India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
India and Malaysia on Friday signed a landmark pact that paves the way for freer flow of trade in goods and services, besides enhanced investment and economic cooperation between the two countries.
Garcetti suggested that the two countries are working on certain agreements to bolster defence cooperation and they are likely to be firmed up when Modi visits the US or President Joe Biden comes to India in September for the G20 summit.
'In a special gesture, UAE President and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan, accompanied by senior members of the Royal Family, was at Abu Dhabi airport for the interaction with PM'
The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. "This year the proportional fiscal deficit so far is much closer to the target than in most other years.
To open gates to Free Trade Agreement between two countries in next 5yrs
If it continues to do well economically, develops a large manufacturing sector, gains in technological heft, builds a more capable defence industry, improves its human development indicators, becomes more of a trading nation, and has greater internal cohesion. In short, it is a work in progress, suggests T N Ninan.
Regulators must learn from past mistakes and act swiftly to prevent Big Tech from monopolising the AI ecosystem, argue Payal Malik and Nikita Jain.
'India's manufacturing will take 10-15 years to catch up with China.'
Taiwan said on Friday it is looking at the possibility of a Free Trade Agreement with India as part of initiatives to increase bilateral trade to $10 billion in the next few years from $2.4 billion in 2004.
Canada has indicated that it is keen to cooperate with India in nuclear energy and infrastructure and sought stronger trade ties in return, including a free trade agreement.
British Prime Minister Rishi Sunak has reiterated the UK's commitment to a free trade agreement (FTA) with India as part of the country's wider focus on enhancing ties with the strategic Indo-Pacific region and standing up to competitors with "robust pragmatism". Delivering his first major foreign policy speech since taking charge at 10 Downing Street last month at the Lord Mayor of London's Banquet on Monday evening, the British Indian leader reflected upon his heritage and committed to promoting British values of "freedom and openness" around the world. He also pledged to "do things differently" far removed from the so-called "golden era" with China, which he said poses a "systemic challenge" to British values and interests.
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
India will look to play a key role in the APEC, EU and Africa regions to increase its competitiveness.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
Because they have become too big and pervasive and the time to regulate is long gone, points out Debashis Basu.
Modi was received at the Delhi airport by Union Minister of State for External Affairs Meenakashi Lekhi and Bharatiya Janata Party chief J P Nadda.
More than 2,800 jobs will be axed as Tata Steel plans to close its blast furnaces at the Port Talbot plant in South Wales in the UK. Of the total job cuts, 2,500 will be in the next 18 months, said Indian conglomerate Tata. A further 300 jobs are to go in three years.
India's ties with Saudi Arabia have been on an upswing over the last two decades based on burgeoning energy ties. Both sides are keen on expanding the economic ties in a range of areas besides the oil sector.
The Competition Commission of India (CCI) on Tuesday said it has approved Reliance Retail Venture's acquisition of German firm Metro AG's wholesale operations in India. Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) while Metro Cash & Carry India is engaged in the wholesale operations in India. In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100 per cent equity stake in the company for a total cash consideration of Rs 2,850 crore.
India is unlikely to join the ongoing negotiations for a plurilateral deal on e-commerce at the World Trade Organization (WTO), notwithstanding a change in stance on data localisation and cross-border flow of data. Under the new draft digital personal data protection (DPDP) Bill, put out on Friday for public consultation, the government has proposed free cross-border flow of data with 'friendly' nations, significantly easing its earlier stance on data localisation. India has so far stayed out of a group of 87 countries, including the US, European Union, China, and Japan that are negotiating trade-related aspects on e-commerce since December 2017.
Exports had recovered in November to grow at 0.59 per cent from a 12 per cent contraction in October.
Wrapping up his four-day state visit to the US, Prime Minister Narendra Modi on Friday asserted that a new and proud journey of India-US ties has begun and the world is watching the two great democracies strengthening their bond.
China and India have approached trade negotiations very differently: the former with confidence, the latter in a defensive crouch, says T N Ninan.
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The ministers also expressed concern over the slow pace of global economic recovery and stressed that 'the uncertainty regarding economic growth and policy responses in developed countries could lead to increased volatility in financial markets and further affect the international economy'.
The deal, involving Abu Dhabi carrier Etihad's purchase of 24 per cent stake in Naresh Goyal-led Jet Airways, was approved last month by the Competition Commission of India.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
Bilateral investment treaties can adversely impact policy space for governments
Addressing the India-ASEAN Summit in Phnom Penh, Singh said, "India's relationship with ASEAN members and with ASEAN institutionally continues to grow in all dimensions. Commerce and connectivity are vital areas of this relationship and we have made good progress in both."
These concrete steps should include measures to address any number of pressing concerns, including prohibitively high tariffs and discriminatory forced localization requirements that are blocking US exports of a wide range of products.
The PM held bilateral meetings with three ASEAN leaders, including his Vietnamese counterpart Nguyen Xuan Phuc and Myanmar's State Counsellor Aung San Suu Kyi, and discussed key bilateral and regional issues.
It is a dark legacy bequeathed by Nehru to India. In its DNA lies the subconscious fount of India's schizophrenic geopolitics that forsook in one sweep all its historically-entrenched strategic interests in Tibet in favour of China, says R N Ravi, on the 60th anniversary of the Panchsheel Agreement.
Adani Group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC Ltd and Ambuja Cements. In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for $10.5 billion. Markets regulator Sebi granted approval for the open offer last week.
Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
During 2013-14, imports from Japan, South Korea and Malaysia stood at $9.49 billion, $12.47 billion and $9.21 billion respectively.
The target of $500 billion in bilateral trade by 2020 is doable, feels Anand Sharma.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
'My understanding is that by the time President Xi Jinping came for the Chennai summit [2019], he had already instructed his army to undertake the action in Galwan in the summer of 2020.'
Pakistan and Association of Southeast Asian Nations have agreed to begin talks for a Free Trade Agreement to boost Islamabad's efforts towards achieving full dialogue partner status with the ten-member regional economic grouping.
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