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Weak Chinese demand dents India's diamond exports, industry seeks support
The economic slowdown, shifting consumer preferences from diamonds to gold jewellery and fewer weddings have been squeezing the demand for diamonds in China.
Biden’s deleted post on X goes viral; here is what he said
President Joe Biden’s official account on X tweeted about a court’s ruling on LNG exports. He expressed his disappointment with the Supreme Court for a verdict which it never gave.
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
Del Monte Foods announces Abhinav Kapoor as new CEO
Abhinav Kapoor was previously vice president, sales at VIP Industries, where he was overseeing P&L, multiple channels and sales, the company said in a statement, adding that Kapoor has over two decades of experience in sales and distribution within consumer businesses. He has previously held leadership positions at Cavinkare, Britannia Industries, Mondelez and Marico, the statement said.
India executes first Rs 1 crore pulses export to Myanmar under Rupee-Kyat trade settlement mechanism
The first transaction of over Rs 1 crore pulses export from India to Myanmar under the Rupee-Kyat trade settlement mechanism was successfully completed. The transaction aims to boost bilateral trade and promote the use of local currencies. The Central Bank of Myanmar released guidelines for payment procedures and the Indian mission organising awareness events to encourage businesses to benefit from the mechanism.
Banks scanning proprietor A/Cs to spot 'money mules'
Banks intensify scrutiny on new accounts to combat mule activities, adapting to evolving fraud tactics like forming private companies. Vigilant measures include verification visits, latitude data, and washout logic analysis to deter money laundering and digital frauds in the financial system.
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Increase in exports, improvement in CAD, mnfg to help boost Indian economy: Goyal
India's merchandise exports show growth despite a widened trade deficit, reflecting a positive economic outlook. The Commerce Minister's participation in the gem and jewellery industry program signifies confidence in the country's economic trajectory.
Confident of over $800 billion exports in goods, services this fiscal, says Piyush Goyal
India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at USD 1.3 billion or 0.2 per cent of GDP, and the same was USD 8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
European jewellers using services of mega CFC for quality testing
The Mumbai-based mega common facility centre (CFC) in the special economic zone (SEZ) is now being used by European jewellers for quality testing. The facility, which was inaugurated by Prime Minister Narendra Modi in January, offers technical services like 3D printing, hallmarking, mass finishing, refining, and casting of gold, platinum, and silver.
India's entry into JPMorgan Bond Index set to benefit real estate & manufacturing: Abhishek Banerjee
Analyzing India's economic shifts from surplus to GDP growth projections, Abhishek Banerjee says the focus lies on potential impacts on export sectors and bond markets, indicating promising growth opportunities in the economy. While India's increased production and exports are positive, the shift necessitates careful sector allocation in the near term to manage potential impacts on export-oriented industries.
Higher demand from US, Turkey, UAE, Saudi Arabia drive engineering exports in May: EEPC India
Inclusion of steel in the RoDTEP scheme may provide greater incentive for steel exporters in India, said EEPC India Chairman.
Narrowing trade deficit, rise in remittances aid current account surplus: CRISIL
Financial flows also increased leading to accretion in foreign exchange reserves during the fourth quarter amounting to USD 30.8 billion, it said. The country's foreign reserves, as of June 14, 2024, stood at USD 652.9 billion. The report said even though the FDI inflows continued, there has also been a rise in outward FDI, leading to a reduction in net flows, the report said.
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
CAD in surplus in March quarter after four years
India's current account turned into a surplus in the quarter ended March 2024, marking the first surplus in four years. This change was driven by a moderation in the trade deficit, higher services income, and increased remittances from overseas Indians.
India's FY24 CAD reduces to 0.7% of GDP from 2% in FY23, records surplus of 0.6% in Q4
India's current account deficit improved significantly to 0.7% of GDP, or $23.2 billion in FY24, down from 2% of GDP, or $67 billion the previous year, attributed to a decrease in merchandise trade deficit, according to the Reserve Bank of India. The country's current account balance showed a surplus of 0.6% of GDP in Q4 FY24, a turnaround from deficits in earlier quarters.
Engineering exporters want FTA with Mexico to boost exports to USA
According to EEPC, the export of engineering goods increased 2.13% to USD 109.3 billion year-on-year in 2023-24. However, engineering exports to the U.S., which accounts for 20% of the total engineering exports from India, declined 5.7% year-on-year in 2023-24.
