Prime Minister Narendra Modi on Saturday 'deeply' appreciated United States President Donald Trump's 'positive assessment' of the India-US partnership after the American leader hailed the 'special' relationship between the two nations -- remarks seen as an attempt to check the downturn in the ties.
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
The Bloomberg report suggests that this backchannel communication from President Xi has laid the groundwork for a broader thaw in relations. This overture has since translated into a series of tangible diplomatic actions leading up to the upcoming Shanghai Cooperation Organisation (SCO) summit.
Notwithstanding all the talk and euphoria over the progress in terms of US-India trade and investment, US Trade Representative Susan Schwab said that India punches way below its weight when it comes to global trade.
WTO Director-General Pascal Lamy said his meetings with the US, China, India, and Brazil over the last fortnight revealed that the gaps in positions among members are too wide
'Things may get much worse before they get better,' predicts Ajay Chhibber.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
China's ruling Communist Party is holding its annual leadership conclave to discuss the new five-year plan, the impact of US President Donald Trump's tariff war, and the ongoing anti-corruption crackdown in the military.
The defence minister also announced that India has taken up the challenge of developing a powerful indigenous aero-engine, adding that preparations for this critical project are now almost complete and the work will soon be visible.
'While the President has been critical of India, he has gone out of his way to compliment PM Modi. They have an incredible relationship.'
'As one of many immigrants at Nvidia, I know the opportunities we've found in America have profoundly shaped our lives.'
'We have to be prepared for the larger disruption that is likely to take place.'
'Whatever is necessary for life and is not made in your country, we will import it from outside.'
With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
Japan is expected to increase its investment target in India from the earlier 5 trillion yen ($34 billion) to almost 10 trillion yen.
The US wants India to recognise internationally accredited labs, harmonise labelling requirements and the validity period of test reports and certification with global practices, and eliminate retesting requirements.
India is committed to taking forward its ties with China based on mutual trust, respect and sensitivity, Prime Minister Narendra Modi told Chinese President Xi Jinping as the two leaders held wide-ranging talks to reset the bilateral relations.
The fresh initiative by Commerce Minister Anand Sharma to meet ambassadors of the key members of the World Trade Organisation (WTO) in Geneva, in a bid to revive the deadlocked Doha round of trade negotiations, is well-timed though a positive outcome may be doubtful.
Prime Minister Narendra Modi on Saturday welcomed a host of world leaders, including United States President Joe Biden and United Kingdom Prime Minister Rishi Sunak, at the Bharat Mandapam, the venue of the G20 Summit.
Modi was received at the venue by Chinese President Xi Jinping and First Lady Peng Liyuan. On arrival, the Prime Minister exchanged greetings with the Chinese President before joining other leaders for the customary family photo session.
India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
Chinese Foreign Minister Wang Yi said that it is imperative for the two sides to view each other as partners and opportunities rather than rivals or threats, and invest their valuable resources in development and revitalisation.
'India is too important to the United States for there to be any kind of a permanent bump in the relationship.'
The United States Trade Representative Robert Zoellick has invited key trade ministers including India's and European Union's for a meeting in London this month end to find ways to move forward in the World Trade Organisation.
Pakistan's Army Chief Field Marshal Asim Munir met with Chinese President Xi Jinping, along with Pakistani Prime Minister Shehbaz Sharif, to discuss bilateral and regional cooperation. The meeting occurred during Sharif's visit to China for the Shanghai Cooperation Organisation (SCO) summit.
Chinese Foreign Minister Wang Yi's visit to India focuses on border talks with NSA Ajit Doval, amidst efforts to rebuild relations after the Galwan Valley clashes and rising India-US tensions.
'Trump is not shy when he is frustrated with countries'
World Trade Organisation (WTO) states appeared to edge closer towards a crucial deal on cheaper medicines for poor countries to help them face emergencies such as AIDS, malaria and tuberculosis.
India on Tuesday said it was making a last ditch effort to revive the collapsed WTO talks but made it clear that it would not allow industrialised nations to trample developing countries' interest, especially in the sensitive farm sector.
