The surge in export, domestic demand and public spending in infrastructure projects might revive private investment during 2017-18.
Indian drug firms get a shot in the arm in the $12 bn Australian drug market as the Therapeutic Goods Administration (TGA), Australia agrees to accelerate the drug approval process in that country for Indian players who already have an approved plant and product from one of the stringent regulatory authorities like US, EU or Canada. From current sales of $340 mn, the Indian firms can see a significant upside in sales; felt Dinesh Dua, former chairman of the Pharmaceutical Exports Promotion Council of India (Pharmexcil), and the MD of Nectar Lifesciences. He highlighted that only 12 percent of the Australian drug market is generic, as against 80-90 per cent in the US or EU. Of this $1.5 bn generic drug market in India, Indian companies have a small share.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
'Today, I am taking new actions to restrict Iran's nuclear, ballistic missile, and conventional weapons pursuits. My Administration will never allow Iran to have a nuclear weapon, nor will we allow Iran to endanger the rest of the world with a fresh supply of ballistic missiles and conventional arms,' Trump said in a statement.
The Confederation of Indian Industry (CII) on Thursday said it believes that India-US bilateral economic ties would be a high priority for President Joe Biden-led administration in America. "The Indian industry feels that with President Biden and Prime Minister (Narendra) Modi at the helm, the two countries would play a strong role in re-shaping the global economic agenda together," CII president Uday Kotak said. Congratulating Biden on assuming charge as the 46th President of the US, Kotak said, "President Biden's experience in re-building the US economy during the Great Recession would help strengthen the US and global economic recovery in the aftermath of the pandemic."
From Covid-19 essentials, such as Vitamin C supplements and thermometers, to bicycles, laptops, and personal weighing scales, demand for certain items galloped during last financial year as the pandemic altered what Indians used on a day-to-day basis. Imports of outdoor sports equipment, handbags for women, and dentures, among others, plummeted. With outdoor activities coming to a halt last year and schools functioning virtually, imports of sports goods witnessed a decline, while inbound shipments of laptops and battery chargers saw a sharp uptick, according to the import data for the financial year 2020-21.
Just a few weeks ago, Communications Minister Ashwini Vaishnaw did some tough talking with the senior managers of Bharat Sanchar Nigam Ltd, the ailing state-owned telecom service provider. The message was clear: They had to perform, quit by taking the voluntary retirement package or be compulsorily retired from service. The terse message from an otherwise polite and soft-spoken minister came just days after he announced a second and bigger package of Rs 1.64 trillion as part of a four-year turnaround plan for BSNL.
The panel noted that the macro-economic fundamentals of the economy are sound but challenges remain, several of which are structural in nature.
Putin's idea was to attack his neighbouring country, he has to stop and then only we can find a solution, said the German ambassador.
India processes around 90% of the world's supply of rough diamonds.
The ICMR on Monday asked states and union territories to stop using the test kits procured from the Chinese companies -- Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics -- due to "wide variations" in their performance.
Gems and jewellery exports are set to rise 17.8 per cent to $33 billion.
There was a massive 24% decline in India's gems and jewelry exports to $2,321 million for September 2018 as against $3,053.38 million in the same period last year.
Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
The committee has been tasked to come up with policy measures to boost agriculture exports, raise growth in food processing, attract investments in modern market infrastructure, value chains and logistics.
The API of Paracetamol, a fever and pain medication, has grown 25 per cent from Rs 450-480 per kg in December 2020 to Rs 580-600 per kg in April. When compared to the pre-Covid prices of December 2019, the surge is much steeper -- around 140 per cent, reports Sohini Das.
'What needs to be watched is that the border incidents at Dokalam in 2017 and Galwan in 2020 are triggering nascent Chinese nationalism against India,' asserts Srikanth Kondapalli, the leading China expert.
North Korea warns the US that it will soon 'suffer the greatest pain it ever experienced in its history'. Rajaram Panda looks at the latest twist in the North Korean crisis.
Amid rupee's free fall and slowdown in western markets, the government is likely to announce incentives in the foreign trade policy (FTP), scheduled for June 5, to boost exports.
'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
Putin is looking beyond the current regime in Kyiv. Of course, if the Western military assistance to Kyiv continues in any form, Washington knows that Russia will regard it as a hostile act and there will be severe consequences, predicts Ambassador M K Bhadrakumar.
The country's economy will start witnessing a growth of 6.5 to 7 per cent from fiscal 2023 onwards, helped by various reforms undertaken by the government so far and also as COVID-19 vaccination drive progresses, Chief Economic Advisor Krishnamurthy Subramanian said. He said the second wave of COVID-19 is unlikely to have a very significant on the economy. The country's economy contracted by 7.3 per cent in fiscal 2020-21. "Together with the reforms and focus on vaccination, I expect growth to start hitting close 6.5 to 7 per cent from FY23 onwards and accelerate from there on," Subramanian said at a virtual event organised by Dun & Bradstreet.
Prime Minister Modi has said India's vaccine production and delivery capacity will be used for the benefit of all humanity to fight the COVID-19 pandemic. He said last week India was ready to do everything possible for a healthy planet.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
'I would like to convey the message to your readers that the prime minister himself is directly seized of the situation on the ground. He periodically reviews the situation on the ground and how it is moving forward, taking inputs from economists, business leaders, chambers of commerce.'
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
Prabhu was moved out of the important railway ministry and was handed over the commerce and industry portfolio in the Cabinet recast.
India will be able to bag extra orders worth $three billion for garment exports from the European Union, if the country enters into a Free Trade Agreement with the EU, apparel exports body said on Monday.
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
'Rahul inspired Indian industry with an ethos, an ethos of being more confident, more independent, more thorough, more competitive, more generous, more public-spirited, and more national and more international all at once,' remembers Naushad Forbes.
'How low GDP would have been, we don't know.' 'It raises serious questions because so many indicators are pointing to such a sharp decline and GDP estimates are still showing 4 per cent growth.'
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
The PM also welcomed South Korea's efforts to maintain peace and stability of the Korean Peninsula.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
'The ban on Chinese imports is a suicidal step.' 'This will result not only in economic depression, but in a chaotic situation.'
In an address at the Indian Council of World Affairs, he said Nepal wants to take the relations with India to the next level, but at the same time added: "We should be mindful equally that healthy relations require continuous nurturing, creative thinking, promptness and readiness to understand each other in changing dynamics."
Pharmexcil had recently taken a 25-member delegation to Iran in order to promote pharma trade with the Western Asia nation.
Overall gross import of rough diamonds between April to November 2019 has shown a decline of 17.24 per cent to $8.55 billion from $10.34 billion registered during April to November 2018. This is one of sharpest fall in import of diamond in India in last one decade.
The council wants the government to stick to its fiscal consolidation road map.
The nominees are Congresswoman Deb Haaland as Secretary of Interior, Jennifer Granholm as Energy Secretary, Michael Regan as administrator for Environmental Protection Agency and Brenda Mallory as Chair of the Council of the Council on Environmental Quality.
