Rakesh Sharma, CEO of Bajaj Auto, expects FY25 to outperform FY24 in terms of exports.
Exporters anticipate a 10-15% increase in air freight to Europe after Iran’s attack. The Red Sea crisis is leading to a diversion of cargo to air, which is driving up costs. Delays caused by longer routes are impacting engineering exports. A Kolkata exporter is predicting a 30-35% decline in new project exports.
India is now the leading producer and exporter of Ashwagandha, with states like Rajasthan and Madhya Pradesh leading the way. Read more to learn about the significant increase in Ashwagandha exports.
Dixon Technologies, an Indian electronics contract manufacturer, has emerged as India’s largest electronics contract manufacturer and is buying a majority stake in Ismartu India. The company has been consistently achieving Production-Linked Incentive (PLI) targets and is leading in mobile phone contract manufacturing. Indian consumer electronics manufacturers are also expanding exports to developed markets. Additionally, Chinese smartphone companies like Oppo, Vivo, and Realme are partnering with Dixon to benefit from the PLI scheme for phone manufacturing.
India needs to transition its automotive sector towards electric mobility and become a global leader in EV manufacturing, according to Amitabh Kant, the former CEO of NITI Aayog. Kant emphasised the urgency of this transition, declaring the era of fossil fuel-based combustion engines as ‘dead’. Currently the third-largest auto market globally, India recognises the need to adapt to the evolving global landscape and achieve 100% electrification in two and three-wheelers by 2030.
Asian Granito India Ltd, one of India’s leading tiles and bathware brands, has appointed Bollywood star Ranbir Kapoor as its brand ambassador to enhance its connection with the youth. The company plans to launch a captivating brand campaign and TV commercial featuring Kapoor.
Electronics exports from Tamil Nadu have skyrocketed to $7.37 billion, reflecting the state’s success in the industry. This growth is a testament to Tamil Nadu’s thriving electronics sector.
Japan has fallen behind Germany and lost its position as the world’s third-largest economy. Despite a 1.9% expansion, Japan’s GDP of $4.2 trillion fell short of Germany’s $4.5 trillion. The depreciation of the yen against the dollar contributed to this change. India is expected to surpass both nations in the coming years. Japan faces challenges such as labour shortages and a declining population, while Germany struggles with energy costs and fiscal uncertainties.
India and Sri Lanka are collaborating with other tea and rubber-exporting countries to develop a global export strategy. The aim is to ensure fair and remunerative prices in the world market for these products. Informal consultations will be held before the upcoming meeting of the sub-group of the Food and Agricultural Organisation (FAO) in June. The Association of Natural Rubber Producing Countries will also discuss export prices of rubber in light of the current energy crisis.
Indian shipping companies are raising concerns as the escalating incidents in the Middle East threaten global trade. The Red Sea attacks by the Houthi rebels have led to increased shipping costs and disruptions in the supply chain. Indian exporters may see a drop of $30 billion in total exports in FY24. The Commerce Ministry will hold a meeting to strategize measures to mitigate the trade impact.
