GCCI appoints Himanshu Patel as chairman of Vibrant Gujarat (Regional) Taskforce
The Taskforce is a global forum for knowledge sharing and business partnerships that strategizes for the Vibrant Gujarat Summit. The appointment, made by Sandeep Engineer, President of the GCCI, states that Patel's 'vast experience and leadership skill will be a great asset to GCCI'.
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Mint
8 hours ago
- Mint
India plans compliance reforms, seamless GST refunds, PLI fixes to woo investors
New Delhi: The government is working on a plan to substantially ease compliance burdens and eliminate policy bottlenecks as well as procedural hurdles to attract investments, after India's talks for a trade agreement with the US stalled over the latter's demand for greater market access to the politically-sensitive agriculture and dairy sectors. The government has asked 37 of its ministries to submit a detailed report on the key compliance requirements that are creating roadblocks for manufacturers, exporters, investors and small enterprises, hurting their ability to conduct their businesses smoothly, three government officials directly involved in the ongoing consultations said on the condition of anonymity. One of the key areas under discussion to strengthen the domestic manufacturing base is reforming the GST reimbursement mechanism on the lines of the income tax refund, where an assessee gets refunds soon after the verification of their returns in an automatic, seamless manner, the first of the three officials cited earlier said. During discussions with officials from various ministries and separately with exporters and manufacturers, a critical concern that was flagged was the absence of an automatic refund mechanism after disputes flagged with a red alert notice are resolved, the second person said. 'Traders currently have to apply afresh to claim refunds even after the dispute is settled and the red alert is removed, creating an unnecessary compliance burden." Queries sent to the ministries of commerce, finance, external affairs, the prime minister's office, and the GST secretariat remained unanswered till press time. There remain a few challenges for GST refunds, particularly for exporters and MSMEs (micro, small and medium enterprises), such as delays in refunds, and procedural complexities that need to be addressed, Hemant Jain, president, PHD Chamber of Commerce and Industry, said. 'For traders, these delays directly translate into higher financial costs, reduced competitiveness, and uncertainty in fulfilling orders. Removing these hurdles will not only improve the ease of doing business but also bolster India's trade efficiency and export growth, especially with rising geopolitical uncertainties," Jain added. As talks with the US for the bilateral trade agreement (BTA) hit a stalemate, president Donald Trump imposed an additional 25% punitive tariff on India for buying Russian oil and weapons, taking the total import duty on Indian goods to 50%. The government is leveraging this trade crisis to fast-track ease-of-doing-business reforms, including a single-window clearance system inspired by passport services, and simplified procedures for land acquisition and contract management, according to a Mint report on 9 August. As of 30 June, total direct and indirect tax arrears in India amounted to over ₹54.53 trillion, the government informed Parliament on 5 August. In a written reply to a question in the Rajya Sabha, minister of state for finance Pankaj Chaudhary stated that pending indirect tax arrears stood at more than ₹7.01 trillion, while direct tax arrears were over ₹47.52 trillion. 'The delay in processing GST refunds has been a significant concern for businesses, particularly exporters and manufacturers, as it affects their working capital and cash flow," said Abhash Kumar, trade economist and assistant professor of economics at Delhi University. 'Other proposals include easing incentives reimbursement norms, softening rules for opening bank accounts for Overseas Citizen of India (OCI) card holders, and removing redundant approvals for foreign investors," said the third person. The government is also keen on simplifying the claims procedures under the production-linked incentive (PLI) scheme, designed to boost domestic manufacturing. 