Tag: import

India’s Minimum Import Price For Apples Saves Kashmir’s Orchard Owners

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by Raashid Andrabi
SRINAGAR: Kashmir’s apple growers can finally take a deep breath of relief as the Indian government has implemented a Minimum Import Price (MIP) for apples, which puts an end to the influx of cheap imports from Iran and Afghanistan.
This policy mandates that any apple costing less than Rs 50 per kilogram cannot be imported, providing a much-needed boost to the local apple industry. With over 35 lakh people, both directly and indirectly, depending on the apple industry for their livelihood, the move is expected to have a significant impact on the Kashmiri economy, which currently accounts for around 8% of the country’s GDP.
The announcement of this decision was received with open arms by the Kashmiri apple growers, who have been struggling for years with declining prices due to the cheap import of apples from neighbouring countries. The drop in apple pricing caused losses for local producers, leading to many switching their apple orchards for non-agricultural purposes. The new policy is expected to ensure that the local apple industry obtains a higher market share.
According to Majid Aslam Wafai, President of JKPICCA, “We have been lobbying for this for a long time, and we hope that this measure will protect farmers whose input costs for growing apples have gone up manifold in recent years.” He further added, “We will have a stable price now during the harvest season, beforehand the Iranian apples were sold at lesser prices here which impacted us.”
The MIP is an import price ceiling that safeguards the interests of the country’s apple growers. The import policy remains “Free” for those apples costing above Rs 50 per kilogram. However, an exception has been made for India’s neighbour Bhutan, which has been kept out of the new restrictions.
This decision by the Indian government is expected to have a significant impact on the Kashmiri economy. In Jammu and Kashmir, over 3.37 lakh hectares of land is being used for the production of fresh and dry fruits, and more area is added each year. Apples are grown on 1.68 lakh hectares of land, accounting for a significant portion of the region’s horticultural industry. Pears are cultivated on 14,161 hectares of land in the Valley.
The move is expected to safeguard the interests of local apple growers and ensure that the industry obtains a higher market share. The local farmers, who have been eagerly awaiting such a decision, are now optimistic about the future of the apple industry. One such farmer, Shabir Ahmad, said, “This decision has come as a huge relief for us. We were struggling to compete with the cheap imports from Iran and Afghanistan. Now, we can expect a fair price for our produce.”

The decision to impose an MIP for apples is a welcome move, particularly for the small-scale apple growers in the region. Many of these farmers have been struggling to make ends meet due to the lack of a proper support system. The new policy is expected to provide a much-needed boost to the local apple industry, which has been facing tough competition from cheap imports from neighbouring countries.
The Kashmiri apple industry has been a significant contributor to the region’s economy for decades. The implementation of this new policy is expected to help this industry regain its position as one of the leading horticultural industries in the country. It is also expected to provide a much-needed source of income for the local farmers who depend on the industry for their livelihood.
Overall, the decision to implement an MIP for apples is a positive step towards supporting the local apple industry in Kashmir. With this new policy in place, local farmers can finally breathe a sigh of relief and hope for a better future.

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#Indias #Minimum #Import #Price #Apples #Saves #Kashmirs #Orchard #Owners
( With inputs from : kashmirlife.net )

May 9, 2023
To protect interests of local producers, Centre introduces import price for apples

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Jahangeer Ganaie
Srinagar, May 08 : In order to protect the interests of the country’s apple producers, the central government has amended its import policy for apples by introducing Minimum Important Price (MIP).
According to an official notification issued by ministry of Ministry of Commerce and Industry, a copy of which lies with the news agency—Kashmir News Observer (KNO), import of apples is now prohibited and import is free only if CIF value is above Rs 50 per kg.
“In exercise of powers conferred by Section 3 read with Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy condition under ITC(HS) 08081000 of Chapter-08 of ITC (HS), 2022, Schedule-I (Import Policy).” reads the notification.
It added import of apples under ITC (HS) 08081000 is now ‘Prohibited’ wherever the CIF Import Price is less than equal to Rs. 50/- per kilogram. However, these Minimum Import Price (MIP) conditions shall not be applicable for imports from Bhutan.
Notably, the apple growers of J&K and other parts of the country have been raising the issue of free import of apples from different countries as it was decreasing the rate of apples being produced here.
Several fruit growers’ associations have been advocating and writing to higher ups for import cap to protect country’s apple farmers.
Meanwhile, representatives of different fruit growers’ associations have expressed their hope that this kind of measure will help in protection apple growers of the country—(KNO)

