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
BUSINESS
Talks with Tesla to slow down until general elections 2024: Government official
Officials say that although Tesla is keen on its India foray, it does not see India as a huge market just yet. Its charging infrastructure will take a few years to develop and only then can it think of a presence here, they say.
TRENDS
Explained | Modi Vs Pinarayi: The battle over borrowings
The Pinarayi Vijayan-led Kerala government has approached the Supreme Court against the borrowing limits imposed on the state by the Narendra Modi-led regime at the Centre.
INDIA
Of subsidies and debt: A look at Punjab’s key economic issues
Punjab’s debt level and fiscal deficit is projected to remain higher than the national average, at 46.8 percent and 5.0 percent of the GSDP, respectively, in FY24.
BUSINESS
India to ensure commercial gains while safeguarding domestic interests in FTA with UK
Responding to a question on the expected timeline to conclude talks for the trade pact with UK, India's Commerce Secretary said "whatever time it is taking, it is because we want to safeguard India's interest. We have to see that the deal is a fair deal."
BUSINESS
Red Sea crisis may have limited India's goods export growth in January: Official
The drop in exports in January 2024 compared to December 2023 is primarily on account of seasonality, Commerce Secretary Sunil Barthwal separately said during a briefing on February 15. Goods exports fell nearly 4 percent in the first month of 2024 compared to the previous month.
BUSINESS
Red Sea crisis: Indian exporters save on higher shipping costs as importers start sharing burden
Contracts have been renegotiated so that exporters and importers share the increase in freight costs and pass them on to customers
BUSINESS
Red Sea crisis: India’s Russian oil buys get more expensive on detour due to Houthi attacks
Shipments from Moscow are taking a longer route via the Cape of Good Hope to avoid attacks on commercial vessels on the Red Sea route
BUSINESS
Red Sea crisis: Indian buffalo meat, basmati rice exports to some African nations hit, but loss not too large
When it comes to agricultural items like Basmati rice, coir, cereals that have high cargo volume but lower value, the impact is very high since their container costs could be as much as 30-40 percent of the whole consignment, said Israr Ahmed, FIEO President (officiate).
BUSINESS
FM is honest and correct, the figures speak for themselves, says NK Singh on Centre versus South
The Chairman of the 15th Finance Commission spoke to Moneycontrol on a range of issues from India’s fiscal commitments to the one nation, one election proposal
BUSINESS
India's fiscally conservative budget should lead to rating upgrade, says NK Singh
The former bureaucrat flagged concerns about the methodologies used by credit rating companies since they don’t apply common standards for all countries.
BUSINESS
Centre "fully honoured" 41% tax share formula, says 15th Fin Comm head NK Singh
On claims by certain states that their share in the tax pie is reducing due to Centre's increasing reliance on cess and surcharges, Singh said that one must be cognizant of the enhanced spending obligations of the central government given new and emerging geopolitical and security challenges.
BUSINESS
Would go with the best judgment of regulator, says NK Singh; skips commenting on Paytm specifically
The comment from the Chairman of the erstwhile 15th Finance Commission comes on a day when RBI Governor Shaktikanta Das on February 8 noted that the supervisory action against Paytm was taken due to repeated instances of non-compliance despite providing ample time for corrective measures.
BUSINESS
Devolution discrimination debate: Siddaramaiah's claims vs Sitharaman’s rebuttal
"There are factual errors, false monetary claims, misleading statements, and selective mention of certain losses allegedly suffered without mentioning the gains that have accrued to the state in the 15th Finance Commission period," Sitharaman said in a note on February 7 rejecting Karnataka's claims.
BUSINESS
India to refuse discussions on non-trade issues, including carbon tax at WTO meet: Sources
One of the official cited above said this is a reiteration of India's stance that since areas such as environment, MSMEs and gender are non-trade issues, WTO should refrain from negotiating on them, adding that there are other multilateral forums, including the United Nations, that are better platforms to discuss these issues.
BUSINESS
Population, GST lie in the heart of India’s North, South money wars over central funds
The lower share of devolution in the kitty of the less populous and fiscally stronger southern states is one of the key reasons behind the north, south dispute over central funds.
