive advantage to rival nations like China and Thailand.
Ahead of Budget, Commerce ministry backs import tax cuts on gold bars
The commerce ministry's support for lowering the tariffs comes ahead of the Interim Budget due next week. If a reduction in the taxes is accepted, Finance Minister Nirmala Sitharaman could announce the decision in her interim budget on February 1.
Govt should not cut import duties on parts used in making smartphones in Budget: GTRI
The Global Trade Research Initiative (GTRI) advised against reducing import duties on electronic components for smartphones in the upcoming budget, emphasizing that the current tariff structure supports local manufacturing. The report contradicts the India Cellular and Electronics Association's demand for duty cuts to boost domestic production.
India keeps edible oil import duty lower until March 2025, imposes 50% export tax on molasses
India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a by-product of sugarcane used for alcohol production.
Budget 2024: ICEA moots import duty cuts on inputs to boost smartphone exports
A key demand of the handset industry from Budget FY25 is zero tariffs on all lines that significantly increase costs, converging them with Vietnam and China to ensure competitiveness, scale and export-led growth. The industry has also called for streamlining the current complex tariff structures by bringing in just three slabs of 0%, 5% and 10% by 2025.
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