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India’s Chief Economic Advisor (CEA), <keyword id="20690607" type="General" weightage="20" keywordseo="V-Anantha-Nageswaran" source="keywords">V Anantha Nageswaran</keyword>, remains optimistic about the nation’s economic prospects despite a slower-than-expected <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> in the second quarter of FY2024-25. Speaking at the Bharat @100 Summit hosted by Assocham, he said that the fundamental health of the economy remains robust, according to a report by aNI. Nageswaran highlighted several indicators demonstrating the economy’s resilience. “If you run through the checklist for the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword>, the health is pretty robust,” he noted, pointing to controlled levels of external debt as a share of GDP, declining non-performing assets in the banking system, and stable inflation trends. Although certain food items have caused inflationary spikes, their impact is limited within the overall consumer price index basket, he explained. The CEA praised the shift in fiscal expenditure priorities over the past seven years, with greater focus on capital investments rather than revenue spending. This reallocation, he suggested, has bolstered long-term economic stability and growth potential. India’s GDP growth for the July-September quarter was 5.4%, significantly below the Reserve Bank of India’s forecast of 7%. While this has sparked concerns among economists, Nageswaran urged against overreacting. Erratic monsoons and excessive rainfall disrupted economic activity in Q2, he explained, while global uncertainties and supply chain pressures further weighed on growth. Despite these challenges, he maintained confidence in the broader growth narrative, citing improvements in key economic metrics. For instance, India’s gross capital formation has risen from 27.3% of GDP in the second decade of the 2000s to 30.8% today. Private consumption remains steady, and exports—spanning both services and manufacturing—continue to perform well even amid challenging global conditions. Nageswaran also underscored India’s growing competitiveness in international trade. He noted that the nation’s total <keyword id="24325087" type="General" weightage="20" keywordseo="exports-as-a-percentage-of-GDP" source="keywords">exports as a percentage of GDP</keyword> now surpass China’s, showcasing its resilience and adaptability in a shifting global trade environment. However, he cautioned against reading too much into quarterly fluctuations, highlighting the impact of geopolitical developments such as trade restrictions from the US on critical minerals and rare earths, as well as policy shifts in China. These external factors, he suggested, are likely to persist and may continue influencing short-term economic trends. (with ANI inputs)

Indian economy is resilient despite Q2 challenges, says CEA Nageswaran

New Delhi: Steel companies in the country are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that <keyword id="24048830" type="General" weightage="20" keywordseo="Chinese-steel-exports" source="keywords">Chinese steel exports</keyword> reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. It said "Weak Chinese domestic demand along with higher Chinese exports has led to a decline in steel prices in India. Chinese steel exports from Jan'24 to Oct'24 stood at 92 MTPA, up 22 per cent YoY" In India, the average price of hot-rolled coil (HRC) steel in the trader's market in Mumbai fell by 8 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 51,802 per tonne in the second quarter of FY25. Spot prices have further declined to Rs 49,000 per tonne, 5 per cent lower than the Q2FY25 average. The report also noted some signs of recovery in China's residential property sector, with increased transactions in major cities following policy measures aimed at boosting demand. However, challenges remain, as the three-month moving average of year-to-date floor space declined by 19 per cent year-on-year in September 2024, remaining in negative territory. It said "China's residential property sector is showing some signs of improvement with the transactions in major cities rising after recent policy measures introduced to boost demand". On the global front, the report noted that the probability of a 25-basis point rate cut by the US Federal Reserve in its December 2024 meeting has fallen to 58.9 per cent, down from 76.8 per cent in October 2024, owing to strong economic data from the US. Additionally, China has removed a 13 per cent export rebate on aluminum and copper, effective December 1, 2024, in response to anticipated tariff measures by the new US administration. These developments highlight the ongoing challenges and potential shifts in the global and domestic steel and metals markets.

