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Time of India
12 hours ago
- Business
- Time of India
Eight core industries record 0.7% growth in May, cement and steel production up, ET Manufacturing
Advt Advt The combined Index of Eight Core Industries ICI ) increased by 0.7 per cent in May compared to the same month last year, the Ministry of Commerce and Industry data showed on production of cement coal , and refinery products recorded positive growth last final growth rate of the Index of Eight Core Industries for February, March and April was observed at 3.4, 4.5 and 1.0 per cent, respectively, said the cumulative growth rate of the ICI during April to May, 2025-26 is 0.8 per cent (provisional) as compared to the corresponding period of last May, coal production increased by 2.8 per cent over May. Its cumulative index increased by 3.1 per cent during April to May, 2025-26 over the corresponding period of the previous refinery production increased by 1.1 per cent in May. Its cumulative index declined by 1.7 per cent during April to May, 2025-26 over the corresponding period of the previous year, as per the ministry production increased by 6.7 per cent and its cumulative index increased by 5.5 per cent during April to May, 2025-26 over the corresponding period of the previous production also rose by 9.2 per cent in May. Its cumulative index increased by 7.8 per cent during April to May, 2025-26 over the corresponding period of the previous generation declined by 5.8 per cent in May, and its cumulative index declined by 2.2 per cent during April to May, 2025-26 over the corresponding period of the previous ICI measures the combined and individual performance of the production of eight core industries -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), said the ministry.
Business Recorder
2 days ago
- Business
- Business Recorder
Tariff rationalisation: Rs500bn revenue loss estimated
ISLAMABAD: The government has estimated revenue loss of around Rs500 billion on account of tariff rationalisation including changes in import duties in the next five years under National Tariff Policy. Briefing on customs tariff reforms, Ministry of Commerce Secretary Jawad Paul told the National Assembly Standing Committee on Finance, Wednesday, that the estimated revenue impact is Rs500 billion. Various models including macro model, export forecasting model and Global Trade Analysis Project (GTAP) model, import tariff revenue show a loss of about Rs500 billion in static calculations under National Tariff Policy (2025-30). In the next five years, a positive revenue impact of 7-9 percent has been calculated on revenue considering all factors of customs tariff rationalisation; i.e., increased demand, economic growth, transparency, decrease in under-invoicing, smuggling, compliance cost. The GTAP calculations show that the exports will increase by 10-14 percent, whereas, imports will increase by 5-6 percent. During the meeting, committee members inquired about rationale behind calculations of increase in exports and imports. Paul responded a separate technical briefing on calculation models/ trade equilibrium models would be arranged for parliamentarians on this issue. He said that the outcome of the Free Trade Agreements signed with certain countries had a negative impact on the country. The Commerce secretary stated that there is an institutional shift of taking away import tariff policy from the Federal Board of Revenue (FBR) to the Ministry of Commerce. Tariff Policy Board is a recommendatory body to the Federal Cabinet which has taken the final decision on Finance Bill (2025-26). The target of new National Tariff Policy is to reduce overall tariffs from 20.19 percent to 9.70 percent, readjustment of customs duties slabs to 4 slabs (0 percent, 5 percent, 10 percent and 15 percent) from existing 5 slabs in five years, reduction in customs duty to a maximum of 15 percent in five years, elimination of RDs/ACDs in five years and phasing out of Fifth Schedule of the Customs Act. The existing additional customs duties (ADCs) slabs will be eliminated in four years, keeping in view the annual targets for reduction in ACD rates. The ACD rates would be reduced across 7,500 items with complete exemption for lower slabs. Few products at 35 percent Customs duty are subjected to auto sector policy, therefore, the auto sector ACDs will be eliminated gradually from July 1, 2026. The existing regulatory duty slabs will be eliminated in five years, keeping in view the annual targets for reduction in RD rates. The maximum rate of RD is proposed to be reduced from 90 percent to 50 percent to rationalise excessive para-tariffs. RDs will be fully removed on 554 raw materials and intermediary goods. RD rate will be reduced on 602 goods. The notifications to implement these changes will be issued from July 1, 2025, he maintained. Responding to a query, Paul stated that there is no upward revision of slabs of customs duties, DCs and RDs under the tariff reforms and only downward revision in import duties. He said that the new tariff policy would also be applicable on auto sector like other sectors. Auto sector tariff will also be rationalised to enhance competitiveness, productivity and common welfare including removing quantitative restrictions on import of old and used vehicles. The new auto policy would be introduced from July 2026. Finance Minister Muhammad Aurangzeb informed the committee that the tariff rationalisation is a big change and a permanent implementation committee has been constituted to monitor impact of tariff rationalisation on domestic industries as well as impact during transition period. Copyright Business Recorder, 2025
Newsroom
2 days ago
- Business
- Newsroom
Exporters hope to escape China beef restrictions
The Prime Minister is once again spreading the word that New Zealand is open for business, while beef exporters wait to see whether they'll be hit with any restrictions on the products they send to China. In December last year, China's Ministry of Commerce launched an investigation into imported beef, after domestic industry bodies argued they had suffered 'substantial damage' when imports more than doubled in the first half of 2024 compared with the same period in 2019. Under World Trade Organisation rules, countries are allowed to initiate a safeguard investigation into whether increased imports of a product are causing or threatening to cause 'serious injury to a domestic industry', and can temporarily restrict imports if it is proven to be the case. Reuters reports that since then, China has suspended beef imports from a handful of countries, including Brazil, Argentina, Uruguay and Mongolia. And in April, ABC reported China had refused to renew export licences for 300 abattoirs in the US. A change to market access for New Zealand beef exporters would have a significant impact on a sector that sold almost a billion dollars worth of product to China a year, according to March figures. But Meat Industry Association chair Nathan Guy tells Newsroom he's confident New Zealand beef exports 'do not pose a risk to China's domestic beef sector'. And he's hopeful New Zealand's market access will remain as it was. The industry association, and the Government, say the investigation will conclude 'in the coming months'. But it is unclear exactly how many months that will be. In the meantime, Guy says the association has been working closely with the Ministry of Foreign Affairs and Trade and the Government to address China's concerns. It is also registered as an interested party in the investigation and has made a submission. Last month, the association hosted Chinese officials in New Zealand. The officials visited meat processors and beef farmers to help them better understand the New Zealand beef processing model and operations. 'China's safeguard investigation into beef imports is not directed specifically at New Zealand. New Zealand's red meat sector has a strong, collaborative, and mutually beneficial relationship with China,' Guy says. Trade Minister Todd McClay echoes the sentiment, telling Newsroom this is a 'broad investigation and not targeted at New Zealand'. Government and industry have actively engaged with China on this investigation and officials will continue to engage closely with Chinese Authorities, McClay said. During the recent visit, the Chinese delegation saw 'firsthand the strength of our systems and the quality of our product'.
