When the lockdown was lifted last year, Rasikbhai Kotadiya, who runs a powerloom unit in the Kim-Pipodara industrial area on the outskirts of Surat, was left with only four workers out of the 48 that he used to employ to run his 128 looms. Though the economy had been unlocked, his textile unit, and that of thousands of others, struggled to resume operations. By the last week of May, nearly 700,000 of Surat's 1.2-1.5 million migrant workers, left high and dry with no pay during the lockdown, had returned home. In Laskana, another textile weaving hub in Surat, the powerlooms were all but silent, with only 2,000 of the total 55,000 looms churning out grey cloth at a snail's pace.
Finance, oil ministry tussle over exports.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
The Centre said the upsurge of COVID-19 cases is happening in cities and the Omicron variant is the predominant circulating strain.
In a first, Opposition-ruled states on Saturday got the Centre to delete from the records three minutes of the last GST Council meeting that provided for tweaking of agreed criteria for division of taxpayers under the Goods and Service Tax regime.
Among the major ones are fewer restrictions on market access for US medical device manufacturers, as well as access for other key products.
Reflecting widespread recovery, the 50-share NSE Nifty too spurted by 91 points, or 0.92 per cent to close at 9,979.70.
India imports gold worth $26 bn in Apr-Dec period.
The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.
China, the Ukraine crisis and Quad will dominate the discussions, observes Dr Rajaram Panda.
While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.
Forty five organised slaughterhouses are not in a position to cater for the big demand for rawhide
India on Wednesday asked Pakistan to rein in its "compulsive hostility" towards it and fulfil its obligation to vacate illegal occupation of Pakistan-occupied Kashmir, which has become a "hub" for the global export of terror.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
China accounts for more than one-third of the apparel export market
Bharatiya Janata Party's prime ministerial candidate, Narendra Modi, last month urged small traders to compete with foreign retail chains through e-commerce.
Ranbaxy, Dr Reddy's and other Indian drug makers may cut production as overseas buyers, hurt by the credit crunch, defer export orders. The move could also lower the country's drug exports by at least 10 per cent in the year ending March 2010, industry experts say."Many of our members have been intimated by their importers to stop shipments until further notice," said Venkat Jasti, chairman, Pharmaceutical Exports Promotion Council.
Over 20,400 foreign nationals have been evacuated from India amid the coronavirus crisis and any decision on bringing Indians from abroad will be taken at a later stage after reviewing the situation, the government said on Friday.
The leather industry is looking for export destinations other than the crisis-hit Europe, which accounts for 60 per cent of its revenue.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
Even as the engineering goods sector, which has the largest share in the country's export basket, registered an export growth of 22 per cent (dollar terms) in the April-July period of this year, a recent study has revealed that the volume of exports has gone down in majority of the products manufactured by the sector, leading to job losses.
Jammu and Kashmir "was, is and shall forever" remain an integral part of India, a top Indian diplomat asserted at the UN Human Rights Council's meeting in Geneva on Wednesday, a day after Pakistan sought the international community's intervention on the Kashmir issue. Speaking at the 43rd session of the UN Human Rights Council which is being held in Geneva in Switzerland from February 24 to March 20, Vikas Swarup, secretary (west), the ministry of external affairs, described Pakistan as the "epicentre of global terrorism".
VP Ansari thanked Polish leadership for its support to India's bid for NSG membership,
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Leather exporters have chalked out plans for setting up five special economic zones for giving a much-needed boost to the sector by availing tax incentives offered under the SEZ Act.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
The survey revealed that firms were using a combination of measures like internal cost control and investment in new technology to combat the problem and stay afloat. There was a shift to a more capital intensive and labour saving manufacturing process in the small and medium scale sector. This meant significant downsizing in labour force on account of rupee appreciation.
Last fiscal, diamonds worth about $900 billion were sold globally of which those worth about $20 billion came back to India for recycling.
Sharma was addressing the members of the Board of Trade, a body comprising captains of Indian industry.
We have to wait and see whether Jaitley's Budget speech translates into actions and desired outcomes, says T N C Rajagopalan.
Hit hard by volatility in yarn prices, 50% of the looms said to be operating only 3-4 days a week.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
So far, rough diamonds mined from the Panna mines in Madhya Pradesh were auctioned online but displayed only at Panna.
The NSE 50-share after reclaiming the crucial 10,000-mark slipped back to close up 9.05 points, or 0.09 per cent, at 9,988.75.
Just to promote govt's policy of Make in India, BSNL said, it cannot afford to procure sub-standard equipment from inexperienced companies, not having proven technology. BSNL complained that when competitors were procuring world-class 4G equipment from experienced vendors, why should BSNL be compelled to procure locally.
Riding on the back of large capital inflows both in the stock market and through the foreign direct investment route, the Indian currency has appreciated by over seven per cent in the first six months of the current financial year.
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
To mark the first anniversary of the Sterlite firing anniversary -- 13 people died and several were injured when the Tamil Nadu police fired on a large crowd protesting -- various organisations will hold rallies and meetings in the port city.
The Ministry of Commerce and Industry will go ahead with the proposal for 2D barcoding and a unique 'randomly generated numeric code' on packets of medicine destined for export, a senior official said.
