New Delhi, Aug 4: India’s Geographical Indication (GI) ecosystem is evolving into a bridge between tradition and opportunity and with a target of 10,000 GI registrations by 2030, the country is well positioned to strengthen its heritage economy and enhance the global presence of its unique regional products, an official factsheet said on Tuesday.

India is home to over 800 registered GI products and 607 GIs have been granted since 2014. In the last 10 years, authorised users for GI tags increased from 365 to 29,000 (as of January 2025).

Through the 2025 amendment, the fee for filing GI applications and related processes has been reduced by 80 per cent. The renewal fee for the tag has also been cut from Rs 3,000 down to just Rs 500.

Free Trade Agreements (FTAs) enhance the value of GIs by expanding market access for distinctive regional products. GI tags certify authenticity and origin, while FTAs reduce trade barriers and improve export opportunities. Reflecting their growing importance, GIs have become a key issue in India’s trade negotiations, according to the statement.

By linking products to their place of origin, GI tags preserve traditional knowledge, prevent misuse, and enhance consumer trust. They help artisans, weavers, farmers, and producer groups secure better market recognition and gain access to premium markets.

According to the factsheet, India’s GI ecosystem has expanded significantly over the years, supported by a robust legal framework and growing public awareness.

Government initiatives are further strengthening this ecosystem through financial assistance, export promotion, tourism integration, and dedicated marketing platforms. Together, these efforts are transforming GI products into drivers of rural development, cultural preservation, and export-led growth.

“A GI tag serves as a seal of authenticity for artisanal crafts, safeguarding them against imitation, misuse, and unauthorised commercialisation. Its significance, however, extends far beyond legal protection,” said the statement.

For instance, the Channapatna toys received GI recognition in 2006.

This recognition applies only to wooden toys made in Karnataka’s Channapatna region. The toys must be produced using the region’s distinctive lacquerware art. Although it may appear to be a simple certification, the tag can deliver far-reaching benefits, the statement added.

A GI tag is more than a label. As per the Ministry of Textiles, it can raise rural artisans’ incomes by 20–30 per cent. By certifying a product’s origin and unique heritage, GI tags instil confidence among buyers and enhance the product’s market appeal.

Growing demand for GI-tagged products enables artisans to gain greater visibility, access premium markets, strengthen their bargaining power, and capture a larger share of the value generated by their work.

According to the statement. the recognition creates sustainable livelihood opportunities. They also play a vital role in preserving and promoting India’s rich cultural heritage and indigenous craftsmanship for future generations.

India is home to GI-tagged products across categories such as handicraft products, agricultural products, manufactured goods, food products and natural products.

New Delhi, Aug 3: Union Commerce and Industry Minister Piyush Goyal on Monday said that Uttar Pradesh is steadily transforming from a local economic powerhouse into a global growth engine, driven by the leadership of Prime Minister Narendra Modi and Chief Minister Yogi Adityanath.

Highlighting the impact of India’s Free Trade Agreements (FTAs), Goyal said the state’s leading sectors are gaining greater access to international markets, creating new opportunities for exporters, artisans, farmers and manufacturers.

“Uttar Pradesh moving from local to global. Under the leadership of Prime Minister Narendra Modi and Chief Minister Yogi Adityanath, Uttar Pradesh is reaching new heights of development,” Goyal said in a post on social media platform X.

He emphasised that trade agreements signed by India are helping connect the state’s products and industries with international markets.

The minister noted that Uttar Pradesh’s key manufacturing and traditional sectors are benefiting from expanding export opportunities.

Kanpur’s renowned leather industry, which has long been a major contributor to the state’s economy, is expected to gain wider access to overseas markets through India’s trade partnerships.

Goyal also highlighted Noida’s rapidly growing electronics manufacturing sector, saying that global market access created through FTAs is opening new possibilities for exporters and manufacturers in the region.

Noida has emerged as one of the country’s major electronics production hubs and is playing an increasingly important role in India’s export ecosystem.

Apart from industrial products, traditional handicrafts from Saharanpur are also poised to benefit from greater international demand.

The minister said artisans and small businesses engaged in the handicrafts sector could access new markets abroad as trade barriers are reduced through various agreements.

Agricultural producers in western Uttar Pradesh are also expected to gain from the expanding trade landscape.

“Through Free Trade Agreements, Kanpur’s leather, Noida’s electronics, Saharanpur’s handicrafts, and agricultural products from Western Uttar Pradesh are gaining new opportunities in global markets,” he mentioned.

Mumbai, Aug 3: The Reserve Bank of India’s (RBI) three-day Monetary Policy Committee (MPC) meeting — led by Governor Sanjay Malhotra — begins on Monday with investors and economists closely tracking the central bank’s assessment of inflation, economic growth and the future interest rate trajectory ahead of the policy decision due on August 5.

The policy announcement is expected to provide cues on the outlook for interest rates, liquidity conditions and the broader economy amid an uncertain global environment.

Many analysts expect the six-member MPC to keep the policy repo rate unchanged at 5.25 per cent after maintaining the status quo in its June meeting.

According to SBI Research, the RBI is likely to leave policy rates unchanged as consumer price inflation is expected to remain above 5 per cent over the next two quarters, while domestic economic activity has shown signs of strengthening.

The report said Q1 FY27 GDP growth could exceed 7 per cent, higher than earlier estimates.

It further stated that an explicitly dovish message from the central bank appears unlikely in view of oil price volatility, pressure on the rupee and caution over external capital flows.

However, the report noted that domestic fundamentals have improved helped by strong capital inflows in July, a recovery in foreign exchange buffers, better monsoon conditions and near-normal reservoir levels.

Additionally, at its previous policy review in June, the RBI had unanimously retained the repo rate at 5.25 per cent and kept its policy stance neutral.

The central bank also revised its FY27 GDP growth forecast to 6.6 per cent amid geopolitical tensions.

Markets will also closely watch the RBI’s commentary on inflation risks, growth prospects and global developments for signals on the future course of monetary policy.