DGTR has initiated investigations in 50+ anti-dumping cases
India exported US$468.5 billion worth of merchandise and services during April-October 2024, an increase of 7.3% over US$436.5 billion during April-October 2023, Ministry of Commerce and Industry said in a yearend review on 26 Dec https://fieo.org/.
Imports of merchandise and services totalled US$531.6 billion during April-October 2024, up 7.1% on US$496.5 billion for the same period a year ago https://www.nseindia.com/.
Service exports during April-October 2024 was US$216.3 billion, a growth of 12.7% vis-à-vis April-October 2023’s US$192 billion. Service imports during April-October 2024 stood at US$114.8 billion, an increase of 12.2% vis-à-vis April-October 2023’s US$102.3 billion) https://www.makeinindia.com/home/.
The top performing Services sectors/sub-sectors in terms of share in total services exports are Computer Services (47.4 %), Other Business Services (26 %), Transport (9.62 %) and Travel (8.31%) https://www.bseindia.com/.
Directorate General of Foreign Trade (DGFT)
The DGFT has announced significant enhancements to the Export Promotion Capital Goods (EPCG) Scheme aimed at simplifying processes, reducing transaction costs and promoting automation to benefit exporters by amending Handbook of Procedures, 2023 vide Public Notice No. 15 dated 25 July 2024 and Public Notice No. 24 dated 20 Sept 2024 https://sbi.com.in/.
The extension of time period to submit installation certificate for the imported Capital Goods and simplification of calculations for composition fee for extending the Export obligation period will help in automation and faster service delivery by creating a more business-friendly environment and improving India’s manufacturing competitiveness https://aijgfindia.com/.
DGFT introduced a one-time Amnesty Scheme on 1 April 2023 for exporters to close the old pending authorizations under the Advance Authorisation/EPCG Schemes and start afresh.
The last date of payment under the Amnesty Scheme was 31 March 2024. Approx. Rs.954 crores as duty/interest have been recovered under the Scheme.
In order to provide a level playing field against unfair trade practices and in certain cases of surge in imports trade, Directorate General of Trade Remedies (DGTR) initiated investigations in more than 50 cases under Anti-dumping, Countervailing and Safeguard Rules. Considering the recommendations of DGTR, measures have been imposed in more than 25 cases already.
The product categories covered in the investigations pertain to various sectors such as Metals (Steel and Articles made of Steel), Solar manufacturing (Articles pertaining to Solar Industry), Electronics (PCBs) and various Chemicals.
DGTR also initiated investigations on suo-moto basis on products such Telescopic Channel Drawer Slider, Vacuum flasks & Unframed Glass Mirror manufactured by MSMEs. Pursuant to the recommendations in these investigations, duty has been imposed by the Government. Fiinews.com
