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New import management system being formulated for IT hardware

A new import management system is currently being formulated by the Ministry of Electronics and Information Technology.

It is being proposed that MeitY will give import credits to companies, which will be linked to their performance based on the domestic value of production as well as the value of their exports of electronic items. The credits can be used by these firms to import their branded laptops, notebooks, tablets and small servers for the Indian market.

All players wanting to import will have to register on the government portal from November 1, 2023.

As of now, till September 2024, there is no restriction on quantities imported. From November 1, 2023, the importers will have to register on the Directorate General of Foreign Trade (DGFT) portal, and the application will be approved within a week. The application must clearly state value and volume of hardware; domestic manufacturing details for the past three years, and country of origin for imports. A single registration will be valid at all the ports.

Once the stipulated time is over, imports of these products will be linked to three criteria: the value of imports for the previous year, value of domestic production, and the value of exports of electronics.

The government aims to meet up to 70% of the country’s IT hardware requirement through local production in the next three years and reduce dependence on imports from non-trusted sources, read China.

CT Bureau

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