Wednesday, March 19, 2025

Creating liberating content

MUMBAI: LIC is in final stages of discussions to acquire

Better Domestic Macro Indicators Also Contribute To RallyMUMBAI : Equity

Shattered Palestinians at the Al-Ahli hospital in Gaza City on

Related News

MUMBAI: LIC is in final stages of discussions to acquire a stake in a health insurance company, though it will not be a majority stake, said CEO Siddhartha Mohanty on

Better Domestic Macro Indicators Also Contribute To RallyMUMBAI : Equity markets rebounded on Tuesday, with sensex gaining 1,131 points and Nifty 50 rising 325 points as investors bought beatendown stocks,

NEW DELHI: Year 2024 may be the warmest calendar year on record with a global mean near-surface temperature of 1.55 degrees celsius above the pre-industrial era (1850-1900 average), but the

Shattered Palestinians at the Al-Ahli hospital in Gaza City on Tuesday (Picture credit: Bloomberg) JERUSALEM/CAIRO : Israeli air strikes pounded Gaza and killed more than 400 people, Palestinian health authorities

Bareilly: A man returning home after hearing about his wife’s death lost his life in a road accident in Mirganj area here, police said on Tuesday. The man, identified as

Netanyahu’s public address Israeli Prime Minister Benjamin Netanyahu, in a public address to the nation, blamed Hamas for reigniting the conflict and defended the resumption of military operations in Gaza.

Trending News

Better Domestic Macro Indicators Also Contribute To RallyMUMBAI : Equity markets rebounded on Tuesday, with sensex gaining 1,131 points and Nifty 50 rising 325 points as investors bought beatendown stocks,

Gold prices surged by Rs 500, reaching a record high of Rs 91,250 per 10 grams in the national capital on Tuesday. This increase was driven by continued buying from

MUMBAI: RBI has pumped in over Rs 5 lakh crore into the banking system since mid-Jan through bond purchases, forex swaps and early-April maturity repos. To ensure that liquidity remains

Top stocks to buy (AI image) Stock market recommendations: According to Somil Mehta, Head – Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Trent and Bharat Forge are the top

NEW DELHI: India’s trade deficit has narrowed to a 42-month low of $14 billion in Feb 2025, thanks primarily to imports slowing to $51 billion, data released by the commerce

US President Trump with PM Modi NEW DELHI: Amid US President Donald Trump’s tariff threats, India is engaging with the US to find ways of increasing trade and discussing the

India’s trade disparity with the US: Analyzing import and export duties | India News

Word Count: 731 | Estimated Reading Time: 4 minutes


India's trade disparity with the US: Analyzing import and export duties

New Delhi: At a time when tariff issues with the Donald Trump regime in the US, is concern for the government, data furnished by the ministry of commerce and industry shows great disparity between the average duty paid by India in the last five years, on top five items that it imports from the US and average duty of top five items that the government exports to the America.
The data was provided by minister of state for commerce and industry, Jitin Prasada, in Lok Sabha on Tuesday, in reply to written questions on import items from USA, by Trinamool Congress MP Mala Roy.
The top five import items from the US are: (1) Mineral fuels, mineral oils and products of their distillation. (2) Natural or cultured pearls, precious or semiprecious stones and articles thereof (3) Nuclear reactors, Boilers, Machinery and Mechanical appliances and parts thereof, (4) Electrical machinery and equipment and parts thereof and (5) Optical, photographic, cinematographic measuring, checking precision, Medical or surgical instruments and apparatus parts and accessories, in that order. The simple average effective duty paid by India (in USD million), for these top five import items in that respective order are 4.72%, 10.947%, 8.496%, 10.193%, and 9.925%, Prasada told Lok Sabha in his tabulated reply.
The top five items in the last five years that India exported with the USA tax territory, are, (1) electrical machinery, equipment and their parts, (2) natural or cultured pearls, precious or semiprecious stones and articles thereof, (3) pharmaceutical products, (4) nuclear reactors, boilers, machinery and mechanical appliances and parts thereof and (5) mineral fuels, mineral oils and products of their distillation, in that order. The average duty (in USD million) paid by India on these five categories of items in that respective order are 1.20%, 2.10%, 0.20%, 1.30% and 0.50%.
Clearly a comparison of the import duty on top five items from the US paid by India in the last five years (from 2020 to 20204), shows that it is far higher than the export duty that it earns from the USA.
The import trade value from the US during the last five years in (USD million), are 26,909.81 in 20202, 41,316.12 in 2021, 51,308.26 in 2022, 44,410.88 in 2023 and 42,822.64 in 2024, according to the data provided by the minister.
ROY had asked for the details of the top five import items from USA with import duty tariff; the details of the import trade value from the USA during the last five years; and the details of top five export items to USA during the last five years with USA import tax territory?





Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account