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The latest findings from the <keyword id="20000858" type="General" weightage="20" keywordseo="food-safety" source="keywords">Food Safety</keyword> and Standards Authority of India (<keyword id="20225209" type="General" weightage="20" keywordseo="FSSAI" source="keywords">FSSAI</keyword>) have raised serious health concerns regarding <keyword id="20410656" type="General" weightage="20" keywordseo="bakery-items" source="keywords">bakery items</keyword> sold in Bengaluru and other parts of Karnataka. FSSAI’s recent tests on 235 cake samples across the state revealed that 12 of these samples contained harmful, cancer-causing ingredients. The bakery items in question included popular varieties like red velvet, black forest, and pineapple cakes. <keyword id="21583421" type="General" weightage="20" keywordseo="artificial-colours" source="keywords">Artificial colours</keyword> such as Allura Red, Sunset Yellow FCF, Ponceau 4R, Tartrazine, and Carmoisine were found in the cakes at levels that exceed permissible limits. These <keyword id="23428063" type="General" weightage="20" keywordseo="synthetic-dyes" source="keywords">synthetic dyes</keyword> are commonly used to give cakes an intense, attractive appearance, especially in varieties like red velvet. However, these colours are not without risks. According to studies, prolonged exposure to such chemicals, even at low levels, can increase the risk of cancer. They are also known to cause other health issues such as allergies, asthma, and hyperactivity in children. Allura Red, one of the key culprits identified, has been banned in some countries due to its potential carcinogenic effects. Studies conducted on animals have shown that high doses of this dye can lead to the development of tumours. In addition, other food dyes like Ponceau 4R and Sunset Yellow FCF are suspected of containing contaminants such as benzidine and 4-aminobiphenyl, both of which have been linked to cancer. <h2>Impact on public health</h2>The presence of these hazardous chemicals in commonly consumed bakery items is particularly concerning given the long-term <keyword id="19977451" type="General" weightage="20" keywordseo="health-risks" source="keywords">health risks</keyword> associated with synthetic dyes. Children and young adults, who often consume colourful cakes at parties and celebrations, are especially vulnerable. Health practitioner have also highlighted that these chemicals could contribute to respiratory problems and potentially lead to cancer over time. Therefore, consumers must be cautious when purchasing visually striking baked goods, as they may contain harmful ingredients. The FSSAI has taken swift action by issuing warnings to the bakeries involved and reminding all food outlets to comply with the Food Safety and Standards Act of 2006. Health Minister Dinesh Gundu Rao emphasised that strict action will be taken against businesses that continue to violate food safety standards. Non-compliance with the <keyword id="21256704" type="General" weightage="20" keywordseo="food-regulations" source="keywords">food regulations</keyword> could lead to legal penalties, including the closure of bakeries found using harmful additives. The FSSAI’s crackdown follows a series of inspections targeting food safety across Karnataka. The department has also previously banned the use of artificial colours in popular street foods like gobi manchurian and kebabs, and it continues to conduct regular inspections of food outlets across the state. Recent enforcement activities have also included tests on paneer, khova, and other food products sold in hotels, tourist spots, and railway stations. <h2>Alternatives to synthetic dyes</h2>In light of these findings, consumers are urged to opt for bakery products made with <keyword id="23428065" type="General" weightage="20" keywordseo="natural-colourants" source="keywords">natural colourants</keyword>, which are safer and free from harmful chemicals. Many bakers in Karnataka are already shifting towards the use of permitted natural colours derived from fruits and vegetables, which pose no risk to health. However, there remains a significant number of bakeries that use artificial dyes to enhance the visual appeal of their products. For consumers, being informed about the ingredients in the foods they purchase is crucial. While brightly coloured cakes may seem appealing, the potential health hazards they carry cannot be overlooked. Health experts recommend asking bakery owners about the types of colourants used and checking for FSSAI compliance labels before making a purchase. (With inputs from agencies)

Cancer-causing dyes have been detected in popular bakery items in Bengaluru — here’s which items you might need to avoid

