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Chairman of the Indian Finished Leather Manufacturers and Exporters Association, K.R. Vijayan said exports of leather goods from India will decline by 13-15 per cent in the fiscal year 2023-24. But with strong winter demand for leather products in Europe, we expect a strong rebound of around 20 per cent in FY25 on account of new orders from there. Exports of finished leather were $4.87 billion in 2021-22, increasing to $5.26 billion in 2022-23, while exports in the current fiscal year 2023-24 till October were $2.81 billion, which is 13 percent lower than October of the previous fiscal. Considering the country's export growth potential and consumer base, we have set a target of $47.1 billion turnover in the footwear and leather industry by 2030, Vijayan said. Of which $33.4 billion is domestic industry turnover and the remaining $13.7 billion is export turnover. But we need innovation in both technology and advanced machines to achieve this goal. India is the second largest exporte...

The Red Sea is a very important route for imports and exports. The Red Sea accounted for 50 percent of the country's exports and 30 percent of its imports last fiscal year. But currently the ongoing crisis around the Red Sea shipping route has a direct impact on imports and exports. The crisis on the Red Sea shipping route began in October 2023, when the Israeli-Palestinian war began, when Yemen-based Houthi militants began attacking commercial shipping vessels plying the route. Domestic companies use the Red Sea route through the Suez Canal to save cost and time when trading with Europe, North America, North Africa and parts of the Middle East. In the last fiscal year, these regions accounted for 50 percent of the country's exports of Rs 18 lakh crore and 30 percent of its imports of Rs 17 lakh crore. The country's overall merchandise trade was about Rs 94 lakh crore last fiscal, of which 68 percent by value and 95 percent by volume was sea-borne. India imports 60 percent ...

The Red Sea is a very important route for imports and exports. The Red Sea accounted for 50 percent of the country's exports and 30 percent of its imports last fiscal year. But currently the ongoing crisis around the Red Sea shipping route has a direct impact on imports and exports. The crisis on the Red Sea shipping route began in October 2023, when the Israeli-Palestinian war began, when Yemen-based Houthi militants began attacking commercial shipping vessels plying the route. Domestic companies use the Red Sea route through the Suez Canal to save cost and time when trading with Europe, North America, North Africa and parts of the Middle East. In the last fiscal year, these regions accounted for 50 percent of the country's exports of Rs 18 lakh crore and 30 percent of its imports of Rs 17 lakh crore. The country's overall merchandise trade was about Rs 94 lakh crore last fiscal, of which 68 percent by value and 95 percent by volume was sea-borne. India imports 60 percent ...

To be a good customer, one must also be a reliable supplier, says Seth Meyer, chief economist for the United States Department of Agriculture (USDA). He pointed out that India had imposed restrictions on the export of several agricultural products in the last two years. In 2022 and 2023, India imposed a ban on the export of agricultural products such as wheat, rice and sugar due to the inflation of domestic agricultural products. As India is a major producer of agricultural products. India's ban has led to a sharp rise in global food prices. Seth Meyer also told reporters that the short-term gain is not worth the long-term reputational damage. He also called US agricultural suppliers reliable. He also said that as the world has come out of crises like the Covid pandemic, geopolitical tensions and El Nino weather, rising production in India could lower commodity prices. He said in such a situation apart from agricultural products, the use of technology, high-efficiency fertilizers a...

On Thursday, February 1, 2024, Commerce and Industry Minister Piyush Goyal said India has sustained its export growth despite global challenges arising from issues such as the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis. has created a strong foundation for He also said the country was facing "very difficult" challenges due to issues such as the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis. But in spite of that, India has largely sustained the country's exports and India's economy has become a bright spot in terms of economic growth. India's Finance Minister Nirmala Sitharaman, in her budget speech, said that global affairs are becoming more complex and challenging today, geopolitically, due to wars and conflicts. And globalization is being redefined through reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order is emergin...

On Thursday, February 1, 2024, Commerce and Industry Minister Piyush Goyal said India has sustained its export growth despite global challenges arising from issues such as the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis. has created a strong foundation for He also said the country was facing "very difficult" challenges due to issues such as the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis. But in spite of that, India has largely sustained the country's exports and India's economy has become a bright spot in terms of economic growth. India's Finance Minister Nirmala Sitharaman, in her budget speech, said that global affairs are becoming more complex and challenging today, geopolitically, due to wars and conflicts. And globalization is being redefined through reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order is emergin...