India must remain an integral part of the global economy if it has to grow at 9-10 per cent over the next three decades, Niti Aayog CEO Amitabh Kant said on Tuesday. Speaking at the 15th India Digital Summit, Kant said India needs to become a major global exporting nation, without that it will not be possible to become richer and create wealth for its people over the next three decades.
Sources said China was forcefully pushing for inking the deal during the RCEP summit later in the day, which was seen as an attempt to counter-balance the impact of its lingering trade war with the US as well as to project the region's economic might to the West.
'For our traditional membership base, it would be an access to disruptive ideas,' FICCI President Subhrakant Panda tells Asit Mishra/Business Standard.
Modi called for a new global index based on talent, technology, transparency and trusteeship towards the planet in the post-corona world.
IT firms Infosys and Mphasis on Tuesday said they will create employment for about 2,000 people, while Wipro will invest pound 16 million (about Rs 163 crore) in the UK over the next few years. The announcements were made ahead of the virtual summit between UK Prime Minister Boris Johnson and his Indian counterpart Narendra Modi on Tuesday. Infosys said it plans to hire 1,000 workers in the UK over the next three years as part of efforts to support the country's economic recovery and growth.
India's economic growth rate slipped to 6.9 per cent in the second quarter this fiscal, the lowest in nine quarters.
Climate and sustainable development financing, multilateral institution reforms, regulation of digital assets, the spillover effect on developing economies from actions of western central banks, energy and food security in the backdrop of war in Europe, and sanctions on Russia and their impact on the global economy are some of the agenda items that India will take up as President of G-20, Finance Minister Nirmala Sitharaman said on Tuesday. India will take over as President of the powerful international grouping on December 1 for a year. There will be around 200 meetings throughout the country, with the summit Heads of State meeting expected to be held in New Delhi next September.
While the US omitted China and Russia from the list of invitees, Beijing was furious over the invitation to the self-governing island Taiwan, which China said is a blatant violation of the 'One China' policy that considers Taipei as the integral part of the Chinese mainland.
However, the World Bank has projected India's GDP growth rate at 7.5 per cent for the next three financial years, including the current one.
The United States, he said, 'desires a new age of ambition' in its relationship with India. Asserting that the US has never been more supportive of India's security, he said New Delhi too, is an important partner and a key pillar of President Trump's foreign policy.
The Lok Sabha elections in 2024 are not a consideration when it comes to monetary policymaking, said Reserve Bank of India governor Shaktikanta Das to underscore the central bank's commitment to controlling inflation. "It's not possible for me to comment what we do in the next MPC (Monetary Policy Committee), but one thing I can tell and I would like to make it very clear-that the fact of elections coming up in 2024 is not a factor at all so far as monetary policymaking is concerned. "Monetary policymaking is for checking (and) controlling inflation," Das said at the Business Standard, BFSI Insight Summit.
Both India and China are in Phnom Penh to participate in the two-day East Asia Summit, an offshoot of the Asean meet. China and India, along with the US, Russia, Australia, New Zealand, Japan and South Korea are participating countries in EAS, besides the 10 Asean members.
A senior US official said that the plan of establishing OBOR alternative was still 'nascent'.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
Finance Minister Arun Jaitley, along with other senior ministers, on Tuesday pitched India growth story before 21 large global investors
At a time when China is trying to make its foray into South Asia, India should use its shared history to strengthen its ties in the region, says Dr Rup Narayan Das.
Georgian Governor Sonny Perdue has said that his state shares a dynamic relationship with India, particularly strong in the field of trade.
The trilateral AUKUS security alliance complements partnerships like Quad and there was a "very warm embrace" of the deal by India and Japan as both the countries totally understood and supported what it is seeking to achieve, Australian Prime Minister Scott Morrison said on Thursday.
The World Economic Forum on Monday said it has decided to defer its Annual Meeting 2022 in the Swiss Alpine ski resort town of Davos in the light of continued uncertainty over the Omicron outbreak. The Annual Meeting, which was scheduled to take place in Davos-Klosters, Switzerland between January 17-21, 2022, is now planned for early summer. The World Economic Forum (WEF) held its last Davos summit, attended by top leaders from across the world, in January 2020, just before the outbreak of the coronavirus pandemic, while the 2021 meeting could not take place due to the outbreak.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the United Kingdom on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial.
'Magnanimity and appeasement have no place in the world of realpolitik as India has learned the hard way,' notes Vivek Gumaste in the first of a two-part column.
The SCO is increasingly seen as a counterweight to NATO and its membership will help India have a greater say in issues relating to security and defence besides combating terrorism.
The price of bitcoin, the bestselling cryptocurrency, has shrunk nearly three times this year to mark the fate of such digital assets. Crashing prices, regulatory uncertainty and taxes have put Indian crypto exchanges in troubled waters. Finance Minister Nirmala Sitharaman's budget for FY23 announced a 30 per cent tax on any income from the transfer of virtual digital assets.
Former Union minister Suresh Prabhu would be India's Sherpa at the 14th meeting of the world's top economies in Osaka, Japan.
Modi is the first Indian Prime Minister to attend Davos meeting in about 20 years since H D Deve Gowda in 1997.
'Government shouldn't be in the business of running airlines, instead it should develop the ecosystem of civil aviation.'
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
India will soon make available many more COVID-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said on Thursday while emphasising the country's global responsibility in fighting the pandemic.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
'The Chinese mindset and approach to India is far different from that in Pakistan.' 'This reality makes it possible for us to follow an engagement policy with one, while militating against engagement with the other.'
The Trump administration wants Prime Minister Modi to lower the trade barriers and embrace "fair and reciprocal" trade.
'RCEP may be in India's long-term interest, but it is certainly not in India's short-term and medium-term interest.'
When Jiang Zemin traveled, as you can see in the photographs here, a Kodak Moment was never far away.
So, how does Pompeo's check list look like? In a broad sense, he is coming here 'to make sure that we have economic openness'; to ensure that 'we have to deliver'; to understand that 'we have to execute' what we promised to do; and, to 'broach some tough topics', points out Ambassador M K Bhadrakumar.
The Pakistani PM believed New Delhi rebuffed his offer of talks because his country is an issue in the elections in the neighbouring country.
'Unless India ups the ante, Beijing will continue to believe its transgressions are cost free and will feel encouraged to do more of the same.'
Russia is a strong and reliable friend of India and both countries have a "truly strategic" partnership, PM Modi on Thursday told President Vladimir Putin.
Planet Earth welcomed its 8th billion inhabitant on Tuesday, a remarkable milestone for humanity that is set to propel India to become the world's most populous country next year, surpassing China amid rising global challenges.
Narendra Modi is to hold summit-level meetings with the heads of more than 50 African nations on Thursday.
US President Barack Obama on Monday announced investments and loans worth $4 billion by American agencies as part of measures to bolster trade with India.
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