handicraft export

Handicraft exports see 8.46 per cent increase in 2015-16

Textiles Committee has been asked to evolve a rating scheme for standardisation of handmade carpet manufacturing units, said Textiles Minister Smriti Irani.

India’s handicraft exports have increased by more than 8 per cent during the last fiscal, touching nearly Rs 31,000 crore, Textiles Minister Smriti Irani said in Lok Sabha on Thursday.

“According to the provisional data available, the exports of handicrafts have shown an increase of Rs 2,414.79 crore from Rs 28,524.48 crore to Rs 30,939.27 crore — an increase of 8.46 per cent in rupees term in 2015-16 as compared to previous year,” she said. Replying to questions, Irani said a proposal for creation of e-marketing platform under marketing support and service scheme has also been received from export promotion council for handicrafts in order to facilitate buyers and sellers to procure/sell as well as to promote products categories both in domestic as well as international markets online.

The proposal was deficient in some inputs, therefore same has been sought from export promotion council for handicrafts, she said. The minister said Central Cottage Industries Corporation and Handloom and Handicrafts Export Corporation have undertaken digital marketing.

Several state handicrafts corporations are also selling their products through digital marketing. The Minister said handicraft sector is an unorganised sector with unique identity for each craft. The government is contemplating to launch a voluntary scheme for rendering quality and authenticity of handicrafts products with a view to differentiate genuine and socially – environmentally compliant handicrafts products.

In addition, Textiles Committee has been asked to evolve a rating scheme for standardisation of handmade carpet manufacturing units, she said. Irani said to develop and promote this sector, Ministry of Textiles is implementing various schemes with cluster and mega cluster level approach.

steel exports

India's steel exports register three-fold increase in January

In January, India’s export of steel saw a three-fold increase to 0.889 million tonne (YoY). While in January 2016 the exports stood at 0.274 million tonne.

The huge increase in export is mainly due to the government’s support given out to the domestic steel industry via many trade remedial measures, including anti-dumping policies.

In the current fiscal, the country exported 5.865 million tonne, registering an increase of 71%.

India’s imports in January 2017 stood at 0.602 million tonne which were down by 41.7% as compared to January 2016; and by 21 over December 2016.

Consumption of total finished steel increased by 3.5% in April-January 2016-17, standing at 68.892 million tonne over the same period of FY16.

In January 2017, the crude steel production was at 8.367 million tonne, up by 11.5% over January 2016, and declined by 0.4% as compared to December 2016.

 

Export in february

Indian exports rise 4.25% in February

Imports rise 2.6% to $41.2 billion, leaving trade deficit of $14.9 billion; oil imports expand 15.45% to $15.1 billion.

India’s merchandise exports grew for a second consecutive month in February by an annual 4.23% to $26.26 billion (around Rs.1.43 trillion) after contracting for eight months in a row.
Exports are looking up and the trend is expected to continue as shipments to Europe have increased and the US market continues to do well, according to commerce secretary S.R. Rao.
“Most heartwarming is that sectors which have the largest weightage, such as engineering, have started doing better,” Rao said. “Textiles and refined petroleum exports have arrested the slide and are making up for the deficit.”
In the first 11 months of the financial year to 31 March, engineering exports were down 3% to $51 billion. Other sectors that performed well include rice, oil meals, pharmaceuticals and chemicals.
To revive exports and tackle India’s widening current account deficit, finance minister P. Chidambaram has promised to announce a slew of measures through the forthcoming supplement to the foreign trade policy. The current account shortfall in the July-September period rose to a record 5.4% of the country’s gross domestic product.
Rao said the commerce ministry is engaged in wide-ranging discussion with various stakeholders, and a policy will be announced by the end of this month, including measures to revive special economic zones, whose fortunes have been fading after the government imposed minimum alternative tax and withdrew other incentives.
In December, the commerce ministry widened and extended the 2% interest subsidy on bank loans for labour-intensive sectors to specific engineering industry sub-sectors such as iron and steel, and electrical transformers, till 31 March 2014 to boost exports.
Until now, the subsidy has been available to sectors such as handicraft and handlooms, carpets, ready-made garments, processed agriculture products, sports goods and toys, apart from small-scale industries.
The World Trade Organization has projected global trade to expand 4.5% in 2013, while export demand from developing countries will rise only 3.3% during the year.
Imports in February increased 2.6% to $41.18 billion, leaving a trade deficit of $14.92 billion. While oil imports continued to expand at 15.45% to $15.1 billion, non-oil imports contracted 3.57% to $26 billion.
Gold imports, which have been pushing the trade deficit, fell 7.6% to $52.4 billion in the 11 months to February. In the same period, exports shrank 4% to $265.95 billion, while imports grew marginally by 0.25% to $448.04 billion.
India has a trade deficit with 83 countries, which contributed $227 billion, but a surplus with 152 countries contributing $60 billion till January, according to Anup K. Pujari, director general of foreign trade.
The revival in February shows Indian exports are responding to positive global developments, said Rafeeque Ahmed, president of lobby group Federation of Indian Export Organisations.
“However, since we are much away from our targets fixed for 2012-13, we need to revisit our strategy for imparting competitiveness to exports while simultaneously pursuing aggressive marketing to realize better exports in 2013-14,” Ahmed said.