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<ul><li>The Indian government has revamped its import policy to curb imports of laptops and tablets.</li><li>Import of laptops and tablets will now require a licence.</li><li>Here’s how the government’s new regulations could impact the common man.</li></ul>The Indian government on Thursday revamped its import policy and announced curbs on importing several products, including laptops, tablets, all-in-one PCs and more. While the import of these devices has not been banned, it can only be done by those holding a valid licence for restricted imports. “Import of Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers and Servers falling under HSN 8741 shall be 'Restricted' and their import would be allowed against a valid Licence for Restricted Imports,” the government said in a notification. Update: The government has now deferred the import restrictions to November 1, allowing companies ample time to apply for licences and avoid issues. “Keeping in view global supply chain arrangements and long-term commitments of the industry stakeholders, liberal transitional arrangements are notified for these imports till October 31, 2023,” said the government. <cmsannotation type="cmsannotation" annotationid="What does this mean?" comment="subhead" text="What does this mean?">What does this mean?</cmsannotation> So far, companies were to import pre-built or fully assembled laptops and tablets to the country without any licensing requirements. Now, companies will be required to licence the devices before they can import them to India. <cmsannotation type="cmsannotation" annotationid="What will be the impact?" comment="subhead" text="What will be the impact?">What will be the impact?</cmsannotation> The new import norms will require companies to licence laptops and tablets before they can sell them in India. This may not only cost the company money, it may also result in devices getting delayed when compared to earlier. While companies who were caught by surprise by the sudden announcement are still evaluating the impact of the new regulations, a<a href="https://www.bloomberg.com/news/articles/2023-08-04/apple-samsung-halt-india-laptop-imports-after-sudden-curbs"> report</a> from Bloomberg has revealed that HP, Samsung and Apple have already put a stop to imports of new laptops and tablets in the country. <cmsannotation type="cmsannotation" annotationid="Short term impact" comment="subhead" text="Short term impact">Short term impact</cmsannotation> While companies are evaluating the impact and are in talks with the authorities, the move may have an adverse impact on both the companies and the customers in the short term. The decision comes just ahead of the festive season, where companies sell a bulk of their devices and customers usually plan their purchases to get the most out of discounts and bank offers. "The government's move is aimed at promoting domestic production and reducing dependence on imports. The industry comprises around 12 million units, and this restriction may lead to some short-term supply disruptions, especially for brands like Apple, HP, and Lenovo. Moreover, with the festive season approaching, a significant period for sales, the industry may face challenges in meeting demand," said Tarun Pathak, research director, Counterpoint Research. As companies will need some to move manufacturing, there may be some short-term impact on the prices and the availability. However, no company has changed the prices <cmsannotation type="cmsannotation" annotationid="Reason for the restrictions" comment="subhead" text="Reason for the restrictions">Reason for the restrictions</cmsannotation> The restrictions have been put in to boost local manufacturing of laptops and tablets, similar to how it pushed for local manufacturing of smartphones. With the new restrictions, the government may want big players to push the companies to assemble or manufacture their devices in India. According to Pathak, the total laptop and PC market size is close to $8 billion and around 65% of these devices are currently imported to India. In addition to the creation of more jobs, this move may also be aimed at curbing imports from China, which makes up for a majority of laptops and tablets imported into India. <cmsannotation type="cmsannotation" annotationid="Local companies hail move" comment="subhead" text="Local companies hail move">Local companies hail move</cmsannotation> While this move may not be seen favourably by some companies, domestic manufacturers have spoken in support of the government’s decision. "We believe the government’s decision to curb the laptop, tablet, and computer imports is progressive and has the potential to boost indigenous electronics manufacturing in the country and also help in achieving Make-in-India vision,” said A. Gururaj, managing director, Optiemus Electronics in a statement to Business Insider India. “We currently hold the PLI for IT Hardware and are manufacturing laptops for notable brands. With this move, we expect further expansion of our capacity to manufacture these devices,” he added. "We are confident that valid licences will be provided to trusted industry partners which will enable ease of doing business and unrestricted access to trusted brands for digital consumers," said Pankaj Mohindroo, chairman, India Cellular and Electronics Association (ICEA). SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-sees-a-declines-in-q2-vivo-in-the-lead/articleshow/102417485.cms">Indian smartphone market sees a declines in Q2; Vivo in the lead</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-recover-in-july-2023/articleshow/102347978.cms">Electric two-wheeler sales recover after spending June in the pitlane</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-3203-cr-in-q1-2023-24-on-improved-jlr-performance/articleshow/102108825.cms">Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance</a>

