Customs Duty Frameworks, Agricultural Expansion, and Gems & Jewellery Market Rebound 

Published

Indian industry associations have petitioned the government to grant wear-and-tear depreciation benefits on imported capital goods under the Manufacture and Other Operations in Warehouse Regulations (MOOWR) 2019 scheme, arguing that levying customs duty on historical import values during domestic clearance penalizes manufacturers and that units should also qualify for Remission of Duties and Taxes on Exported Products (RoDTEP) tax refunds. In agricultural commerce, Uttarakhand achieved a strategic milestone by exporting its maiden 24-metric-tonne consignment of frozen French fries from Kashipur to Iraq via the Agricultural and Processed Food Products Export Development Authority (APEDA), advancing the state’s value-added agri-export strategy and building on national processed vegetable exports that hit $932.25 million in 2025–26. Furthermore, India’s gems and jewellery export sector rebounded sharply in June 2026 with a 26.5% gross surge to $2.21 billion, driven by a 54.5% jump in gold jewellery shipments and an 8.7% rise in cut and polished diamonds, alongside growing global demand for price-conscious, finished lab-grown diamonds over natural stones.

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