India's merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as well during the entire 2023-24. Trade deficit, or the gap between imports and exports, narrowed 17.74 per cent in March to $15.6 billion and came down 9.33 per cent to $240.17 billion in FY24.
Taking a dig at Europe, Brazil Thursday suggested the European Union to outsource all their calculations to India's computers and mathematicians as it dismissed the allegation that the two countries were fooling everyone on reducing tariffs.
Returning home after a five-day high-profile state visit to China, Maldives President Mohamed Muizzu on Saturday struck a defiant note saying that his country may be small but 'doesn't give them the license to bully us'.
The talks are being held in Brussels between high-level delegations from India and EU, led by Commerce Secretary G K Pillai and Director General of European Commission Davis O'Sullivan.
With farm Acts out of the picture, the government may look at reforming the input side of the agriculture sector - regulations and rules that govern seeds, fertilisers and plant chemicals. Sources said such a blueprint, which is aimed at making the life of farmers easier, with quicker approvals but not compromising on quality, is in the works as part of the 100-day agenda of Modi 3.0. Also, ways to administer fertiliser subsidy more effectively and cutting down on leakages and diversions to build on the success of neem-coated urea are being thought of.
Genset manufacturer Cummins India has seen its share price rise by 45 per cent in the past three months. The management has reaffirmed that growth would be in double digits over the coming two fiscal years. Growth is expected to be driven by a pickup in domestic infrastructure spending.
The European Union on Friday asked India to further open its economy for foreign investments even as the country has taken tentative steps towards liberalising FDI in sensitive defence and multi-brand retail sectors.
India currently does not have any XBB 1.5 variant-based vaccines available.
The UK voted to leave the European Union after 43 years.
The issue was taken up at a meeting in New Delhi between Commerce and Industry Minister Anand Sharma and visiting Polish Foreign Minister Radoslaw Sikorski.
Last week, India lodged a complaint against the EU's measures on PET at the WTO, saying Brussels allegedly violated core provisions of the Agreement on anti-dumping as well as subsidies and countervailing measures. Under the WTO's anti-dumping and anti-subsidy rules, the EU is required to terminate its measures after five years. But Brussels continued to impose them on the ground that the Indian exports could harm the European producers.
The European Union on Thursday said India will surpass 7.0 per cent growth this year and the new United Progressive Alliance government is expected to continue with reforms, including reduction in fiscal deficit.
Opposes Emissions Trading Scheme, which requires carriers flying to or from Europe to offset their carbon emissions
The European Union on Wednesday said there would not be any dialogue with India on the World Trade Organisation issues when their political heads meet at the India-EU summit this weekend, even though trade issues will figure in the summit.
Birla conveyed to the head of the European Union's legislative body that it was inappropriate for one legislature to pass judgements on another and the practice could be misused by vested interests.
Industry body Assocham on Monday said country's top CEOs are in favour of signing a specialised free trade agreement with the European Union in services.
India on Tuesday said that the European Union must liberalise its visa regime to allow free flow of businessmen and skilled professionals from the country to the continent and was looking forward to the proposed 'Blue Card' initiative to facilitate hassle-free employment of skilled migrants.
"I realise that a lot of Indians who have taken Covishield are facing issues with travel to the EU, I assure everyone, I have taken this up at the highest levels and hope to resolve this matter soon, both with regulators and at a diplomatic level with countries," Poonawalla said in a tweet.
Dr Reddy's Laboratories (DRL) is set to acquire Haleon's global portfolio of consumer healthcare brands in the nicotine replacement therapy (NRT) category outside of the US. DRL will pay a total consideration of 500 million, including an upfront cash consideration of 458 million and contingent cash payments up to 42 million based on performances in CY25 and CY26. DRL will acquire the portfolio through the purchase of shares of Northstar Switzerland SARL, a Haleon group firm.
India and EU on Monday agreed to resume stalled WTO talks immediately by adopting a flexible approach to narrow the differences on contentious issues like agriculture.
The UK became the first country to exit the economic bloc after 47 years of membership following the vote in favour of Brexit in June 2016.
As part of their joint efforts to fight terrorism, India and the European Union today decided to work towards blocking access to terrorist financing and to cooperate in the fight against money-laundering
India and the 27-nation European Union are negotiating Broad based Trade and Investment Agreement since June 2007, but a breakthrough has not yet been achieved due to strong differences on several of the issues.
The eleventh round of talks between the two sides is scheduled to take place next month at the EU headquarters.
Around 75 tariff lines or products from Pakistan would get concessional access to European markets for three years.
The conference by the think tank Open Europe and the Fresh Start group of MPs came in the wake of growing demand for the British Parliament to block EU laws.
European Union trade commissioner Pascal Lamy will visit India next month to discuss issues involved in Indo-EU trade relations.
Most of India's oil supplies are expected to stay safe because of the country's good relations with both Russia and Iran. That would take care of over a third of India's supplies.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
Hit by the growing non-tariff barriers imposed by the European Union, India is likely to raise the issue at the day-long India-EU summit at The Hague on Monday.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
The ministry of information and broadcasting (I&B) on Wednesday held an inter-ministerial meeting with various departments to discuss issues regarding revenue sharing between Big Tech companies and digital news publishers, according to sources. The meeting - chaired by I&B Secretary Sanjay Jaju - invited senior officials from the ministry of corporate affairs (MCA), Competition Commission of India (CCI), ministry of electronics and information technology (Meity) and departments of promotion of industry and internal trade, legal affairs and consumer affairs.
India's efforts to include services in the proposed Framework on Agriculture and Non-agriculture Market Access have received a shot in the arm with the European Union showing willingness to extend its support.
Regional economic integration in South Asia, he said, is a priority for the EU.
The EU ambassador to India hoped the principle of equality will be upheld in the CAB. He also said that Pak must take action against terror groups.
Air India has ordered 470 aircraft to serve the Indian economy and is set to receive a new aircraft every six days over the next 18 months, CEO and MD Campbell Wilson said on Friday. He was speaking at the 67th Assembly of Presidents of the Association of Asia Pacific Airlines here. "We have new aircraft, we are recruiting many, many new crew and staff, improving the training regime and there is more work to do and we are making good progress," he said.
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