Prime Minister Narendra Modi and United States President Donald Trump on Monday vowed to work towards a 'trusted' partnership with a focus on boosting India-US cooperation in areas of trade, energy and defence in their first phone conversation since the American leader's inauguration last week.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
There were concerns in Sri Lanka about the huge trade imbalance.
The World Bank on Tuesday raised the growth forecast for the Indian economy to 7 per cent for the current fiscal year on the back of recovery in agri sector and rural demand. World Bank had in June projected India to grow at 6.6 per cent for FY24. According to the World Bank Report released on Tuesday, India's growth continues to be strong despite a challenging global environment.
Global confidence in India has been restored, says Modi.
Since the last nine years, gold investors have made money each year, while gains in silver have been consistent only in the last five years.
The matter came up for discussion during their wide-ranging dialogue that was aimed at expanding overall ties.
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.
India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
As US President Joe Biden launched a new trade deal with 12 Indo-Pacific nations, including India, to enhance trade, economic and investment opportunities, China, which sees the pact as a threat to its dominance in the region, went on the offensive against it, promising more opening up, while the official media here termed it as "economic Nato".
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.
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.
The Union Cabinet on Wednesday approved the signing of a comprehensive economic cooperation agreement, a kind of a free trade pact, between India and Mauritius which is aimed at liberalising norms to boost two-way commerce
Countries that have signed the RCEP agreement can start negotiations with India for joining the pact once New Delhi submits a written request stating its intention for the same, according to a declaration. On November 4 last year, India walked out of mega free trade agreement RCEP (Regional Comprehensive Economic Partnership) as negotiations failed to address New Delhi's outstanding issues and concerns. The remaining 15 member countries have signed RCEP agreement and have stated that the pact would remain open to India.
Modi was honoured with the 'Order of Zayed', the UAE's highest civilian award, in 2019 as a mark of appreciation for his efforts to boost bilateral ties between the two nations.
Modi congratulated him on assuming charge and a remarkable victory of his Labour Party in the election.
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President Pranab Mukherjee has sought to counter criticism against the economic stimulus provided when he was the Finance Minister in 2009 and maintained that economy under him registered high growth rates.
Both the countries discussed issues of mutual interest like comprehensive economic partnership, high level structured energy dialogue, cooperation in mining and earth sciences, social security agreement, civilian nuclear cooperation at the 6th round of Annual Bilateral Trade Policy Consultations that concluded in Ottawa on Thursday.
The government on Tuesday approved the draft of India's free trade agreement with Japan, which is likely to be signed during Prime Minister Manmohan Singh's visit to Tokyo later this month.
Gold import from the UAE at a lower rate of duty -- in terms of an agreement -- has posed a survival challenge for the Indian refining industry while hurting the price discovery of the metal, with the India International Bullion Exchange starting operations at GIFT City. The problem has arisen after the government signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Under it, Indian jewellery manufacturers have been allowed to import gold at a concessional rate of 14 per cent against 15 per cent, which is normal.
Indian firms feared they would lose business if US ratified the Trans-Pacific Partnership agreement with 11 other countries.
"We are very keen that before the year is out we should have an agreement on a comprehensive economic partnership," Dr Manmohan Singh said in an interview to a Japanese newspaper Yomiuri Shimbun. The two countries had earlier failed to finalise a trade deal by mid-2008 or to achieve visible progress in time to sign it during a three-day visit by Singh to Japan which started on Tuesday, the paper said.
Asked for China's comments on India not joining the RCEP deal over concern of cheap Chinese products potentially harming its domestic industry, Chinese foreign ministry spokesman Geng Shuang told the media in Beijing on Tuesday that China welcomes India joining the deal.
'The touchstone is reciprocity which will be applied to friends and foes alike.' 'It will be a bitter pill to swallow.'
Ahead of Sri Lankan Prime Minister Ranil Wickremesinghe's first foreign visit to India, at least 16 Indian fishermen arrested recently for allegedly poaching in Sri Lankan waters will be released in a goodwill gesture.
The visit of Park Geun-Hye to India, though a symbolic one, will certainly give a further impetus to the strategic partnership between the two countries says Rup Narayan Das.
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.
Modi hailed the close defence cooperation between the two countries and welcomed the completion of the logistics agreement between the two navies.
Bangladesh Prime Minister Sheikh Hasina is expected to travel to India on September 5 on a three-day official visit during which defence cooperation and regional stability are likely to be the focus of her talks with Indian counterpart Narendra Modi, an official said on Monday.
The dispute arose after Nissan alleged that Tamil Nadu hadn't paid certain incentives under a 2008 agreement to set up a car plant at Oragadam, near Chennai.
India and Italy inked 15 pacts and finalised an ambitious action plan to further expand their ties following a virtual summit between Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte that primarily focused on ramping up economic engagement.
Moon Jae-in's visit will play a crucial role in exploring complementarities between India's Act East policy and South Korea's New Southern policy, says Dr Rahul Mishra.
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.
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.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
Steps such as safeguard duty in the works to plug the route
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.
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'
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.
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