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#protect #interests #local #producers #Centre #introduces #import #price #apples
( With inputs from : roshankashmir.net )

May 9, 2023
Pakistan forex reserves fall to less than a month’s import cover

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Islamabad: As Pakistan struggles to secure external financing to pull the country out of the economic crisis, foreign exchange reserves held by the State Bank of Pakistan (SBP) reversed their course, snapping their six-week winning streak, media reports said.
In its weekly bulletin, the SBP said that its foreign exchange reserves have decreased by $354 million to $4.2 billion as of the week ended March 24, which will provide an import cover of less than a month, Geo News reported.
The net forex reserves held by commercial banks stood at $5.6 billion, $1.3 billion more than the SBP, bringing the total liquid foreign exchange reserves of the country to $9.8 billion, the statement said.
Pakistan’s $350 billion economy continues to dwindle amid financial woes as the authorities struggle to strike a staff-level agreement with the International Monetary Fund (IMF).
The Washington-based lender has been in talks with the Pakistani authorities since end-January to resume the $1.1 billion loan tranche held since November last year, part of a $6.5 billion Extended Fund Facility (EFF) agreed upon in 2019.
The IMF funding is critical for Pakistan to unlock other external financing avenues to avert a default on its obligations.
An IMF statement said substantial progress has been made in discussions towards policies in recent days and financial assurances are standard in IMF programmes, Geo News reported.

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( With inputs from www.siasat.com )

March 31, 2023
No govt committee to probe Adani; DRI investigation in Indonesia coal import not concluded: Minister

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New Delhi: The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday.
A separate investigation into imports of Indonesian coal by the conglomerate hasn’t reached finality, Minister of State for Finance Pankaj Chaudhary said.
Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
To a question asking if the government had constituted any committee to investigate allegations made against the Adani group by Hindenburg Research, he said, “No”.
In the January 24 report, US short seller Hindenburg Research alleged that the Adani group was “engaged in a brazen stock manipulation and accounting fraud”, and used offshore shell companies to inflate stock prices.
The group has denied all Hindenburg allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.
To a separate question, Chaudhary said the nine listed companies forming part of Adani group saw a 60 per cent decline in market capitalisation from January 24, 2023 till March 1 subsequent to the publication of the Hindenburg report.
On the allegations, he said the Securities and Exchange Board of India (SEBI), as the statutory regulator of securities markets, is mandated to put in place regulatory frameworks for effecting stable operations and development of the securities markets including protection of investors.