Breaking boundaries: Payoneer's game-changing approach to global payments for Indian SMBs—insights from Gaurav Shisodia
In an exclusive conversation with EconomicTimes.com, Gaurav Shisodia, Vice President of Payoneer India, delves into how Payoneer’s innovative solutions empower SMBs. Diving deep into the paradigm of cross-border transactions, Shisodia highlights its role in driving global disruption and positioning Indian SMBs for international success.
Boost for Hyundai Motor export plans, as auto co plans to launch slew of EVs over next 4 years
Hyundai Motor India Ltd (HMIL) is planning a ₹25,000 crore IPO to drive its parent company's strategy of making India a key export hub. The company plans to introduce nearly half a dozen electric vehicles for local sales and exports as part of this ambitious strategy.
Payoneer Elevate empowers 500+ service export SMBs on their global expansion journey
Payoneer Elevate 2024 marked the 8th edition of Payoneer’s global flagship event in India, empowering entrepreneurs, founders, and growth leaders of service export businesses on their journey towards global expansion. Held on April 18, 2024, in the capital city, Payoneer Elevate 2024 delivered domain-focused knowledge sessions for over 500 Indian Small- and Medium-sized Businesses (SMBs) aiming for global growth. Here's how Payoneer is leading the transformation of cross-border payments to support Indian SMB exports.
Red Sea crisis makes Zara and others hop on to belly space of passenger aircraft
Tensions in the Red Sea region prompt US and Europe-bound exporters to shift to air transport via Gulf nations. Major companies like Zara use freighters, while others utilize cargo space in passenger aircraft. As sea routes become less favorable, exporters opt for quicker options to meet demand. Collaborative efforts are crucial for efficient cargo transport operations.
Global demand revival: How is India poised?
As the global demand sees some revival, India must get its act together to make the most out of it.
PV exports rise by 2.68 lakh units in last 4 years; Maruti accounts for 70 pc of incremental shipments
Passenger vehicle exports from India increased by 2.68 lakh units in the last four fiscal years, with Maruti Suzuki India contributing to nearly 70% of the growth.
Foreign exchange reserves climb to record $651.5 billion
India's foreign exchange reserves reached a record $651.5 billion, showing resilience amid uncertain geopolitics. RBI Governor Shaktikanta Das is confident in meeting external financing needs. Services exports, driven by software, business services, and travel, rose 4.2% in Q4 FY24, with a significant boost from GCCs.
India's forex reserves at record $651 billion
India's foreign exchange reserves reached a record $651.5 billion as of May 31, 2024, bolstered by robust services exports and strong remittances. RBI Governor Shaktikanta Das highlighted the resilience of India's external sector. The rise in global capability centers and consistent foreign portfolio investments have also strengthened the economy's external financing position.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
India set for first current account surplus in 10 quarters by Q4FY24: Ind-Ra
India's current account balance (CAB) is projected to reach a surplus of approximately USD 6 billion in Q4 2024, marking the first surplus since Q1 2022. However, the overall CAB for FY24 is expected to remain in deficit at 0.6% of GDP, the lowest since FY17. The global economic environment is showing signs of improvement for 2024, with easing inflationary pressures and robust economic growth in the US and emerging markets.
India's pharma export sales to grow faster this year
India's pharmaceutical exports are projected to grow nearly 11% this fiscal year, up from about 10% last year, driven by the U.S. and UK markets, according to Pharmexcil. Exports are expected to surpass $31 billion, rising from nearly $28 billion in fiscal 2024, despite quality concerns following cough syrup-linked deaths.
Services exports may rise to $800 bn by 2030: Goldman Sachs report
Goldman Sachs predicts that India's services exports will rise to $800 billion by 2030, up from $340 billion in 2023. This growth is expected to make India's external sector more resilient to supply-side shocks and reduce rupee volatility. The country's foreign trade policy aims to achieve $1 trillion in service exports by 2030. The report also suggests that India's high-value services will drive top-end discretionary consumption and demand in commercial and residential real estate.
UAE, Bahrain account for over 85% of India's plain gold jewellry exports in FY24
In FY24, India witnessed a significant surge in plain gold jewellery exports, notably to UAE and Bahrain, comprising over 85% of the total, reaching $6,792.24 million. Total gold jewellery exports rebounded by 46.91% in the latter half of the year after a decline in the first half. Chairman of GJEPC, Vipul Shah, credited this growth to pragmatic foreign trade agreements like the India-UAE CEPA.
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