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PMO asks commerce ministry to cut unnecessary imports
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SME Times News Bureau | 22 Sep, 2014
Ahead of the Thursday launch of the "Make in India" campaign announced
by Prime Minister Narendra Modi on Independence Day, his office has
written to the commerce ministry to forge a plan to reduce the country's
dependence on unwarranted imports.
A commerce ministry source
told IANS Monday that they have identified nine commodities where annual
imports constitute more than $100 million each.
Edible oil,
which leads the import basket with a 60 percent share, is among the nine
commodities, the others being pulses, fresh fruits, cashew, sugar,
alcoholic beverages, processed and packaged items, cocoa products and
sesame seeds.
"The ministry has written to the concerned sector
councils and associations, seeking suggestions on ways to reduce such
imports," the source said.
With local prices of oilseeds falling
in the wake of softening edible oil prices overseas, Food Minister Ram
Vilas Paswan told reporters earlier this month that there were no
immediate plans to raise the import duty on edible oils.
Industry
associations have been demanding a rise in the import duty following a
sharp drop in local soybean and groundnut prices.
The world's leading buyer of edible oils, India meets more than half its edible oil needs through imports.
In
January, the government raised the import duty on refined edible oil to
10 percent. The industry had been demanding an increase in the import
duty on refined oil to 14.5 percent thereby ensuring a marked difference
between crude and refined edible oil.
Owing to the earlier five
percent gap in the duties, there had been an increase in the import of
refined oils, leading to a fall in the capacity utilisation of domestic
refiners.
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Raw Material
Giri | Tue Sep 23 02:33:08 2014
Its better if the government can stop iron ore exports and give benefits to exporters of manufactured components. Its a hypocrisy to promote exports or manufacturing in the country without taking care of the basics.
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