The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast. The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year, as against the April estimate of 3 per cent. World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement.
Earlier this year, the US accused India and China of exceeding the WTO limits on farm subsidies, saying these caused trade distortion.
Foreign ministers of G20 major economies will meet in the national capital on March 1 and 2 to deliberate on pressing global challenges amid escalating confrontation between Russia and the West over the Ukraine conflict that entered the second year this week.
India and the US on Friday expressed concern over high inflation which is being driven by external factors and has become a challenge for both the nations. Speaking at the US-India Businesses and Investment Opportunities, Finance Minister Nirmala Sitharaman said in India the inflation challenges are prompted more by external factors. "So while the number today is in a manageable range, the challenges are largely due to the import of crude.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
Mamundzay was appointed by the previous Ashraf Ghani government and he has been operating as the Afghan envoy even after the Taliban came to power in August 2021.
The environment ministry is likely to allow generic modification of food crops.
ndia has said it is ready to sign the global trade deal as early as next month if other WTO members agree to its demand for concessions on food subsidies.
In a relief for people travelling long distances, the Indian Railways is set to resume serving cooked meals on trains, a service which was discontinued in the wake of the coronavirus pandemic.
Retail inflation rises to 4.41% in Sep on dearer food items
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. Inflation has been above the targeted zone for the ninth month in a row and as per statute, the RBI will now have to explain to the government in writing why it failed to keep prices below 6 per cent.
Prime Minister Narendra Modi on Monday chaired a high-level meeting to review preparedness for the hot weather condition in the upcoming summer season and called for preparing separate awareness material for different stakeholders like common citizens, medical professionals, local body authorities and disaster response teams.
The wholesale price-based inflation declined to a 19-month low of 8.39 per cent in October, on easing prices of fuel and manufactured items. This is the first time in 19 months that WPI inflation print has come in single digit. Last was in March 2021 at 7.89 per cent. Since April 2021, WPI inflation remained in double digits for 18 months with September print at 10.79 per cent.
'Gadar 2 was made with the purpose of entertaining people and not to perpetuate enmity between neighbouring countries.'
Two days after the Congress Working Committee (CWC) witnessed Pawar-bashing at the hands of senior Congress leaders, the party once again attacked the Union Agriculture Minister, saying that prices were responsibility of the Agriculture and Food Ministry and "it is natural for the party to articulate the concerns of millions of people".
Prime Minister Modi is attending the G7 summit, to be held on June 26 and 27, following an invitation by German Chancellor Olaf Scholz.
Continuous rise in prices of food articles has sent the inflation soaring to an over two-year high of 6.58 per cent for the week ended January 27, raising apprehensions that RBI may take monetary measures soon.
With lakhs of these workers stranded on highways and inter-state bus terminus, the government stepped in and asked states and union territories to immediately set up relief camps for migrant workers and others who are returning to their home states or trying to do so during the nationwide lockdown period.
The issue of missing files relating to coalgate paralysed proceedings in Parliament on Tuesday with the Bharatiya Janata Party demanding an immediate response from Prime Minister Manmohan Singh, even as the government said it will leave no stone unturned in tracing the documents.
The Taliban dispensation in Afghanistan has said that India will resume work in at least 20 stalled projects in several provinces across the war-torn country.
"Pregnant women should detach themselves from desire, anger, attachment, hatred and lust. Avoid bad company and be with good people," the tract, issued by the government-funded Central Council for Research in Yoga and Naturopathy, says.
In a statement ahead of his visit to the Indonesian city for the G20 leaders' summit, Modi said he will also highlight India's achievements and its 'unwavering commitment' to collectively address key global issues.
Justifying the United Progressive Aliance government's decision to bring the food security bill through an ordinance, Union Food Minister K V Thomas on Thursday said the Centre is confident that it will be ratified in the monsoon session of Parliament commencing on August 5.
Prime Minister Narendra Modi will visit the Indonesian city of Bali from November 14 to 16 to attend the G-20 summit, the ministry of external affairs announced on Thursday.
India's production-linked incentive (PLI) scheme, which aims to make domestic manufacturing globally competitive, has attracted investment worth over Rs 45,000 crore and has also created three lakh jobs, NITI Aayog CEO Parameswaran Iyer said on Monday. The government has rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advanced chemistry cell and speciality steel. "The PLI programme has already started showing results.
India's inflation trajectory in the coming months will be influenced more by the geo-political situation due to the war in Europe and its impact on supply chains and commodity prices. However, the country is better placed than most to "weather the storm" and achieve growth of close to 8 per cent in the current fiscal year, the finance ministry said in its latest monthly economic report on Thursday. "Through the channel of imports, elevated global crude and edible oil prices now have a significant impact on India's inflation outlook. "Government measures to keep the prices of these commodities in check, along with the recent hike in policy rates by the RBI, are expected to temper inflationary pressures in the economy," the monthly economic report for April, drafted by the finance ministry's economic division, said.
If the quantity purchased from anywhere in the country exceeds 25,000 tonnes, the central government will also have to be informed in writing.
Avoiding an answer on whether the ministry was seeking a ban on such advertisements, the minister said there should be a 'consensus' on such matters.
Hakki Pikkis are a semi-nomadic tribe, traditionally of bird catchers and hunters, from Karnataka. Their knowledge of the forest and traditional medicine is extensive and is prized by the Sudanese community.
India is looking at massive agri-business opportunities in war-ravaged Iraq, including those for sale of wheat, rice, tea and sugar, the commodities
Prime Minister Narendra Modi arrived in Bali on Monday for the G20 Summit and bilateral meetings on its sidelines with key leaders attending this annual conference of the world's major economies.
The Russian defence ministry on Wednesday said its armed forces are ready to take all necessary measures for the safe evacuation of Indian citizens from the eastern Ukrainian city of Kharkiv.
Critics have even suggested that India is doing this because it is not prepared to take on the requirements of TFA, with a relatively weak trade infrastructure.
A committee of secretaries is considering a Rs 4,000-crore (Rs 40 billion) market intervention fund to provide states interest-free loans to augment foodgrain and edible oil availability, among other items. The money will enable states to intervene in the market by buying and distributing essential items to economically weaker families that are eligible for government assistance.
Cabinet secretary calls meeting to review the impact of inflation on essential commodities.
Despite the hope that lessons will be learnt, the next accident invariably shows that nothing has been learnt -- or if learnt, they have been ignored, observes Prosenjit Datta.
Sri Lanka's ministry of defence on Tuesday ordered the army, air force and navy personnel to open fire on anyone looting public property or causing harm to others amidst violent protests in the island nation over the unprecedented economic crisis.
With production hitting a three-year low of 14.7 million tonnes in this sugar season (October to September), the government is also expected to double the levy quota for the PDS from 10 to 20 per cent to tide over shortages. The levy price and quota act as a notional benchmark for open market sugar prices, which have doubled to Rs 34 to Rs 35 a kg since last September, owing to a global shortage. The price of levy sugar is half that of the open market price.
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