Indian diamantaires are looking to go slow on rough diamond purchase during the remaining quarters of the current financial year, thanks to weak global sentiment.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
Diamond industry expects revenues to drop by 20-25% in the current financial year.
Prime Minister Narendra Modi on Sunday met leading NRI investors in UAE, who briefed him about various projects they are investing in India.
So far, rough diamonds mined from the Panna mines in Madhya Pradesh were auctioned online but displayed only at Panna.
China accounts for more than one-third of the apparel export market
The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.
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.
Exports in May 2012 stood at $24.77 billion.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
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Each company has tied up for different quantity and different quality of diamonds.
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.
The department for promotion of industry and internal trade has asked the telecom department and State-owned BSNL to put on hold the tender for setting up 4G network, valued at Rs 9,000 crore, after allegations emerged that the tender favoured foreign companies. The tender was floated by BSNL in March under the new management for setting up the 4G network.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Overall gross import of rough diamonds between April to November 2019 has shown a decline of 17.24 per cent to $8.55 billion from $10.34 billion registered during April to November 2018. This is one of sharpest fall in import of diamond in India in last one decade.
Assocham expressed concern over the precarious situation that the manufacturing sector is in, observing that if the trend does not reverse with monetary and fiscal measures it would be difficult for the industry to generate jobs.
Industry is displeased over the failure of the National Manufacturing Policy, which has failed to invite any sizeable investment since it was launched more than two years ago.
The trade to-and-from India so far is not affected. But if the situation continues to remain the same for the next two to three months, it could definitely hurt India trade, including essential cargo.
The Surat diamond industry is likely to face a loss of around Rs 8,000 crores in next two months as Hong Kong, which is a major export destination, has declared a state of emergency due to the coronavirus outbreak in China, say experts. Hong Kong is a major business hub for the Surat diamond industry, but schools and colleges have been closed there till the first week of March and even businesses are seeing a dip in view of the outbreak of the novel coronavirus.
All stakeholders in the diamond industry chain from mines to retailers have to follow a system of warranty under which they have to individually declare in the invoices they issue that what they have sold are not conflict diamonds.
Existing units stay operational; those approved may not be notified, land could be used for other purposes
Only 400 grams have been deposited so far.
So far, the drones that were considered important for the agriculture sector were nature-made winged-insects - a key component of the bee-based natural pollination cycle. The new-age drone is a whirring machine with rotors that can help farmers plan and grow and manage their crops. For the farm sector in India, which has had low levels of mechanisation, the impact of drones can be tremendous. The use of drones can help it leapfrog to modernisation in the same way that mobile phones helped India overcome its traditional lack of connectivity.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
The minister emphasised that India will play its due role in advancing global food security and it will do so in a manner in which it upholds equity, displays compassion, and promotes social justice.
The report by the High Level Advisory Group said India stands to benefit even more when the US and China are locked in a global trade war.
The 80:20 rule mandates importers to channel at least 20% of the import quantity for jewellery exports.
Researchers at Northwell Health in New York are testing the effects on Famotidine (used in high intravenous doses) on Covid-19 patients as a potential treatment. After the hospital announced its clinical trials, it led to a drug shortage in the US. Back home, however, there has not been any surge in the demand for Famotidine yet.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
Import of jewellery from Hong Kong attracts no duty in India, due to a free trade agreement.
On the present government's 'Make in India' campaign, C Rangarajan, former chairman of the Prime Minister's Economic Advisory Council, says it is important to first ask for whom it is being made.
At 12-15 tonnes, the imports in September are estimated to be much lower than in the same month last year.
The first of its kind, a gem bourse to cater to the needs of the gemstone industry of the Pink City where all the business could be transacted under one roof, would soon become a reality.
A sightholder is a company on the Diamond Trading Company's list of authorised bulk purchasers of rough diamonds.
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.
Motherson Sumi, Tata Steel, Jaguar Land Rover will face higher cost.
Despite the onset of wedding season, the situation in apparel retail market remained unchanged and saw sharp decline in sales
Indian drug firms get a shot in the arm in the $12 bn Australian drug market as the Therapeutic Goods Administration (TGA), Australia agrees to accelerate the drug approval process in that country for Indian players who already have an approved plant and product from one of the stringent regulatory authorities like US, EU or Canada. From current sales of $340 mn, the Indian firms can see a significant upside in sales; felt Dinesh Dua, former chairman of the Pharmaceutical Exports Promotion Council of India (Pharmexcil), and the MD of Nectar Lifesciences. He highlighted that only 12 percent of the Australian drug market is generic, as against 80-90 per cent in the US or EU. Of this $1.5 bn generic drug market in India, Indian companies have a small share.
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