With the pressure on for the European Union (EU) and India to come up with a significant announcement at the upcoming EU-India summit on December 10, a flurry of activity surrounding the ongoing negotiations for a bilateral free trade agreement (FTA) is giving momentum to the process.
The share of rent in consumption expenditure has risen to 6.58%, according to the Household Consumption Expenditure Survey 2023-2024. This is the highest it has been in surveys going back to the turn of the millennium.
Among major economies, India in FY23 recorded the steepest increase in greenhouse gas (GHG) emission, climbing 6.1 per cent, with China trailing close behind at 5.2 per cent, according to the United Nations Environment Programme (UNEP) Emissions Gap Report 2024. In contrast, GHG emission decreased in both the European Union (EU) and the United States (US) by 7.5 per cent and 1.4 per cent, respectively. Despite India's rise, its 2023 GHG emission remains relatively low at 4,140 million metric tons of carbon dioxide equivalent (MtCOe) against China's 16,000 and the US's 5,970.
India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
Export-led Indian IT sector is not directly hit by Trump's tariff order on goods, but there could be worrisome indirect bearings on it arising out of possible slowdown in decision-making and GDP growth in America over higher tariffs, which may then cloud demand from specific verticals, according to some analysts.
After a fresh round of human rights dialogue, India and the European Union on Friday concurred on the importance of safeguarding freedom, independence and diversity of civil society actors, including human rights defenders and journalists.
India and the European Union (EU) have begun discussions to resolve the ongoing dispute over the seizure of Indian generic drugs consignments in transit at European ports. Lutz Guellner, spokesperson for the European Trade Commissioner, told Business Standard that a meeting of the EU-India Joint Customs Cooperation Committee held in New Delhi on Thursday proved "constructive" with an "open discussion of the issues" taking place.
Snapping the two months slide, the country's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while trade deficit narrowed to $20.78 billion. According to official data released on Wednesday, imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period. The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year.
'If you compare the data from 2017 and 2023 of the US imports from the world and China, you will see that the US was a complete loser in the trade war, and China was a complete gainer.'
In the shadows of a sliding rupee, India's knitwear hub Tiruppur is weaving a success story. While the domestic currency edges closer to the 86 mark against the US dollar, triggering concerns for many sectors, this textile town in Tamil Nadu is finding opportunity in adversity: Between April and December alone, Tiruppur's exports reached Rs 26,000 crore, almost eclipsing last financial year's total of Rs 30,690 crore.
"We have requested EU member states to individually consider extending similar exemption to those persons who have taken COVID-19 vaccines in India, that is Covishield and Covaxin, and accept the vaccination certificate issued through the CoWIN portal," said a source.
The leaders also noted the "negative impacts" of the war in Ukraine with regard to global food and energy security, especially for developing and least-developed countries.
'Doctors feel they have a duty to prolong a heartbeat at all costs.' 'And a son or a daughter feels, I can't let my mum die. I have to save her at all costs.' 'They think saving is just prolonging life. But the person suffers.'
Sikh militant group on EU's terrorist list
Ahead of his much-anticipated visit to conflict-torn Ukraine, Prime Minister Narendra Modi on Thursday said India firmly believes that no problem can be solved on the battlefield and it is ready to extend all possible cooperation for the restoration of peace and stability in the region.
Indian mango growers are suffering daily and some have been bankrupted.
The Indian economy is expected to be "a little weaker" in 2025 despite steady global growth, IMF managing director Kristalina Georgieva has said. Georgieva also said she expects quite a lot of uncertainty in the world this year mainly around the trade policy of the US. In her annual media roundtable with a group of reporters on Friday, she said global growth is expected to be steady in 2025, but with regional divergence.
The recent stimulus measures announced by China have seen most analysts sit up and take notice.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
Countries that raised concerns about the quality of Indian spices have called for urgent attention and action, Delhi-based think tank Global Trade Research Initiative (GTRI) said on Wednesday. The stakes are high since India exported spices worth about $692.5 million to the United States (US), Hong Kong, Singapore, Australia and Maldives in the financial year 2023-24 (FY24), it said. During FY24, India's spice exports were worth $4.25 billion, accounting for a 12 per cent share of the global spice exports.
The heated exchange between Trump and Zelenskyy and the resulting outpouring of support for the Ukrainian leader highlighted the deep fissures that have emerged between America and Europe over Ukraine.
Birla told the European Parliament Vice President that every nation and Parliament is sovereign and internal issues of other countries should not be discussed by others.
The India-European Union summit which was slated to be held later this month will now be rescheduled in view of the coronavirus outbreak, the ministry of external affairs said on Thursday.
India has flagged concerns over non-tariff barriers (NTBs) faced by its exporters with the Russian government, commerce secretary Sunil Barthwal said on Monday. NTBs faced by Indian exporters are mainly in sectors such as marine products and pharmaceuticals.
Frequent bans on Indian food products by the EU have prompted the Indian government to invite the officials of the EU Food and Veterinary Office to let them assess the food safety standards followed by India.
India would have to put at least 10 percent of scientific, managerial and industrial inputs in the project.
The United States, the United Nations and the European Union have welcomed the announcement by the militaries of India and Pakistan to strictly observe all agreements on ceasefire along the Line of Control (LoC) in Jammu and Kashmir and other sectors, and hoped that it would lead to greater peace and stability in South Asia.
India, the world's third largest oil consuming and importing nation, in July bought $2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.
Leterme contended that there is a need for the United Nations Security Council to adapt to the realities of the 21st century as it requires representation that goes beyond the structures established in the 20th century.
We have applied for marketing authorisation to the EMA through AstraZeneca. We will not sell the vaccine in the EU, said a company source.
India abstained in the United Nations General Assembly on a draft resolution introduced by Pakistan and co-sponsored by China on Islamophobia, asserting that the prevalence of 'religiophobia' against Hinduism, Buddhism, Sikhism and other faiths facing violence and discrimination must also be acknowledged rather than singling out just one religion.
India has already asked the EU member countries to individually consider allowing Indians who have taken Covishield and Covaxin vaccines and want to travel to Europe.
The EU is challenging the introduction of import duties on a wide range of ICT products, for instance mobile phones and components, base stations, integrated circuits and optical instruments
EU special representative for human rights Eamon Gilmore said on Friday that in his meetings with the Indian government he has discussed issues such as the use of sedition and anti-terrorism laws, condition of minorities, communal violence and the situation in Jammu and Kashmir.
Billionaire Mukesh Ambani-led Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney and formed a joint venture with a valuation of over Rs 70,000 crore. The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately Rs 26,000 crore and will be led by Nita Ambani as its chairperson, according to a joint statement.
New Delhi has not adhered to the recent G-20 assurances that leaders had agreed at the London meeting last month not to impose protectionist measures, the EU claimed.
The sources said friends of India prevailed over those of Pakistan in the European Parliament on Wednesday.
Under the FTA in the Services sector, India wants the EU to ensure free mobility of professionals without restrictions such as experience whereas the EU wants greater commitment by India to allow foreign investment in services such as retail, legal and postal.
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