The European Union's (EU's) offer to slash tariffs on 97.5 per cent of Indian chemical exports to zero is set to give India's pharmaceutical and medical device firms preferential access to the European markets.
E-commerce giant Amazon plans to make a mega-investment of $35 billion, over Rs 3.14 lakh crore, in India by 2030 across its businesses with a focus on AI-driven digitization, export growth and job creation, a senior company official said on Wednesday.
Amid controversy over USPresident Donald Trump's comments linking the use of Tylenol and other related paracetamol products by pregnant women to autism in children, experts and industry executives say that since India's export of the drug to the US is less, it will hardly affect the country's pharma exports to America.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
As uncertainty looms large in Afghanistan, Indian pharma exporters are apprehensive to send goods to the war-torn country and the target of exporting $126 million worth of pharmaceutical goods to the Taliban-ruling nation now depends on the future outcome. Udaya Bhaskar, director general of Pharmaceuticals Export Promotion Council of India (Pharmexcil) body under the Department of Commerce on Tuesday said as the situation is grim over there and India pharma exporters have cordial relations with Afghanistan. "The projected target for 2021-22 is $126.22 million.
With Kabul falling into the hands of the Taliban, bilateral trade between Afghanistan and India will get impacted significantly in these uncertain times, according to exporters. Federation of Indian Export Organisations (FIEO) director general Ajay Sahai said domestic exporters should follow caution looking into the political development in Afghanistan, particularly with regard to payments, for which adequate credit insurance may be availed by them. "The trade will be impacted. It would reduce due to the growing uncertainty in Afghanistan," he said on Monday. Former FIEO president and country's leading exporter S K Saraf too said there will be a significant fall in the bilateral trade.
Economic recovery from the pandemic in the US has helped India achieve the $400-billion mark for exports for the first time in any fiscal year. According to the preliminary data compiled by the Department of Commerce, India exported goods worth $73 billion to the US from April 1 to March 21 - up 47 per cent, compared to last year. The US' share of exports, compared to total exports, stood at 18.2 per cent. The country is also India's largest trading partner and export destination.
Pharmexcil had recently taken a 25-member delegation to Iran in order to promote pharma trade with the Western Asia nation.
Expectations of Healthcare sector from Union Budget 2013-14.
Indian drug firms get a shot in the arm in the $12 bn Australian drug market as the Therapeutic Goods Administration (TGA), Australia agrees to accelerate the drug approval process in that country for Indian players who already have an approved plant and product from one of the stringent regulatory authorities like US, EU or Canada. From current sales of $340 mn, the Indian firms can see a significant upside in sales; felt Dinesh Dua, former chairman of the Pharmaceutical Exports Promotion Council of India (Pharmexcil), and the MD of Nectar Lifesciences. He highlighted that only 12 percent of the Australian drug market is generic, as against 80-90 per cent in the US or EU. Of this $1.5 bn generic drug market in India, Indian companies have a small share.
According to Ajai Sahai, director-general and CEO of Federation of Indian Export Organisations, rising cases are a cause for concern as it adds to the uncertainty and may impact exports.
India and China are together expected to equal world's largest jewellery market, the United States, by 2015 when the global gems and jewellery trade is expected to touch $230 billion, states a new industry report.
The Gem and Jewellery Export Promotion Council of India has announced the performance figures of the sector for January-December 2004.
The trade to-and-from India so far is not affected. But if the situation continues to remain the same for the next two to three months, it could definitely hurt India trade, including essential cargo.
While sales in the domestic market declined 4.2 per cent during the April-July period, exports grew steadily at 9.5 per cent during the same period.
Imports also fell for the eighth consecutive months, down 0.75 per cent to $41.14 billion in January, widening the trade deficit to a seven-month high of $15.17 billion.
Imports during October also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion.
The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments.
Researchers at Northwell Health in New York are testing the effects on Famotidine (used in high intravenous doses) on Covid-19 patients as a potential treatment. After the hospital announced its clinical trials, it led to a drug shortage in the US. Back home, however, there has not been any surge in the demand for Famotidine yet.
The country's textile industry is concentrated in a few pockets of Gujarat and Maharashtra in the west and Tamil Nadu and Karnataka in the south.
As the liquidity crunch reaches crisis levels and getting tax refunds remain a big headache, exporters saw orders fall by 15 per cent till October.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
Motherson Sumi, Tata Steel, Jaguar Land Rover will face higher cost.
If the impact of the Greece crisis spreads across Europe and parts of the world which are more interconnected than ever before, India cannot hope to be insulated, says Paranjoy Guha Thakurta.
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