India puts curbs on laptop and tablet imports – here’s how it could impact you

<ul><li>The <keyword id="19909268" type="General" weightage="20" keywordseo="Indian-government" source="keywords">Indian government</keyword> is expected to extend the <keyword id="20180867" type="General" weightage="20" keywordseo="import-management-system" source="keywords">import management system</keyword> by three months.</li><li>The import management system has been developed by <keyword id="21064214" type="General" weightage="20" keywordseo="IT-hardware" source="keywords">IT hardware</keyword> such as <keyword id="23249347" type="General" weightage="20" keywordseo="laptops-and-tablets" source="keywords">laptops and tablets</keyword>.</li><li>The deadline for the review of the scheme is September 30.</li></ul>The Indian government is expected to extend the current import management system for the import of certain IT hardware such as laptops and tablets for three months ahead of the September 30 deadline. According to a PTI report, an official source familiar with the matter confirmed that the import management system will be extended. According to the official, these imports stood at $8.4 billion in 2023-24 against the authorisation of about $9.5 billion. The official also added that most of these imports were from China. In October 2023, the government had rolled out an import management/ authorisation for imports of laptops, personal computers and certain other IT hardware products. The system is aimed at monitoring inbound shipments of these items into the country without hurting market supply. “The current system, which the government calls the Inventory Management System, essentially a registration programme, expires on September 30. We don't know what's going to happen after that, because even trusted companies are required to register their products and get import permissions. There's a real risk that if this programme isn’t reinstated, all of these products are going to be cut off,” said Jason Oxman, President, Information Technology Industry Council (ITI) earlier this month. On November 1, 2023, the government cleared over 100 applications, including those of Apple, Dell and Lenovo, which sought permission for imports of these IT hardware products worth nearly USD 10 billion, on the first day of implementation of the new system. "A formal request is coming for an extension of the existing system. With a three month extension, this whole year will be covered. So this current year, I do not see any disruption," the official said. The new licence regime applies to laptops, personal computers, microcomputers, large or mainframe computers, and certain data processing machines. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Government expected to extend the import management system for laptops and tablets for three months

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) 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). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

The government has sought product-wise details of cheap imports, comparison with domestic prices and tax disadvantage, if any, from industry to curb low quality inbound shipments especially from China and boost domestic manufacturing, sources said. They said a high level meeting to discuss ways to promote Atma Nirbhar Bharat (Self-reliant India), including cut in import dependence from China, also took place recently in the Prime Minister's office. Industry was asked to send comments and suggestions on certain number of goods and raw materials imported from China, which include wrist watches, wall clocks, ampoules, glass rods and tubes, hair cream, hair shampoos, face powder, eye and lip make up preparations, printing ink, paints and varnishes, and some tobacco items, one of the sources said. The other details sought include import surge data between 2014-15 and 2018-19; domestic prices of similar goods that are made here, domestic capacity, imports under free trade agreements, and inverted duty issue, if any. An industry source said that they are preparing their views on all those products and would soon send to the commerce and industry ministry. The exercise to reduce and curb imports from China assumes significance in the wake of border tensions between the two countries. China accounts for about 14 per cent of India's imports and is a major supplier for sectors like cell phones, telecom, power, plastic toys and critical pharma ingredients. The government has recently put import restrictions on tyres, while also making its prior approval mandatory for foreign investments from countries that share land border with India to curb "opportunistic takeovers" of domestic firms, following COVID-19 pandemic, a move which will restrict FDI from China. During April 2019-February 2020, India imported goods worth USD 62.4 billion, while exports to the neighbouring country stood at USD 15.5 billion in the same period. The main goods imported from China include clocks and watches, musical instruments, toys, sports goods, furniture, mattresses, plastics, electrical machinery, electronic equipment, chemicals, iron and steel items, fertilisers, mineral fuel and metals. India has time and again raised concerns over widening trade deficit with China which stood at about USD 47 billion during April-February 2019-20. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/indian-army-on-india-china-war-in-galwan-valley-soldiers-killed/articleshow/76402297.cms">‘Serious clashes’ between India and China⁠ in Galwan Valley — India says 'Chinese troops had planned this escalation'</a> <a href="https://www.businessinsider.in/policy/economy/news/the-boycott-of-chinas-products-will-be-easier-said-than-done-smartphones-acs-and-cars-will-become-more-expensive/articleshow/76419573.cms">The boycott of China’s products will be easier said than done –⁠ smartphones, ACs and cars may become more expensive</a> <a href="https://www.businessinsider.in/business/telecom/news/even-before-the-india-china-clash-asias-richest-man-mukesh-ambani-was-working-on-replacing-huawei/articleshow/76460868.cms">Even before the India-China clash, Asia’s richest man Mukesh Ambani was working on replacing Huawei</a>

