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Strict scrutiny of Chinese imports affects industries

“There was refusal to clear, followed by delays. And now, about 100 per cent examination. The logistics of seamless movement is in total disarray,” ICEA Chairman Pankaj Mohindroo wrote to the Finance Minister.

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New Delhi, June 28 : With the Centre taking a tough stand on imports from China amid the border tensions, several industries that depended on inputs from that country are facing delay in getting their supplies as the goods are held up at ports and airports and are being subjected to stricter Customs scrutiny.

Several industry bodies, from apparel to electronics, have written to the government urging faster Customs clearance as delays might affect the manufacturing process.

Citing the gravity of situation, in a letter to Central Board of Indirect Taxes and Customs (CBIC) Chairman M. Ajit Kumar, the Apparel Exporters Promotion Councils said the delay in clearances of goods was adding to the crisis for the industry that was gearing up to get back to the normal after easing of lockdown in India and other countries.

The delay was impacting operations and might cause further financial losses, it said.

“Lately, Customs authorities at several ports are doing 100 per cent examination of goods originating from China, Hong Kong and Taiwan. It has created undue delay in clearance of imported inputs meant for production of garments for exports,” AEPC Chairman A. Sakthivel wrote.

In a letter dated June 23, the India Cellular and Electronics Association (ICEA) said the ”adverse” action by the Customs would impact over 200 mobile and electronic manufacturing units, set up following the ”Make in India”, ”Digital India” and ”Phased Manufacturing Programme” initiatives.

“There was refusal to clear, followed by delays. And now, about 100 per cent examination. The logistics of seamless movement is in total disarray,” ICEA Chairman Pankaj Mohindroo wrote to the Finance Minister.

Mohindroo said companies had received word from Chennai, Mumbai and Delhi airports about the new examination procedure for all China-origin consignment. The 100 per cent examination of only China-origin goods be stopped to help supply chain move without hurdles, he urged the Finance Minister.

MAIT, industry body representing the information and communications technology sector, feels importers with ”authorized economic operator” (AEO) status should be excluded from such rigorous scrutiny.

“We understand the step of thorough inspection of containers was being taken to safeguard India”s interests. In such a case, as an industry we suggest importers with AEO status, also called Green Chanel Importers, be excluded from it as they are GOI-validated entities. As citizens of India, we will stand by decisions the government may deem fit to take,” said George Paul, CEO, MAIT.

As the call grows for lowering dependence on Chinese imports and becoming self-reliant, experts and industry players have cautioned against knee-jerk reaction and sought building of adequate infrastructure and supply chain in the country.

The impact of such action at the moment might be severe as industries were reeling under financial crisis post-lockdown, experts said.

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Equity indices fall, Sensex down 100 points

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SENSEX NIFTY MARKET
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The key Indian equity indices traded on a negative note on Friday with the BSE Sensex falling over 100 points.

Around 10.10 p.m., Sensex was trading at 49,518.63, lower by 106.13 points or 0.21 per cent from its previous close of 49,624.76.

It opened at 49,594.95 and has so far touched an intra-day high of 49,663.74 and a low of 49,361.22 points.

The Nifty50 on the National Stock Exchange was trading at 14,574.60, lower by 15.75 points or 0.11 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty has become slightly nervous after facing resistance at 14,750. While the trend still remains positive, we need to approach the index strategically.”

“On the upside we can go up to 14,800-14,900. On the downside, we have a good support at 14,300. Hence traders can initiate long positions with a target of 14,800 and a stop below 14,300,” he said.

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Sensex over 50K mark as Biden, Budget fuel fast recovery hopes

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Positive global cues and expectations of healthy quarterly results, along with that of a supportive Union Budget FY22, powered the ascent of India’s barometer index — the S&P BSE Sensex — to cross the 50,000 mark on Thursday.

However, the barometer index dipped below the psychologically important mark due to profit booking at the end of the day’s trade.

The Sensex closed at 49,624.76, lower by 167.36 points, or 0.34 per cent, from its previous close of 49,792.12.

It opened at 50,162.05 and touched a fresh all-time high of 50,184.01 points.

The Nifty50 on the National Stock Exchange (NSE) also touched a new record high of 14,753.55 points. It ended the day’s trade at 14,590.35, lower by 54.35 points, or 0.37 per cent, from its previous close.

Earlier in the day, Sensex crossed the 50,000-mark.

Coming a day after Joe Biden’s inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a gap-up opening.

In fact, the positivity sentiment led it to open above the 50,000-mark. The gains of the last 5,000 points in Sensex has come in just 32 trading sessions.

Moreover, expectations of an even faster economic recovery on the back of the vaccination programme have been cited as other factors for the up-move.

Besides, easy liquidity conditions across the global have been funnelling into India’s market, as FIIs shore up their stakes and pump-up this rally.

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Mi India’s Republic Day Sale: List of TVs, Smart Bands, and Smartphones available at Huge discounts

Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

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Mi India has announced the Republic Day offer. The sale offers huge discount offers on a variety of products including smartphones, smart TVs, and Smart Bands.

Mi India’s Republic Days offer sale will start from 12 noon on January 20, 2021, which will continue till 11.59 PM on the night of January 24, 2021.

This offer can be enjoyed on the e-commerce sites Amazon, Flipkart, and Mi.com. Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Mi Smart Band 4

Selling Price – 2,299

Sale price – 1,899

Mi TV Stick

Selling Price – 2,799

Sale price -2,299

Mi Box 4K

Selling Price – 3,499

Sale price – 3,299

Mi LED TV 4A PRO 108 cm (43)

Selling Price – 24,999

Sale Price – 23,999

Mi LED TV 4X 50

Selling Price – 34,999

Sale Price – 33,999

Mi Watch Revolve Midnight Black & Silver

Selling Price – 10,999

Sale price – 8,999

Earphones (TWS) – Mi True Wireless Earphones 2C

Selling Price – 2,499

Sale Price – 1,999

Earphones (TWS) – Mi True Wireless Earphones 2

Selling Price – 3,999

Sale price – 2,499

Mi Beard Trimmer 1C

Selling Price – 999

Sale Price – 799

Mi Smart Water Purifier (RO+UV)

Selling Price – 12,999

Sale price – 9,999

Redmi Earbuds S

Selling Price – 1,799

Sale price – 1,499

Redmi Smart Band

Selling Price – 1,599

Sale price – 1,299

Redmi 9i (4+ 64GB)

Selling Price – 8,299

Sale price – 7,999

Redmi 9 Prime (4+64GB)

Selling Price – 9,999

Sale price – 9,499

Redmi Note 9 (6+128GB)

Selling Price – 14,999

Sale price – 13,999

Redmi Note 9 Pro (4+128GB)

Selling Price – 15,999

Sale price – 13,999

Redmi Note 9 Pro Max (6+64GB)

Selling Price – 16,999

Sale Price – 14,999

Mi LED TV 4A PRO 80 cm (32)

Selling Price – 14,999

Sale Price – 14,499

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