Imports

  • Exports up 3.98 per cent to $312.35 billion in 2013-14 11-04-2014 03:25 PM

    New Delhi: India's exports grew by 3.98 per cent to $312.35 billion in FY 2013-14 while imports dipped by 8.11 per cent during the period. Imports declined to $450.94 billion, narrowing the trade deficit to $138.59 billion in the last fiscal. In FY 2012-13, trade deficit stood at $190.33 billion....
  • Gold, silver imports dip 40 per cent to $33.46 billion in 2013-14 11-04-2014 03:22 PM

    Gold and silver imports declined 40 per cent to $33.46 billion in 2013-14 mainly due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the current account deficit. Imports of gold and silver in 2012-13 stood at $55.79 billion. In March, the imports of...
  • Samsung accused of evading Rs 70 crore in import duties 18-03-2014 05:06 PM

    New Delhi: Electronics goods giant Samsung has been slapped with a notice by Directorate of Revenue Intelligence (DRI) for allegedly evading import duty to the tune of Rs 70 crore. Samsung India had allegedly imported tablets valuing about Rs 460 crore by declaring them as mobile phones and evaded import...
  • Disappointed with India's decision to cut oil imports: Iran 28-02-2014 08:37 PM

    Suhasini Haidar: Hello and Welcome to the exclusive interview on CNN-IBN. With me, Iran's Foreign Minister Javid Zarif. India owes Iran nearly $ 5 billion for oil imports, Iran has been seeking some of that payment. Tell us how your talks went? Javid Zarif: I've just started these talks and...
  • Bangalore: 54 kg gold seized, largest haul since curbs on metal import 27-02-2014 08:27 AM

    Bangalore: Three men were caught in Bangalore on Tuesday after 54 kilograms of illegal gold was seized from them. It's the single largest haul of illegal gold since curbs were imposed on gold import by the Centre to help prop up the falling rupee. "We also came to know that...
  • Trade deficit narrows on 77 per cent drop in gold imports 11-02-2014 03:58 PM

    India's trade deficit narrowed in January, helped by a 77 per cent drop in imports of gold and silver while exports ticked up, improving the outlook for the country's fragile current account balance. The trade ministry said it had recommended easing curbs on gold imports, prompted by the brighter trade...
  • Restrictions on gold imports to be reviewed by March end, says P Chidambaram 27-01-2014 12:16 PM

    The restrictions on gold imports will be reviewed by March end, Finance Minister P Chidambaram said on Monday. "I am confident that by the end of this year we will be able to revisit some of the restrictions on gold import but we will do so only when we are...
  • Farmers affected by import of poppy seeds from Turkey 24-01-2014 01:39 PM

    Unable to get a good price for their cultivation of poppy seeds because of its import from Turkey, the farmers of Malwa and Mewar region have taken up the issue with higher-ups seeking help to end their woes. Poppy seeds, popularly known as 'khus-khus', are primarily used for value addition...
  • Gold comes off all-time high, silver declines during 2013 22-12-2013 01:43 PM

    Gold slipped from its peak level and was poised to end 2013 below last year's closing price after the government increased customs duty to 10 per cent and imposed import restrictions to contain increasing demand for the precious metal. As of December 21, the price of 10 grams of gold...
  • Major events in the life of Nelson Mandela 06-12-2013 09:10 AM

    Nelson Mandela was born to Hendry Mphakanyiswa, a Thembu chief, and Nosekeni Qunu in the Umtata district of the Transkei on July 18, 1918 at a time when virtually all of Africa was under European colonial rule. 1940 - Expelled from University of Fort Hare, a leading institution for blacks,...
  • Digvijaya Singh urges Central government to stop import of sugar 30-11-2013 08:31 AM

    Congress General Secretary Digvijaya Singh said in Bhopal on Friday that the Government of India must take a quick decision on import of sugar. Import of raw sugar should be stopped and export of sugar should be opened up and incentivised, he tweeted on Twitter. At prevailing prices, the sugar...
  • Chinese imports hit Kosa silk trade in Champa 16-11-2013 08:27 PM

    Rise in imports of silk yarn from China, the result of an insufficient supply of quality silkworms, is fast becoming a cause of concern for weavers and traders in Chhattisgarh's Champa, renowned for the 'Kosa' brand of high-quality silk. Those associated with the industry in Champasay they have no option...
  • October trade deficit jumps to 10.56 billion dollar 11-11-2013 01:01 PM

    India's trade deficit jumped in October after having fallen to a two-and-a-half-year low the previous month, as overseas purchases of gold picked up ahead of the festival season, provisional government data showed on Monday. The deficit for the month stood at 10.56 billion dollar, compared with 6.7 billion dollar in...
  • KV Thomas to meet Sharad Pawar as onion prices touch Rs 100 per kg 24-10-2013 09:26 AM

    New Delhi: Despite a sharp drop in onion prices at the wholesale markets, retail prices in most cities continue to hover around the Rs 100-mark. Food Minister KV Thomas will meet Agriculture Minister Sharad Pawar on Thursday to discuss the options before the government. Delhi Chief Minister Sheila Dikshit will...
  • Will food inflation haunt UPA 2 government in an election year? 22-10-2013 11:22 PM

    In one of the first measures by the government, it has been decided that tenders will be floated for the urgent import of onions from abroad as the onion prices touch Rs 100 in several cities across India. ...
  • Chidambaram rules out lifting ban on import of gold coins 22-10-2013 05:03 PM

