'That combination of a rising economy, a growing middle class, and a deepening love of diamonds and jewellery is what we see really doubling the market for diamonds over the next five years.'
Exports of jewellery from India have gone up 32 per cent in the last two months ended May thanks to increasing demand and sale diamonds abroad.
Apparel exports to Japan are expected to grow by 20-25 per cent year on year from the current $220 million on account of rising opportunities for domestic exports, AEPC said on Saturday. Apparel Export Promotion Council (AEPC) said that rising opportunities due to changing geopolitical landscape, government supports like production linked incentive, mega park scheme, improving the quality standard, getting sustainable and utilising benefits of free trade agreements with major markets are the key growth drivers. To promote exports to Japan, the council is organising a two-day show in Gurugram.
'We will be able to anticipate the full picture of the impact after August, which is also the time when demand for a year begins to peak ahead of the December holidays and Valentine's Day.'
Silk exporters are already hit by rupee appreciation and competition from Chinese firms, Mittal said, adding that of the total 50 lakh workers in the sector, over 100,000 have lost jobs. The industry is apprehensive that the situation could worsen this year due to deepening of the US economic slowdown, which is spreading to other economies as well.
After remaining in the positive zone for three months, India's exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $23.5 billion.
The west Asian region remained the top destination for India's consumer electronics goods last year with exports doubling to $175 million in 2005-06, from $90 million of 2004-05.
India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent.
India's gems and jewellery export grew by 16 per cent to $28.41 billion in 2009-10 due to revival in demand from major markets like the US and Europe.
Enthused by substantial growth in cotton apparel exports since dismantling of quota system in January 2005, India expects their exports to the United States to become nearly three times from the present $2.30 billion to $6 billion this fiscal.
Recession-hit retailers in the US and Europe are increasing their purchases from Bangladesh as it is able to supply garments at a relatively less price due to low labour cost and better economies of scale, experts said. Data collected by the Apparel Export Promotion Council, the body for the promotion and facilitation of garment-manufacturing and their exports, show Bangladesh overtook India after August 2008.
Buoyed by the momentum created in the last fiscal, India's export target for 2005-06 has been revised upwards to $92 billion from $88 billion, Union Minister of State for Commerce E V K S Elangovan said on Monday.
'We have to be prepared for the larger disruption that is likely to take place.'
India's gems and jewellery exports grew by 16 per cent at $28 billion last fiscal due to revival in demand in major markets as well as recycling of used diamonds, a top industry official said.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
National Aluminium Company Ltd has won the Engineering Export Promotion Council's All India Export award in the "star performer" category for 2005-06, the firm said on Friday.
The Gems & Jewellery Export Promotion Council (GJEPC), the apex body set up by the Union ministry of commerce to monitor the jewellery business overseas, says it might call for pulling out of the diamond cutting and polishing business in China.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
The exports have shown a fall of 6% during the first 11 months of fiscal 2006-07.
India would neither succumb to the Americans on issues of national security, such as its defence ties with Russia, nor cede ground on its domestic interests in the agriculture and dairy sectors.
The issue has assumed serious proportions now. Suranjan Gupta, senior joint director, Engineering Export Promotion Council, said, many containers were being detained in Europe, to the extent that the steel ministry convened a meeting last week to discuss the matter. Europe accounts for 70 per cent of India's annual engineering exports of $33 billion.
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
Subdued demand from developed countries and blocs like the US and EU is impacting exports of key sectors including engineering, gems and jewellery and may have implications on India's exports in case the global situation does not improve in coming months. Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The world merchandise trade volume is expected to grow 3 per cent in 2022 against the earlier forecast of 4.7 per cent, mainly due to the ongoing war between Russia and Ukraine, according to the World Trade Organization forecast, released in April.
With Kabul falling into the hands of the Taliban, bilateral trade between Afghanistan and India will get impacted significantly in these uncertain times, according to exporters. Federation of Indian Export Organisations (FIEO) director general Ajay Sahai said domestic exporters should follow caution looking into the political development in Afghanistan, particularly with regard to payments, for which adequate credit insurance may be availed by them. "The trade will be impacted. It would reduce due to the growing uncertainty in Afghanistan," he said on Monday. Former FIEO president and country's leading exporter S K Saraf too said there will be a significant fall in the bilateral trade.
In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.
Gems and Jewellery exports from India would exceed $10 billion in 2003-04 as against the $9.1 billion in the last fiscal even as exporters have set a target of $16 billion by 2007.
However, during April-January FY'10, exports declined to $26.12 billion from $34.19 billion in the same period previous fiscal.
Two modules published by the NCERT, Swadeshi: Vocal for Local (for middle stage) and Swadeshi: For a Self-Reliant India (for secondary stage), carry excerpts from the prime minister's Independence Day address in which he stressed that self-reliance would drive India's journey towards a Viksit Bharat.
Of the total $32.5 billion engineering exports in 2009-10, EU accounted for about 30 per cent.
As uncertainty looms large in Afghanistan, Indian pharma exporters are apprehensive to send goods to the war-torn country and the target of exporting $126 million worth of pharmaceutical goods to the Taliban-ruling nation now depends on the future outcome. Udaya Bhaskar, director general of Pharmaceuticals Export Promotion Council of India (Pharmexcil) body under the Department of Commerce on Tuesday said as the situation is grim over there and India pharma exporters have cordial relations with Afghanistan. "The projected target for 2021-22 is $126.22 million.
The Engineering and Export Promotion Council will send a 15-member delegation to China in February-March, 2005, to explore export potential, its chairman Rakesh Shah said.
The engineering exports in the first month of 2009-10 plunged to $2.78 billion from $3.8 billion in the same month a year ago, according to the Engineering Export Promotion Council. However, the decline in April was not as sharp as in March, when the exports contracted by 34 per cent over the same period last year.
Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
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