'We crossed Rs 1.7 trillion in three months this financial year.'
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
Apparel exports to Japan are expected to grow by 20-25 per cent year on year from the current $220 million on account of rising opportunities for domestic exports, AEPC said on Saturday. Apparel Export Promotion Council (AEPC) said that rising opportunities due to changing geopolitical landscape, government supports like production linked incentive, mega park scheme, improving the quality standard, getting sustainable and utilising benefits of free trade agreements with major markets are the key growth drivers. To promote exports to Japan, the council is organising a two-day show in Gurugram.
While inaugurating the leadership summit of the US-India Business Council in Washington, DC, US Vice President Joe Biden said that there was no reason why the two largest democracies in the world should not continue to have a more productive relationship. Aziz Haniffa/ Rediff.com reports.
'Indians go to vote next week -- the world's oldest democracy should both celebrate and perhaps analyse this event and its implications.' Dr S Jaishankar, India's ambassador to the US, offers prescriptions for India-US ties.
Calling COVID-19 pandemic and vaccines as one of the most important aspects of his discussions with top officials of the Biden administration, External Affairs Minister S Jaishankar has said the endeavour is to expand production of vaccines in India with assistance from the US.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
'We will likely never know why Xi decided not to travel to New Delhi. One possible explanation could be his desire to avoid a meeting with US President Joe Biden.'
An office bearer of the all-powerful BCCI will now be paid a daily allowance of US$ 1000 on foreign tours and will fly first-class.
Taxation and intellectual property rights issue are some basic starting point impediments for US businesses in India, a top Indian-American CEO said on Monday.
In a serious data breach, personally identifiable information of 815 million Indians has been up on the dark web for sale, according to a report by US-based cybersecurity firm Resecurity. Details such as Aadhaar and passport information along with names, phone numbers and addresses are available for sale online, it has said.
'If the central government does not give rights to the people of Ladakh, then it won't be good for our country.'
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
On Friday, Biden announced his intent to appoint 14 people to the advisory committee, which provides overall policy advice to the United States trade representative on matters of development, implementation, and administration of the US trade policy.
Seattle is not only the first American city to ban caste discrimination but is the first jurisdiction at any level globally outside South Asia to do so.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
'This action sends out a very nasty message in a very strong way -- that nobody is exempt.' 'It is also an attempt to extend the definition of who is an anti-national, who's a terrorist, a definition that's becoming looser under this regime.' 'The sad part is that by the time the courts acquit those arrested, they would've spent years in jail and been taught a lesson.'
'Our villagers used to go up to Finger 4 and Finger 6, but today the Chinese are there.' 'Since April 2020, Chinese troops have blocked Indian troops from reaching at least ten patrolling points running from the Depsang plains in the north to Pangong Tso lake in the south.'
The USTR has placed India on its "priority watch" list for two years in a row, saying the country's patent laws unfairly favour local drug makers.
The council resisted intense pressure from the powerful manufacturing, pharma and other trade lobbies that have urged the Obama administration to enact punitive measures against India for a laundry list of alleged intellectual property and patent violations.
India has been at the forefront of the years-long efforts to reform the security council, saying it rightly deserved a place as a permanent member.
For India to reach its ambiguous economic growth targets, it needs to be integrated into global trade pacts.
'Sullivan and Jaishankar welcomed the cooperation in recent weeks that resulted in deliveries of over USD 500 million in COVID-19 relief supplies from the US federal and state governments, US companies and private citizens across America for the people of India'
USIBC encourages a dialogue between industry and the two governments to address how a constructive approach can protect Intellectual Property Rights.
Led by Ajay Shriram, chairman and senior managing director, DCM Shriram, the CEO's delegation seeks to convey to their American counterparts the sense of optimism amongst Indian industry.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
After the Covid-19 pandemic that derailed the economy since 2019, the Durga Puja festival in West Bengal is back with an estimated 20-30 per cent jump in festive spending. Retail sector is the key contributor to the state's Durga Puja economy which was Rs 32,377 crore in 2019, according to a British Council study conducted for the state government. Retail accounts for 85 per cent of the total puja economy and the rest is shared among pandal making, decoration, illumination, entertainment, advertisement, food & beverage and others.
WFI decided that it will seek a dialogue with the Sports Ministry for revocation of its suspension, saying it does not want a clash with the government and the legal options will be explored only if talks fail.
Prime Minister Narendra Modi on Tuesday paid floral tribute to Mahatma Gandhi at the statue of the Father of the Nation here in the US capital.
The decision was taken at the BRICS Summit in Durban which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation.
'When you think back to the promises made 10 years ago, not a single one of those had panned out to date.'
Bengaluru recorded the highest green building stock at 140 million square feet, followed by Delhi-National Capital Region at 74 msf, and Hyderabad at 72 msf for Grade A office buildings as of September 2023.
The window for the Asia Cup this year is between September 1-17.
Overhaul of the goods and services tax (GST) structure, including possible changes in the tax slabs, may now be taken up only after the 2024 Lok Sabha elections, given the number of states that are going to the polls in its run-up. "No major overhaul of tax rates is expected in GST until the end of next fiscal year. One major reason for this is that some members of the group of ministers (GoM) - mandated to look at rate rationalisation by the GST Council - are from poll-bound states. Later, this may lead to reconstitution of the panel," a senior government official told Business Standard. Besides, both the Centre and states are not in favour of frequent changes in the tax rates amid inflationary uncertainties; they believe any major change should be brought in after extensive deliberations, according to the official.
19 per cent of all travel in India (by bus, train or air) was pilgrimage or religious travel (possibly the single largest after business and family-related travel), discovers Ambi Parameswaran.
The two leaders discussed the Ukraine crisis and several regional and global issues including increasing trade relations and cooperation in the field of mitigating the impact of climate change during their bilateral talks at the Danish Prime Minister's official residence in Mareinborg near Copenhagen.
'I couldn't think of a more visible strategic form of cooperation than both of our armed serves using a similar weaponry jointly developed together.' Aziz Haniffa/Rediff.com reports from Washington, DC on what is expected in the India-US defence relationship during Prime Minister Modi's visit.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
Multilateral platforms are being misused to justify and protect perpetrators of terrorism, External Affairs Minister S Jaishankar said