    Finance Minister P Chidambaram on Tuesday ruled out the possibility of lifting a ban on import of gold coins and medallions and asked banks to strictly follow guidelines restricting inward shipments of the metal. "Import of gold coins and gold medallions is prohibited. Nobody can import gold coins and medallions,"...
  • Sugar mills seek financial aid, curbs on imports 17-10-2013 05:06 PM

    New Delhi: Sugar mills, that claim to have suffered "substantial loss" in the trading season ended September, Thursday urged the government to curb imports by hiking duties and provide financial aid to save the industry from "sickness and extinction". In a joint press conference the Indian Sugar Mills Association (ISMA)...
  • Trade deficit dips to $6.76 bn in September 2013 09-10-2013 12:30 PM

    New Delhi: India's exports grew 11.15 per cent in September 2013 and imports declined 18.1 per cent amid a sharp fall in inward shipments of gold and silver, taking the trade deficit to the lowest level in 30 months. Exports last month climbed to $27.68 billion, while imports stood at...
  • Jewellers face long road to export growth 02-10-2013 08:57 AM

    Indian jewellers, long spoiled by access to the world's largest group of gold consumers, must seek expansion overseas after the authorities tied gold imports to exports. But the path will not be easy. India has hiked import duty for gold, its biggest non-essential import, this year from 4 percent to...
  • Gold, oil import pushed CAD to 4.9 per cent of GDP in Q1, says RBI 30-09-2013 05:57 PM

    High imports of gold and oil pushed Current Account Deficit (CAD) to 4.9 per cent of GDP to USD 21.8 billion in the April-June quarter of the current fiscal, RBI said on Monday. CAD, the difference between inflow and outflow of foreign exchange, was 4.4 per cent or USD 16.9...
  • Gods forbid: India's temples guard their gold from government 30-09-2013 09:33 AM

    India's temples are resisting divulging their gold holdings - perhaps nearly half the amount held in Fort Knox - amid mistrust of the motives of authorities who are trying to cut a hefty import bill that is hurting the economy. The Reserve Bank of India (RBI), which has already taken...
  • India hikes import duty on gold jewellery to 15 per cent 17-09-2013 08:28 PM

    India on Tuesday hiked the import duty on gold jewellery to 15 per cent in a bid to protect domestic industry and curb the precious metal's imports, a key reason for the country's high trade and current account deficits. "Import duty on gold imports is increased to 15 per cent...
  • US FDA bans imports from Ranbaxy's Mohali plant 16-09-2013 06:40 PM

    Mumbai: The US Food and Drug Administration has issued an import alert against drugs manufactured at Ranbaxy's Mohali plant in Punjab over quality concerns. This means Ranbaxy will not be able to ship drugs manufactured at the plant to the US until the ban is lifted. This is the third...
  • Govt further cuts import tariff value of gold, silver 15-09-2013 01:35 PM

    In the wake of falling global prices of precious metals, the government has further slashed the import tariff value of gold and silver to USD 432 per 10 grams and USD 736 per kg, respectively. Tariff value is the base price at which the customs duty is determined to prevent...
  • Rs 5/L diesel price hike unlikely as rupee gains: Sources 11-09-2013 04:36 PM

    New Delhi: The steep Rs 5 per litre diesel price hike sought earlier to foot the heavy import bill may not be required due to the recovery in the rupee, the Oil Ministry sources told CNBC-TV18's Nayantara Rai. Instead, the ministry is likely to seek a one-time Rs 3-4 per...
  • Using energy efficient technology can cut oil, gas, coal imports: Experts 09-09-2013 11:27 AM

    India should focus on development and adoption of energy-efficient technologies in order to cut dependence on oil, gas and coal imports, said experts. "We need to take cognisance of the escalating costs of energy and thereby work towards adopting technologies which will reduce energy consumption and also reduce our dependence...
  • Availability of insurance, vessels for carrying oil from Iran is an issue: Khurshid 03-09-2013 04:49 PM

    New Delhi: India on Monday said there were a host of issues concerning import of oil from Iran, especially the drying up of banking channels, but it was in touch with several countries for a way to resolving them. "There are issues of availability of insurance and vessels for carrying...
  • India could save $8.5 billion by buying extra Iranian oil: Veerappa Moily 02-09-2013 09:29 AM

    India could save $8.5 billion in foreign exchange spending on crude oil imports in 2013/14 if it relied more on supplies from Iran, which is able to accept payment in rupees, Oil Minister M Veerappa Moily said. In a letter to Prime Minister Manmohan Singh spelling out a strategy to...
  • Rupee fall, oil price hike will result in Rs 1,80,000 crore loss: Moily 31-08-2013 03:25 PM

    New Delhi: Battling double whammy of dipping rupee and surging global oil rates, Oil Minister M Veerappa Moily has written to Prime Minister Manmohan Singh saying without corrective steps losses on sale of subsidised fuel sales will rise to unprecedented Rs 1,80,000 crore. In a detailed note, Moily told the...
  • Moily meets Chidambaram to discuss ways to cut oil import bill 29-08-2013 05:38 PM

    With fall in rupee value and the Syrian crisis ballooning oil import bill, Petroleum Minister M Veerappa Moily on Thursday met Finance Minister P Chidambaram to discuss possible solutions including Rs 3-4 per litre hike in diesel prices and cut in duties. The over 20 per cent rupee depreciation this...