TARIFFS
Pakistan's federal cabinet approves hike of PKR 5.72 per unit in basic power tariff
Pakistan's federal cabinet has approved a significant hike in the basic power tariff, raising it by PKR 5.72 per unit. This increase, effective from July 1, 2024, will raise the average electricity tariff to PKR 35.50 per unit. The move aims to cover financial losses and support an IMF bailout, despite causing consumer strain.
China's Xi Jinping greets EU Council president ahead of EV tariffs taking effect
China's President Xi Jinping conveyed his congratulations to incoming European Council President Antonio Costa, emphasizing the importance of China-EU relations. This comes ahead of the European Commission's decision to impose tariffs of up to 37.6% on Chinese electric vehicles (EVs), citing state subsidies benefiting Chinese firms. Xi reaffirmed China's commitment to its partnership with the EU, rejecting accusations of unfair subsidies on Chinese EVs. The EU faces internal divisions over supporting these tariffs, with Germany leaning towards opposing them due to significant automotive sales in China, while France supports them firmly.
Telecom tariff hike: Govt, regulator won't intervene in matter
The government and the telecom regulator do not plan to intervene in telecom companies' decisions to raise prices, stating that tariffs in India remain among the lowest globally. Authorities, however, want the companies to enhance the quality of services.
There is a ring of truth to tariff hike
India's telecom companies, including Reliance Jio, Bharti Airtel, and Vodafone Idea, are increasing tariffs to boost revenue and fund network expansion, following a lifeline from the Government of India for spectrum purchase. Despite high spectrum prices and fierce competition, recent price hikes signal industry recovery and a shift towards sustainable growth. The focus is now on transitioning subscribers to 4G and preparing for the game-changing 5G era to support India's digital development.
Telcos' tariff hikes to push up core inflation by 0.2 pc in FY25: Report
The recent tariff hikes by the top three telcos in the country are expected to raise core inflation by 0.20 per cent in FY25, with analysts at Deutsche Bank revising their core inflation forecast to 3.8 per cent. The impact of the hikes is anticipated to be felt from July onwards, potentially pushing month-on-month core inflation by over 0.85 per cent. The Reserve Bank of India is closely monitoring the inflation trajectory, especially considering factors like below-trend monsoon rains and fluctuating food prices.
Commerce ministry developing platform for registration, resolution of non-trade barriers
"We are making a portal so that we can prioritise all the NTBs. Traders will register their complaints and the ministry will pursue that," the official said. In cases where the barrier is impacting a large volume of goods will be prioritised for their redressal and action-taking.
No new duty concessions for milk, milk products imports: DGFT
India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ imports have occurred only three times in recent years, managed exclusively by cooperatives and state-owned entities, following guidelines that balance producer and consumer interests.
Jio, Airtel Tariff Hikes: Users can still avoid increased prices. Here's how
Reliance Jio and Airtel will raise tariffs from July 3, 2024, to boost Average Revenue per User (ARPU), impacting millions of subscribers. Prepaid users can avoid hikes by recharging before July 3. Adjustments range from 12% to 25% for Jio and 11% to 21% for Airtel. Postpaid users will see immediate changes in their billing cycles.
India steel, trade ministries in talks over rising Chinese imports
India's steel and trade ministries are discussing the increasing imports of steel, especially the influx of cheap Chinese goods, according to a government source. The talks come amid ongoing requests from top producers for higher tariffs. India became a net steel importer in the fiscal year ending in March, with finished steel imports reaching a five-year high in April and May, based on provisional government data.
Interest equalisation scheme for exporters extended for 2 months; FIEO disappointed
The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. Exporters get subsidies under the Interest Equalisation Scheme for pre and post-shipment rupee export credit.
Five-yr extension expected for export credit scheme
India is expected to extend a key support scheme for export credit to boost its export sector, which has been hit hard by a slowdown in developed countries. The commerce and industry ministry has proposed an extension of the interest equalisation scheme beyond June 30, providing a 3% benefit for manufacturer micro, small and medium enterprises (MSME) and a 2% incentive for exporters of 410 identified tariff lines.
Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.
India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
India has option to propose retaliatory duties on EU's safeguard measures on some steel products
New Delhi, India can propose retaliatory customs duties under WTO norms on EU imports due to disagreement over EU safeguard measures on steel products. EU extended safeguard duties on steel imports till 2026, affecting India's steel exports to the EU.
High tariffs on EVs to protect from Chinese imports, says trade ministry
India's trade department said on Friday that the country's car market is "well-protected" through high tariffs on the import of electric vehicles, at a time when other major economies like the European Union have slapped tariffs on Chinese EVs.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
China's exports grow 7.6% in May, beating expectations despite trade tensions
In May, China's exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year.
EU carbon tariff: India preps for a fight at WTO
India is considering challenging the European Union's Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, which mandates non-EU steel producers to report emissions, impacting sectors like iron and steel, cement, and more.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
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