Prime Minister Narendra Modi and US Vice President JD Vance have expressed satisfaction with the progress made in negotiations for a bilateral trade agreement. The two leaders met in New Delhi and discussed a range of bilateral issues, including cooperation in energy, defense, strategic technologies, and other areas. They also exchanged views on regional and global issues of mutual interest.
Japanese PM Shinzo Abe will arrive in New Delhi on Friday on a three-day visit to hold annual summit with a focus on forging greater synergies between the two nations.
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
Steps such as safeguard duty in the works to plug the route
A Rs 98,000-crore deal to build a bullet train network is among a number of agreements likely to be signed during Japanese Prime Minister Shinzo Abe's three- day visit beginning Friday during which he will hold annual summit talks with his Indian counterpart Narendra Modi.
India and New Zealand have signed a pact to institutionalize their defence ties and vowed to boost cooperation in the Indo-Pacific. Prime Minister Narendra Modi raised concerns about anti-India activities by some illegal elements in New Zealand with his Kiwi counterpart Christopher Luxon. The two sides also signed six agreements to enhance cooperation in areas including education, sports, agriculture, and climate change. They also agreed to prepare a roadmap for cooperation in the defence industry sector and explore early implementation of cooperation in the digital payments sector.
Sources said China was forcefully pushing for inking the deal during the RCEP summit later in the day, which was seen as an attempt to counter-balance the impact of its lingering trade war with the US as well as to project the region's economic might to the West.
Reliance Industries chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
According to the industry body, the 16-member RCEP has the potential to become one of the largest and economically dynamic trading blocs of the world, even bigger than the European Union.
Some of these nations are India's biggest export market. India is also dependent on these countries to meet its energy needs.
'In a special gesture, UAE President and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan, accompanied by senior members of the Royal Family, was at Abu Dhabi airport for the interaction with PM'
Thailand expressed interest in the Indian defence industry and its experience and expertise in the field of defence R&D and production. Modi welcomed Thai investments in India in the potential areas under the 'Make in India' initiative, especially in the manufacturing sector, infrastructure development, tourism and hospitality facilities.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
India has been forcefully raising the issue of market access as well as protected lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.
The fourth finance ministerial meeting, to be held in New Delhi, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
His visit to India followed a few cancelled plans since he took office in July 2019 due to the coronavirus pandemic crisis, with the two leaders holding several virtual talks and eventually meeting in person on the sidelines of the COP26 climate summit in Glasgow last November.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
Prime Minister Narendra Modi on Thursday asserted that the world community must reject any linkage between religion and terrorism while formulating a "genuinely international" partnership in the fight against all forms of terror acts.
'The touchstone is reciprocity which will be applied to friends and foes alike.' 'It will be a bitter pill to swallow.'
He said that India will work with Singapore to bring the Regional Comprehensive Economic Partnership to early conclusion. He also said the India-Singapore Comprehensive Economic Cooperation Agreement has been reviewed and the two sides will work to further upgrade it.
The Singapore Minister applauded Prime Minister Modi's effort to make India the manufacturing hub of the world.
Russia's unprecedented rapprochement with North Korea has raised concerns about the re-emergence of a Russia-China-North Korea alliance which could increase the probability of conflict on the Korean Peninsula, explains Dr Rajaram Panda.
Prime Minister Narendra Modi and French President Emmanuel Macron have called for enhancing trade and investment ties between their countries and committed to further deepening their engagement in the Indo-Pacific. They discussed a full spectrum of bilateral relations, including key global and regional issues, and stressed the urgent need for reform in the United Nations Security Council. The leaders also underscored their commitment to ensuring the global AI sector can drive positive social, economic, and environmental outcomes.
The pacts signed after Modi-Hasina talks provided for deeper cooperation between the two countries in areas of water resources, youth affairs, culture, education and coastal surveillance.
Surjewala said the party's 10-day agitation was formalised at a meeting in which Rahul Gandhi participated in, but neither he nor Sonia Gandhi would be participating in the state and district level programmes.
The trade deal, officials say, can lead to an effective trading bloc against the China-led Regional Comprehensive Economic Partnership.
Had India agreed to join the trade pact, Indian markets would have been flooded with cheap Chinese products.
'Mere fundamentals will not do the trick,' cautions former commerce secretary Rahul Khullar.
The Commerce Ministry earlier this week commissioned a study to assess the impact of free trade agreement with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.
India and ASEAN have relations "free from contests and claims" and believe in sovereign equality of all nations irrespective of size, and support for free and open pathways of commerce and engagement, Prime Minister Narendra Modi wrote in his column.
The two countries also signed three other agreements -- to enhance aviation links, to jointly work in the area of energy efficiency and promotion of parliamentary cooperation.
Panagariya also stressed that India must continue the liberalisation of its top tariff rates and the country should not revert back to import substitution.
It was their first conversation since Indian-origin Sunak took charge as British prime minister on Tuesday.
Trade between Australia and India stands at around $15 billion a year, or just a tenth of that between Australia and China.
'Given China's past behaviour and their territorial claims, should we be sceptical regarding China's willingness to adhere to these agreements fully? The answer is yes.' 'As Ronald Reagan famously said in the context of the SALT talks, 'Trust, but verify!' India should also do the same.' 'This has already begun with foot patrolling, drones, satellite imagery and so on. India's military deployment did mirror China's and will continue to do so in the future.'
Winding up his visit to Canada, Prime Minister Narendra Modi said it was a historic trip that will herald a new era of cooperation between the two countries.
India will witness good growth under the present government.
Reports (not denied by India) that the USA had 'for the first time provided real-time details to their Indian counterparts on the Chinese positions and force strength in advance of a PLA incursion' into Tawang at the LAC in December 2022, helping India thwart China's expansionist designs, show how operationally effective the USA-India friendship has become on the ground. A engaging excerpt from Sreeram Chaulia's must-read new book, Friends: India's Closest Strategic Partners.
