A consolidated view of market events, assembled from diverse sources.
India's gems and jewellery exports surged 9.43% year-on-year to $2.95 billion in September 2026, driven primarily by studded gold jewellery which jumped 50.24% to $812.62 million, while polished lab-grown diamonds grew 40.72% to $151.43 million. The sector's strong performance continued in the first half of FY27 with overall exports reaching $14.30 billion, up 3.07% in dollar terms despite elevated gold prices and challenging global trade conditions.
A major UK trade delegation led by Trade Commissioner Harjinder Kang visited Maharashtra, signing a growth partnership agreement expected to generate over £1 billion in new deals. The delegation, including three Cabinet ministers and 200 businesses, is touring India from October 12-16, 2026, focusing on sectors like life sciences, fintech, and advanced manufacturing under the newly implemented UK-India Free Trade Agreement.
Commerce Minister Piyush Goyal announced at the Bloomberg New Economy Forum that India is actively working to develop relations with China once again, emphasizing the need for fair deals and stable geopolitical conditions. Speaking after PM Modi's meeting with Chinese President Xi Jinping at the BRICS Summit, Goyal highlighted that bilateral trade between India and China rose 7.9% to $151.10 billion in 2025-26, though the trade deficit widened to $112.16 billion, while reaffirming India's strong partnership with the US as its largest trading partner.
US Ambassador Sergio Gor confirmed that 'big items are done' in India-US trade negotiations, with External Affairs Minister S Jaishankar stating the talks are heading towards a 'landing point' after 18 months of discussions. The ambassador emphasized the unprecedented pace of negotiations, noting they announced a trade deal within three weeks of his arrival compared to the EU deal taking almost 20 years, while addressing US sanctions concerns and highlighting opportunities in defence, IT, and manufacturing sectors.
Commerce Minister Piyush Goyal announced that European carmakers will prefer manufacturing in India over their home markets due to stringent European regulations, while highlighting India's growing attractiveness as a global manufacturing hub. He emphasized that India is positioned to become a global car manufacturing hub, supported by proposed duty cuts in trade deals with the UK and EU, with India targeting $1 trillion in exports this fiscal year.
India and the UK have agreed to exchange annual data on CETA tariff utilisation starting one year after the trade agreement's July 2026 implementation, with the goal of helping more businesses, particularly SMEs, benefit from the deal. The 16th JETCO meeting in New Delhi reviewed early success stories including tariff-free Scottish salmon shipments and over 50 Indian consignments sent to the UK on the first day, while both countries committed to establishing comprehensive cooperation frameworks to ensure smooth operation of the agreement.
Commerce Minister Piyush Goyal confirmed that India-US trade negotiations remain on a 'steady keel' despite recent legal framework changes, with both countries working to finalize the legal framework for the preferential market access deal announced in February. Goyal emphasized that India-US relations are 'very good' and will continue improving regardless of political changes in either country, highlighting the substantive bilateral partnership beyond trade.
Commerce Minister Piyush Goyal confirmed that India-US trade deal negotiations are progressing with the first phase framework finalised and undergoing legal drafting, though implementation awaits competitive advantages over peer countries. The deal faces challenges from recent US Supreme Court rulings on tariff powers and evolving tariff landscapes, while Goyal also announced the India-EU free trade agreement will be signed in December and implemented from February-March next year.
India and the European Union are targeting to conclude their free trade agreement by end-2026 and implement it in 2027, with Bloomberg Economics estimating the deal could add $140-170 billion to India's GDP by 2035. The agreement is expected to boost trade volumes by 10% and transform India into a global manufacturing hub for automobiles, while also strengthening defence industry cooperation between the two regions.
US visa restrictions on Indian tech companies and stalled trade talks are creating new opportunities for India's startup ecosystem and technology sector, while Commerce Minister Piyush Goyal announced that trade negotiations with the US are progressing with final details being worked out. India is simultaneously deepening partnerships with Europe, Canada, and other regions to diversify its strategic options beyond the traditional US relationship.