India introduces Diamond Imprest Authorization Scheme to boost exports

The Diamond Imprest Authorization (DIA) Scheme, effective April 1, 2025, allows duty-free import of natural cut and polished diamonds under ¼ Carat for eligible exporters. It mandates a 10% value addition for exports and targets boosting exports and creating jobs in the diamond industry, addressing recent declines.

The government had allowed the import of tur under the ‘free category’ from May 15, 2021. Subsequently, the free regime has been extended from time to time.

The Trump administration’s decision to withdraw from the OECD’s global tax deal will impact international consensus on a global minimum tax, but India remains unaffected. Experts note that the US exit will disrupt countries already adopting the Global anti-Base Erosion Model rules. With India’s cautious approach and recent tax amendments, it faces minimal direct consequences.

With Donald Trump’s return, India is evaluating importing more from the US to enhance trade relations. The move looks to reduce tariffs and balance trade. India plans to boost exports, especially in pharmaceuticals and electronics, amidst higher US tariffs on Chinese goods. Government encourages domestic production to meet this new demand.

India Budget: The Union Budget for FY26 will likely aim to strengthen trade relations with the USA, with a focus on reducing tariffs on US imports. This move comes as part of India’s strategy to boost exports of high-value goods and services, crucial for maintaining trade balance with major markets amid potential global trade conflicts.

India’s mobile phone exports reached a record $20.4 billion in 2024, driven by strong overseas shipments from Apple and Samsung, marking a 44% increase from 2023. Apple’s exports accounted for 65% of the total, while Samsung contributed 20%. The production linked incentive (PLI) scheme launched in 2021 significantly boosted exports and job creation in the […]

Donald Trump assumes the US presidency for a second term today, raising concerns about potential escalations in trade and tariff disputes with key trading partners.

The government’s goal of achieving USD 1 trillion in exports by 2030 includes a target of USD 250 billion from the engineering sector, according to Commerce Secretary Sunil Barthwal. He emphasized the importance of infrastructure developments, energy transition, and innovative technologies, encouraging industry players to enhance global competitiveness.

India and the EU will collaborate on developing technologies and securing raw material supply chains to boost economic ties, as discussed by Commerce Minister Piyush Goyal and Maros Sefcovic. The aim includes a meaningful trade agenda, a robust Free Trade Agreement, and addressing non-tariff barriers for mutual business benefits.

India is not seeking customs duty concessions on over 100 products, including liquor and cigarettes, in the proposed FTA with Oman. While the agreement negotiations concluded, Oman requested revisions on some market access offers. India’s industry urges against extending petrochemical concessions due to competitive disadvantages. Bilateral trade between India and Oman stands at USD 8.94 […]