'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.'
According to an industry expert, companies such as Trident, Welspun India, Arvind, KPR Mill, Vardhman Textiles, Page Industries, Raymond, and Alok Industries stand to gain, as revenue from the US market accounts for 20-60 per cent of their earnings.
The country's exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry's data released on Wednesday. The merchandise exports rose by by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21. Previously, the outbound shipments had touched a record of $330.07 billion in 2018-19.
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.
Commerce Minister Arun Jaitley will take up with Finance Minister Jaswant Singh the issue of hardening rupee and its impact on exports to ensure that growth is sustained without exporters having to curtail their profit margins.
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.
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.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
The fear of being boycotted by large US stores like WalMart, JC Penny and GAP has led Indian apparel exporters to formulate a code to eliminate child labour from Rs 46,000 crore (Rs 460 billion) garment export business.
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.
In august last year, the government had raised import duty on gold and silver to 10 per cent to curb the surging imports and burgeoning CAD.
IT, IT-hardware, petroleum, engineering, leather and garments are the leading exports from the SEZs.
India pays 55% of the value of oil its imports from Iran in euro payments through Turkey's Turkiye Halk Bankasi.
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.
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.
These exports stood at $3.3 billion in the same period last fiscal, according to the data provided by the Gems and Jewellery Export Promotion Council.
The exports have shown a fall of 6% during the first 11 months of fiscal 2006-07.
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.
Gem and Jewellery Export Promotion Council on Wednesday said it expects to attract foreign direct investment worth $2 billion in this fiscal besides a growth of 20-25 per cent.
The government on Tuesday notified the Rs 22,919 crore scheme to promote domestic manufacturing of electronics components, display and camera modules, non-surface mount devices, multi-layer printed circuit boards and lithium-ion cells for digital applications, among others. The scheme is likely to be operationalised in the next 2-3 weeks.
'We have to be prepared for the larger disruption that is likely to take place.'
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.
Besides, the council has sought reduction in customs duty on import of seashells.
Finance Minister Pranab Mukherjee on Tuesday met exporters, a day after the release of the April export data which showed the sharpest fall in overseas shipments in 14 years, assuring them he would do his best in the Budget.
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.
To set up a future-ready administration geared towards the target of $2 trillion exports by 2030, the Department of Commerce has decided to set up a dedicated trade promotion body to drive overall promotion strategy, export targets, and execution as part of a restructuring exercise. The trade promotion body will formulate and drive overall trade promotion strategy; create and drive India's branding across focus markets and sectors; drive coordinated action across missions, states and export promotion councils; strategic initiatives, including advisory and buyer-seller meet; and develop digital platforms for exporters and buyers. Based on a 14-volume 'restructuring dossier' by the Boston Consulting Group, the commerce department has already implemented some of the recommendations.
However, during April-January FY'10, exports declined to $26.12 billion from $34.19 billion in the same period previous fiscal.
Government on Tuesday said it was optimistic of sustaining a high double digit export growth in the current year following assurance by exporters that they would be able to sustain the last fiscal's export performance.
In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.
Of the total $32.5 billion engineering exports in 2009-10, EU accounted for about 30 per cent.
While the formulation is being worked out by the commerce ministry, the industry and export community is also in touch with senior functionaries in the finance ministry.
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.
'In my 26 years at Raj Bhavan, working with more than ten governors, I can tell you C P Radhakrishnan Sir stands out.'
The growth came at a time when exporters had been complaining about reduced margins and weak export performance due to the strengthening rupee.
Export of Indian gems and jewellery is unlikely to surpass previous records, given the volatile price of gold and the consumers' increased inclination toward luxury items like perfumes and watches.
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