FDI equity inflow rose 60% to $4.4 billion in April 2021
While computer software and hardware remained the top sector drawing in the most FDI equity, the education sector has surprisingly received the third-highest foreign investments in April.
Higher commodity prices behind rise in exports to China in pandemic year
In the year, when the pandemic restricted trade, upended logistics networks and shut down factories, India's exports to China rose 27.7 percent in FY21. A closer look at official figures however show that the growth was fueled by higher prices of iron ores, organic chemicals and petroleum.
Gold imports crash as manufacturers expect slow sales ahead of marriage season
Even as the second wave of COVID recedes, economic uncertainty, lower disposable incomes and the looming spectre of the third wave have severely dent demand. As manufacturers count their unsold inventory ahead of the biggest-selling season, jobs in the labour-intensive sector remain at stake.
Explained | Minimum Income Support, Universal Basic Income - where does India stand?
Two successive waves of COVID-19 have severely battered the economy, pushing large segments of the urban migrant workers and rural poor towards poverty, as unemployment rises. As the debate over whether the government should start providing direct income support to raise consumption and dispense financial safety gathers momentum, a look at the two main ways it can be done, and the experiences from around the globe.
Country specific strategies, diplomatic push and targeted promotion ensured stellar FY21 for Agri exports
Stagnant for the past three years, India's agricultural exports saw a major rise in pandemic riddled FY21, even as all other sectors witnessed a dip in forex earnings. This comes two years after the Agriculture Export Policy was announced. The policy tapped into global demand and expanded the farm export basket. Pleasantly surprised policymakers are now hoping to recreate this success story in other sectors
Government should provide Rs 3 lakh crore stimulus to shore up demand: CII president Narendran
Narendran asked the government to infuse another Rs 20,000 crore in public sector banks and also suggested a national pandemic fund to guard against financial risks arising out of such events.
May exports up nearly 70% due to low base effect
The extremely large rise in exports have been observed for the past 2-months. They are due to the extremely low volume of trade beginning in March, 2020 when the nationwide lockdown had been first instituted.
Exclusive | Govt defends record wholesale price rise, says states also to be blamed for soaring fuel prices
With wholesale inflation hitting a record 12.9 percent in May, and fuel prices continuing to soar, the Centre is now shifting the blame to states, high global commodity prices and a low base effect.
G7 plan to dislodge China as biggest source of infrastructure funding to benefit India
While parts of the G7 countries fund may later reach India through climate financing and sustainable development grants, officials say its biggest ripple effect will be in containing Chinese influence over India's traditional allies, who have increasingly veered towards Beijing following the Big Dragon's massive infrastructure investments
Close ties expected to continue under new Israeli PM Naftali Bennett, officials say
Unseating Benjamin Netanyahu, Israel's Premier for the past 12-years and a self-avowed close friend of India, the new prime ministership has implications for India's trade ties and foreign policy in the larger Middle East, officials say. However, given the current pace of growth in bilateral relations, no significant changes are foreseen currently, they add
May wholesale inflation reaches record 12.94% as high fuel costs continue to hurt
Fuel inflation has nearly doubled for three straight months now, hitting 37 percent in May, up from just 0.6 percent in February. Further pushed up by a 10.8 percent rise in manufacturing prices, wholesale inflation reached record level highs for the second consecutive month in May.
Interview | Investment protection, sustainability should be discussed in UK-India FTA: UK-India Business Council MD Kevin McCole
McCole says that while the FTA will unlock long-term growth for British companies in India, the bilateral Enhanced Trade Partnership agreement signed in April is equally important, given its focus on immediate issues like market access and ease of doing business.
EAM Jaishankar's upcoming visit to Kenya aims to reaffirm India's commitment to Africa
The Foreign Minister is set to reassert India's focus on Africa's development as an 'equal partner' in this hour of crisis. New Delhi is banking on its assistance of COVID-19 vaccine to African nations and a series of upcoming bilateral exchanges to create support for the India Africa Forum Summit scheduled later this year, and to offset growing Chinese influence in the continent
New products and bilateral outreach behind high agri export growth : Commerce Secretary
Agr exports jumped to $41.25 billion in 2020-21, from $35.16 billion in 2019-20
Key G7 panel recommends new body to monitor global trade in semiconductors, critical supplies
Given the fluctuations in trade, rising demand and growing scarcity of raw material, the proposed Critical Supply Forum will become significant for major users of semiconductors including India.
G7 summit: India to bat for global vaccine waiver, funding for global effort
Officials say the response by the 'world's richest club' to the ongoing pandemic will set the tone for global efforts for rest of 2021.
WTO decides to hold text-based negotiations on India's global vaccine waiver proposal
Developed nations like the EU, Australia and Singapore had initially refused to discuss India's revised proposal. The latest decision open the door for larger, more in-depth text based negotiation between all members. Next meeting on 17 June as India pushes for late-July deadline.
Industrial oxygen: DPIIT further relaxes norms for mandatory diversion
From June 1 onwards, the government had temporarily permitted the resumption of oxygen supply for industrial use by key manufacturing sectors, pursuant to certain fixed limits. On June 8, the DPIIT further relaxed those targets allowing more oxygen for industrial use.
Exclusive | Stage set for bigger India-US clash on Google Tax after new G7 tax plan
Last week, the US deferred by 6 months its move to place the proposed retaliatory tariffs on India, due to New Delhi's insistence on keeping its tax on digital earnings. Further negotiations are now set to become rougher as a global tax proposal by the G7 nations effectively aims to block national level digital taxes.
Interview | Australia eyes big boost in business with India - senior trade official Catherine Gallagher
Under its 'India Economic Strategy to 2035’s, Australia aims to significantly expand business with India in diverse sectors such as food and grains, core minerals, and high tech equipment, Australia's senior most trade and investment commissioner in New Delhi told Moneycontrol. Raising the country's awareness of major reforms in India and the progress in ease of doing business remains the main focus right now, she said.
Trade talks with EU and UK on; formal negotiations to begin in next few months: Commerce Secretary
Talks on the proposed Free Trade Agreements with both UK and the EU are progressing at an 'expedited pace', Commerce Secretary Anup Wadhawan has said.
Services PMI falls for first time in 8 months as domestic demand disappears, export orders nosedive
Export orders nosediving to 6-month lows and lack of domestic demand led to the first decline in sales since September 2020 for services companies. As a result, the sector lost jobs for the sixth straight month.
India's exports rise 67% in May on low base effect, imports surge by 68.5%
The headline numbers jumped high due to a severely low base as trade had crashed during May, 2020 when the COVID-induced lockdown was in full swing. But citing a nearly 8 percent growth after comparing with May, 2019, the government has expressed confidence that exports are well on their way towards recovery.
Need 3-year global IPR waiver for COVID vaccines, drugs and health technology, India tells WTO
India’s updated proposal on the global IPR waiver has the support of 62 nations and aims to end the pandemic quickly, but it has been opposed by the European Union, the UK and Australia. It will be next discussed on June 8-9 by the TRIPS council of the WTO.
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