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

<keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> reported its <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> <keyword id="20423741" type="General" weightage="20" keywordseo="monthly-sales" source="keywords">monthly sales</keyword> volume at 206,434 units. Total sales in the month include <keyword id="20025843" type="General" weightage="20" keywordseo="domestic-sales" source="keywords">domestic sales</keyword> of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> of 33,168 units. Festival season and on top of that the deep discounts offered by various automakers have invariably helped dealers sell more cars this October. Here is a table listing out the <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India car-wise sales figures in October: In October, total sales, domestic plus exports combined, were 3.6 per cent higher year-on-year. So far in 2024-25 - April to October, the total sales were 1.64 per cent higher year-on-year. Coming to exports, the shipments in October and April-October were 51 per cent and 17 per cent, higher year-on-year, respectively. In the fiscal year 2023-24, the company exported over 2.8 lakh units to more than 100 countries, holding a commanding 42 per cent share in the country's passenger vehicle exports. In other news, Maruti Suzuki India recently reached a significant milestone, with ist <keyword id="21943254" type="General" weightage="20" keywordseo="Manesar-facility" source="keywords">Manesar facility</keyword> crossing the 1 crore cumulative production mark. The Manesar plant achieved this feat in just 18 years, making it the fastest among Suzuki's global automobile manufacturing facilities to reach the 1 crore production milestone. The facility, which commenced operations in October 2006, is spread over 600 acres and manufactures a range of models, including Brezza, Ertiga, XL6, Ciaz, Dzire, Wagon R, S-Presso, and Celerio. These vehicles serve both domestic and international markets, with exports reaching regions such as Latin America, the Middle East, Africa, and neighboring Asian countries. Since its inception, Maruti Suzuki has produced over 3.1 crore vehicles, reinforcing its leadership in the Indian <keyword id="19945567" type="General" weightage="20" keywordseo="automotive-industry" source="keywords">automotive industry</keyword>. Maruti Suzuki India Limited also started the export of its acclaimed 'Made-in-India' SUV, the Fronx.

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

<ul class="summary-list"><li>US crude production hit a new all-time monthly high in August.</li><li>This complicates things for OPEC+, which was planning to start increasing output in December.</li></ul>The US is pumping a record amount of oil. But that may not be welcome news to other crude-producing nations.Domestic output reached <a target="_blank" href="https://www.eia.gov/petroleum/production/">13.4 million barrels a day in August,</a> eclipsing all previous monthly <a target="_blank" href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&amp;s=mcrfpus1&amp;f=m">records</a>. According to US Energy Information Administration data, firms in Texas and New Mexico led the surge.That level of production puts the US at odds with the plans of other oil-producing nations. OPEC+, an alliance led by Saudi Arabia and Russia, has said it plans to begin in December a sequence of monthly output increases. But given the decline in the price of crude oil — down 20% from an April high — continued record production from the US, and weakening demand, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-29/oil-traders-split-on-whether-opec-will-hike-supply-in-december">oil traders believe OPEC+ will delay its program</a> for a second time.It's the culmination of a multi-year period that saw OPEC+ members cut production to support higher market prices, only to be undercut by expanding production from non-OPEC exporters.Looking into 2025, analysts speculate that global demand will continue sliding, especially given <a target="_blank" href="https://www.iea.org/commentaries/china-s-slowdown-is-weighing-on-the-outlook-for-global-oil-demand-growth">China's decelerating oil consumption</a>. That's one reason the global oil surplus could swell to 1.2 million barrels per day next year, according to JPMorgan. Otherwise, expanding outflows from the US, Brazil, Guyana and Canada will also play a part."OPEC+ increasingly appears to be searching for El Dorado: an oil market where demand is strong enough that it can increase output and prices stay above $80 per barrel," wrote Bill Weatherburn, senior climate and commodities economist at Capital Economics. "We suspect that this won't be found in 2025 either as China's demand growth will remain soft and more oil supply from non-OPEC+ producers will enter the market."

The US is pumping more oil than ever, and it's complicating things for other crude-exporting countries

The <keyword id="21233022" type="General" weightage="20" keywordseo="Indian-textile-industry" source="keywords">Indian textile industry</keyword> is set to experience developments in 2024, driven by improving demand in <keyword id="21017131" type="General" weightage="20" keywordseo="export-markets" source="keywords">export markets</keyword>, resilient consumer spending in key sectors, and favourable geopolitical conditions, according to the B&amp;K Securities report. In the ready-made garments (RMG) sector, the demand offtake in export markets is anticipated to show substantial improvement in 2024. While domestic demand is expected to remain moderate due to lower discretionary spending and overstocking from the previous fiscal year, the recovery in export demand is promising. The domestic market could see a boost in the second half of FY25, supported by an increase in wedding days and festive season, although the rise in realisations is likely to be marginal. The export growth in RMG is expected to be driven by a combination of factors including restocking by Western retailers, increased demand for spring-summer collections, and a general uptick in retail sales. The anticipated interest rate cuts in the US will further stimulate demand. India's RMG exports will also benefit from stable cotton prices and uninterrupted supply, enhancing cost competitiveness on the global stage. The ongoing crisis in Bangladesh, a major player in the global RMG market, presents a temporary tailwind for Indian exporters. However, the benefits for India are expected to be short-lived due to differences in product portfolios and Bangladesh's trade agreements with the European Union. Over the medium to long term, India could see more substantial gains as global buyers continue to diversify their <keyword id="19959553" type="General" weightage="20" keywordseo="supply-chains" source="keywords">supply chains</keyword> away from China and Bangladesh, particularly as Bangladesh faces challenges such as rising wages and the loss of its Least Developed Country (LDC) status by 2029. The <keyword id="21356289" type="General" weightage="20" keywordseo="home-textiles" source="keywords">home textiles</keyword> segment is poised to continue its growth trajectory, primarily driven by robust consumer spending in the United States, which accounts for approximately 60 per cent of India's home <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword>. The market share of Indian players in the US has been steadily increasing, supported by the China+1 strategy adopted by big box retailers to diversify their supply chains. India's competitive advantage in raw material costs and increased domestic capacity will likely sustain its dominance in the US home textiles market. The Free Trade Agreement (FTA) negotiations with the UK and the European Union offer additional opportunities for growth, potentially leading to higher margins and increased market share for Indian players. While the industry is on a positive trajectory, it faces near-term challenges such as logistical disruptions due to the Red Sea crisis and uncompetitive domestic cotton prices. Moreover, as sustainability becomes a major theme in <keyword id="21977676" type="General" weightage="20" keywordseo="western-markets" source="keywords">Western markets</keyword>, <keyword id="804823" type="General" weightage="20" keywordseo="Indian-textile" source="Orion">Indian textile</keyword> companies will need to invest in compliance with these evolving norms to remain competitive. (ANI)