India is ready to curb cheap, low-quality imports from China amidst border row

New Delhi, Jan 9 () In view of a likely shortage of some varieties of pulses, industry body IPGA on Thursday demanded that the government remove restrictions on import of <keyword id="31270" type="PERSON" weightage="20" keywordseo="peas">peas</keyword> and <keyword id="96133" type="COMPANY" weightage="20" keywordseo="urad">urad</keyword> (black gram). Presently, import duty on peas is 50 per cent. On top of it, the government had last month not only fixed a minimum import price (MIP) of Rs 200 per kg on peas but also allowed to import only 1.50 lakh tonne till March 2020 in a bid to restrict shipments and protect domestic farmers. In case of urad, the government has fixed import quota of 4 lakh tonne for this fiscal.
 "With the kind of restrictions imposed on peas, it is just not feasible to import and the landed cost will be over Rs 300 per kg," <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> Pulses and Grains Association (IPGA) Chairman Jitu Beda told reporters here. Peas mainly include four varieties -- yellow peas, green peas, dun peas and kaspa peas. The country is dependent on import as domestic output is lower than the demand, he said while announcing about a conclave to be held in Maharashtra on February 12-14.
 India <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword> about 30 lakh tonne of peas annually, of which yellow peas comprise about 5 lakh tonne and green peas about 2.50 lakh tonne, he added. Elaborating, IPGA Vice Chairman Bimal Kothari said the import quota of 1.50 lakh tonne peas cannot be met by March 2020 as the crop in importing countries, especially Myanmar, will be harvested after March.
 In fact, the government should allow unrestricted import of dry green peas because the country would face shortage in the coming months. Fresh green peas are available at a lower price only between December-February, while in remaining period of a year, the demand is met through imports, he said.
 Kothari also mentioned that the restriction on yellow peas has been imposed on fear that this variety can be substituted for chana (chick peas), the domestic production of which has risen this year putting pressure on prices.
 "The restrictions were imposed to protect farmers, but consumers should be given choice to eat," he said.
 With regard to urad import, Kothari said the country which produces on an average about 25-30 lakh tonne of urad, is likely to face a shortage of about 50 per cent this year as the kharif crop has been affected badly due to rains.
 "To meet the domestic demand, the government should remove quantitative restrictions on urad and allow free shipments," he said.
 The industry body has made a representation to the government in this regard, he added.
 According to IPGA, India has imported 21.4 lakh tonne of pulses during April-November of this fiscal and total shipments are expected to touch 30 lakh tonne at the end of 2019-20.
 The country had imported total 23.7 lakh tonne of pulses during 2018-19.
 India's domestic production has improved to the level of 230 lakh tonne since 2016-17 from 160-180 lakh tonne level due to government measures. The production is still short of the annual demand of 250 lakh tonne. LUX LUX ANU
ANU