'Easing procedural challenges in claiming incentives under the PLI scheme is a key focus for the government. The aim is to make the process hassle-free, encouraging more investments that will boost the manufacturing sector and create employment opportunities," this person added. The priority is to maintain the momentum of manufacturing to boost employment and sustain domestic consumption, this person said. Perhaps due to the cumbersome process of claiming incentives under the PLI scheme, many beneficiaries are hesitant to come forward and claim their dues. As a result, as of June 2025, only ₹21,534 crore of the allocated ₹1.90 trillion had been disbursed, with companies producing just 37% of the targeted goods. The PLI schemes, covering sectors such as electronics, pharmaceuticals, food processing, and specialty steel, have attracted investments totaling ₹1.76 trillion and generated over 1.2 million direct and indirect jobs. The disbursement has been uneven across sectors. For instance, the electronics and pharmaceutical sectors received about 70% of the total incentives for FY25, amounting to ₹5,732 crore and ₹2,328 crore, respectively. In contrast, the telecom sector has seen a slower uptake, with only 21 out of 42 eligible firms receiving a total of ₹1,162 crore in incentives as of 31 March. As the government discusses a comprehensive policy reset to boost manufacturing and attract investment, it is also consulting export promotion councils and manufacturers to rework India's export strategy, according to a Mint report dated 2 August. This development follows a deadlock in the BTA negotiations between India and the US, which have been ongoing since June, Mint reported on 11 June. The new export plan focuses on diversifying into key markets where India has or is close to finalizing free trade agreements (FTAs), including the UK, with which India recently signed an FTA, and the European Union, where talks are in the final stages with a deal expected before year-end. Other target markets include the UAE, Australia, Japan, and South Korea, all of which have existing FTAs with India. The measures are an attempt to protect India's economic growth, which some economists fear could slip by 20 to 30 basis points to around 6.2% in the current fiscal year if the new tariffs are enacted. 'The impact on GDP may not be dramatic, but we could see growth closer to 6.2–6.3% in FY26," said Madan Sabnavis, chief economist at Bank of Baroda. Key sectors such as textiles, which accounts for $10.91 billion in exports to the US, engineering goods ($19.16 billion), agriculture ($2.53 billion), gems and jewellery ($9.94 billion), leather ($948.47 million), marine products ($2.68 billion), and plastics ($1.92 billion) could face serious trouble if the 50% US tariff continues for along. Exports in these categories could fall by as much as 40% if the 50% tariff remains in place for an extended period. India exported goods worth $86.5 billion to the US in FY25, accounting for 20% of the country's total merchandise exports of $433.56 billion during the year. India's total agricultural exports to the US stood at $2.53 billion in FY25, up 19.3% from $2.12 billion in FY24.
Fashion Value Chain
19 hours ago
- Fashion Value Chain
Youth-powered Solutions Take Center Stage at BRICS CCI Youth Leadership Dialogue 2.0
Youth-powered solutions took center stage at the BRICS CCI Youth Leadership Dialogue 2.0, hosted by the BRICS Chamber of Commerce and Industry (BRICS CCI) from August 4 to 12, 2025. Organized under the esteemed patronage of Mr. Sameep Shastri, Vice Chairman of BRICS CCI, President of the BRICS CCI Young Leaders Vertical, and grandson of former Prime Minister Shri Lal Bahadur Shastri, the seven-day program called for harnessing the ideas, energy and skills of India's youth to tackle the nation's development priorities. During the summit, engagement with leaders from politics, diplomacy, governance, entrepreneurship and