This follows a decision taken by the government that there won’t be any licensing or quota for companies to import products, at least till September next year. Representatives from the IT hardware industry along with officials from the ministry of electronics and IT (Meity) attended a meeting with DGFT on September 25 to discuss the registration process.
As per officials aware of the details, companies need to provide value and volume details around import/export of hardware along with domestic manufacturing for the past three years. The firms also need to disclose the country of origin for imports. "The format for registration has been shared and companies can revert if some things need to be fine-tuned. It s a simple form, which can be filled in a few minutes," an official told ET.
The Central government plans to meet up to 70 per cent of the country s demand for IT hardware through domestic production within the next three years and cut dependence on imports from non-trusted sources, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Friday.
Rajeev Chandrasekhar: "MeitY has informed companies that import management system will go live by September end. It will be managed by DGFT. It has asked importers to feed their organisation data and import data subsequently for the past 3 years," a source, who did not wish to be identified, told PTI.
The industry body pointed out that any reduction in supplies will lead to overstocking and cause a disruption in the market. This can lead to increase in consumer prices.