EXPORT COUNCIL
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.
China's Xi Jinping greets EU Council president ahead of EV tariffs taking effect
China's President Xi Jinping conveyed his congratulations to incoming European Council President Antonio Costa, emphasizing the importance of China-EU relations. This comes ahead of the European Commission's decision to impose tariffs of up to 37.6% on Chinese electric vehicles (EVs), citing state subsidies benefiting Chinese firms. Xi reaffirmed China's commitment to its partnership with the EU, rejecting accusations of unfair subsidies on Chinese EVs. The EU faces internal divisions over supporting these tariffs, with Germany leaning towards opposing them due to significant automotive sales in China, while France supports them firmly.
Confident of $800 billion exports in FY25: Piyush Goyal
Amidst global challenges, India's export sector is anticipated to thrive under Minister Goyal's projections. Efforts to establish specific targets, navigate FTA negotiations, and preserve diamond export interests are crucial in sustaining India's export growth trajectory.
Indian regulator says 36% of inspected drug-making units had to be shut
India's drug regulator has ordered the closure of over 36% of its 400 drug manufacturing units since last year due to concerns over sub-standard cough syrups. The country, known as the world's pharmacy due to its large drug production, is working to restore confidence after the deaths of over 300 children worldwide linked to these syrups.
Indian Pharma exports: 'USD 10 billion opportunity up for grabs in off patent drug market by 2029'
A senior official of the Pharmexcil said drugs such as Merck's Pembrolizumab (Keytruda) whose revenue were at USD 25 billion and Bristol-Myers Squibb's Eliquis (Apixaban)-USD 12 billion, among others would be off-patented in the next few years.
In Graphics: GST Council’s new steps to simplify tax processes
The Goods and Services Tax (GST) Council on Saturday, in its first meeting after the new government took charge at the Centre, announced several measures to ease tax compliance and provide tax certainty to industry. ET reviews the steps taken:
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What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
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.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Why imports from China are rising despite atmanirbhar Bharat initiatives
Imports from China is something India should monitor. But in some ways, this might be the way for the country to become a self-reliant economy.
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.
Jewellery exports: DGFT puts on hold on changes in maximum permissible wastage norms for gold, platinum, & silver content
DGFT has put on hold changes in wastage norms for gold, platinum, and silver content in jewellery exports following GJEPC's request for a balanced approach to minimize disruption and consider the impact on MSMEs.
India tightens permissible wastage norms for jewellery export
India has revised the permissible wastage amount for gold, platinum, and silver content in various categories of exports of jewellery items. The Directorate General of Foreign Trade (DGFT) amended the percentage of wastage by weight in plain jewellery to 0.5% for gold and platinum, and studded jewellery to 0.75%.
Iran plans to raise oil output to 4 mn barrels per day: Tasnim
Iran has approved a plan to increase its oil production to four million barrels per day. This decision was announced by Iran's Tasnim news agency on Sunday. However, no specific time frame was mentioned.
Leather exporters seek national policy to attract investments, create jobs, boost shipments
CLE Executive Director R Selvam said that the sector needs a national policy as it is a labour-intensive sector, which employs about 4.4 million, with over 85 per cent women.
Govt may look at addressing inverted duty structures in washing machines, air purifiers
The government is considering addressing the issue of an inverted duty structure for various products to boost domestic manufacturing. The products include paper, furniture, washing machines, solar glass, and air purifiers, the Commerce and Industry Ministry with the Finance Ministry shared after consultations with industry associations and export promotion councils. This is being done as the disparity in taxation on inputs versus finished goods hinders competitiveness, export potential, and production growth.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
Plain gold jewellery exports increases as overall gems and jewellery exports decline 11.3% in April 2024
The export of plain gold jewellery increased by 27.45% to USD 342.27 million in April 2024. Studded jewellery exports are positive, but cut & polished diamond exports declined. Anticipated growth in diamond and silver jewellery exports is expected post FTAs with UAE, Australia, and EFTA.
Merchandise exports likely to reach $500 bn in FY25, growth of labour intensive sectors a concern: FIEO
FIEO also said that while meeting the ambitious target of $2 trillion exports by 2030, requiring a CAGR of 12.7%, is challenging, it is within reach and can be achieved.
Export orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions.
Why contaminated foods can easily enter your kitchen
Though India has a food regulator, the actions regulators abroad take on exported foods seem to get wider attention. There is a danger of trust deficit that needs urgent attention through better testing, penalties, and transparency.
Non-life insurance companies post 13% rise in premium collection at Rs 2.89 lakh cr in FY24
In the fiscal year 2023-24, 42 general insurance companies collectively earned a premium income of Rs 2,89,738 crore, marking a 13% increase from the previous year's Rs 2,56,894 crore, as reported by the General Insurance Council. Among these, 35 general insurance firms saw a 14% rise in premium income to Rs 2,45,433 crore from Rs 2,14,833 crore in the preceding year. Additionally, five standalone health insurers witnessed a 26% growth in premium income, reaching Rs 33,116 crore compared to Rs 26,244 crore in the previous year.
Indian exports up in 115 nations out of 238 destinations in 2023-24
Despite global economic uncertainties, India's exports increased to 115 countries out of 238 destinations in 2023-24. The merchandise exports slightly declined by 3% to USD 437.1 billion, while services exports rose to USD 341.1 billion. Overall exports (goods and services) reached USD 778.2 billion. India's rank in world merchandise exporters improved from 19th to 17th, with a marginal increase in share from 1.70% in 2014 to 1.82% in 2023.
Facing delays, exporters seek priority shipment for MSMEs
Indian exporters seek priority shipment for MSMEs at Delhi Airport due to delays caused by Bangladesh transhipment, leading to quadrupled air freight costs. Requests made to suspend transshipment facility for Bangladesh cargo.
Indian diamond jewellery market to grow to US$ 17 bn by 2031
Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
India's engineering exports up 10.7% in March, says EEPC
India's engineering goods exports, including steel and machinery, increased by 10.7% YoY to $11.28 billion in March, despite supply issues caused by disruptions in shipping through the Red Sea. In the 2023/24 financial year, engineering goods exports rose 2.13% to $109.3 billion. However, global demand slowdown, Russia-Ukraine war, and Middle East conflict have impacted exports. India's merchandise exports fell to $437 billion, while automobile exports declined 5.5%.
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.
India's pharma exports to US surge 15% in 11 months of FY24
The pace of exports has more than doubled from the 6.18% growth in the same period of FY23, according to estimates by Pharmaceutical Export Promotion Council (Pharmexcil).
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