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The Indian stone industry relies mainly on China-based supply chains for many essential raw materials and machinery components.

THSA president KB Ramachandra said payment delays had persisted since 2022, but the recent increase in raw material costs had worsened the situation.

At the interbank foreign exchange market the rupee opened at 95.52, then lost ground and touched 95.56 in initial trade, registering a fall of 15 paise from its previous close.

The worst fighting between Washington and Tehran since the April 8 ceasefire has cast doubt on Trump's earlier claim that negotiations were close to ending the West Asia conflict.

PM Modi also reiterated India’s longstanding position that dialogue and diplomacy remain the only viable path to resolving the crisis.

Trump has repeatedly said that a peace agreement with Tehran is imminent, but diplomacy has stalled and the two sides have traded fire despite a ceasefire in place since April 8.