Brazil, EU propose reduction in farm subsidies, may impact India
The Dollar Business Bureau Brazil and the European Union (EU) have jointly proposed a cut in the incentives provided by developing economies to the farmers, a step that could adversely impact India, along with other emerging countries. In a paper to the World Trade Organisation (WTO), jointly prepared by the two, it proposed a reduction in the limits on subsidies given to farmers by developing economies. If the given proposal is approved, India would not be able to provide any subsidy apart from the minimum support price (MSP) and may have to curb the incentives for disease and pest control, infrastructure, marketing services, etc. In addition, the proposal asks to ban exports of food stocks that are meant for public distribution in ...
Gold imports surge 3-fold to $3.85 bn in April
The Dollar Business Bureau India’s gold imports surged to $3.85 billion during April 2017, witnessing a three-fold rise, mainly due to increased demand on Akshaya Tritiya. In April 2016, the country’s gold imports were $1.23 billion, according to official data released on Monday. Imports of the yellow metal were on a downward trend between February-September 2016. The imports rose in the months of October and November but declined in December and January. In February and March this year, the imports of the precious metal recorded a high rate of growth. In March 2017, imports of gold had surged to $4.17 billion compared to $974 million in the same month in 2016. The rise in gold imports had led to a widening of trade deficit in April 2017 to $13.2 billion ...
4.91 Re-import of rejected jewellery
An exporter of plain/ studded precious metal jewellery shall be allowed to re-import duty free jewellery rejected and returned by buyer up to 2% of FOB value of exports in preceding licencing year (based on CA certified copy of export of preceding year) with refund of any duty exemption/refund/replenishment benefit availed on inputs used as per customs rules and regulations.
Indian Metal and Mining industry can survive a China slowdown
The Dollar Business Bureau India’s metal prices depend substantially on Chinese economic activity as China accounts for 40%-50% of the global consumption of aluminium, copper and zinc metals. For China, the latest leading economic indicators are not encouraging with a weak output and low order growth rates as real estate construction activity is unlikely to recover in the short-term. Against this back-drop, Indian industry can sustain realisations and operating profits driven by a steady physical premium, said an industry report. Physical premiums on non-ferrous metals over broad market prices such as London Metal Exchange are likely to remain steady given the oligopolistic nature of the non-ferrous metals market in India. The report said that it does not expect the ...