“As per its mandate, it conducts investigations into any alleged violations of its Regulations by any market entity,” he said. “It is, accordingly, undertaking investigation into the market allegations against the Adani Group of companies.”
He, however, did not give details.
To a separate question on investigation by the Directorate of Revenue Intelligence (DRI) into import of power generation and transmission equipment by Adani, he said the probe has “concluded” and the “report has been submitted before the relevant judicial authorities”.
He, however, did not reveal the findings.
On the alleged irregularities in imports of Indonesia coal by the Adani group companies, he said, “investigations by DRI have not reached finality as information sought from exporting countries through execution of Letters Rogatory (LRs) is under litigation.”
In January 2020, the Supreme Court paved the way for DRI to investigate allegations of overvaluation of coal imports from Indonesia by the Adani group. The apex court through the January 9, 2020, order stayed an October 17, 2019 judgment of the Bombay High Court which granted relief to Adani group by quashing LRs sent to various countries including Singapore, seeking details of the group’s coal imports from Indonesia.
On the Hindenburg allegations, Chaudhary said SEBI had told the Supreme Court that it was “already enquiring into the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report, to identify violations of SEBI Regulations including but not limited to SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Foreign Portfolio Investors) Regulations, 2019, Offshore Derivative Instruments (ODI) norms, short selling norms, if any.”
The apex court on March 2 directed SEBI to conclude the investigations within two months. It also constituted an expert committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it.
The minister said the government had suggested to the apex court that the expert committee should look into Hindenburg allegations as well as undisclosed short positions taken on Adani stocks.
The nine Adani group companies, which lost 60 per cent market value after Hindenburg report, are part of BSE Sensex and have a combined weight of below 1 per cent in Nifty, he said.
“The volatility in the stocks of these companies have not had any significant impact at the systemic level. Nifty 50 declined by around 2.9 per cent in the month of January 2023 and by around 4.9 per cent in the 2-month period of January and February 2023,” he said.
The minister said the pricing of individual stocks and variations, over or undervaluation, and the price risks borne by investors are determined by the dynamics of demand and supply.
“The regulatory framework provides for surveillance mechanisms which are triggered in instances of volatility in share prices of specific companies.”
On exposure of state-owned Life Insurance Corporation of India (LIC) to the Adani group, he said the country’s largest insurance company had Rs 6,182.64 crore outstanding loans to the conglomerate as on March 5, 2023.
“The five public sector general insurance companies have informed that these companies do not have loan/credit exposure to Adani Group of companies,” he said.
“Public sector banks have informed that loans are sanctioned after assessing the viability of projects, prospective cash flows, risk factors and availability of adequate security and repayment of loans are ensured by the revenue generated by the project and not by the market capitalisation of the company.”
He referred to LIC’s January 30 statement to answer questions over the company’s investments in Adani stocks.
In that statement, LIC had said it had over the years purchased shares in Adani group companies for Rs 30,127 crore and its exposure to the conglomerate was 0.975 per cent of its total AUM at book value.
Public sector general insurance companies – New India Assurance Company Ltd, United India Insurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Company Ltd and General Insurance Corporation of India – had a total exposure of Rs 347.64 crore in Adani Group of companies as of January 31, 2023, which is 0.14 per cent of the total AUM of all the five companies, he added.
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#govt #committee #probe #Adani #DRI #investigation #Indonesia #coal #import #concluded #Minister
( With inputs from www.siasat.com )

March 13, 2023
Bangladesh withdraws duty on sugar import to stabilise local market

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Dhaka: Bangladesh’s National Board of Revenue (NBR) withdrew import duty on both raw and refined sugar in order to enable consumers to get the sweetener at reduced rates.
In a notification, NBR withdrew a 3,000 taka (about $28) specific duty on the import of raw sugar and 6,000 taka duty on refined sugar per tonne with immediate effect.
Apart from this, the NBR reduced the regulatory duty on the import of sugar to 25 per cent from 30 per cent.
The reduced import benefit, which reportedly comes following a proposal from the commerce ministry to bring down the prices of sugar from its current record level of up to 120 takas per kg, will remain effective until May 30 this year.
The overall import cost of raw and refined sugar is expected to decline by 6,500 takas and 9,000 takas per tonne respectively following the fresh duty waver and reduction measures, according to an estimate by the NBR. ($1 equals about 106 takas)
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( With inputs from www.siasat.com )

