BUSINESS
India Inc. must shed protectionism to stay competitive, says govt official
The remarks come as media reports indicate that the United States is pushing for India to reduce or eliminate import duties on automobiles as part of an ongoing Bilateral Trade Agreement (BTA).
BUSINESS
Trade deal with US to give India first mover's advantage over Trump tariffs
More countries have shown interest to strike trade deals with India after US's reciprocal tariff move, while the European Union, United Kingdom and New Zealand are keen on fast tracking talks for the proposed FTAs.
BUSINESS
India ready to take steps to check China dumping amid Trump tariffs
The official said India will take both direct and indirect measures to curb any surge in low-cost imports from China that could arise from the new tariff barriers in the US.
BUSINESS
Talks on to mutually lower duties on key items as India looks to cushion Trump tariff impact
While India sees room to cut tariff on certain farm goods such as American almonds and pistachios, in return, it wants lower duties on automobile parts, essential medicines and some other goods
BUSINESS
Government consulting stakeholders, identifying areas of gains following Trump's tariff
India will face a baseline duty of 10% from April 5, while the remaining country-specific additional ad-valorem levy of 27% will be effective April 9, as per the Annex I of the Executive Order, the commerce ministry has said
BUSINESS
Steeper US reciprocal tariffs on Asian peers could aid Indian exports
While, Indian textiles and garments exports to the US could benefit from steeper tariffs on China and Bangladesh, higher US duties on Vietnam and Thailand creates an opportunity for New Delhi to spur outbound shipments in the electronics, telecom, and smartphone sectors.
BUSINESS
India-US trade deal key as Trump says drop barriers for reciprocal tariff exemption
The US administration’s indication that they may grant exemptions to nations who are willing to lower tariffs is significant as India is currently negotiating a trade deal with America through which both nations have agreed to reduce duties to spur trade between them.
BUSINESS
Can trade deal, dissimilar export profiles secure India from Trump’s reciprocal plan?
While dissimilar export profiles and a potential trade deal with US could shield India from the worst of reciprocal tariffs, a lot will depend on the details of Trump’s plan, specifically if the tit-for-tat duties are imposed sector-wise or product-wise.
BUSINESS
US raises concerns over India’s high tariffs and non-tariff barriers in a new report
A report by the US Trade Representative Office termed India’s average Most-Favoured-Nation (MFN) tariffs as one of the highest of any major world economy, with an applied rate of 17 percent.
BUSINESS
US trade report flags lack of consultation before India’s initial laptop import curb plan
In August 2023, India had announced restrictions on free import of laptops, tablets, personal computers, and related items, but the plan was rolled back and replaced by an 'import management system', requiring companies to report data related to their imports.
BUSINESS
Centre’s FY25 revised capex may miss the target by around Rs 35,000 crore
The largest miss on FY25 capex is expected to be due to a spending slowdown in roads and highway projects, followed by housing and atomic energy.
BUSINESS
Govt unlikely to go ahead with privatisation of banks: Official
Government’s ambitious bank privatisation agenda is off the table with an overarching view that public sector banks are profitable and evoke greater trust. The Modi government had announced privatisation of two public sector banks in 2021-22
BUSINESS
India may follow US' cue on cryptocurrencies
With Trump’s administration embracing crypto, an inter-ministerial group is recalibrating its approach on digital currencies as its finalises a discussion paper
BUSINESS
Government expects minimal impact of Trump's reciprocal tariffs, higher auto, steel levies
The thinking in the government is that the goods which could be targeted after April 2 are not price sensitive, while the country's auto exports to the US are modest at best
BUSINESS
India can grant more market access to some US farm goods to blunt any reciprocal tariff impact: Ashok Gulati
India had a trade surplus in agriculture of $3.46 billion in 2023. Key exports to the US included frozen shrimp and prawns, basmati and non-basmati rice, vegetable saps and extracts, natural honey, and processed food products.
BUSINESS
India sees room to remove tariffs on US imports of crude oil, diamonds under trade pact
As part of an internal study by the Finance Ministry and NITI Aayog, the government is analysing tariff lines between India and the US to identify areas where the former can lower duties irrespective of domestic capacities. However, this is not related to the April 2 deadline for Trump’s reciprocal plan.
BUSINESS
Trump's tariffs: Reciprocal tax exception, trade deal on agenda as US official visits India
In talks with assistant US trade representative Brendan Lynch, India is expected to thrash out the broad contours of the bilateral trade deal and also try and secure exception from the reciprocal tariff plan
BUSINESS
MSME steel players may urge Centre not to impose 12% safeguard duty fearing price rise
One industry source said that the domestic steel prices could go up by 8-10 percent due to the proposed safeguard duty, hitting MSME exporters, since the metal constitutes 60 percent of their production cost.
BUSINESS
GDP growth rate of 6-6.2% enough for Viksit Bharat goal, says NITI Aayog's Virmani
Coming to the current financial year, Virmani expects growth to be at 6.5 percent or higher, while for FY26 he offers a range between 6.5 and 7 percent.
BUSINESS
Interview| India-Australia FTA can be a template for trade pact with US, says NITI Aayog’s Virmani
Arvind Virmani proposes a zero-to-zero tariff policy on value-added manufactured goods as an appropriate route in striking trade agreements with another country or a bloc
INDIA
Piyush Goyal bats for quick bilateral trade deals with Latin American nations
The minister also highlighted the pace at which trade deals are being negotiated with the likes of Peru and called for faster outcomes.
BUSINESS
India unlikely to retaliate on steeper US tariffs on steel, aluminium; safeguard duty primarily to check Chinese imports
Under Trump 1.0, India retaliated by raising tariffs on US goods such as almonds and apples in response to America imposing higher levies on Indian steel and aluminium.
BUSINESS
Commerce Secy bats for inking early tranches of FTAs to ensure speedier outcome
Barthwal added that the focus is on first resolving core trade issues such as tariff and non-tariff barriers as well as certain regulatory hurdles to ensure speedier outcomes from FTA negotiations.
BUSINESS
India focused on trade deal with US, yet to reach out to Trump team on reciprocal tariffs
India is hopeful of concluding the task of drawing out the scope and schedule of the first tranche of the proposed Bilateral Trade Agreement (BTA) with US, in the next two to three weeks, it is learnt.
