The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
With the Covid-19 pandemic showing signs of ebbing and economic activity picking up, factory owners in Jalandhar had hoped that the worst was over. However, the heat wave in April and extensive power cuts that came with it, have crushed their hopes. The city's large number of micro, medium and small enterprises (MSMEs) are now gearing up for yet another struggle, this time to survive with the shortage of power that is severely impacting their operations.
India pays 55% of the value of oil its imports from Iran in euro payments through Turkey's Turkiye Halk Bankasi.
Amid rupee's free fall and slowdown in western markets, the government is likely to announce incentives in the foreign trade policy (FTP), scheduled for June 5, to boost exports.
Post global slowdown scenario, Surat's diamond industry is gaining momentum in demand from the domestic, international and emerging markets like China, industry sources said today.
5G networks in India can be deployed in three months but in limited areas as the optical fibre based infrastructure to support the technology is not ready yet, telecom industry players said on Tuesday. Nokia India head of marketing and corporate affairs Amit Marwah said that India has to take a call on deployment of 5G services otherwise it will miss to take advantage of the next generation technology that it can bring for the economy.
The industry has requested the Reserve Bank of India for restructuring of loans, the chairman said. According to estimates, the sector has a loan burden of about Rs 1 lakh crore (Rs 1 trillion).
Demand is weak in traditional markets like US and EU.
According to Ajai Sahai, director-general and CEO of Federation of Indian Export Organisations, rising cases are a cause for concern as it adds to the uncertainty and may impact exports.
Besides, the council has sought reduction in customs duty on import of seashells.
Twelve of the 22 Indian diamond traders, detained in China on charges of smuggling, returned home early on Friday after they were let off following deportation orders by a Chinese court. "We are happy that 12 diamond traders held in China returned to India late last night. We are making all efforts to bring back the remaining traders," Gems & Jewellery Export Promotion Council Chairman Rajiv Jain said.
Soon after Unlock 1, the industry - which is estimated to polish nine of 10 rough diamonds in the world - resumed operations, but a surge in cases at diamond polishing cluster, especially in Katargam and Varachha, forced units to go into a voluntary lockdown, which continued until recently.
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.
More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
So far, rough diamonds mined from the Panna mines in Madhya Pradesh were auctioned online but displayed only at Panna.
Surat Diamond Association, the apex body of diamond industry in Ahmedabad, has said there should be a special force for the security of diamond industry in the wake of serial blasts in Mumbai.
During April-September 2010-11, exports from the tax free enclaves had clocked Rs 1.39 lakh crore (Rs 1.39 trillion).
A meeting of the Board of Trade, an advisory body to the Commerce Ministry, is likely to be held on October 11, a ministry official said.
IT, IT-hardware, petroleum, engineering, leather and garments are the leading exports from the SEZs.
Indian pharma exports are likely to register 17-20 per cent growth this fiscal, touching the USD 12 billion mark, a top official of the Pharmaceuticals Export Promotion Council (Pharmexcil) said.
The Ministry of Commerce and Industry will go ahead with the proposal for 2D barcoding and a unique 'randomly generated numeric code' on packets of medicine destined for export, a senior official said.
The show will commence on July 31.
In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.
India imports gold worth $26 bn in Apr-Dec period.
The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.
Exporters are now looking at new markets.
After China imposed a national security law on Hong Kong earlier this month, the United States on July 14 withdrew the special status granted to Hong Kong, and the United Kingdom, Australia, and Canada followed suit.
Just to promote govt's policy of Make in India, BSNL said, it cannot afford to procure sub-standard equipment from inexperienced companies, not having proven technology. BSNL complained that when competitors were procuring world-class 4G equipment from experienced vendors, why should BSNL be compelled to procure locally.
Expressing serious concerns over the DTC Bill, SEZ entrepreneurs on Tuesday said the proposed tax provisions would hit employment and drive away investors from the special economic zones.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Of the total $32.5 billion engineering exports in 2009-10, EU accounted for about 30 per cent.
The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry's Export Promotion Council for export oriented units and special economic zones.
This investment, up from $20 billion seen last year, would be for continuing the development of 3G, Broadband Wireless Access and expansion of existing networks, said R K Pathak, secretary of the Telecom Equipment & Services Export Promotion Council, in Singapore at the CommunicAsia 2010, a Singapore exhibition for global telecom industries.
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.
During April-December 2009-10, exports from special economic zones stood at Rs 1,51,785 crore (Rs 1,517.85 billion).
However, during April-January FY'10, exports declined to $26.12 billion from $34.19 billion in the same period previous fiscal.
Gems and jewellery exports are set to rise 17.8 per cent to $33 billion.
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 will be able to bag extra orders worth $three billion for garment exports from the European Union, if the country enters into a Free Trade Agreement with the EU, apparel exports body said on Monday.
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.
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