Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production.
IOC said the backlog of supplies in Kerala is 15 days and the new import facility was aimed at easing the same.
So far, there had been no clarity on the import duty on such equipment as to whether they are covered under the global Information Technology Agreement (ITA) -- which allowed a host of IT and telecom product exemption as per basic Customs duty under WTO provisions.
IOC Chairman B Ashok said the freedom allowed the companies to decide on tenders for purchase of crude oil within a very short span of time.
Petronet LNG Ltd, India's biggest gas importer, last year proposed to set up an up to 2 million tonne (MT) liquefied natural gas (LNG) import facility on the coast of Sri Lanka to meet its energy needs.
In the last fiscal, overall import of TBR grew 9 per cent, the apex body of tyre manufacturers said, adding that the ever-increasing trend has hurt the domestic industry.
Citing the example of Maruti, which has logged over 30 per cent profit this time, he explained that the government had supported India's largest car maker initially, which eventually led to development of the big automotive industry in the country.
In terms of production too the country did well, according to Joint Plant Committee's annual report on the sector for 2016-17.
Tamil Nadu Petroproducts and Nirma Ltd had jointly filed the application for anti-dumping investigations into import of 'Linear Alkyl Benzene' from these countries.
"Duty-free import is unlikely to have any significant negative impact on the prices or profitability of sugar mills in the near-term. While raw sugar imports are unlikely to negatively impact domestic sugar prices, this may dampen prospects of a further price rise," Icra said in a report.
Australian wheat with about nine percent protein was sold to Indian millers at around USD 220-USD 221 a tonne, including cost and freight (C&F).
India, the world's second-biggest wheat producer, lowered the import tax on the grain to 10 percent from 25 percent last September and scrapped the duty on December 8.
As contracts for 31 small discovered oil and gas fields auctioned in the first bid round in more than six years were signed, he said a nation that is 80 per cent import dependent cannot afford to see its largest lease holder sit idle.
Mills in India, the world's biggest sugar producer, will churn out 20.3 million tonnes of the sweetener in the season to September 2017, the ISMA said last week, down 5 percent from its previous forecast and 13.2 percent lower than the estimate made in September 2016.
Gold imports reduced to 54.1 tonnes in December and 53.2 tonnes in January from a high of 119.2 tonnes in November, the month during which the government scrapped the old Rs 500/1,000 notes.
Pradhan met Perry during an unscheduled trip to the US Capitol and discussed energy cooperation between India and the US, Indian investment in Liquefied natural gas (LNG) and Shale sectors, and the possibility of the US exporting LNG to India from early next year.
The US Department of Commerce today revised the countervailing duty (CVD) for off-road tyre import from India to 4.94 percent from 5.06 percent. However, the CVD against the biggest player in the segment, Balkrishna Industries was left unchanged at 5.36 percent.
India is expected to produce about 95 million tonnes of wheat from the upcoming harvest, Adani Agribusiness chief Atul Chaturvedi told Reuters in an interview, up from last year's 85 million tonnes estimated by traders.
India is likely soon to impose an import tax of 25 percent on wheat, two government sources said on Wednesday, reinstating the tariff after a gap of nearly three months following big purchases from overseas in recent months.
In a letter to the Congressional leadership of both the Republican and Democratic parties, the executives from companies like Boeing, General Electric, Oracle and Pfizer supported the comprehensive tax reform, which would end the 'Made in America' tax on domestic production.
Japan has dragged India to the World Trade Organization against certain measures taken by New Delhi on imports of iron and steel products.
Electronics imports stood at Rs 21,220 crore in the same month a year ago and exports were at Rs 3,526.13, the estimates said.
Tata Motors-owned Jaguar Land Rover, which also relies on exports from the UK to serve the US customer, will be impacted heavily if Trump has his way.