Remove curbs on peas, urad imports to meet shortage of pulses: IPGA

From Holi to Christmas  – Important festival dates in 2024

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul><li>In response to US sanctions on Iranian oil imports, the Indian government has said it will “put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries.” </li><li>In addition to higher imports from Saudi Arabia, Mexico and the UAE, this plan could include a tie-up with China. </li><li>The two countries are said to be in talks to form a buyers collective to purchase oil supplies together, which will enable them to bargain for better prices.</li></ul>The US’s decision <a href="https://www.businessinsider.in/india-to-face-crude-oil-shock-if-us-cancels-iran-waiver/articleshow/68988296.cms">to end waivers on imports of Iranian oil</a> in early May must have come as a blow to the Indian government. The country <a href="https://www.livemint.com/news/india/post-us-sanctions-india-assures-of-a-robust-oil-import-plan-1556000052325.html">sources more than 10% </a>from its oil from Iran and also receives lower rates and favourable credit shipping terms. In response to the move, India’s Ministry of Petroleum and Natural Gas issued <a href="http://pib.nic.in/newsite/pmreleases.aspx?mincode=20">a statement </a>of reassurance amid fears of a supply disruption and that domestic fuel prices would skyrocket. “The Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards. There will be additional supplies from other major oil producing countries from different parts of the world” the statement read. What exactly does this robust plan by the world’s third-largest oil importer entail? In addition to higher imports from <a href="https://www.businesstoday.in/current/economy-politics/iran-oil-import-india-us-sanction-oil-supply-oil-fields-trump-administration/story/339584.html">Saudi Arabia, Mexico and the UAE,</a> it could include a tie-up with China - the world’s second largest oil importer, according to a Mint <a href="https://www.livemint.com/industry/energy/india-china-step-on-the-gas-on-oil-sourcing-plan-1556224759083.html">report.</a> The two countries are said to be in talks to form a buyers collective to purchase oil supplies together, which will enable them to bargain for better prices. They could do this by lobbying the Organization of Petroleum Exporting Countries (OPEC) to reduce mark-ups on oil exported to Asia. A bargaining bloc is the need of the hour. Prices for Brent crude oil <a href="https://oilprice.com/oil-price-charts">rallied past $75</a> for the first time in 2019 earlier this week amid <a href="https://in.reuters.com/article/global-oil/oil-dips-on-hope-opec-will-raise-output-but-market-remains-tense-idINKCN1S202V">a disruption in the supply of Russian oil </a>as well as production cuts by OPEC countries. To offset the reduction in global oil supplies due to sanctions on Iran, the US is pressuring Saudi Arabia to lift curbs but it is yet to be seen whether that will come to pass. Higher oil prices means a higher import bill for both India and China, a higher fiscal deficit and a hit to their currencies. Interestingly, the two countries are reportedly preparing for a second informal summit to discuss a number of issues such as border disputes, the Belt and Road Initiative, sources told <a href="https://www.hindustantimes.com/india-news/india-china-begin-to-prepare-for-2nd-informal-summit/story-MPuodW9FsrDHj7sEFbQizM.html">Hindustan Times</a>. The buying plan for oil could also feature in the talks. SEE ALSO: <a href="https://www.businessinsider.in/india-to-face-crude-oil-shock-if-us-cancels-iran-waiver/articleshow/68988296.cms">India could be in for a very crude shock as the US revokes waivers to purchase oil from Iran</a> <a href="https://www.businessinsider.in/india-among-the-eight-countries-allowed-to-continue-buying-oil-from-iran-even-after-the-us-reimposes-sanctions-but-theres-a-catch/articleshow/66475463.cms">India among the eight countries allowed to continue buying oil from Iran even after the US reimposes sanctions — But there’s a catch</a>

India’s 'robust plan' to maintain oil imports might include a buyers collective with another large oil importer