February 27, 2023
Nepal bans rose import ahead of Valentine’s Day

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Kathmandu: The Nepali government has banned the import of fresh roses from countries like India and China ahead of Valentine’s Day, according to a media report on Friday.
The Plant Quarantine and Pesticide Management Centre under the Ministry of Agriculture in a notification on Thursday directed the subordinate border offices not to issue the import permit for rose flowers, citing the risk of plant diseases.
The centre banned the import of rose flowers citing special reasons in a written direction to 15 customs offices of Nepal, India, and China borders, My Republica newspaper reported.
Valentine’s Day is celebrated annually on February 14.
The notice states that roses cannot be imported from Kakadbhitta in the east to Gadda Chowki in the west and any customs points in the north.
“All the offices under the centre are requested not to issue rose flower import permits unless there is another arrangement for special reasons,” the notification said.
The Plant Quarantine and Pesticide Management Centre said that due to the risk of plant diseases, the import has been stopped for the time being.
Mahesh Chandra Acharya, information officer of the centre, said the import was immediately stopped due to the possibility of diseases and insects in the vegetable products.

“It is seen that there is a risk of disease in roses and other plants. Therefore, import is stopped for a time being as there is no proper study about such diseases,” Acharya said.
“Since the meeting of the technical committee is still pending, further decisions will be taken only after the meeting,” Acharya was quoted as saying.
According to the details of the Customs Department, Nepal imported 10,612 kg of rose flowers worth Rs 1.3 million in the first six months of the current fiscal year.
JB Tamang, the programme coordinator of the Nepal Floriculture Association (NFA), said that the government’s decision would now cause a shortage of roses in the market.
According to the NFA, nearly 300,000 sticks of rose flowers are sold in Nepal around Valentine’s Day. He said that only about 20,000 pieces of rose flowers are produced in Nepal.
Traders say almost 80 per cent of the requirement for red roses is fulfilled through imports, the Kathmandu Post newspaper reported.
According to the NFA, demand for long-stem red roses explodes to 150,000 stems on Valentine’s Day.
Most local flower growers can come up with 30,000-40,000 stems, and the rest have to be imported from India. Delhi, Bangalore, and Kolkata are the largest suppliers of red roses to Nepal.
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#Nepal #bans #rose #import #ahead #Valentines #Day
( With inputs from www.siasat.com )

February 10, 2023
Pakistan’s forex reserves barely enough to provide import cover for 18.5 days

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Islamabad: The foreign exchange reserves held by the State Bank of Pakistan (SBP) have plunged to precarious levels as the cash-strapped nation desperately seeks to revive the stalled bailout programme of the International Monetary Fund (IMF), local media reported.
Due to foreign debt payments, the central bank said its reserves fell $592 million to $3,086.2 million during the week ended January 27, the lowest since February 2014, and are barely enough to provide import cover for 18.5 days, Geo News reported.
The reserves held by the commercial banks stand at $5,655.5 million, $2.6 billion higher than those of SBP, taking the total reserves of the country to $8,741.7 million, the central bank’s statement mentioned.
Despite the falling reserves, the federal government is ensuring it meets international debt obligations to avoid default a long-standing threat that has now forced the Shehbaz Sharif-led government to meet the conditions of the IMF.
Amid the liquidity crunch and the government’s removal of the cap on the dollar, which was a pre-condition of the IMF, the Pakistani rupee plunged to a historic low of Rs 271.35 against the US dollar in the interbank market, Geo News reported.
With the reserves hitting new lows every week and the government trying to keep itself afloat by meeting IMF demands, the prices of commodities have also witnessed a spike.
Consumer prices rose 27.6 per cent compared to 13 per cent in the same month of last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. This is the highest year-on-year inflation after May 1975 when the median rate clocked in at 27.77 per cent, Geo News reported.
Due to the ongoing situation, the central bank has also restricted the issuance of letters of credit (LCs), leading to the complete or partial shutdown of business from textile to automobile. This is causing a disruption in the supply chain, which will ultimately lead to an increase in the rates of commodities.

SBP Governor Jamil Ahmed had said last month that the country owed $33 billion in loans and other foreign payments before the end of the fiscal year in June.
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( With inputs from www.siasat.com )

February 3, 2023