Narendra Modi, elected leader of the National Democratic Alliance (NDA) will take oath as <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s prime minister for a historic third term on Sunday evening at 7:15 PM. After a decade of full majority governance, Modi will now run a <keyword id="20018803" type="General" weightage="20" keywordseo="coalition-government" source="keywords">coalition government</keyword>, with the Telugu Desam Party and Janata Dal (United) as key partners. Despite being in coalition, experts feel that there won't be much change in the new government's economic agenda. Economists believe that <keyword id="20509939" type="General" weightage="100" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> will not slow down the reforms and to achieve the goal of Vikshit Bharat by 2047, <keyword id="20404815" type="General" weightage="20" keywordseo="economic-reforms" source="keywords">economic reforms</keyword> and policy reviews need to be continued across multiple sectors, including infrastructure, labour, and manufacturing. These reforms are deemed essential to drive economic growth and development in India. "The oft-repeated target of becoming a developed country by 2047 requires far-reaching reforms in the factor market, opening up of the economy and infrastructure development and a thrust towards labour intensive manufacturing. In a coalition environment it may not be easy to carry out big bang reforms, but the thrust of incremental reforms should be in this direction," said M Govind Rao, Member, Fourteenth Finance Commission and former Director, National Institute of Public Finance and Policy. Economists have noted that spending on <keyword id="20229510" type="General" weightage="20" keywordseo="populist-measures" source="keywords">populist measures</keyword> will increase because of coalition politics, however, the government will continue with its focus on "<keyword id="20054650" type="General" weightage="20" keywordseo="Made-In-India" source="keywords">Made In India</keyword>" reforms. Sectors like infrastructure and manufacturing will remain the priority of the government. "There's likely to be a swerve towards greater populist spending and some commitment of resources to states of alliance partners is also likely. But India's public finances are in relatively robust health and to be augmented by significant reserves from the RBI. India's infrastructure spending will continue apace but perhaps with greater private sector participation. Expenditure on defence modernisation and indigenisation will also undoubtedly continue" said Gautam Sen, retired political economist London School of Economics and author, Former member of the Indo-UK Roundtable and Senior Consultant UNDP. The full budget expected to be announced in July, will reflect the economic agenda of Modi 3.0. Many economists expect the Budget will likely see a spurt in welfare and support schemes mainly for farmers and poor. The Budget will indicate the policy priorities for the new coalition government and decide the growth trajectory for the next five years, On the economic front, economists have cautioned the government about the potential setbacks from a sluggish global economy and geopolitical crisis. "One constraint remains the sluggish world economy, which could suffer worse setbacks next year, though Indian growth has risen despite it. The unknown is the impact of external shocks of intensifying wars and uncertainty over energy prices" added Sen. Meanwhile, in a significant boost to the start of Modi 3.0, the Reserve Bank of India on June 7 revised upwards the <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection for the current fiscal to 7.2 per cent from 7 per cent on rising private consumption and revival of demand in rural areas. RBI Governor Shaktikanta Das said estimates released by the National Statistical Office (NSO) placed India's real gross domestic product (GDP) growth at 8.2 per cent in 2023-24.

Economists expect big bang reforms to continue under Modi 3.0

10 of the most expensive items made in India

<keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Army" meta.hostid="153" meta.entityid="Indian Army">Indian army</keyword> has inducted the first-ever <keyword id="20068291" type="General" weightage="20" keywordseo="indigenous" source="keywords">indigenous</keyword> <keyword id="22234520" type="General" weightage="20" keywordseo="chip-based" source="keywords">chip-based</keyword> 4G mobile base station, which it procured from Bangalore-based firm <keyword id="22234519" type="General" weightage="20" keywordseo="Signaltron" source="keywords" meta.keywordsubtype="org" meta.entityname="Signaltron" meta.hostid="153" meta.entityid="Signaltron">Signaltron</keyword> through the government e-marketplace portal, a top company official said. Signaltron founder Himamshu Khasnis told PTI that the chip used in the Sahyadri LTE base stations has been developed by Signalchip. Earlier in 2010, Khasnis and his team founded a fabless semiconductor company Signalchip to make chips for 4G and 5G networks. "Signaltron has built the entire system indigenously using India's first chips for 4G and 5G networks developed by Signalchip. This is the first time an Indian system running on an Indian chip for complex communication technology has been inducted into the army. Using indigenous chips gives a high degree of control on the security of the system in its operation," Khasnis said. He said the Indian Army had posted a bid on GeM (Government e-Marketplace) for the supply of 4G LTE NIB (Network In a Box) solution last year. "Signaltron proposed the Sahyadri NIB solution and came out successful in stringent technical trials. Subsequently, Signaltron also won the competitive bid to supply the equipment. Weighing just 7 kgs, Sahyadri Network In a Box (NIB) systems provide high-quality secure wireless communication for audio, video and data applications," Khasnis said. He said the Sahyadri NIB is capable of working in both standalone and cellular modes and capable of seamless inter-operation with legacy analogue and IP telephony systems. The majority of the base stations deployed in India are not made in India. Even the few that are made in India do not have indigenous chips inside, which is the most strategic and important component of modern electronic devices and equipment. Signaltron has supplied 20 units to the army and the deployment of the base stations depends on their strategic requirement, Khasnis said. "We have supplied 20 units to the army. The Army takes its own call on when and where to deploy base station. Since they are light and mobile units, it gives them the flexibility to change the location as per their requirement," he added. At present, there is no fabrication facility in India for modern semiconductor chips. Signalchip has designed the chip indigenously and owns the entire technology that the chips deliver. In a model similar to leading semiconductor companies like Nvidia, Qualcomm, Mediatek etc, Signalchip also gets its chips fabricated through third-party wafer fabs. Khasnis said the Indian base station market is expected to be about USD 24 billion by 2029. "With the use of indigenous systems, there could be significant savings to forex and also boost GDP. There are sizeable market volumes available in India and worldwide. Modernisation targets of different sectors like defence, railways etc. are excellent opportunities for indigenous solutions," he said. Khasnis said that the CNPN (Captive Network-Private Network) 4G/5G market worldwide is expected to cross USD 30 billion by 2030, which will enable large possibilities for the local chip-based base stations, thereby providing economies of scale. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