Indian textile exports to remain strong amid global shifts; FTA negotiations with EU to offer growth opportunities

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has sought proposals from the industry to set up <keyword id="22514802" type="General" weightage="20" keywordseo="E-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (<keyword id="19985555" type="General" weightage="20" keywordseo="DGFT" source="keywords">DGFT</keyword>) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be designated areas, which would act as a centre for favourable business infrastructure and facilities for cross border e-commerce activities. The major objectives are to provide for predictability and shortest possible turnaround time for e-commerce exports, easy re-import for e-commerce returns or rejects, bringing various cross-border e-commerce stakeholders under one roof. At present, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s exports through this medium are only about USD 5 billion compared to China's USD 300 billion, annually. There is a potential to take it to USD 50-100 billion in the coming years. The draft modalities for operations of these hubs talked about movement of goods from supplier's premises to ECEH; pre-screening of goods; design of these hubs; and process flow for customs clearance once a buyer is found. ECEH will have two physical components -- first will be the fulfilment area for packing, labelling, storing to take place after pre-screening and till a buyer is found; and the second will be a customs station where the goods will be customs cleared after the buyer is found, ready for dispatch. Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell. Export products, which hold huge potential through this medium include jewellery, apparel, handicrafts and ODOP (one district one product) goods. In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging. A report by economic think tank GTRI India's e-commerce exports have the potential to reach USD 350 billion by 2030, but banking issues hinder growth and increase operational costs. India has set a target of USD 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Govt seeks proposals for setting up e-commerce export hubs

The overall <keyword id="20150666" type="General" weightage="20" keywordseo="gem" source="keywords">gem</keyword> and <keyword id="20243747" type="General" weightage="20" keywordseo="jewellery-exports" source="keywords">jewellery exports</keyword> witnessed a 21.93 per cent year-on-year <keyword id="19959767" type="General" weightage="20" keywordseo="decline" source="keywords">decline</keyword> in July to $1.67 billion (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (<keyword id="19995719" type="General" weightage="20" keywordseo="GJEPC" source="keywords">GJEPC</keyword>) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> in the category in July 2023 stood at Rs $ 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to $907.67 million from $1.17 billion in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to $530.38 million compared to $603.12 million in the same period of last year. Meanwhile, the apex trade body said during the recent six-day India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, business worth about $12 billion (approximately Rs 1 lakh crore) was generated. IIJS Premiere 2024 attracted over 50,000 buyers and international delegations from over 13 countries, including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, and Uzbekistan. "IIJS Premiere 2024 was a tremendous success, generating over $12 billion in business for our exhibitors. The business was mainly dominated by gold jewellery following weakness in prices of the yellow metal," Shah said. The show featured an array of products that highlighted the brilliance in designs and clearly reflected the shift towards catering to millennials and Gen Z, he said. "IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities," he added. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Gem, jewellery exports drop 21.9% to $1.67 billion in July

