BUSINESS
India's merchandise exports decline 2.6% YoY to $34.47 billion in September
For the first half of 2023-24, India's exports were down 8.7 percent year-on-year, while imports were 12.2 percent lower. However, trade deficit for the month of September stood at 5-month low of $19.37 billion
BUSINESS
Israel-Hamas war hurts Indian maritime summit as delegates skip visit
: There is overall concern that the war might escalate to involve other neighbouring countries. Officials say some countries might not have taken well to the Modi government’s support for Israel and might want to give the meeting a skip.
BUSINESS
India-UK FTA likely to be signed this Diwali during Rishi Sunak’s possible visit
A 30-member delegation from the UK and an Indian team are currently involved in negotiations to close remaining issues, including visas for Indian professionals
BUSINESS
Israel-Hamas war could lead to higher insurance premiums, shipping costs: GTRI
According to the Global Trade Research Initiative, Indian exporters could face higher risk premiums and shipping costs, eroding their profit, although trade volumes will not get impacted unless the war escalates
POLITICS
India-Peru trade talks resume after being paused in August 2019
The special round of negotiations comes after the last round - the fifth - was completed in August 2019 before getting paused due to Covid-19
ECONOMY
MC Interview | Delhi to begin seeing colder temperatures from October 15: IMD Chief
A delayed monsoon withdrawal and resultant persistent humidity has led to higher temperatures and increased discomfort, as per India Meteorological Department.
BUSINESS
MC Exclusive: 20% export duty on parboiled rice likely to be extended till end of FY24
The duty had been imposed in August, after headline inflation rose to 7.8 per cent in July due to a surge in prices of food items such as wheat, rice and vegetables
BUSINESS
Exclusive | ONDC to enable skill-based services on network
The ONDC network, which currently allows participants to use its platform to offer food, groceries and mobility services, is now looking to foray into skill-based services, such as home repairs.
BUSINESS
31 million Indian users could upgrade to 5G phones in 2023: Ericsson survey
"According to the study, based on tech attitudes and affordability, 31 million users could upgrade to 5G phones in 2023. This presents a vast opportunity for further 5G adoption in the country," it said
BUSINESS
Torrential rains and income woes wash away tractor dreams of rural India
The fall in entry-level automobile products has also been caused by rising prices apart from plateaued incomes for farmers.
BUSINESS
India likely to ban sugar exports in new season beginning October
The Centre is likely to ban export of sugar in the upcoming season, and Moneycontrol learns from officials that a notification to this effect can be expected in the first week of Novembe
BUSINESS
EU’s carbon adjustment mechanism has right intent, but developed world must help: Jindal Steel MD
For a very long time, the developed world has developed in a carbon-intensive manner. It should develop in a manner that it is not carbon-intensive, and so help must come from the developed world, says Bimlendra Jha. India has far greater possibility to leverage the opportunity, he added.
BUSINESS
In talks with US, hope to restore India’s GSP tariff benefits by 2024: IACC President Bhasin
Earlier in 2023, the two countries had resolved all seven trade disputes between them at the World Trade Organisation.
BUSINESS
No immediate fallout on bilateral trade from Indo-Canadian tensions but no immediate opening up either
India is relatively insulated from any import restrictions from Canada for the moment. But those hoping to tap the Canadian market will have to wait till the bilateral trade pact is in place, which may take time given that talks are in limbo
POLICY
Govt extends time period for existing stock limits of tur and urad
Despite interventions, the prices of tur have refused to come down with consumer price inflation for the kitchen staple ruling at a 6-year-high of 32 percent in August, as per the government's consumer price index.
BUSINESS
MC Interview | Challenges may come in isolated pockets but no wide scale fertiliser shortages expected: Yara MD
In the last 10-odd years, use of fertilisers has increased, but productivity has plateaued out, suggesting that nutritional efficiency is falling, impacting soil health. Kanwar feels fertiliser use must be reviewed.
BUSINESS
MC Exclusive | National Logistics Policy: Most digital processes related to cargo movement streamlined
The govt has come up with an estimated total logistics cost for India, which will be made public by the end of Sept 2023, Sumita Dawra, Spl Secy in the Dept for Promotion of Industry and Internal Trade, said. This will help show a clear YoY comparison of how the NLP is helping reduce costs.
BUSINESS
MC Exclusive | Govt joins hands with industry, foreign experts to estimate total logistics cost
An 18-member task force comprising officials from the government, think tanks, industry, and research organisations has worked over the last six months to arrive at the cost number. It is expected to be announced by September end.
BUSINESS
MC Exclusive | Centre wants to develop IMEEC on GatiShakti principles: Special Secretary Dawra
The India-Middle East-Europe Economic Corridor (IMEEC) was announced by Prime Minister Narendra Modi on September 9 during the G20 summit. The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US
ECONOMY
India-Canada FTA on pause till political issues resolve: Sources
The India-Canada negotiations were re-launched in March 2022 after the countries held the fifth Ministerial Dialogue on Trade & Investment
BUSINESS
India's trade deficit widens to 10-month high of $24.16 billion in August
If seen on month, the trade deficit was up almost 17 percent over July’s $20.67 billion gap between goods imports and exports.
BUSINESS
India aims to improve Logistics Performance Index ranking to top 25 by 2030
India was ranked 44th on the index in 2018 and has now climbed to 38th in the 2023 listing.
BUSINESS
Mighty vegetables lead the fall in CPI but cereals inflation persistent
The prices of almost all vegetables, like tomatoes, green chillies, lady’s finger, beans, and lemons, which had led the dramatic rise in retail inflation earlier, have fallen now. However, prices of cereals, pulses, and spices have gone up.
BUSINESS
India’s removal of duties on apples & walnuts in response to US' removal of tariffs on steel: Commerce ministry
The US and India had a number of disagreements on trade in recent years. In 2018, the US imposed 25 percent and 10 per cent import duties on certain steel and aluminium products, respectively, on grounds of national security. In retaliation, India in June 2019 imposed customs duties on 28 American products
