India's computer software and services exports is estimated to have touched Rs 31,200 crore (Rs 312 billion) in the first nine months (April-December) of the current fiscal, reflecting a 22 per cent increase over the year-ago period
Exports of 13 APIs - including paracetamol, tinidazole, metronidazole, vitamin B1, vitamin B6, vitamin B12, acyclovir, progesterone - along with formulations made from these APIs, would be restricted.
India can capture a major share of the $1.5-billion US import market for plastic products, according to a study.
The exports of gems and jewellery during the first quarter ended June 30, 2003 showed only a marginal rise of 3.85 per cent at $1,880.45 million as against $1,810.78 million during the corresponding period last year.
The government on Thursday pegged the export growth target for merchandise goods at 12 per cent, which will translate into $57.8 billion exports in 2003-04 as against $51.7 billion last year.\n\n\n\n
Continuing their upbeat performance, readymade garments exports registered a rise of 33.04 per cent in value terms at Rs 2,320.95 crore (Rs 23.2 billion) in February this year as against Rs 1,781.71 crore (Rs 17.81 billion) in Febraury last year.
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.
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
Prime Minister Narendra Modi on Sunday met leading NRI investors in UAE, who briefed him about various projects they are investing in India.
The earliest ones included whistles shaped like birds, toy monkeys that could slide down a string and small carts made from materials found in nature such as sticks, clay and rocks. While there might be no disputing India's rich toy-making tradition, the industry is languishing for lack of investment and technology, and also owing to competition from cheap imports. And though it has been listed among 24 key sectors under the government's Atmanirbhar Bharat Abhiyaan, the question remains: will this push help place it in the global game? Currently, 80-odd per cent of the toys sold in India are imported - nearly 60 per cent of them from China.
Since he lives locally, Harish Patel is one of the luckier migrant workers in Surat - in that his employer was able to squeeze in a single shift for him at the weaving unit in Kamrej in Gujarat - unlike others who went home for Holi and other festivals just as the second wave of the Covid-19 pandemic was waxing and ended up stranded in local lockdowns.
The spotlight is back on the hawala trade in diamonds.
Imports during October also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion.
Import segments which recorded negative growth include gold, silver, transport equipment, coal, fertiliser, machinery and machine tools. However, exports of oil seeds, coffee, rice, tobacco, spices, pharma, and chemicals reported positive growth in June.
'The ban on Chinese imports is a suicidal step.' 'This will result not only in economic depression, but in a chaotic situation.'
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments.
Hit hard by volatility in yarn prices, 50% of the looms said to be operating only 3-4 days a week.
During 2012-13, the gems and jewellery exports declined by 9.4 per cent year-on-year to $39 billion due to sluggish demand in traditional markets.
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.
India lost its competitive advantage as China gave fiscal benefits to its local manufacturers. Besides, recent policy flip-flops have, however, dented India's image as the 'pharmacy of the world'.
Even as the industrial cycle has ground to a halt during the 21-day lockdown, the industry has been hit hard by foreign orders from major clients in the US and Europe being cancelled. Also, a sudden lack of labour has crippled the sector because of a mass exodus of workers from industrial units to the hinterland.
Sharma was addressing the members of the Board of Trade, a body comprising captains of Indian industry.
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Each company has tied up for different quantity and different quality of diamonds.
Interestingly, none of the top large apparel exporting countries, including the US, saw any significant jump in shipment to the UAE
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
The only category of pharmaceuticals that showed a negative growth in exports this time was herbal products, exports of which stood at $299 million as compared to $ 312 million in the previous year.
When the lockdown was lifted last year, Rasikbhai Kotadiya, who runs a powerloom unit in the Kim-Pipodara industrial area on the outskirts of Surat, was left with only four workers out of the 48 that he used to employ to run his 128 looms. Though the economy had been unlocked, his textile unit, and that of thousands of others, struggled to resume operations. By the last week of May, nearly 700,000 of Surat's 1.2-1.5 million migrant workers, left high and dry with no pay during the lockdown, had returned home. In Laskana, another textile weaving hub in Surat, the powerlooms were all but silent, with only 2,000 of the total 55,000 looms churning out grey cloth at a snail's pace.
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 US is the largest consumer of gems and jewellery in the world contributing nearly 40 per cent of global production. If India can tap the opportunity, its overall exports to the US could jump by 10 per cent to $ 11 billion this year.
India processes around 90% of the world's supply of rough diamonds.
COAI has argued that in India the government has been working to keep telecom networks secure, with reviews of the security policy and the insertion of specific clauses into the licences to prevent any risk to network security.
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.
The Russian currency depreciated by 24 per cent in the past month to trade at 56.54 to the dollar at present, a sharp recovery after hitting a low of 68 in early December.
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