India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, <keyword id="23043782" type="General" weightage="20" keywordseo="factory-closures" source="keywords">factory closures</keyword>, and widespread <keyword id="20013745" type="General" weightage="20" keywordseo="job-losses" source="keywords">job losses</keyword>, according to a report by the Global Trade Research Initiative (<keyword id="19962754" type="General" weightage="20" keywordseo="GTRI" source="keywords" meta.keywordsubtype="org" meta.entityname="GTRI" meta.hostid="261" meta.entityid="GTRI">GTRI</keyword>). The think tank highlighted that the sector is struggling with unsold <keyword id="20237406" type="General" weightage="20" keywordseo="rough-diamonds" source="keywords">rough diamonds</keyword> and increasing competition from lab-grown alternatives. Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the urgent need for intervention to address these issues and ensure the survival of the sector. <h2>Declining imports and exports</h2>Data from GTRI paints a grim picture of the industry. Imports of rough diamonds have dropped by 24.5%, from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-24, reflecting weakened global demand and fewer orders for diamond processing. After accounting for re-exported rough diamonds, net imports saw a 25.3% decrease, signalling reduced interest in processing diamonds in India. The situation is even worse on the export front. Exports of cut and polished diamonds fell by 34.6%, from USD 24.4 billion in FY 2022 to USD 13.1 billion in FY 2024. Net exports experienced an even sharper decline, dropping by 45.3% from USD 15.9 billion to USD 8.7 billion, indicating a weak global market and rising inventories of unsold diamonds. <h2>Rising inventories and market competition</h2>The report also highlighted that the percentage of unsold diamonds returned to India increased from 35% to 45.6% during this period. Additionally, the gap between net rough diamond imports and net exports of cut and polished diamonds widened from USD 1.6 billion in FY 2022 to USD 4.4 billion in FY 2024, signifying a growing stockpile of unsold inventory and insufficient export demand. Several factors contribute to this crisis. Global economic uncertainty, inflation, and geopolitical tensions — particularly in key markets like the US, China, and Europe — have led to decreased spending on luxury items such as diamonds. Fluctuating global diamond prices have added to this uncertainty, causing buyers to hesitate in purchasing rough diamonds. <div type="Article" hostid="261" msid="113445065" title="&amp;#39;The pressure became too much for her&amp;#39;: Mother blames &amp;#39;work stress&amp;#39; for 26-year-old EY employee&amp;#39;s death" mstype="2" mssubtype="0"></div>Moreover, the Russia-Ukraine conflict has disrupted the global diamond supply chain, with sanctions on Russia, a major producer of rough diamonds, further complicating trade. This slowdown has impacted the global market, stalling the flow of diamonds and affecting India’s processing sector. Another challenge facing the industry is the shift in consumer preferences toward <keyword id="20662742" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="keywords">lab-grown diamonds</keyword>, which are seen as more affordable, ethical, and sustainable. This shift is particularly evident in markets where customers are becoming more conscious of the environmental and ethical implications of their purchases. <h2>Internal regulatory and operational hurdles</h2>Internally, the Indian diamond sector is facing a host of challenges. Many polishing units are burdened with unsold inventories of polished diamonds, discouraging them from importing new rough diamonds. Rising operational costs, including labour, energy, and materials, have also made it difficult for many polishing units to remain profitable. These factors have led to the closure of many shops and significant layoffs, particularly in Surat, the world’s largest hub for diamond cutting and polishing. The sector's heavy reliance on financing has also become a problem. Tighter credit conditions and reduced lending from banks have made it increasingly difficult for businesses to purchase rough diamonds, further stalling production. Additionally, a significant number of cut and polished diamonds exported from India are being returned due to quality issues, overstocking, and price fluctuations, creating costly delays and adding to the strain on exporters. <h2>Dubai's rising influence</h2>An interesting development highlighted by GTRI is the increasing share of rough diamond imports from Dubai, which does not produce diamonds itself. Instead, Dubai imports diamonds from countries like Botswana, Angola, South Africa, and Russia and re-exports them to India. Dubai’s share in India’s rough diamond imports surged from 36.3% in FY 2020 to 60.8% in FY 2024, further rising to 64.5% in April-June 2024. In contrast, Belgium’s share of these imports fell from 37.9% in FY 2020 to 17.6% in FY 2024. One major reason for Dubai's increasing role is India’s high corporate tax regime, which pushes foreign suppliers of rough diamonds to re-export their diamonds to Dubai before sending them to India. This has rendered India’s Special Notified Zones (SNZs) in Mumbai and Surat largely ineffective. <h2>Revitalising the sector</h2>To help revitalise the struggling sector, GTRI has proposed several measures. These include extending export credit terms, exempting foreign rough diamond sellers from corporate taxes in India, regulating the lab-grown diamond industry, and reconsidering the zero-tariff import of cut and polished diamonds from Dubai under the India-UAE trade agreement. The think tank also suggested that the Reserve Bank of India (RBI) extend the export credit period for cut and polished diamond exporters from six months to 12 months, as buyers are increasingly demanding longer credit terms. India’s strong foreign exchange reserves make this feasible. <div type="Article" hostid="261" msid="113449316" title="Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report" mstype="2" mssubtype="0"></div>The Indian diamond industry, which consists of over 7,000 companies — many of them small or medium enterprises — provides direct employment to about 1.3 million workers, with Surat alone employing nearly 8,00,000 people. The industry is also crucial for millions of indirect jobs in sectors like logistics, transport, and retail. With the sector being such a vital part of India’s economy, immediate and coordinated efforts are needed to address its current challenges and ensure its long-term viability. (With inputs from PTI)

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

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