The United Nations on Wednesday pared down India's growth forecast by 20 basis points to 5.8 per cent for 2023 calendar year, citing higher interest rates and risks of recession in the developed world weighing on investment and exports. "Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports," it said in its latest World Economic Situation and Prospects report. The report has projected global trade to contract 0.4 per cent and the world economy to grow at 1.9 per cent in 2023.
The first-phase of the three-phase project is to set up the trade tower on over 4 million sq. ft area. The second phase is to develop the business district on 30 acres in seven years. In the third phase the remaining 16.28 acres of the business district on would be developed.
President Xi Jinping on Tuesday pushed China's free trade vision for the Asia Pacific region and asked APEC to "break open closed doors" as leaders of the grouping held talks on forging consensus over opening up commerce in the resource-rich and economically dynamic region.
The agreement formalises the US Trade and Development Agency's programme with Indian public sector undertakings and cover activities like project preparation, trade capacity building, investment analysis and sectoral development.
Trump is demanding China to reduce the $375 billion trade deficit and protection of Intellectual Property Rights, technology transfer and more access to American goods to Chinese markets.
India and the US on Friday said they have started talks to put in place a strategic framework for human space flight by year-end as they plan to send an Indian astronaut to the International Space Station in 2024.
While Narendra Modi spent fewer days abroad than his predecessor -- 275 days versus Dr Singh's 306 - he has travelled more widely than any other Indian PM.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The US Trade and Development Agency is bullish on the exponential growth of the aviation sector in India, despite the global economic downturn.
A video shows that Shehbaz was asking an aide for help, however even after the aide's assistance, his headphones dropped once again.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
Widening of the tax base, doing away with cess and surcharge, improvement in compliance and moderation in tax for emerging sectors are some of the suggestions submitted to the Finance Ministry ahead of the Budget by Think Change Forum (TCF). Experts are of the opinion that there is a need to grow tax revenues for the government to drive economic growth and make investments in developmental activities, TCF, the think tank said in a statement. Towards this end, poor compliance was identified as a weak link in achieving targeted collections leading to complex issues like overtaxing, complicated tax structures, rising litigation, among others.
The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
Pitching for making the country's 7,500-km long coastline an "engine of growth", Prime Minister Narendra Modi on Thursday said India wants to mobilise Rs 1 lakh crore investment to enable port development and invited global community to invest.
The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis Mutual Fund (MF) for suspected front-running of trades, said people with knowledge of the development. "The market regulator has gathered prima facie evidence that demonstrates that the duo has violated the integrity of the market. "While a detailed investigation is still pending in the matter, Sebi could take action under Section 11 (4) to prevent further harm to the investors and the securities market," said a source.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
Prime Minister Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the Russian President has opened up investment opportunities for India in the region.
The Canadian high commissioner to India was summoned to the ministry of external affairs and informed about the decision to expel the senior Canadian diplomat.
The festive season will mean business for the steel industry as it is the time when automotive and consumer appliance companies bump up demand to prepare for higher sales, experts have said. Ranjan Dhar, chief marketing officer at ArcelorMittal Nippon Steel India (AM/NS India), said that bookings by auto and consumer appliance industries are 20 per cent higher ahead of the festive season compared to last year. "While this could be for a couple of months, it could normalise later at approximately 10 per cent," he said.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
With developments like the Russia-China alliance and the rise of China in the Middle East, India's role has diminished though the India-Israel-US-UAE grouping may assume some importance in the future, observes Ambassador T P Sreenivasan.
Maharashtra received the lion's share of the foreign direct investment inflows into India during April-August this fiscal, according to industry ministry's latest data.
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
On Monday, the US delegation met Urban Development Minister Venkaiah Naidu.
Canada will be pausing all in-person services at the consulates in Chandigarh, Mumbai and Bengaluru and is now directing all Canadians in India to the High Commission in New Delhi.
Exports dropped 3.1 per cent in June from a year earlier, the first decline since January last year while imports went down 0.7 per cent, General Administration of Customs said on Wednesday.
The feasibility study, to be taken up by a private firm, will be funded by the US Trade and Development Agency aimed at setting up facilities for capturing CBM, commonly known as natural gas. The grants of $524,819 is meant to tap the opportunities in using technologies for capturing natural gas from the coal blocks.
Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.
The Karachi-based anti-corruption court issued warrants after Federal Investigation Agency reportedly found evidence that Gilani and his minister Faheem were involved in the Trade Development Authority of Pakistan (TDAP) corruption scandal.
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.
The EC is believed to have told the Governor that Soren should be 'disqualified' as a legislator for violating electoral norms, they said.
'This incident offers ammunition to those inside the US government and elsewhere who question the wisdom of trusting India, so it will have a lasting consequence no matter how it is managed.'
This includes over $15 billion of proposed investment in the infrastructure sector in the Indo-Pacific and $9 billion for shoring up American defence in the region.
The officials said the members of the South Lobby, which wanted to swing the policy in its favour with exorbitant profits for liquor wholesalers, had stayed in the hotel in the national capital from March 14 to 17 in 2021 and used its business centre to make photocopies of some documents.
'We never talk about cut of trade ties with any countries. Rumor about this news has been a propaganda. It is not true'
'... are losing faith in the institutions of government, where people do not believe that the institutions of government operate according to the Constitution, within the confines of the law, where these institutions are seen to be representing a small faction of a particular community against all other (minority) communities.'
Prime Minister Narendra Modi spoke with Russian President Vladimir Putin on Friday during which he reiterated India's long-standing position on the Ukraine situation, favouring dialogue and diplomacy.
The matter came up for discussion during their wide-ranging dialogue that was aimed at expanding overall ties.
Seven years after Modi took office, merchandise exports were lower in 2020-2021 than when he had taken over from Manmohan Singh, points out Aakar Patel.
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