Indian Army inducts first-ever indigenous chip-based made in India 4G base station from Signaltron

New Delhi [India], April 24 (ANI): The <keyword id="19896088" type="General" weightage="20" keywordseo="Defence-Research-and-Development-Organisation" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Research and Development Organisation" meta.hostid="153" meta.entityid="Defence Research and Development Organisation">Defence Research and Development Organisation</keyword> (<keyword id="19948662" type="General" weightage="20" keywordseo="DRDO" source="keywords">DRDO</keyword>) developed the lightest <keyword id="21407010" type="General" weightage="20" keywordseo="bulletproof-jacket" source="keywords">bulletproof jacket</keyword> for protection against the highest threat level 6, an official statement said. Defence Materials and Stores Research and Development Establishment (DMSRDE), Kanpur has successfully developed the lightest Bullet Proof Jacket in the country for protection against 7.62 x 54 R API (Level 6 of BIS 17051) ammunition. According to the <keyword id="19905108" type="General" weightage="20" keywordseo="Ministry-of-Defence" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Defence" meta.hostid="153" meta.entityid="Ministry of Defence">Ministry of Defence</keyword>, recently, this bulletproof jacket was successfully tested at Terminal Ballistics Research Laboratory (TBRL), Chandigarh as per BIS 17051-2018. This jacket is based upon a <keyword id="21410391" type="General" weightage="20" keywordseo="new-design-approach" source="keywords">new design approach</keyword>, where novel material along with new processes have been used. The front Hard Armour Panel (HAP) of this jacket defeats multiple hits (06 shots) of 7.62 x 54 R API (Sniper rounds) in both ICW (In-conjunction with) and Standalone design. The ergonomically designed front HAP is made up of monolithic ceramic plate with polymer backing which enhances the wearability and comfort during the operation. The areal density of ICW Hard Armour Panel (HAP) and standalone HAP is less than 40 kg/m2 and 43 kg/m2 respectively. Secretary Department of Defence R&amp;D and Chairman DRDO has congratulated DMSRDE for the successful development of this lightest bullet proof jacket for protection against highest threat level. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

DRDO develops lightest bulletproof jacket for protection against highest threat level

As the vibrant <keyword id="19896655" type="General" weightage="20" keywordseo="wedding-season" source="keywords">wedding season</keyword> kicks off in India soon, the <keyword id="19921618" type="General" weightage="20" keywordseo="Confederation-of-All-India-Traders" source="keywords" meta.keywordsubtype="org" meta.entityname="Confederation of All India Traders" meta.hostid="261" meta.entityid="Confederation of All India Traders">Confederation of All India Traders</keyword> (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords" meta.keywordsubtype="org" meta.entityname="CAIT" meta.hostid="261" meta.entityid="CAIT">CAIT</keyword>) has set an optimistic forecast, projecting a windfall for the nation’s economy. According to a recent CNBC report, CAIT predicts that this year, an estimated 48 lakh weddings are expected to take place in November and December, potentially generating a whopping ₹6 lakh crore in business. This surge reflects not just the volume of weddings but the wide-scale economic impact that accompanies such celebrations. Weddings in India are known for their grandeur, with celebrations often spanning several days and involving a number of services, from event planning and catering to jewellery purchases and attire. CAIT’s recent prediction, thus, underscores the vital role that the wedding season plays in the retail market. In this year’s cycle, the retail sector alone is poised to see a turnover of ₹5.9 lakh crore, highlighting the deep interconnectedness between cultural traditions and economic activity. In Delhi, which stands as one of the top locations for extravagant weddings, the expected impact is particularly significant. Approximately 4.5 lakh weddings are projected in the capital city, potentially contributing around ₹1.5 lakh crore to the local economy. This surge benefits a variety of sectors, including hospitality, fashion, gold and jewellery, and even technology, as digital services and e-invitations become more prevalent. The build-up to this wedding season has already shown signs of economic revival, particularly in sectors like gold and jewellery. Suvankar Sen, MD &amp; CEO of Senco Gold, noted a marked increase in wedding-related purchases during the recent Dhanteras festival. Speaking in an interview with CNBC TV-18, Sen highlighted that the August duty cut on gold played a significant role in spurring early buying behaviour. He pointed out that this policy move helped lower the cost of gold, enticing consumers to make significant purchases ahead of the peak wedding months. "We can see at least 40-50% of the consumers who are buying right now are related to weddings, and the 40-50% who are not related to weddings, are divided amongst consumers with a budget of ₹2-3 lakh buying some kind of jewellery as an annual buying during this auspicious time. Some consumers are buying working women's jewellery or lightweight for their daughters, something within ₹50,000 to ₹1 lakh kind of buying happening. ₹20,000-30,000 is a budget consumer at all levels, some kind of a pendant, ring or earring that everyone would like to buy during this auspicious time. So, this is how we are seeing the consumer," he added. This early momentum has translated into packed showrooms and increased consumer spending, signalling a robust start to wedding-related commerce. Retailers across India are now preparing for a flurry of activity, restocking inventory and expanding service offerings to meet the anticipated demand. From wedding attire and décor to luxury items like high-end electronics and custom-made invitations, the shopping lists are extensive, promising a lucrative time for businesses. While traditional sectors such as fashion, catering, and venue rentals will see a boom, new trends have also emerged, expanding the <keyword id="23787664" type="General" weightage="20" keywordseo="wedding-economy" source="keywords">wedding economy</keyword>. The demand for eco-friendly and sustainable wedding practices has grown, with couples seeking biodegradable décor and eco-conscious catering services.

