Business
Govt gives 30-day relief to gems, jewellery exporters amid Middle East disruptions; shipment delays prompt easing – The Times of India
In response to disruptions in cargo movement linked to the Middle East crisis, the government has allowed an additional 30 days for the gems and jewellery sector to fulfil specific export and import timelines.The relaxation comes as exporters face delays in consignments to key markets in the region, which accounts for nearly 30 per cent of India’s gems and jewellery exports worth $26.2 billion during April-February this fiscal.Announcing the measure, the Directorate General of Foreign Trade (DGFT) said the extension covers select categories under Chapter 4 of the Handbook of Procedures (HBP-2023), which deals with duty exemption and remission schemes.“Facilitative provisions for the gems and jewellery sector under Chapter 4 of HBP-2023 have been incorporated in response to recent geopolitical developments in West Asia, and the export/import (as applicable) period for specific categories is being extended by 30 days without any requirement for fees or an application,” the DGFT said in a public notice.Among the key changes, the re-export window for diamonds imported for certification or grading has been extended from 90 days to 120 days. A similar extension has been provided for exports involving precious metals supplied by foreign buyers.Timelines have also been relaxed for re-import of jewellery sent abroad for exhibitions, as well as for exports linked to gold sourced from nominated agencies, outright purchases, loans and replenishment schemes.Officials said the one-time relief is intended to help exporters complete transactions smoothly amid logistical delays, while maintaining continuity in trade flows.Exporters will not be required to file fresh applications or pay any additional fees to avail of the extension, and customs authorities have been instructed to process transactions after necessary verification.Industry participants said the disruptions stem from recent geopolitical tensions following a joint US-Israel attack on Iran, which has affected air and sea routes across the Middle East.Welcoming the move, former Gems and Jewellery Export Promotion Council chairman Colin Shah said the extension provides timely support to exporters facing challenges in shipments to the region.“We hope the situation will improve soon,” he said, adding that India’s exports to the UAE are around $10 billion
NEW DELHI : The country’s industrial output growth accelerated in Feb, led by a recovery in the manufacturing sector, but the West Asia conflict is expected to weigh heavily on the crucial sector in the months ahead.Data released by the National Statistics Office (NSO) on Monday showed the index of industrial production rose 5.2 per cent in Feb, a tad higher than the upwardly revised 5.1% in Jan. The manufacturing sector rose 6 per cent in Feb, higher than 2.8 per cent in Feb last year and above the 5.3 per cent in Jan.Within the manufacturing sector, 14 out of 23 industry groups grew in Feb compared to the same month a year earlier. The top three positive contributors in Feb were — manufacture of basic metals (13.2 per cent), manufacture of motor vehicles, trailers and semitrailers (14.9 per cent) and manufacture of machinery and equipment (10.2 per cent), according to the statistics office. The electricity and mining sectors remained sluggish, rising 2.3 per cent and 3.1 per cent respectively.Experts expect the West Asia conflict to hurt factory sector expansion. Aditi Nayar, chief economist, ICRA, said the agency expects IIP growth to decelerate to 3 per cent-4 per cent in March, amid the unfolding adverse impact of the West Asia crisis on some manufacturing segments, both through the price and availability channels, and weaker electricity performance in the month.
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Industrial output grows 5.2 per cent as manufacturing rebounds – The Times of India
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