Union Commerce and Industry Minister Piyush Goyal on Saturday supported the quality control orders (QCOs) saying that they have the potential to protect the indigenous industry from substandard imports from abroad.
The reduction in import duty has ignited a resurgence in gold demand across India. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season.
The weakness in oil, gems, and jewellery exports led to the contraction in India's merchandise exports in July, the market analytics and intelligence agency Crisil Ratings said in its latest report.
Dhankhar underscored economic nationalism as a key element of the Swadeshi movement and the "Vocal for Local" campaign, pointing out the adverse effects of unnecessary imports on the economy. These include draining foreign exchange and hindering job creation for Indian workers.
India's electronic goods exports experienced a significant increase of 37.31 per cent in July year-on-year, rising to USD 2.8 billion from USD 2.04 billion in July 2023, according to data from the Ministry of Commerce and Industry.
With a cumulative installed capacity of 56,679 metric tons (MT) per annum, are expected to strengthen India's pharmaceutical supply chain and reduce dependency on imports.
The dragged geopolitical crisis in the Middle East has spurred a rush into safe-haven assets such as gold. Historically, gold, as an asset, is considered a haven as it typically manages to retain or appreciate its underlying value in times of turbulence.
Sahai mentioned, "Further investment in Bangladesh definitely must have been put on hold, but beyond that, I think they are simply watching the situation and hoping that it normalizes so business can continue as usual."
Amid the ongoing political unrest in Bangladesh, the trade between India and Bangladesh, which has been strong for years, is facing challenges. Both countries have been major trading partners, engaging in a wide exchange of goods and services.
Union Minister of Commerce and Industry, Piyush Goyal, expressed hope that government efforts to boost semiconductor manufacturing, domestic shipping and a reduction in imports of oilseeds, rubber, and pulses will help the rupee appreciate against the dollar.
In a significant shift in the country's energy landscape, the Ministry of Coal is spearheading a transformative initiative to reduce coal imports and promote coal exports aimed at enhancing domestic coal production, bolstering energy security, and supporting the growth of the coal sector.