BUSINESS
WTO’s failure to reach consensus on farm, fisheries may be a win for India
While certain WTO members have expressed concerns over India's MSP scheme for key agricultural products, and export restrictions on commodities such as rice, New Delhi maintains that the country has to protect the interests of the poor and vulnerable farmers, and take care of its domestic food security needs.
BUSINESS
WTO: Moratorium on e-commerce tariffs extended by 2 years; 2024-end eyed for dispute settlement reforms
Both of these decision did not go India's way. While the South Asian nation was pushing for a resolution on WTO's dispute resolution mechanism by MC13, it also, initially, wanted an end to the moratorium on levying customs duties on digital goods.
BUSINESS
FM says India's stand on MSP unchanged despite objection from some WTO members
Some WTO members have raised concerns over the country's MSP scheme on key agricultural products, as well as the recent export restrictions on commodities such as rice, citing that it distorts market prices.
BUSINESS
WTO's Abu Dhabi MC13 extended on lack of consensus on key issues
Key outstanding issues at MC13 includes, finding a resolution on the dispute settlement reform, consensus on fisheries subsidies, and ironing out differences on the moratorium on imposing customs duties on digital goods.
BUSINESS
India's world-beating GDP growth spurs exuberance, but sustaining it remains key
Though the growth rate unexpectedly accelerated to 8.4 percent in the December quarter, economists pointed out the divergence between GDP and Gross Value Added (GVA), which was primarily due to a rise in net tax collections and a sharp decline in subsidy spending.
BUSINESS
India has less to lose versus NATO nations if Trump comes to power: Dhruva Jaishankar of ORF
India does have a trade surplus with the US but its economy is not as dependent on that trade with the US, says the Executive Director of Observer Research Foundation America.
BUSINESS
India asks WTO to re-examine moratorium on customs duties on digital goods
India has been for long pushing to end a moratorium on customs duties on digital goods citing that such a levy tends to benefit a few developed nations.
BUSINESS
India calls for restoring WTO's Appellate Body at MC13
A decision by the US to block appointments of new members to the Appellate Body has stalled this entity's functioning since December 2019. This has called into question the WTO’s overall credibility and the rules-based trade-order it upholds.
BUSINESS
Indian green bonds may see better demand, greenium on JP Morgan inclusion
The finance ministry is not impressed by the 'greenium', or green premium, on its green bond issuances, which was just 2 basis points on average across all issuances in the current fiscal. Higher demand for this instrument could provide a fillip to India’s push for a sustainable economy.
BUSINESS
India bats for removing curbs on giving subsidies to poor fishers at WTO
At MC13, New Delhi again urged WTO members to introduce a moratorium on subsidies by Distant Water Fishing Nations for fishing or fishing related activities beyond their EEZs for a period of at least 25 years. India said that the members should not lose sight of the harmful effects of subsidies for large-scale fishing on sustainable fishing and management of marine resources.
BUSINESS
Fin Secy Somanathan bats for change in CAG's performance audit culture
Given the current approach of the CAG around performance audits, there is great reluctance to take risks among bureaucrats and that is one of the reasons why things are slow in government, the finance secretary said.
BUSINESS
India bats for easier exit from WTO pacts; cautions against discussing non-trade issues
This is in line with India's long-standing position to oppose discussions or establishment of mandates at the WTO on what the country considers non-trade issues such as MSME, environment and sustainability, and gender
BUSINESS
Household Consumption Survey: Sikkim tops rural, urban spending, Goa is second; Chhattisgarh ranks lowest
Among the total of 36 states and Union Territories in the country, 27 registered higher rural expenditure compared to the all-India average MPCE figure of Rs 3,773 in 2022-23. UP, Bengal, Odisha, Meghalaya, Madhya Pradesh, Jharkhand, Bihar, and Assam ranked lower than the national average.
INDIA
Small savings mop-up at 64% of full-year target; should meet FY24 Budget aim: Official
On capital expenditure, this official said, spending has reached around 80 percent of the revised 2023-24 target of Rs 9.5 lakh crore as of early February 2024.
BUSINESS
Explained | From farm to fisheries, what is at stake for India at WTO's MC13?
India's primary task is keeping non-trade issues outside the ambit of the WTO. But the draft package circulated ahead of the event reportedly highlights issues such as women’s participation in trade, industrial policy, and environment.
BUSINESS
WTO: Most G-33 nations including India push for permanent solution on food security issues
The G-33 members also expressed regret over serious lack of progress in agriculture trade negotiations, including to fulfil the outstanding mandates of previous ministerial conferences.
BUSINESS
Interview: Legalising MSP can be anti-farmer; remove export bans, stocking limits, says Ashok Gulati
The noted agricultural economist says that MSP is not the right instrument to increase farm income since it could create major disruptions in the economy.
BUSINESS
India does not rush into FTAs anymore, says Piyush Goyal
The government follows a careful and calibrated approach when negotiating for FTAs to ensure that the trade deal is "fair, equitable and balanced", Goyal said during an interaction at the Raisina Dialogue 2024
BUSINESS
Indian trade body asks businesses to avoid foreign-owned PhonePe, Google Pay when shifting from Paytm
The Confederation of All India Traders has asked traders to pick the Unified Payments Interface or payment applications offered by Indian banks instead of going for applications backed by foreign firms
BUSINESS
Consumer or exchequer - who will win after GST compensation cess expiry?
The cess on the sale of goods and services is set to end on March 31, 2026. With states no longer being reimbursed for any shortfall in GST revenues, and loans taken to meet the deficit in the compensation cess fund set to be repaid early, the Centre faces a dilemma.
BUSINESS
Growth prospects brighten, but fear of rise in inflation returns: S&P Global Market Intelligence
Concerns over global growth have escalated with two of the world’s largest economies in technical recessions. Japan and the UK both reported their second consecutive negative quarters of GDP last week. However, some of these worries have allayed with US posting robust growth figures due to a rise in consumer spending.
BUSINESS
Red Sea crisis: Indian traders on edge as exports worth $64 billion at risk
A FIEO survey revealed that cotton yarn exporters are facing a 50-600 percent increase in costs for their shipments to Bangladesh, Europe, and Egypt. The full impact of the crisis is likely to be visible in India’s export figures February onwards.
BUSINESS
India will promote EVs but not on the back of subsidies, says Trade Minister Goyal
While talking about the aim to develop the domestic automobile sector, with a deep focus on EVs, Goyal invited global companies to manufacture in the country given the cost effectiveness India offers.
BUSINESS
India-UK FTA: Indian delegation to visit London from Feb 21-24 to resolve pending issues
Outstanding issues include UK's reluctance over India's stand that British automakers have to increase utilisation of local components in their vehicles to 45% to get concessions from New Delhi