<keyword id="6377011" type="General" weightage="80" keywordseo="essar-oil" source="Orion">Essar Oil</keyword> (<keyword id="6354868" type="General" weightage="20" keywordseo="uk" source="Orion">UK</keyword>) Ltd said on Wednesday that it closed the first quarter ended June 30 with higher sales - both in value and volume - and ceased <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">imports</keyword> from <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> from April onwards. The company also said that it has successfully replaced any shortfall from not importing from Russia by maximising indigenous <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword> production as well as sourcing non-Russian diesel. According to <keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> Oil (UK), during the first quarter of the current fiscal, its sales volume increased by 10 per cent to 1.72 million tonne as compared to 1.57 million tonne the previous year. The company's consolidated revenue during the quarter under review (on an IFRS basis) was $3.72 billion as against $2.03 billion during the comparable period of the previous year. <keyword id="1598500" type="General" weightage="50" keywordseo="deepak-maheshwari" source="Orion">Deepak Maheshwari</keyword>, Chief Executive Officer, Essar Oil (UK) Ltd, said the sales volumes are now largely at pre-Covid levels, adding that the company has strengthened its balance sheet and operating performance. "We accelerated our support of the UK's transition away from relying on Russian products and have ceased all <keyword id="14387753" type="General" weightage="20" keywordseo="Russian-Imports" source="Orion">Russian imports</keyword>, while ramping up production of UK-made diesel," Maheshwari said. The UK has historically been reliant on Russia to meet its diesel needs, and a key industry-wide challenge is to source these barrels from alternative domestic or non-Russian sources. In support of the UK government's announced ban on Russian imports to be implemented by the end of this calendar year, Essar Oil (UK) ceased importing all Russian products (including diesel) from mid-April, the company said. All crude processed at <keyword id="505019" type="General" weightage="50" keywordseo="stanlow" source="Orion">Stanlow</keyword> comes from the US, West African and North Sea sources, the company statement added. On transitioning to a low-carbon future, the company said it has formed <keyword id="13037257" type="General" weightage="50" keywordseo="vertex-hydrogen" source="Orion">Vertex Hydrogen</keyword> to build the UK's largest hydrogen hub at Stanlow. "Vertex Hydrogen is a critical investment for Essar in helping us achieve our vision of becoming the UK's first low-carbon refinery while supplying UK markets with the sustainable fuels of the future," the statement said. The 1 billion pound investment, which will sit at the heart of the HyNet low-carbon cluster, will produce a total of 1GW per year of hydrogen from 2026, equivalent to the domestic heating energy used by a major British city region. In February, Essar had announced plans to install the UK's first 45 million pound hydrogen-powered furnace to become the country's first low-carbon refinery. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-insta-and-google-took-down-over-21-million-posts-in-may-while-whatsapp-and-twitter-banned-over-19-lakh-bad-accounts/articleshow/92698950.cms">Facebook, Insta and Google took down over 21 million posts in May while WhatsApp and Twitter banned over 19 lakh ‘bad’ accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/small-size-company-will-hire-more-than-mid-sized-company-this-quarter/articleshow/92702773.cms">Size doesn’t matter – small cos will hire more than midsized cos this quarter</a>

Stopped Russian imports in April says Essar Oil

The <a href="http://www.businessinsider.com/us-trade-balance-for-october-2013-12">U.S. trade deficit for October</a> came in basically in-line with expectations this morning, narrowing to -$40.6 billion from -$43 billion last month. 
The detail that often garners the most interest is <keyword id="6359072" type="CITY" weightage="60" keywordseo="oil">oil</keyword> <keyword id="35091" type="CITY" weightage="60" keywordseo="imports">imports</keyword>. These actually increased slightly from September, to $32.1 billion from $31.7 billion. But they're down from $34.7 billion last October.
More importantly, U.S. oil imports remain well below 2012 levels: Year-to-date, we are 11% lower than where we were in October 2012.
Chart:
<div class="KonaFilter image-container"><div class="image"><a href="http://www.census.gov/foreign-trade/Press-Release/current_press_release/#ft900">Census</a></div></div>

US Oil Imports Are Down 11% From Last Year

<table class="image-container float_right" width="200"><tr><td><div class="image"></div>AP/Steven SenneA truck driver watches as a freight container, right, is lowered onto a tractor trailer by a container crane at the Port of Boston in Boston.</td></tr></table>Dockworkers at East Coast and Gulf Coast ports are threatening to go on strike again, which is making retailers very, very nervous.
So much so that they've started stocking up on inventory.
The strike could cause 14 ports between Maine and Texas to shut down, which is where 15,000 dockworkers handle 40% of America's ocean cargo.
“We have seen a rise in the level of the retail inventory-to-sales ratio,” Hackett Associates Founder Ben Hackett said. “This may be a reflection of importers stocking up ahead of the East Coast/Gulf coast port strike that was expected, though the run-up came well ahead of that.”
This could cause <keyword id="35091" type="CITY" weightage="60" keywordseo="imports">imports</keyword> to spike by 2.3% in January, said J. Craig Sherman in a report for the National Retail Federation.
Before talks between the International Longshoremen’s Association (ILA) and the management got really heated, imports were actually down. Dockworkers handled 2.8% less merchandise in November 2012 than they had in the previous, according to the report.
But in December, when it started to look like the union might actually go on strike, that number went up, and December imports were up 6.5% from the previous year.
The union and management are scheduled to meet next week under the supervision of federal mediators, but the ILA walked away from local talks affecting the Ports of New York and New Jersey earlier this week.
This is a burden that America's economy just can't afford, said Jonathan Gold, NRF's Vice President for Supply Chain and Customs Policy.