business equipped participants with insights to shape their future global leadership roles. BRICS CCI Youth Leadership Dialogue 2.0 Aligned with International Youth Day celebrations, BRICS CCI Young Leaders Dialogue 2.0 further built on the success of its inaugural edition and reaffirmed its commitment to empowering young Indians to drive national growth and global leadership. With India poised to have one of the world's largest working-age populations over the next two decades, the Dialogue emphasized the need to actively involve young leaders in shaping policy, governance and societal transformation. The summit brought together a carefully selected group of young participants from across the country, providing them with skills, insights and networks to lead with impact. Mr. Shastri highlighted the event's transformative purpose, stating, 'Empowering young leaders is not just about imparting knowledge, it is about equipping them with the confidence and networks to shape the global narrative.' The summit witnessed the participation of the BRICS CCI Core Committee, including Mr. Harvansh Chawla, Chairman; Dr. BBL Madhukar, Co-Chairman & Director General; Mr. Ashok Kumar Singh, Vice Chairman and Mr. Ruhail Ranjan, Treasurer, BRICS CCI. Over the course of seven days, participants engaged with a distinguished lineup of speakers and influencers. Among the notable figures were Lt. Gen D.V. Kalra (Retd.), Air Vice Marshal Rajeev Sharma (Retd.), and Rear Admiral A.S. Sethi (Retd.), who shared insights on leadership, discipline, and technological challenges. The diplomatic segment featured Mr. Mikhail Antsiferov, Third Secretary, Russian Embassy; Ms. Leticia Marranghello, Second Secretary, Political Section, Embassy of Brazil; Mr. Peter Mahafha, First Secretary, Political, South African High Commission; Amb. Amarendra Khatua, former High Commissioner of India to Argentina; Mr. Zhang Yefei, First Secretary, Embassy of the People's Republic of China, alongside senior civil servants IPS Parvez Hayat, IPS Shashank Jaiswal, and IRS Sukhad Chaturvedi. The entrepreneurial and corporate leadership sessions included Mr. Bibin Babu, Co-Founder of Paycio; Mr. Prann Sharma, President of Shree Baidyanath Ayurved Bhawan Pvt Ltd and BRICS CCI Governing Body Member; Mr. Jitendra Sharma, CEO of Hairoriginals; Mr. Vikas Dua, HR Head India, Weber Shandwick; Mr. Ankit Jhamb, Chief Learning Officer, Grant Thornton Bharat LLP; Mr. Anuj Gautam, Founder of Label-AG among others. The final day was marked by keynote addresses from Shri Rajesh Nagar, Minister of State for Food, Civil Supplies & Consumer Affairs Deptt. (Independent charge) and Minister of State for Printing & Stationery Deptt. ( Independent Charge), Government of Haryana; Dr. Rana Gurmit Singh Sodhi, Special Invitee to the National Executive of the BJP and Former Cabinet Minister of Punjab; Dr. Madhukar Gupta, Commissioner, State Election Commission, Rajasthan; Dr. Dnyaneshwar Manohar Mulay, Former Member, National Human Rights Commission; Mr. K.J. Alphons, IAS (Retd.), Former Union Minister for Tourism, India, and Former MLA; Air Marshal Ravi Kapoor (Retd.), Air Officer Commanding-in-Chief, Central Air Command; Mr. Sushil Sharma, CEO and MD, Marwari Catalyst; Mr. Anku Jain, Managing Director, MediaTek India and Mr. Nishant Sama, Co-Convener, BRICS CCI Young Leaders. Also featured was a keynote session by Mr. He Meng, Deputy Chief of Mission, Embassy of the People's Republic of China. The Dialogue further saw active participation from diplomatic representatives of Bolivia, Russia, Indonesia, South Africa, Brazil, Egypt, and Iran, among others. All participants were awarded globally recognized merit certificates in recognition of their active involvement and commitment to global leadership. By engaging with prominent figures from politics, diplomacy, governance, entrepreneurship, and corporate leadership, participants gained invaluable knowledge and perspectives to shape their future roles in global leadership. The summit successfully cultivated a dynamic and diverse cohort of future leaders prepared to drive positive change in India and across the world.
