Negotiators from were expected to meet in New Delhi on August 28.
Both Obama and Modi have taken bold steps towards laying the groundwork to give a big push to Indo-US trade, and now it's time to execute, says Bikash Mohapatra.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
Asked for China's comments on India not joining the RCEP deal over concern of cheap Chinese products potentially harming its domestic industry, Chinese foreign ministry spokesman Geng Shuang told the media in Beijing on Tuesday that China welcomes India joining the deal.
Prime Minister Narendra Modi's planned visit to the United Arab Emirates in the first half of next month has been postponed, people familiar with the development said.
India has been forcefully raising the issue of market access as well as protected lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.
Backed by the 'China Plus One' sentiment globally, India's textile exports is expected to grow by 81 per cent to $65 billion by 2026 from the pre-Covid level of around $36 billion in 2019, said a report by the Confederation of Indian Industry (CII) and global consulting firm Kearney. This jump is likely to generate 7.5-10 million new jobs. A large chunk of this targeted increase, or around $16 billion may come from the China Plus One sentiment due to India's relatively large strategic depth compared with Vietnam or Bangladesh, the report said.
The constitution of both countries begins with the "three words -- We the People -- as President Biden just mentioned", said Modi, who is on his first state visit to the US.
Despite the headwinds both on the domestic and global fronts, Ramesh S Damani, member, BSE and a prominent investor, says India will weather a global trade war better than a lot of other Asian countries.
Ahead of his talks with the Emirati leadership, Prime Minister Narendra Modi has said the Gulf region is vital for India's economic, energy and security interests.
China is expected to commit investments worth $6.5 billion to set up industrial parks in India and sign purchase agreements of over $3 billion with domestic companies during the visit of Chinese President Xi Jinping starting on Wednesday.
Sources had earlier said Modi and Putin would also deliberate on impact of US sanctions on import of crude oil from Iran.
During the meeting, Gantz emphasised the opportunity to invest further in defence cooperation between the two countries.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
The Indian position on the Russia-Ukraine war and the unconditional treaty between China and Russia appear to have caused some ripples in India-US relations and led to a reappraisal of India's usefulness to the US in the eventuality of a conflict with China, notes Ambassador T P Sreenivasan.
Had India agreed to join the trade pact, Indian markets would have been flooded with cheap Chinese products.
Domestic exporters may soon start shipments of mangoes, such as 'Dasheri' and 'Langda', to the US as America will start accepting testing certificates of specified agencies of India, a senior government official said on Tuesday. India has not exported mangoes to the US for the last two years. The set protocol involves the arrival of the US phytosanitary inspector, who monitors the process, which is called pre-clearance operations before exports. They have not visited India during the summer of 2020 and 2021.
Indian firms feared they would lose business if US ratified the Trans-Pacific Partnership agreement with 11 other countries.
India and Bangladesh have opened a new chapter in their ties as they settled the 41-year-old boundary dispute and promised to do more in other areas amid Prime Minister Narendra Modi's announcement of a fresh line of credit of $2 billion (Rs 12,821 crore) to the neighbouring country.
The government is considering a provision to provide an exit window to holders of cryptocurrencies (cryptos), keeping in mind that banning them outright could deal a blow to investors sitting on them for years. According to sources in the government, the framework in the making may propose a grace period of three to six months for investors before prohibiting the possession, trading, mining, and issuing of cryptos. A group of secretaries chaired by the Cabinet secretary is learnt to have met in mid-March and discussed issues associated with cryptos, including the consequences of banning them and also on possible substitutes of blockchain technology - an advanced technology Bitcoin uses.
The Summit comes at a time when China is flexing its muscle to tighten its grip over the disputed South China Sea.
The agreement on services, if ratified by all member countries, could prove to be a game changer for Indian professionals in education, healthcare & IT.
Rediff.com's Vipin Vijayan, who is travelling with Prime Minister Manmohan Singh, says India will make efforts to elevate relations with Thailand to a strategic partnership.
'Washington appears to be playing the long game, and making the argument to India that over the longer term, Russia -- sanctioned, cash-strapped, isolated by the West -- will no longer be a viable defence partner for India'
People are interested in the strength of India's economy, the country's stability, and the opportunities, says Stuart Tait, regional head of commercial banking, Asia-Pacific at HSBC.
Coming down heavily on MF players who in recent past chose to use shareholder fund to buy out debt of bleeding invested companies, Sebi said MFs can't have standstill agreements with companies and will take action against fund houses for such deals.
Reserve Bank Governor Shaktikanta Das on Thursday said the central bank's asset purchases, aimed at mitigating COVID-19-related liquidity stress in the system, did not dilute its balance sheet or compromise on core principles of central banking. In the wake of the pandemic, the RBI undertook several conventional and unconventional measures. "Unlike many central banks, the RBI's asset purchases did not dilute its balance sheet and hence, did not compromise on core principles of central banking," Das said while addressing an event organised by the Bombay Chamber of Commerce. These purchases were confined to risk-free sovereign (government) bonds including state government securities only, he said.
The status of the current submarine force level is alarming and we need to address the threat perceptions expeditiously. Critical decisions pertaining to national security cannot be delayed any further due to the rapidly changing maritime threat perceptions and growing strategic importance of the Indian Ocean region, asserts Commodore Venugopal Menon (retd).
NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell all but 5 per cent of their remaining shareholding in the news broadcaster to Adani Group for up to Rs 647.6 crore. Roys, who founded New Delhi Television Ltd (NDTV) as India's first and largest private producer of news current affairs and entertainment television, lost their status of being the company's largest shareholder in recent weeks. This follows Adani Group becoming the majority shareholding of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
Some Manchester United fans had previously urged Musk on Twitter to consider buying the club
During his visit to India last year, Australian Prime Minister Tony Abbott had expressed concern over lack of growth in bilateral trade.
'The escalation of tension along the border of Ukraine with the Russian Federation is a matter of deep concern'
Clarifying norms for single brand retail trading, government on Tuesday allowed foreign investors to conduct business through more than one joint venture in India.
Four Canadian ministers of Indian origin are traveling with Prime Minister Trudeau.
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
After his wide-ranging talks with Modi on the second and final day of his India visit, Johnson said the new defence and security partnership will enable India to strengthen its domestic defence industry as well as help the two countries protect vital shared interests in the Indo-Pacific.
'If we cannot conclude a trade deal, both sides are likely to take trade actions that will further impair our government-to-government ties.'
'In the Asean market, the train left at the same time for India and China, but while India's ride has been symbolic of India's rickety railways, it seems that China's has been on a bullet train,' note Renjini V R, Manmeet Ajmani and Devesh Roy.
The reduction of tension on the Chinese border may have reduced the urgency of a Biden-Modi meeting, but the sooner Modi starts a bromance with Biden the better as he had done with Obama and Trump, suggests Ambassador T P Sreenivasan.
The agenda prepared by ministers will be discussed by Prime Minister Narendra Modi and other RCEP leaders in Nonthaburi, a city north of Bangkok, on November 4, the official deadline to close talks.
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