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India To Put Restriction On Import Of 350 Items

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In its Make in India boost, the centre is considering a ban on some 350 items that includes including electronic goods, toys, furniture, and textiles among others by bringing in place non-tariff barriers for supporting Indian manufacturing and industry as a whole.

And for giving a fillip to such a measure, there are being considered steps such launching an import monitoring system for some as well as mandatory licensing requirements for others.

 

Also, the Atmanirbhar Bharat plan is on similar lines to boost the production of locally made goods. Different ministries have been working in the direction such as finance, commerce, MSME as well as NITI Aayog are working on ways to curb imports. At the same stringent, product standards are being worked out by the BIS.

Further most of these imports are from China and are valued at $127 billion. Bilateral trade between China and India was worth $88 billion in FY19, with a deficit of $53.5 billion in China's favour.

India To Put Restriction On Import Of 350 Items

"A large chunk of these originate in China and for those goods, we will pursue import substitution," a senior official said. This will be done mainly by establishing product standards, for which the BIS has been given deadlines.

The products being mulled for the restriction in imports include textiles, toys, furniture, leather, processed food manufactured primarily by MSMEs. Other items on the list are refrigerators, AC and TVs.

And for aiding their tracking importers will need to enlist volume, value as well as country of origin.

GoodReturns.in

Read more about: imports
Story first published: Saturday, July 11, 2020, 9:29 [IST]
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