Director General of Foreign Trade said on Thursday that India will have to double its exports to $80 billion while maintaining a growth rate of 12 per cent in order to increase its share of global trade to one per cent by 2007.
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
India on Friday said it would lay down clear guidelines on imports of genetically modified crop varieties, Commerce Minister Kamal Nath said.
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.
The China threat continues to resonate in the strategic partnership between India and the USA, points out Rup Narayan Das.
Tata Steel, Bajaj Finance, Mahindra & Mahindra, JSW Steel, NTPC, Adani Ports, Bajaj Finserv and Larsen & Toubro were also among the laggards. However, Power Grid, HCL Technologies, Infosys, Tech Mahindra, Tata Consultancy Services and ICICI Bank were among the gainers.
Ahead of unveiling the Foreign Trade Policy, Commerce Minister Anand Sharma on Wednesday said the government was looking at cooperating with states to bring down transaction costs to make exports more competitive. India's exports have been on a downslide since October 2008.
A host of macroeconomic data announcements, the last batch of September quarter earnings, global trends, and trading activity of foreign investors will be the major driving factors for the equity market this week, according to analysts. Equity markets would remain closed on Friday for Guru Nanak Jayanti. "India is set to release CPI and IIP data on November 12, with WPI data expected on November 14.
'We are receiving a steady stream of interest from well-established foreign universities.'
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
India on Friday said it would make imports of precious metals and stones easier in order to promote gems and jewellery exports.
One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1.
New investors should gradually build a 5 to 10 per cent allocation to gold.
Pakistan Prime Minister Imran Khan on Friday launched the country's first-ever national security policy, which articulates a citizen-centric framework, placing economic security at its core unlike the previous one-dimensional security policy where the focus was on the military.
The rupee extended its losses and slipped 12 paise to 77.74 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange, the rupee opened at 77.72 against the American dollar, then lost ground to quote at 77.74, registering a fall of 12 paise from the last close. On Wednesday, the rupee declined by 1?7 paise to close at its fresh lifetime low of 77.6?1 against the US dollar.
The zero-duty EPCG scheme is in addition to the 3 per cent EPCG scheme that was introduced last year.
The landmark India-US civil nuclear deal of 2008, brokered during Manmohan Singh's tenure as Prime Minister, is seen as a crowning achievement in his foreign policy legacy. The agreement ended India's nuclear isolation, fostered a strategic partnership with the US, and opened doors to advanced technologies and defense cooperation. This historic deal also laid the groundwork for India's engagement with the global nuclear community.
'When compared to many of America's treaty allies in Asia, Modi 3.0 is on a much stronger footing.'
The government on Tuesday indicated that forthcoming Foreign Trade Policy may grant some sops for the ailing textile sector especially exporters, who were disappointed over the Budget proposals.
'It was inspired by the Hamas attack and was like their attack -- well planned and well executed.'
From the 30 Sensex firms, Tata Steel, JSW Steel, Power Grid, HDFC Bank, Tata Motors and Larsen & Toubro were the biggest gainers. Hindustan Unilever, Infosys, Bajaj Finance, Axis Bank, Kotak Mahindra Bank and UltraTech Cement were among the laggards.
Dalal Street had a roller coaster ride in 2024 from shattering record after record to facing heavy correction off-late but equity markets still rewarded investors with positive returns, driven by a surge in domestic fund flows and a resilient macro landscape. The first half of the year saw robust corporate earnings, a surge in domestic flows, and a resilient macro landscape, driving the Nifty to an all-time high of 26,277.35 in September 2024, according to Motilal Oswal Wealth Management.
India and the United States have announced a groundbreaking 10-year defence partnership, paving the way for increased military cooperation and potential sales of F-35 stealth fighter jets. The agreement aims to bolster both countries' defence capabilities in the Indo-Pacific region, with plans for joint production of weapons and platforms. The move comes amid China's growing military presence in the region.
'The market's sharp decline recently has shaken the confidence of retail investors, leading to increased selling.'
From the 30-share Sensex blue-chip pack, Titan, Adani Ports, UltraTech Cement, Tata Consultancy Services, NTPC, Bharti Airtel, Tech Mahindra, Infosys, Hindustan Unilever and JSW Steel were the biggest laggards.
'The RBI's MPC will maintain the current policy rates (6.50%) at the policy meeting, given ongoing inflationary pressures.'
The 16th Brics Summit beginning Tuesday in Kazan, Russia, is expected to see more focus on creating a sharper energy policy for Brics that ensures closer partnership among members in both energy security and energy transition, official sources said. The same is expected to be a part of the Kazan declaration, currently being negotiated, they added.
Chinese President Xi Jinping on Thursday congratulated President-elect Donald Trump on his election victory and called for China and the United States to find the right way to manage the differences by strengthening dialogue and communication.
The recent Foreign Trade Policy announcement to waive service tax for exporters had the backing of the Prime Minister, Commerce Ministry sources said on Tuesday.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
India is all set to achieve the target of one per cent share of the world trade in exports well ahead of schedule, Director General of Foreign Trade L Mansingh asserted on Tuesday.
The Reserve Bank of India's (RBI's) interest rate decision, West Asia conflict and trading activity of foreign investors are the key factors that will dictate investors' sentiment in the market this week, analysts said. Moreover, quarterly earnings from IT bellwether TCS, domestic macroeconomic data and movement in global oil benchmark Brent crude would also guide trends in the market. Worsening tensions in the Middle East and foreign fund outflows were the major culprits behind the equity markets sharp fall last week.
"Exports of $150 billion are certain this year. If there is a surge, they could even go up to $155 billion," Commerce Secretary GK Pillai told reporters on the sidelines of a CII meeting on Foreign Trade Policy.
The government on Friday put on hold the preferential market access (PMA) policy that provided for sourcing of sensitive telecom and electronic equipments and technology from domestic manufacturers over security concerns.
The government has notified a list of 57 countries in Africa and South America that would get duty benefits under the Focus Market scheme, announced in the Foreign Trade Policy early this year, to boost exports.
In order to make India a major refuelling stop for airlines, the government on Friday announced that supplies, such as food and beverages, to international flights will be treated as exports.
After a brutal selloff since October, foreign portfolio investor (FPI) flows for the year-to-date (YTD) in 2024 have turned negative. In early September, YTD FPI investments peaked at a record Rs 22,000 crore ($2.6 billion). This wave of selling has also pulled down benchmark indices, with the Nifty's YTD returns declining to 11 per cent from their high of 21 per cent in September.