Indian weddings expected to generate ₹6 lakh crore in two months, CAIT says

List of weapons that India can make at home — and the ones it cannot

The <keyword id="32723" type="General" weightage="100" keywordseo="defence" source="Orion">defence</keyword> ministry has approved a fresh list of 928 components and subsystems which will only be procured from the domestic industry after a ban on their import kicks in under a staggered time-line of around five-and-half years. The ministry on Sunday said the aim of the move is in sync with the government's overall aim to promote 'Atmanirbharta' (self-reliance) in defence production. It is the fourth such "positive indigenisation list (PIL)" comprising line replacement units, sub-systems and components used for various military platforms, equipment and weapons. "To promote 'Aatmanirbharta' in defence and minimise imports by defence public sector undertakings, the <keyword id="6369097" type="General" weightage="50" keywordseo="ministry-of-defence" source="Orion">Ministry of Defence</keyword> has approved fourth Positive Indigenisation List (PIL) of 928 strategically-important line replacement units/sub-systems/spares and components, including high-end materials and spares, with import substitution value worth Rs 715 crore," the ministry said in a statement. The aim of the indigenisation list is also to minimise imports by the defence public sector undertakings (DPSUs). The defence ministry has set specific timelines for import ban of the items, spanning the period from December 2023 to December 2028. This list is in continuation to the three similar PILs that were brought out in December 2021, March 2022 and August 2022 "These lists contain 2,500 items which are already indigenised and 1,238 (351+107+780) items which will be indigenised within the given timelines," the ministry said. Of the 1,238, 310 items have been indigenised so far, it said. The items which were already indigenised comprised 262 from the first PIL, 11 from the second list and 37 from the third PIL, according to the ministry. "The DPSUs will undertake indigenisation of these items through different routes under 'Make' category and in-house development through the capabilities of MSMEs and private Indian industry, thereby providing impetus to the growth in economy, enhanced investment in defence and reduction in import dependence of DPSUs," the ministry said. "In addition, this will augment the design capabilities of the domestic defence industry by involving academia and research institutions," it said. In a tweet, Defence Minister <keyword id="6355121" type="General" weightage="50" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> said the Narendra Modi government is committed towards indigenisation and ensuring self reliance in the defence sector. "Keeping this in mind, the 4th Positive Indigenisation List (PIL) of 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares and Components has been approved," he said. "The list includes high-end materials and spares, with import substitution value worth Rs 715 crore," Singh added. The ministry said DPSUs will soon initiate procurement action for these notified items. In the last few years, the government has taken a series of measures to promote domestic defence production. <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement over the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years which includes an export target of USD 5 billion worth of military hardware. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

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)

You Searched For "made in india defence items" and got 9 results

Cancer-causing dyes have been detected in popular bakery items in Bengaluru — here’s which items you might need to avoid

BI India Bureau

Economists expect big bang reforms to continue under Modi 3.0

ANI

10 of the most expensive items made in India

Business Insider

Indian Army inducts first-ever indigenous chip-based made in India 4G base station from Signaltron

PTI

DRDO develops lightest bulletproof jacket for protection against highest threat level

ANI

Indian weddings expected to generate ₹6 lakh crore in two months, CAIT says

Divyanshi Sharma

List of weapons that India can make at home — and the ones it cannot

Prabhjote Gill

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

PTI

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

BI India Bureau

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