In order to achieve $5 trillion GDP by FY'25, India needs to spend about $1.4 trillion over this period on infrastructure, according to the Economic Survey. During financial years 2008-17, India pumped in about $1.1 trillion on infrastructure. However, the challenge is to step up infrastructure investment substantially, the Economic Survey 2021-22 said.
India has received over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.
The scope of the Indo-Sri Lankan trade agreement is expected to be expanded soon by bringing more areas, including the services sector under its ambit, Sri Lankan Deputy High Commissioner to India Sumith Nakandala said on Tuesday.
As India goes into firming up trade deals with developed nations like Australia, the United Kingdom (UK) and the regional bloc, and the European Union (EU), it will have to be well prepared to negotiate on new-generation issues, such as data protection regulation, e-commerce, and environment. India is yet to negotiate pacts with its trading partners on these evolving issues since discussions between them have until now been largely focused on tariff and non-tariff barriers and the rules of origin. "We can no longer look at trade just as trade. We have to look at it in totality of global and regional conditions.
India, Jaishankar said, is a "prisoner of its past image" and must get over it.
US nominee for World Bank president, Ajay Banga, has tested positive for COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic.
A powerful senatorial committee on Wednesday is set to consider a bipartisan resolution to recognise Arunachal Pradesh as an integral part of India, pushing back against China's military aggression to change the status quo along the Line of Actual Control.
The former Los Angeles mayor's nomination was pending before the US Congress since July 2021 when he was nominated for the prestigious diplomatic posting by Biden.
US Secretary of State John Kerry on Saturday headed for India to attend the Vibrant Gujarat Summit.
Alibaba's pervasive economic and social influence in China is seen as a threat to the authority of the Chinese Communist party, notes Shyam Saran.
Prime Minister Narendra Modi will address a joint session of the US Congress on June 22 during his official state visit to the country, top congressional leaders announced on Friday.
Morrison said ways to deepen bilateral trade and investment ties and harness new economic opportunities to support mutual economic recovery and growth will also be discussed at the summit.
Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese will hold extensive talks on Friday with a focus on boosting overall bilateral ties in areas of trade and investment, defence and critical minerals.
Self-proclaimed godman and fugitive Nithyananda's 'United States of Kailasa' has signed a 'cultural partnership' with over 30 American cities, a media report has said, days after the city of Newark in the United States state of New Jersey said it rescinded a 'sister-city' agreement with the fictional country.
'China seems more intent on creating a new world order rather than shaping the existing one.' 'India is of course, at this moment in time, aligned with the West-led order because of China's full-spectrum aggressive behaviour towards India.'
Following is the text of the prime minister's address on the occasion of the 2nd Regional Economic Cooperation Conference on Afghanistan.
The target was for banks to sell Rs 2 trillion worth of non-performing assets to NARCL, the so-called 'bad bank, by 2021-2022. Only 10 per cent of this has been executed.
On the eve of his visit to Japan, Prime Minister Manmohan Singh spoke to the Japanese media on the agenda of his visit. This is an excerpt
The PM began his official trip to Japan but the real work begins tomorrow.
We have the workforce, now we need to ensure that we take full advantage of game-changing technologies and geopolitical openings, suggests Jayant Sinha, chairman, Parliament's Standing Committee on Finance.
Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.
Canada will supply uranium to energy-starved India beginning this year over a period of five years, a decision which was termed as a launch of a new era of bilateral cooperation and mutual trust by Prime Minister Narendra Modi.
The Ministry of External Affairs (MEA) has been allocated a total of Rs 18,050 crore in the Union Budget for 2023-24 which is an increase of around 4.64 per cent over last year's allocation of Rs 17,250 crore.
In a bid to boost their bilateral ties, India and South Korea on Wednesday decided to step up efforts to take their economic partnership to a higher level by utilising synergies in trade, investment and hi-tech areas.
The agreement provides for extensive cooperation in the civil nuclear energy sector including in research and development for peaceful uses of nuclear energy, they said.
The Economic Survey was tabled in the Parliament on Friday.
Bilateral investment flows have grown immensely with foreign direct investment into India from the US reaching $28.2 billion last year.
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 two governments have already set a target of increasing bilateral trade in goods and services to $500 billion.
As a special gesture, Frederiksen received Modi at the airport. He arrived in Copenhagen from Germany.
'We are receiving a steady stream of interest from well-established foreign universities.'
Modi govt has a unique style of working, say experts.
Here's the full text of Prime Minister Narendra Modi's address to a joint session of the United States Congress, delivered on Thursday.
Modi will have a number of high-profile multilateral and bilateral meetings with global leaders including United States Vice President Mike Pence and Singapore premier Lee Hsein Loong.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
Japanese PM Shinzo Abe will arrive in New Delhi on Friday on a three-day visit to hold annual summit with a focus on forging greater synergies between the two nations.
India scripted history as the ambitious third Moon mission of the Indian Space Research Organisation (ISRO) touched down on the Moon's south pole, propelling the country to an exclusive club of four and making it the first nation to land on the uncharted surface.
His visit to India followed a few cancelled plans since he took office in July 2019 due to the coronavirus pandemic crisis, with the two leaders holding several virtual talks and eventually meeting in person on the sidelines of the COP26 climate summit in Glasgow last November.
