India has the potential to become the world’s largest gems and jewellery exporter, says Piyush Goyal

Goyal said massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai with modern machinery and equipment. The infrastructure impetus can empower micro, small and medium enterprises in the gems and jewellery industry to build global competitiveness and […]

The consortium of government-backed companies would make it easier for steel companies to import coking by reaching out to suppliers in different countries, negotiating prices and other terms of import deals, and eventually selling the imported raw material to local steel mills, the sources said.

Expressing concern on Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, the minister said that utilisation of benefits are very poor in India. He also said that Bureau of Indian Standards (BIS) will spend Rs. 40 crore for setting up 21 testing laboratories across the country.

The government has prohibited the import of specific screws priced below Rs 129 per kg to boost local manufacturing. The Directorate General of Foreign Trade (DGFT) revised the import policy, making screws below this price threshold prohibited, except when their CIF value exceeds Rs 129 per kg. The banned screws include various types such as […]

The government has prohibited the import of specific screws priced below Rs 129 per kg to boost local manufacturing. The Directorate General of Foreign Trade (DGFT) revised the import policy, making screws below this price threshold prohibited, except when their CIF value exceeds Rs 129 per kg.

“The quantity of 8,606 MTRV raw cane sugar to be exported to USA under TRQ scheme from October 1, 2023-to September 9, 2024 has been notified,” the DGFT said, adding that the quota will be operated by Agriculture and Processed Food Products Export Development Authority (APEDA).

“The biggest policy push is seen in manufacturing exports, where India is slowly yet steadily moving up the value chain, and seeing greater diversification. Still, India’s largest goods exports themselves are highly reliant on imports,” said Rahul Bajoria, managing director, Barclays.

The inflow to India through Petrapole reduced to 2141 passengers on December 31 from 2894 on December 21, Petrapole Land Port Manager Kamlesh Saini said. Binay Sinha, secretary of the Bangoan Chamber of Commerce, pinpointed the stark impact of the Bangladeshi elections on Bangoan’s three local markets: Taw Market, Motilal Market, and New Market.

In December, India increased its imports of Saudi oil while facing payment issues, leading to a decline in its purchases of Russian oil to an 11-month low. Data from vessel tracking agencies revealed that at least five cargoes of the sweet Sokol variant originally destined for Indian Oil Corp were redirected elsewhere.

Economic think tank GTRI has reported that economies like Europe, the UK, Oman and Peru are keen to establish free trade agreements with India due to the country’s rapidly growing market. The report suggests that such agreements can provide access to the Indian market with less or no import duties, giving companies an advantage in […]