India’s crude oil import bill surged nearly 17% year-on-year to $63 billion during the April–July 2026 period due to elevated global prices, despite volume shipments remaining virtually unchanged at 81.9 million tonnes. Addressing industry leaders, Commerce Secretary Rajesh Agrawal outlined a roadmap for India’s gems and jewelry sector to reach $100 billion in exports by 2040 by pivoting from low-margin manufacturing to high-value design, branding, and global innovation. Meanwhile, export data from Special Economic Zones (SEZs) showed total shipments touching 183billioninFY26,withtheservicessector, drivenpredominantlybyITandITES, contributingover60%(112.2 billion) of all foreign exchange earnings generated within these enclaves.