The apparel and engineering sectors have already witnessed the trend in the past one week. If this continues, it can have an impact on the overall export demand in the coming months, considering that Europe is the largest national export market for India.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
Fitch Ratings on Monday cautioned that the Indian government has little fiscal headroom at its disposal to respond to possible shocks to growth given the country's lowest investment grade credit rating with a negative outlook. "India's public debt/GDP ratio, at about 87 per cent in FY21, is well above the median of around 60% for 'BBB' rated sovereigns. "We revised the Outlook on India's rating to Negative, from Stable, in June 2020, partly owing to our assumptions about the impact of the pandemic on public finance metrics. "The government has little fiscal headroom at its current rating level to respond to possible shocks to growth," it said in a report.
'The robust tax collections give the finance minister a fair amount of headroom for an expansionary fiscal policy.'
India and China have mostly set aside their bilateral differences in order to champion the cause of developing countries at the World Trade Organisation (WTO). That seems to be changing. During the latest round of China's trade policy review, India questioned its northern neighbour's claim that it was a developing country, since, going by the World Bank's definition, its per capita income belongs to that of an upper middle income country. "As per the per capita income level, the Chinese economy belongs to 'upper-middle income'. "How can China still claim to be a developing country? "What are the indicators which China is using to claim such a status?" India asked.
This is the second such initiative for urban reforms after the successful implementation of the Jawaharlal Nehru National Urban Renewal Mission launched in FY06.
Proposes that the percentage of land to be acquired by state agencies should be decided by their governments.
While the Centre and several state governments are facing a tough time over land acquisition issues back home, Ethiopia on Wednesday offered "virgin fertile" land to Indian companies for agricultural developments.
Prime Minister Manmohan Singh unveiled a new India aid package for African nations on Tuesday, of $6 billion, and a comprehensive range of initiatives covering various social and economic sectors.
As part of an overall strategy of improving food management to reduce inflationary pressure, the food ministry has written to Prime Minister Manmohan Singh to incentivise organised retail trade in the farm sector.
Top sources in the government told Business Standard the Congress managers wanted the rise in prices to be a collective decision of the United Progressive Alliance and also make sure allies could not wriggle out of the exercise to take harsh economic decisions.
The draft report of the Public Accounts Committee (PAC) of Parliament is understood to have asked the UPA government to quantify the loss to the exchequer from the 2G scam and recover it from companies that benefited from this.
According to the current plan in Congress party quarters to end the stand-off on a parliamentary probe into the telecom scam, Prime Minister Manmohan Singh is likely to make a statement in Parliament on Tuesday, a day after it convenes, asking the Speaker to form a Joint Parliamentary Committee on the subject.By the rules, Speaker Meira Kumar will authorise this. A JPC generally has two-thirds of its members from the Lok Sabha and the rest from the Rajya Sabha.
In a norm reversal, Nitish's village gets transformed, his house remains as it was.
Both the rightist Congress and the Leftists, after a long time, are trying to measure their luck depending on their own strength.
Former US defense secretary Donald Rumsfeld once had to catch Mukherjee in Kirnahar during the Puja.
The finance ministry is arriving at a consensus to reject a proposal mooted in government to permit foreign direct investment (FDI) in multi-brand retailing.
The central leadership of the CPI(M) on Monday admitted to a series of mistakes, including the decision to allow the first UPA government to go to the International Atomic Energy Agency (IAEA) in 2007.
If Karat's six-page long speech is an indication, he spent eight paragraphs attacking the Congress, while just one paragraph went into slamming the BJP for its communal politics.
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