Direct contacts between Obama and Prime Minister Narendra Modi this month helped to end a deadlock that had prevented the WTO from implementing a $1 trillion package of reforms.
To set up a future-ready administration geared towards the target of $2 trillion exports by 2030, the Department of Commerce has decided to set up a dedicated trade promotion body to drive overall promotion strategy, export targets, and execution as part of a restructuring exercise. The trade promotion body will formulate and drive overall trade promotion strategy; create and drive India's branding across focus markets and sectors; drive coordinated action across missions, states and export promotion councils; strategic initiatives, including advisory and buyer-seller meet; and develop digital platforms for exporters and buyers. Based on a 14-volume 'restructuring dossier' by the Boston Consulting Group, the commerce department has already implemented some of the recommendations.
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
In a phased and planned manner the countries will go for Free Trade Areas, a Customs Union, a Common Market, and a Common Economic and Monetary Union.
The leaders also noted the "negative impacts" of the war in Ukraine with regard to global food and energy security, especially for developing and least-developed countries.
India and the United States have set up a working group to promote greater interaction between legal professionals and to facilitate trade in legal services between the two countries.
The NSE International Exchange (NSE IFSC) on Monday said trading in select US stocks will soon be facilitated through its platform. The Exchange will soon announce the operational details and will launch the product at the earliest possible time, NSE IFSC said in a statement. It further said depositories, banks and brokers have already started working with NSE IFSC to enable these investment products for Indian investors.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
The Jammu and Kashmir administration on Saturday sacked six government employees, including five policemen, for their 'deep involvement in anti-national activities', officials said.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
'The two sides agree to continue firmly supporting each other in safeguarding their respective core interests,' a joint statement issued at the end of Muizzu's talks with Chinese leaders said.
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.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
Britain has finalised 1 billion pounds worth of new trade and investment with India, creating over 6,500 jobs in the UK, to be signed off at a virtual summit between Prime Minister Boris Johnson and his Indian counterpart Narendra Modi on Tuesday. The investments confirmed by Downing Street on Monday evening form part of an Enhanced Trade Partnership (ETP), which will set the ambition to double the value of UK-India trade by 2030 and declare a shared intent to begin work towards a comprehensive Free Trade Agreement (FTA). "Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer," Johnson said.
The meet will see Goyal batting for structural reforms at the WTO, where India has repeatedly called for reforms, especially in the dispute resolution mechanism that has effectively been held hostage by the US.
Visa delays have perturbed Indian visitors this summer. But a solution could be in sight soon, as embassies gear up to address the challenges caused by a spike in applications and staff shortages. While the British High Commission has said it is working urgently to reduce the current visa processing time, the German Embassy has introduced extra shifts to process more visas. However, appointments with the latter are fully booked till August-end due to high volumes.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
Trade ministers from 162 WTO countries will gather in Kenya's capital from Dec. 15-18 to work on an agreement to liberalise global trade.
India and the US on Monday committed to further improving bilateral ties, exploring alternate mechanisms for funding renewable energy and actively pursuing the G20 agenda which includes strengthening MDBs and taking coordinated action to deal with climate change. Several issues, including climate action, rising indebtedness in low and middle income countries and digital public infrastructure, figured during a bilateral meeting between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors. India, Sitharaman said, will "look forward to furthering ... bilateral interests through development cooperation and new investment opportunities through Alternate Investment platforms for renewable energy."
Markets regulator Sebi has simplified the procedural requirements for onboarding of Foreign Portfolio Investors (FPIs) in a bid to facilitate ease of doing business and to reduce the time taken for their registration. The regulator allowed designated depository participants (DDPs) to grant FPI registration on the basis of scanned copies of application forms and supporting documents, according to a circular issued on Monday. Granting of registration on the basis of scanned copies has been allowed but trading can only be activated following the verification of the physical documents, it said.
Refusing to budge from its tough stand on food security issues, India pressed for a fair and balanced outcome of the WTO ministerial meeting in Bali.
Indonesian Trade Minister Gita Wirjawan, Chair of the Ninth Ministerial Conference, and the three Vice Chairs, in a joint statement, urged 'all WTO members to come together over the next few days to make the necessary breakthroughs, working closely with WTO Director General Roberto Azevedo.'
India will welcome two trade missions in 2015 focused on meeting its infrastructure needs with US technology and services.
The shift to a shorter T+3 settlement cycle for initial public offerings (IPOs) will be a big test of the domestic market structure, requiring players in the ecosystem to work harder to meet the squeezed timelines, according to industry insiders. The Securities and Exchange Board of India (Sebi), has announced that the transition to the T+3 cycle will be voluntary starting next month and mandatory from December 1. The new mechanism will necessitate quicker confirmations from banks and speedy verification of permanent account numbers (PANs) for all applicants.
Pakistan has kept trade and bus services suspended for a little over 10 days but has not publicly stated its stance.
Still, the failure of the agreement should signal a move away from monolithic single undertaking agreements that have defined the body for decades.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
The Biden administration has reaffirmed its commitment to support India's permanent membership in a reformed UN Security Council and New Delhi's entry to the Nuclear Suppliers' Group.
'They are geopolitical, commercial, educational, cultural and about innovation.' 'Also, they are about a common value system.'
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
India and five Central Asian countries on Thursday decided to establish a joint working group on Afghanistan at the senior officials' level, ministry of external affairs secretary (West) Reenat Sandhu said.
Policy discussions now should urgently focus on the road map for serious economic and institutional reforms to put India on a sustained high growth trajectory like the Chinese economy, says Jayanta Roy.
In a turn of events, India on Friday said it was "hopeful" talks for a global deal on easing Customs norms, or a trade facilitation agreement (TFA), would be revived in September, even as it failed to meet the July 31 deadline due to lack of consensus among members over food stockholding and farm subsidies.
'At the heart of the strategic relationship between our countries are economic ties.'
Senior officials of India and Pakistan will meet in Islamabad on July 19 to discuss measures aimed at facilitating travel and trade across the Line of Control in Jammu and Kashmir.
ndia has said it is ready to sign the global trade deal as early as next month if other WTO members agree to its demand for concessions on food subsidies.
It would operate round the clock and seven days a week, said the Chief Minister, adding 'you can reach us on a telephone call, within a short time'.
MEA Spokesperson Arindam Bagchi said the forthcoming Quad summit will provide an opportunity for the Quad leaders to exchange views about developments in the Indo-Pacific and contemporary global issues of mutual interest.
If you have seen Zwigato, Param Kumar's story will sound familiar. Laid off from his job as a repairman at a Gurugram-based water purifier provider, he now delivers groceries and food for a mobile-based delivery app, in Delhi. Kumar, who started making deliveries last August, told Business Standard that he is working longer hours than his older salaried job as an RO repairman, and has no paid leaves or health insurance. Kumar is part of India's estimated 7.7 million-strong force of gig workers.
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