With the Iran war escalating sharply and crisis deepening in the global energy market, India on Monday unveiled a coordinated plan to support exporters and shippers caught in the fallout.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
The business council aims to give impetus to trade.
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.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
The India government needs to work on policies that can enhance global trade.
India's national security strategy needs to be revised periodically since the global and regional geopolitical situation is dynamic, points out Commodore Venugopal Menon (retd).
It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
Biden has reiterated America's support for India's permanent membership on a reformed UNSC and its entry into the NSG during his first in-person bilateral meeting with Modi at the White House.
Now, India and US can jets, warships can use Indian bases
India, South Korea sign 7 agreements to boost cooperation.
Special Economic Zones are likely to be central to realising Prime Minister Narendra Modi's ambitious Make in India agenda.
Work on a dozen decisions to start by next week.
The UN Security Council has declared the Ebola outbreak in West Africa a threat to peace and security, with UN chief Ban Ki-moon deciding to deploy an "unprecedented" emergency health mission to combat the outbreak that has impacted the lives of millions.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
The elephant in the room will permeate the conversations, predicts Rup Narayan Das.
'You cannot fight a disease as complex as COVID-19 without a carefully calibrated, localised response.'
Prime Minister Narendra Modi's three-day visit to Britain has seen India and the UK agreeing on Rs 90,000 crore deals.
Modi is the first foreign leader to be invited to the palace by the Crown Prince, who appreciated the role played by Indian workers in the development of UAE as a modern nation, ministry of external affairs spokesperson Raveesh Kumar tweeted.
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