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.
The country's Rs 60,000-crore (Rs 600-billion) diamond industry is likely to lay off 200,000 workers this year and with it the dream of making India a processing hub, according to Sanjay Kothari, chairman, Gems & Jewellery Exports Promotion Council, if the government does not frame favourable policies.
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.
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.
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.
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.
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.
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.
The API of Paracetamol, a fever and pain medication, has grown 25 per cent from Rs 450-480 per kg in December 2020 to Rs 580-600 per kg in April. When compared to the pre-Covid prices of December 2019, the surge is much steeper -- around 140 per cent, reports Sohini Das.
The growth came at a time when exporters had been complaining about reduced margins and weak export performance due to the strengthening rupee.
Global jewellery major Tiffany is exploring the possibilities of setting up a processing unit for diamonds in India.\n\n
Software exports are expected to register a growth of 33 per cent in terms of dollar and 23 per cent in terms of rupee in the current financial year, according to an estimate by the Electronics and Computer Software Export Promotion Council (ESC). In absolute terms, exports during FY08 will workout to $45 billion (Rs 180,000 crore).
Engineering Export Promotion Council has warned the government that growth in engineering exports will turn negative if the average rupee rate to a dollar falls below 40 during the year.
Gems and jewellery exports may have risen over 20 per cent so far this fiscal, but the rising rupee has cost 150,000 diamond workers their jobs in the last one year, the head of the Gems and Jewellery Export Promotion Council, Sanjay Kothari, said.
The exports have shown a fall of 6% during the first 11 months of fiscal 2006-07.
Owing to increased demand by Americans, the Gems and Jewellery Export Promotion Council expects a 35 per cent increase in jewellery exports to the US at $5.88 billion this fiscal.
Barely a month after India began anti-dumping probe against Chinese silk imports, Indian traders are up in arms against Chinese firms, alleging that two Chinese government companies supplied damaged silk fabric to about a dozen Indian importers.
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%.
The government was close to imposing presumptive tax and the goods and services tax on the gems and jewellery sector
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.
Demand for silk products has declined as cheaper polyester products have replaced silk goods the world over.
Imports also fell for the eighth consecutive months, down 0.75 per cent to $41.14 billion in January, widening the trade deficit to a seven-month high of $15.17 billion.
Vice President Bhairon Singh Shekhawat on Saturday asked the gem and jewellery exporters to create brand India image by improving product quality with the use of latest manufacturing technology.
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.
Exports of computer software and services is likely to post a 29 per cent growth and reach close to Rs 100,000 crore
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.
Russia on Wednesday invited Indian entreprenuers to participate in the Information Technology programmes which have been launched in that country to enhance Internet penetration.
Some jewellers kept their shops shut in Mumbai as well.
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