Govt Extends Import Window for Tur, Urad and Soymeal

India Import Data

27-Sep-2021

Govt extends import window for tur, urad and soya meal

The government supports international trade to improve the standard of business national wide. It supports the importers by providing subsidies for selected products. The importers follow all the norms and import the products for public usage. The government has given open pace to import the goods from other countries, and it helps build up the nation's economic status. The government of India has announced a free import policy for pulses such as tur, urad, and soya to facilitate trade in the national market. The customs do not accept the consignments that come after the mentioned date for free import. The free import channel is open for the shipments that reach customs on or before December 31, 2021, and the channel is open until January 31, 2022. 

Significance of Extension of Import Period

Monsoon has affected the cultivation of pulses in the current harvest year. It affects the local market and the supply of pulses in the national market. Hence, importing pulses from other countries help in the flow of supply of pulses in the country. It also helps in maintaining the stable price of the products in the market. A supply shortage results in a price hike, and it becomes a burden for the common people to bear the price hike. India is a country where pulses are used in all sorts of cooking and hence the demand for the same is increased in all the seasons. The traders welcome the increase in import time across the country, and the supply is also available in the trade market.

Challenges in the Importing Process

Importing pulses is a chain process, and all the processes are interconnected for a successful shipment. It needs consignments and space in the ports to facilitate importing process. So, the importers applied a plea to the government to extend the importing period to avoid risk in the logistics aspects. It is the importers' request, and the government accepted the plea and extended the time. But, the announcement clarifies that the shipments and the billing made after December 31, 2021, and reaches the port after January 2022 will not be allowed in the customs to carry out further procedures. It will result in a huge loss for the traders if they lack in following the announcement made by the government. 

Importing Countries

India imports pulses tur and urad dal from East Africa and Myanmar. The harvesting period is completed by August, and the products are ready for shipment by the end of September. The extended time limit gives the exporters enough space to concentrate on the importing process, preventing them from the huge loss. Considering the declaration of the Indian Government, Bangladesh agrees to supply soyameal, and it is estimated that the country is importing around 155 tonnes of soyameal per day from Bangladesh. A static report states that India is importing around 75,000 tonnes of soyameal from Vietnam, and a contract has been signed with Argentina to import around 2 lakhs tonnes of soyameal. The shipment is expected to arrive in the middle or at the end of October.

Standard Price Management

It is possible to maintain a fair and standard price of the essential pulses across the nation by applying the extended time limit in the import process. But, the ports are busy with the shipments, and the officials must clear the traffic in the ports and avail places for the shipments of the essential products. On the other hand, if the pulses do not reach the local market in time, it results in a price hike, affecting the supply of livestock in the poultry farms. Thus, again it will further increase the price of the essential needs, and it directly affects the public in many ways. 

Good News for the Traders

The importers in the country welcome the extended import policy. The traders find enough time to plan about the import of pulses and can store the shipments in the safe warehouses for regular supply. The traders have to face several issues if the government has not increased the importing time. Now, the traders are planning the trade accordingly and help supply the essential need of the public. 

Need of Import

The country must import pulse from the other countries because the rainfall affected the harvest of the pulses, and the domestic demand is incomplete with lack of supply. Hence, the government has decided to import the pulses to support the domestic supply, and it has announced several facilities for the traders to invoke in importing products. 

Tax for the Imported Products

India imposes a VAT tax of 18% and 15% of withholding taxes for the imported goods. A 1.5% of infrastructure tax is to be paid for the structural benefit of the railway system, and it is the default for all the traders. The importers pay a total of 33% of the tax for all the importing goods that result in the economic growth of the nations. The traders equalize the taxes by increasing the sale rate of the product. The price of the products is estimated by adding all the taxes before it comes to public usage. Hence, importing goods remain expensive. 

An Adequate Supply of the Products

The nation supports international trade for several reasons. The major principle of trading goods is to help in the adequate supply of the products. Due to the climatic conditions, some of the products lack in the production process. The rainfall and the temperature affect the harvest of crop cultivation, and it results in the supply of the products in the national market. 

The condition is maintained with the importing process, and the essential supply is regulated by applying the import strategy. The economic development and the supply of the essential needs is enhanced by importing the products. The importing companies must concentrate on the norms and restrictions applied by the government to remain successful in the international market. International trading is beneficial in all aspects of public utility. 

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