The government on Thursday pegged the export growth target for merchandise goods at 12 per cent, which will translate into $57.8 billion exports in 2003-04 as against $51.7 billion last year.\n\n\n\n
The government has decided to postpone the release of the new Foreign Trade Policy (FTP) and extend the existing one by six months on account of global uncertainties and currency fluctuations. The government was scheduled to announce the new FTP by the end of September. The current policy was to end on September 30.
Exports of gold jewellery fell 23.13 per cent to $1153 million.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
Global buyers are putting pressure on exporters to offer discounts between 10 per cent and 15 per cent.
India's computer software and services exports is estimated to have touched Rs 31,200 crore (Rs 312 billion) in the first nine months (April-December) of the current fiscal, reflecting a 22 per cent increase over the year-ago period
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US President Barack Obama on Thursday said his administration is upping effort to remove trade barriers and create new market for American businesses, especially their presence in "some of the most dynamic markets in Asia".
Modi held Pakistan directly responsible for the Uri attack.
The government has said it will examine proposals for the simplification of procedures for export oriented units and special economic zones in a time-bound manner.
Growing at an annual 13 per cent rate, domestic leather industry aims at doubling its exports earnings to $4 billion by 2010.\n\n
The rupee appreciation would affect exports, which has been rising more than 20 per cent in the last 5 year, if there is no offsetting factor, economic think-tank NCAER said.
De Beers, the world's premier source for rough diamonds, has painted an attractive picture for jewellery demand.
Owing to increased demand by Americans, the Gems and Jewellery Export Promotion Council expects a 35 per cent increase in jewellery exports to the US at $5.88 billion this fiscal.
Indian jewellers such as Gitanjali Gems, Malabar Gold and Kalyan Jewellers have opened stores abroad to limit the slump in sales.
Concerned over decline in gold exports from SEZs following ban on its trading, the government has allowed units in these zones to export gold items after a minimum value addition of 3 per cent.
Electronics and hardware exports clocked year-on-year growth of 3.90 per cent to touch Rs 8,000 crore (Rs 80 billion) this fiscal, Electronics and Computer Software Export Promotion Council said on Monday.
Out of 389 SEZs notified, 170 are operational, Export Promotion Council for export-oriented units and special economic zones (EPCES) said in a statement.
Some of these nations are India's biggest export market. India is also dependent on these countries to meet its energy needs.
Slow growth of the US and Europe will have some adverse affect on Indian exports.
A meeting of the Board of Trade, an advisory body to the Commerce Ministry, is likely to be held on October 11, a ministry official said.
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed on Monday.
Food Min says decision on Rangarajan panel's report in a time bound manner.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive partnership with the African bloc of nations as a whole, at a time when China had begun its own outreach.
Increase in the value of Rupee combined with rising interest rates has resulted in erosion of profitability and competitiveness of Indian exports by up to 12 per cent, according to a report by Ficci.
India's computer software and services exports registered a growth of 28 per cent in 2001-02 at $7.652 billion despite a series of negative developments.
The exports of gems and jewellery during the first quarter ended June 30, 2003 showed only a marginal rise of 3.85 per cent at $1,880.45 million as against $1,810.78 million during the corresponding period last year.
'With the World Cup around the corner and being hosted by India, the demand has risen manifold. We manufacture around three million bats annually but the demand for this month and the previous one was 15 times higher. We manufactured around three to four million bats in two months that we delivered'
Exports of computer software and services is likely to post a 29 per cent growth and reach close to Rs 100,000 crore
Indian jewellery is widely prized for intricacy and craftsmanship.
Efforts to normalise trading relations expected during the first such meet on Saturday
Although the credit for acquiring the technological skill must be given to India's outstanding nuclear scientists, the decision to go nuclear was a political one that entailed clarity of vision, courage and resolve, points out Rup Narayan Das.