Another Looming Port Strike Will Probably Cause Imports To Spike This Month

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.polb.com/civica/filebank/blobdload.asp?BlobID=4597">Port of Long Beach</a></div>The latest trade balance data is out.
In December, the trade deficit shrank by 20.7 percent to $38.5 billion.
<a href="https://twitter.com/ReutersJamie/status/299873943014236160">Reuters' Jamie McGreever </a>noted that this was the third largest month-over-month swing in history.
Economists expected the deficit to narrow to $46.0 billion.
Much of this shrinkage was due to a huge decline in energy <keyword id="35091" type="CITY" weightage="60" keywordseo="imports">imports</keyword> and a big jump in energy exports. Bloomberg notes that this was the <a href="http://www.bloomberg.com/news/2013-02-08/trade-deficit-in-u-s-plunges-on-record-petroleum-exports.html">lowest petroleum deficit</a> since August 2009.
From TD Securities' Millan Mulraine:
The main driver for the sharp improvement in the deficit was weaker import demand, as the pace of total imports declined 2.7% m/m in December. Domestic demand for imported goods were weaker across the board, with imports of industrial supplies (down 6.9% m/m) particularly weak, adding to the 3.7% m/m drop in auto imports. Petroleum imports were also lower, as both lower energy prices and imported volumes pushed the imported energy bill lower. <keyword id="35094" type="ORGANIZATION" weightage="60" keywordseo="export">Export</keyword> activity, however, rose at a decent 2.1% m/m pace, driven mostly by the 9.6% m/m surge in export of industrial supplies.
<a href="http://www.businessinsider.com/december-international-trade-data-2013-2">Click Here For Updates &gt;</a>

Trade Deficit Tanks As Energy Imports Plunge

As PC and laptop makers urge the government to rethink its decision on import licensing requirements accompanied by a quota, the industry stakeholders have met <keyword id="296566" type="General" weightage="80" keywordseo="it-ministry" source="Orion">IT Ministry</keyword> officials to seek solutions on the matter. The meeting discussed proposed changes, like linking the import of IT hardware to the local manufacturing of a company value and its export value of electronic items, according to sources. The meeting on Friday was called to give suggestions on how the proposed import management system should work and get the stakeholders' feedback. Another meeting is likely to happen again next week to continue discussions on the issue. Last month, the <keyword id="7825659" type="General" weightage="80" keywordseo="india-cellular-and-electronics-association" source="Orion">India Cellular and Electronics Association</keyword> (<keyword id="6816005" type="General" weightage="80" keywordseo="icea" source="Orion">ICEA</keyword>) wrote to the IT Ministry, requesting the government to rethink its decision on import licensing requirement accompanied by a quota, which was extended by 3 months until October 31, fearing that this may lead to price rise in consumer electronics products as companies are not yet prepared for manufacturing PCs, laptops and servers domestically at scale. The letter said that an overarching factor that should be taken into consideration in "avoiding supply chain disruption till domestic production ramps up" is that any "reduction in supplies or even an indication will lead to hoarding and market distortion". This, in turn, can push up consumer prices, "which will adversely impact not just key stakeholders such as students, but also those who are the core of growing the digital economy, i.e. start-ups, IT and ITES firms, BPOs". The industry seeks at least nine-month breather after the PLI for IT Hardware was launched. "The government may undertake a re-assessment of the investment pipeline and the supply situation before inviting the industry to discuss whether any further policy intervention is needed at that stage. It may be too early to assess the full implication of the new scheme before then," according to the letter. Where servers are concerned, the ICEA has received inputs that companies in that sector seek a relook at their inclusion in the proposed intervention. The Central government earlier deferred its decision to restrict the import of certain categories of laptops and computers until November 1, allowing companies three-months time to import these devices. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. The PLI 2.0 for IT hardware has garnered applications from 40 companies including global and domestic. The expected incremental production under the scheme is around Rs 3.35 lakh crore. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank">G20 Leaders Summit adopts New Delhi Declaration</a><a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank">G20 Summit: PM Modi announces launch of Global Biofuel Alliance</a><a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank">From Dream Girl 2 to Tootsie – Epic roles which saw male actors crossdress</a>

You Searched For "imports" and got 13 results

India puts curbs on laptop and tablet imports – here’s how it could impact you

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India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

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India’s 'robust plan' to maintain oil imports might include a buyers collective with another large oil importer

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Stopped Russian imports in April says Essar Oil

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US Oil Imports Are Down 11% From Last Year

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Another Looming Port Strike Will Probably Cause Imports To Spike This Month

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Trade Deficit Tanks As Energy Imports Plunge

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PC manufacturers meet MeitY officials on import curbs, seek solutions

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