Time of India
a day ago
- Time of India
Gujarat manufacturing sectors brace for impact as 50% tariff threat looms
1 2 3 4 Ahmedabad: As global trade tensions intensify, the spectre of steep 50% tariff on Indian exports by the US has cast a long shadow over Gujarat's manufacturing sector. Contributing a substantial chunk to India's industrial output, Gujarat's manufacturers could face significant disruptions across multiple industries, from textiles and chemicals to gems, ceramics, and engineering goods. For Gujarat's exporters, the risk is not just about losing price competitiveness abroad but also about navigating uncertain supply chains and shifting buyer preferences. Textiles: Value chain from yarn to garment under strain Gujarat's textile belt, from Surat's man-made fabric hub to Ahmedabad's composite mills, stands among the most exposed to any steep tariff shock. The US is India's single-largest textile export market, taking $11 billion worth of shipments annually, about a quarter of India's total textile exports. Of this, Gujarat accounts for roughly 35%. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Gold Rates Today in Ahmedabad | Silver Rates Today in Ahmedabad "A 50% tariff will wipe out exports," warns Rahul Shah, co-chairman, GCCI textile committee. "Everything from yarn to fabric shipments to the US is on hold. Even direct exporters are struggling, and the impact will snowball across the ecosystem, from mills to raw material suppliers and job work units." "With textile companies in India operating on thin margins of 13–15% EBITDA (earnings before interest, taxes, depreciation, and amortization), there is little room for absorbing such shocks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Wildlife Cameras Capture What No One Should See Ohi Blog Undo Earlier tariff hikes of 10% triggered some renegotiations between buyers and suppliers, but the current 25% and proposed jump to 50% leaves no scope for compromise. If large exporters lose or pause orders, the repercussions will ripple across the entire value chain, including players who never directly ship to the US," Shah adds. Bharat Chhajer, former chairman of Powerloom Development and Export Promotion Council (PDEXCIL), said, "There is no possibility to export to the US if the tariff is as high as 50%. We have seen huge cancellations of orders in the past few days across the country for the US. Now, we will have to find new markets for our textile and garment industry. Third-country manufacturing will be required if there is no change in the 50% tariff policy by the US. " Chemicals: Speciality exporters in the crosshairs Gujarat's chemical clusters supply a vast spectrum of products ranging from dyes and pigments to high-value speciality intermediates to industries worldwide. The US is India's single-largest market for chemical exports, and a steep tariff shock could deal a direct blow to the sector's competitiveness. "Most chemicals cannot absorb such a high tariff," says Ankit Shah, chairman of northern region, Chemexcil. "At 50%, there is no scope for negotiation. Orders are already on hold, and the cascading slowdown in textile exports will spill over to domestic manufacturers too." While commodity chemical players may still pivot to local demand, speciality chemical exporters face a far tougher road. Long product qualification cycles and high switching costs mean they cannot quickly replace lost business, and disrupted contracts could chip away at Gujarat's hard-won share in key markets like the US and Europe. Gems & jewellery: Diamond polishing edge at risk Surat's diamond cutting and polishing industry is a labour-oriented sector, which depends heavily on US demand. A 25% tariff already impacted the industry's orders, which are on hold. A 50% duty could see orders rapidly diverted to rival hubs in Bangkok, Hong Kong, China, Thailand, or Indonesia. "A majority of our exports are diamond-studded jewellery. If these markets become unviable, we will lose business to competitors abroad and need to urgently find new destinations for our exports. This will inevitably lead to job losses at home," says Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA). The sector is already grappling with subdued US demand and volatile natural diamond prices after the introduction of lab-grown diamonds. A new tariff wall could further shrink export pipelines, derail plans for expansion and upgradation. Ceramics: Makers fear exports to US will stop Gujarat is the ceramic hub of India, with Morbi emerging as a global supplier over the years. However, the industry fears if the tariffs reach 50%, other countries will capture the US market. Kamlesh Patel, director of Indian Council of Ceramic Tiles and Sanitaryware (ICCTAS), said, "If tariffs reach 50%, our exports to the US will stop because other ceramic manufacturing countries like Spain and Italy have much lower tariffs compared to India. Currently, tariffs are 25%, and due to that, distributors and dealers in the US have passed on the cost to buyers, but it is not being accepted in the market. The number of orders has decreased. Ceramic and quartz exports to the US are around Rs 2,500-3,000 crore from India." Food: Industry stares at difficult situation Gujarat-based food industry is also worried about the tariff threats. Dhaval Raval, chairman of the Assocham food committee, said, "Some orders were cancelled following the 25% tariff. If it is increased to 50%, the situation will be worse. For Indian frozen food, there is little competition, but the prices for Indians living in the US will increase, affecting demand. There are significant order cancellations for spices players as well. " Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
