India’s jewellers and clothes manufacturers are in a sticky spot as they face growing concerns over how to cope with a shortage of raw materials and the impact of a rising trade surplus.
The government has asked them to stop making goods from Nepal that have been manufactured abroad for at least 20 years and to improve their production in India.
In 2017, the country exported nearly a billion jewellery pieces, and many are now being made at an Indian factory, according to the Indian Institute of Design.
“If we don’t do this, there will be an explosion in the production of jewellery here,” said Sudarshan Jain, managing director at the company, Khemchander Group.
He added that the company had imported around 5.5 million pairs of jeweller’s dress for the year 2017, a jump of almost 60 per cent on the previous year.
Jain said the company was also planning to import about 200,000 pairs of knickers for the coming year.
The company is also planning a new factory in India to export its jewellery.
It has been exporting jewellery to China, and it also plans to import clothing for the country.
A spokesperson for the Ministry of Industrial Policy and Promotion said: “India has the largest trade surplus in the world.
Our policies are meant to help our economy and our citizens grow, so we have to ensure the country’s industries can prosper.
We are working hard to increase exports and bring down imports.
This is our priority.
The issue of raw material shortage has been a source of tension between the two countries. “
We are working on the issue with the industry to make sure that the industry gets more fair treatment.”
The issue of raw material shortage has been a source of tension between the two countries.
China has been importing most of India’s raw materials, and the country is also relying heavily on its foreign exchange reserves to fund its imports.
The Reserve Bank of India has raised interest rates on loans to lenders and issued new notes in the past few months to ensure a smooth run of the economy.
A key issue for jeweller’s firms is the impact on their exports.
The trade surplus is also expected to affect their profits, because India’s demand for raw materials such as iron, steel, cement and copper is much higher than its own.
According to the latest trade data, India’s economy grew by 9.7 per cent in 2017, compared with 6.7.
per cent for the global economy.
India is expected to grow by 8.4 per cent this year.