The Hindu
2 days ago
- Business
- The Hindu
Rice, tea exporters to Iran bear the brunt of Iran-Israel conflict
Shipments of a significant quantity of basmati rice and tea, the two major commodities that are exported from India to Iran, are on hold because of the Iran-Israel conflict, putting exporters on wait and watch mode. Iran is the largest market for Indian basmati rice as 1.2 million tonnes of the total six million tonnes of annual exports go to Iran. 'All shipments and payments are on hold,' said Mohit Gupta, a New Delhi-based rice exporter. 'The exporters are talking to the officials and hope for a solution in a couple of days. International price for basmati rice has dropped by $100 a tonne because of the conflict and stocks are beginning to pile up with the exporters,' he said. One of the major exporters of tea said 20,000-25,000 tonnes of tea goes to Iran from India annually, mainly orthodox tea. This is the prime season in Assam for the best quality tea. However, because of the conflict, fresh exports to Iran are on hold now, while the teas at ports are likely to be shipped, depending on the buyer. 'There are withdrawals and drop in price at the auction; shipments are stopped and no one knows how the situation will develop, especially with the attacks escalating. Exporters will get the payment only after shipment. Right now, the priority in Iran is for essentials,' the exporter said. B. Rajesh Chander, member of the Tea Board India, said many of those operating to Iran did not take part in the auctions on Wednesday. 'There is fear that exports to countries such as Azerbaijan and Kazakhstan may also get affected in the future if the conflict continues,' he said. Officials from the Ministry of Commerce and Industry will meet stakeholders from the trade, shipping, and export-oriented sectors on Friday to discuss the problems they are facing due to the Israel-Iran conflict, and how the government could help address these issues. According to sources, prior to the meeting, the Commerce Ministry sought information and feedback from exporters on the extent of impact due to the Iran-Israel tensions, how they were accommodating these factors, and their expectations. While these inputs are coming in, exporters said that air freight costs had already increased and sea freight costs too were expected to go up. The exporters are also factoring in a surge in fuel costs and risk insurance premiums. The Hindu had last week reported that potential closure of the Strait of Hormuz due to the Israel-Iran conflict would add 15-20 days to India's shipping times, and 40-50% to shipping costs.
Muscat Daily
3 days ago
- Business
- Muscat Daily
Oman courts Belgian investors to boost trade ties
Muscat – As part of its global investment promotion efforts, Invest Oman – under the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) – held the 'Advantage Oman–Kingdom of Belgium' Business Dialogue in Brussels on Monday. Organised in cooperation with the Embassy of Oman in Belgium and the Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC), the event was held to strengthen trade and economic relations between Oman and Belgium. The forum brought together senior Belgian investors, business leaders and decision-makers to discuss investment opportunities in Oman, with a focus on sectors including renewable energy, pharmaceuticals, life sciences, tourism and leisure. Omani representatives highlighted the sultanate's recent regulatory reforms, major projects and its supportive environment for investors. The dialogue provided a platform for direct discussions between Omani and Belgian stakeholders to identify areas for cooperation and possible joint ventures. Pankaj Khimji, advisor for foreign trade and international cooperation at MoCIIP, said the dialogue was an important step in building long-term partnerships. 'This dialogue is a strategic step toward strengthening our economic cooperation with Belgium. It introduces Oman's competitive edge and invites Belgian enterprises to grow within a future-ready market,' he said. H E Rua bint Issa al Zadjali, Oman's Ambassador to Belgium, said the initiative supports Oman's efforts to enhance economic diplomacy and build strong international ties. 'It is a timely platform to deepen ties with Belgium's business community and reaffirm Oman's position as a strategic investment destination,' she said. The Advantage Oman series is part of the sultanate's wider strategy to attract foreign investment and promote Oman as a gateway to global markets.
