External Affairs Minister S Jaishankar has raised India's long-standing concerns about pro-Khalistan extremism in the United Kingdom during his meetings with the country's leaders, stressing that they should be on guard against the misuse of freedom of expression and speech.
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Vice Chair of AIBC Sheda Nandkeolyar expressed her gratitude over the announcement made by Australian Prime Minister Tony Abbott in the Parliament that Free Trade Agreement deadline would be brought forward to 2015.
Negotiators from were expected to meet in New Delhi on August 28.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
The probe agency is learnt to have taken possession of multiple physical and digital records during a search operation conducted on the premises of the South Korean firm in Delhi and Mumbai this week.
The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said in San Francisco on Tuesday while interacting with the Indian community.
A readout of the meeting reportedly said Lord Johnson "made clear that he was keen to see a bigger Infosys presence in the UK and would be happy to do what he could to facilitate that".
The UK government made its first major commitment to support UN Security Council reforms and India's permanent membership within it as part of a refreshed defence and foreign policy review tabled in Parliament on Monday.
'We crossed Rs 1.7 trillion in three months this financial year.'
'While every year presents new challenges, it also provides opportunities for better growth and performance.'
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
The apex body for liquor firms Confederation of Indian Alcoholic Beverage Companies has urged the government to gradually reduce customs duties on British alcoholic beverages under the proposed India-UK free trade agreement to support domestic players. India and the UK have formally launched negotiations for an FTA, under which duties would be reduced or eliminated on several goods traded between the two countries. The Confederation of Indian Alcoholic Beverage Companies (CIABC) has also suggested the government to ensure that the UK allows the selling of domestic whiskies as 'Indian Whisky', irrespective of whether they are made from malt, grain spirits or molasses-based spirits.
In their first phone call since Truss assumed office earlier this week, Modi conveyed his condolences on the death of Queen Elizabeth II on behalf of all Indians and paid tribute to the 96-year-old late monarch's "lifetime of service".
The government is targeting export of goods and services worth $2 trillion by 2030.
India's trade ties with Israel have only strengthened in the years after 2019. The total value of trade rose to $10.5 billion on a rolling four-quarter basis in June 2023 from $5.5 billion in the same month in 2019, shows a Business Standard analysis of data from the Centre for Monitoring Indian Economy (CMIE). A rolling four-quarter number provides a comparable figure across different time periods.
British Prime Minister Rishi Sunak on Wednesday green lit a new youth mobility partnership scheme that will offer 3,000 visas to 18-30-year-old degree-educated Indians every year to live and work in the United Kingdom for up to two years.
Britain's third female prime Minister, Liz Truss, was out of office on Thursday after the shortest tenure at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize.
Eyeing greater cooperation with South East Asian countries on economic and security issues, India on Thursday announced a separate Mission for ASEAN region to be set up in Jakarta with a full-time resident Ambassador.
Johnson's first visit to India as United Kingdom prime minister will begin on April 21 with a trip to Ahmedabad in Gujarat, which is Prime Minister Modi's home state.
Worried by a spike in Chinese imports, the Indian Steel Association (ISA) plans to take up the matter with the government and seek measures to fix "trade distortions". Alok Sahay, secretary general of the group that represents the country's steel producers, said systemic changes were needed. "In order to take any trade measure, it takes a minimum of 15 months' time, due to prevalence of lesser duty rule in India, making India an easy target. "We are going to write to the government on this," he said.
India's first-ever Olympic medallist in women's boxing Mary Kom has been honoured with the Global Indian Icon of the Year award at the annual UK-India Awards in Windsor.
Newly-elected Conservative Party leader and prime minister in waiting Liz Truss is among the senior British politicians known for championing deeper India-UK strategic and economic ties, describing them as a "sweet spot" of global trade dynamics.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
Spiraling steel prices led the government to cut customs duty by 2.5-5.5 per cent on a range of products from semi-finished to flat and long products for the benefit of MSMEs, that have been at the receiving end.
The visit, which is expected around April 22, is long overdue after Johnson was forced to cancel planned visits to India twice last year due to the COVID-19 pandemic.
Emphasising that various issues are on agenda at the G20 under India's leadership.
The CEOs on both sides, headed by Thomas d'Aquino, chief executive and president of Canadian Council of Chief Executives, and Tarun Das, president of Confederation of Indian Industries, submitted a 14-page report on September 2 to the two trade ministers in Canada and India for their considerations and follow-up actions.
Consumers can expect duty-free imports of a range of products like capital goods, some textiles, electronic goods and chemicals from next year after India successfully concluded negotiations on a Free Trade Agreement for goods with the 10-member Association of Southeast Asian Nations in Singapore on Thursday.
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.
Panagariya also stressed that India must continue the liberalisation of its top tariff rates and the country should not revert back to import substitution.
Exports had recovered in November to grow at 0.59 per cent from a 12 per cent contraction in October.
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.
Go-getter, ambitious, dynamic, workaholic are some of the adjectives that officials who worked closely with B V R Subrahmanyam use to describe him.
Currently, the trade between India and Association of South East Asian Nations stood at $80 billion.
'For the common man, the economic conditions are not going to get better.'
