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.
The sector employs around 1 million skilled and unskilled workers directly and indirectly and decline in exports is a major worry for participants in the value chain.
On September 11 2009, the Department of Labor had released an initial determination in the Federal Register proposing an update to the list of 29 products from 21 countries, including India.
Indo-German trade should touch Rs 26,000 crore in 2003 as a result of appreciation of the euro against the dollar which would result in a shift from dollar invoicing, D Kebschull, director, Indo-German Export Promotion Council, said.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
Infosys has bagged Electronics and Computer Software Export Promotion Council award in computer software and services sector for 2000-01
Huawei willing to place its software code with government.
Global jewellery major Tiffany is exploring the possibilities of setting up a processing unit for diamonds in India.\n\n
The event will showcase India's cutting edge IT capabilities and outsourcing strengths to the global IT and business community.
With major IT markets in US, Europe and Japan expecting to witness a slowdown, Indian Information and Communication Technology (ICT) sector is now turning to South Africa and West Asian markets in a bigger way.
DLF has sought the denotification of four of its IT/ITeS SEZs that were to come up in Haryana, Gujarat, Orissa and Kolkata, due to slowdown in the economy and liquidity crunch in the overall industry. The decision on the denotification would be taken on the June 2 meeting of the Board of Approval in the commerce ministry.
De Beers, the world's premier source for rough diamonds, has painted an attractive picture for jewellery demand.
India imports gold worth $26 bn in Apr-Dec period.
After recording positive growth in September, India's exports declined 5.4 per cent to $24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Trade deficit in October narrowed to $8.78 billion as against $11.76 billion, as imports also fell 11.56 per cent to $33.6 billion during the month under review.
India and China are together expected to equal world's largest jewellery market, the United States, by 2015 when the global gems and jewellery trade is expected to touch $230 billion, states a new industry report.
Aiming at rough diamond imports of $1 billion annually, Diamond India Ltd, a grouping of 60 traders, is looking at markets other than Russia to scale up its imports.
Speaking at the function, Nath asked exporters to provide inputs for a mechanism for refund of local taxes to them. "We are in the process of formulating the scheme and will incorporate valid suggestions from exporters," he said.
Russia on Wednesday invited Indian entreprenuers to participate in the Information Technology programmes which have been launched in that country to enhance Internet penetration.
"We are confident that the status quo will be there...the issue has been taken up at the highest level," additional secretary in the Commerce Ministry D K Mittal said.
Two entities under the Union ministry of commerce report differing figures for import of cut and polished diamonds for the first eight months of the financial year.
Demand will boom in the US and China, but exporters say it will be difficult for India to tap these markets.
The Export Promotion Council for EOUs and SEZs has raised the issue with the Finance Ministry and is expecting a favourable response in the Budget. At present, units in the DTAs have to pay two per cent CST on goods bought from the special economic zones.
The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war. An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.
Commerce and Industry Minister Kamal Nath on Tuesday said he will talk to Prime Minster Manmohan Singh for reduction of import duty on American cult bike Harley Davidson.
Bharatiya Janata Party's prime ministerial candidate, Narendra Modi, last month urged small traders to compete with foreign retail chains through e-commerce.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
Speaking to Business Standard on the sidelines of the ground breaking ceremony of the Chennai-based Sri City's SEZ in Tada, in Andhra Pradesh, last week, Singhal said SEZs in the country have so far generated over 300,000 jobs, adding once all the 462 zones start functioning, they are expected to create 4 million jobs.
Demand for silk products has declined as cheaper polyester products have replaced silk goods the world over.
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.
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
The country's textile industry is concentrated in a few pockets of Gujarat and Maharashtra in the west and Tamil Nadu and Karnataka in the south.
The country's exports grew 5.37 per cent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry. Trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020. Imports in January 2021 rose 2 per cent to $42 billion.
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