Policy Changes Regarding the Import of Laptops are Still Being Discussed: Goyal
Union Minister Piyush Goyal stated on 28 November that the Ministry of Electronics and Information Technology is still considering new rules for India's laptop import policy. "I think this is still under deliberation," Goyal responded when asked about the import authorisation mechanism for IT hardware products and the types of regulations the government is considering. The Ministry of Electronics and Information Technology is in charge of it. "I have no idea what they are thinking about in the future," he added further.
In September of this year, the government prolonged the permission process for the import of specific IT hardware goods, such as laptops and tablets, for a period of three months, ending on December 31.
Importers Need to Apply for Fresh Registration from 1st January
In 2023–2024, these imports totalled $8.4 billion, compared to the approximately $9.5 billion authorised. China was the primary source of these imports.
Specifically, importers are permitted to apply for import authorisations, which will remain in effect until December 31, 2024. Additionally, the Directorate General of Foreign Trade (DGFT) had stated in a policy circular in September that the current import authorisations granted until September 30, 2024, would be valid until December 31, 2024.
With effect from January 1, 2025, importers will have to apply for new authorisations, "subject to detailed guidance to be provided shortly." Goyal also commended Masayoshi Son, the CEO of Japan's SoftBank Group, who visited portfolio company founders while on a stopover in Delhi on November 27, 2024.
"Regarding Masayoshi Son, I applaud his news that he will be increasing investments in India." The Commerce and Industry Minister stated, "India is undoubtedly a country where people have made good returns." "He was a very daring investor who believed in Prime Minister Narendra Modi and the India story. I had a lot of interaction with him when I was the Power and Renewable Energy Minister," Goyal added.
India has Become Preferred Destination for Investors
The minister claimed that India has attracted international attention and that foreign companies are eager to invest in this country. Regarding the billionaire founder of Japan's SoftBank Group, the minister stated, "Everywhere we go, there is a huge interest and investment appetite to come and invest in India, and we would warmly welcome Son to continue looking at India and the possibilities of investment in India."
The minister added that despite geopolitical difficulties brought on by the Red Sea crisis and back-to-back wars, he anticipates that India's exports of goods and services will exceed $800 billion in the current fiscal year 2025.
"In some ways, despite inheriting such a weak economy, India anticipates surpassing 800 billion dollars in exports for the first time in its history in 2024–2025. The Indian currency is also one of the best performing among all emerging markets and is not depreciating. "India has doubled its exports during Prime Minister Modi's tenure despite two years of COVID, two international wars, and the Red Sea crisis," Goyal stated.
Nitin Konde
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