ECONOMY
More lateral entry from private sector, new trade promotion body planned for Commerce Department: Piyush Goyal
The government plans to implement a Boston Consulting Group report which calls for significant restructuring of the department to help hit $2 trillion in exports by 2030.
ECONOMY-2
India renews push for extending TRIPS waiver beyond Covid vaccines within two months of WTO deal
At the global WTO summit in June, nations had agreed on loosening the intellectual property rights regime only for vaccines and deciding on similar concessions for all other Covid-19 treatments, diagnostics or technologies six months later.
ECONOMY-2
Exclusive | Indian exports may lose EU tariff benefits
While $7.8 billion worth of exports may be at risk, the government will find it difficult to contest this as India is economically stronger than other nations getting such benefits
ECONOMY-2
Surge in merchandise exports may not sustain in FY23 amid global challenges: Ind-Ra
The slowing down of growth is expected to hurt manufacturing further, especially since the last 14-straight months of export growth boosted certain manufacturing segments, skipping many others.
ECONOMY
India exported 3.7 lakh tonnes of wheat through government route
Nations that were in a food deficit and vulnerable, as well as India's neighbours, were given priority access to wheat amid a global shortfall.
ECONOMY
Current growth in exports will continue if more FTAs are signed: GJEPC chairman Colin Shah
The removal of a 5 percent duty on plain and studded gold jewellery from India as part of the recent free trade agreement with the UAE is expected to increase exports by $5 billion.
ECONOMY-2
Government confident of hitting $500 billion export target in FY23 through rupee trade, FTAs
Two major free trade agreements with the United Arab Emirates and Australia, the beginning of rupee-based international trade, and positive forecasts by specific sectors are expected to help Indian exports reach the half-a-trillion-dollar level.
ECONOMY-2
Gem & Jewellery exporters bank on India International Jewellery Show 2022 to sustain post-Covid growth
Considered to be the largest such show in India, and the third largest in Asia, IIJS 2022 is the 38th edition of the show and is expected to have more than 40,000 visitors. Previous year's show did $6.75 billion worth of business.
ECONOMY
US FTA pending because of Washington; 2023 targeted for talks now: Officials
A step-by-step reduction of import duties on high-value US farm products, a trade margin policy for medical devices, and a promise to continue talks on reducing price restrictions on American technology goods remain India´s basic proposal for trade talks with the US
ECONOMY
Exclusive | At odds with Beijing, but Delhi has no solid plan against Chinese trade in India
Over the past few years, India has imposed higher tariffs on Chinese imports, cracked down heavily on Chinese firms, and cut the flow of Chinese FDI . But, as an uneasy peace holds for the moment, officials say no major economic action is planned.
ECONOMY
E-commerce policy remains in limbo as ministries differ, provisions carved out to other legislation
The policy is expected to significantly impact India’s e-commerce market, which is poised to rise to $111.4 billion by 2025. Currently, the sector is regulated piecemeal through a series of rules implemented by different ministries.
ECONOMY-2
CCPA says penalties worth Rs 10 lakh imposed on Naaptol & Sensodyne so far
In the first two years of its existence, the CCPA issued 71 notices for misleading advertisements, 49 for unfair trade practices, and 94 violations of consumer rights.
ECONOMY
India warns countries against joining 'illegal' China-Pakistan economic corridor
The corridor is a collection of infrastructure projects that have been under construction throughout Pakistan beginning 2013. Originally valued at $47 billion, the value of CPEC projects bumped up to $62 billion as of 2020. New Delhi has protested the project from its inception since it passes through large chunks of Pakistan-occupied Kashmir.
ECONOMY
Conditional sales from SEZs to domestic market being expected in new Bill
The government hopes to revive struggling SEZs, exports from which fell to $102.3 billion in FY21 from $112.3 billion in FY20. Of the 370 notified SEZs, only 234 are operational, official data shows. Measures like lower taxes and partial denotification are also being considered
ECONOMY-2
Exclusive | India gets ready for next set of FTAs after PMO push; Israel, Canada top list
Despite being one of the smallest components of the nation's civil service, officers of the Indian Trade Service are currently in the limelight. The Prime Minister's Office has pushed for more Free Trade Agreements to be completed in the next one year.
ECONOMY
India-UK trade talks on track, government looks at August 31 deadline
The India-United Kingdom FTA aims to significantly boost trade by reducing tariffs on up to 65 percent of traded goods and 40 percent of services.
ECONOMY-2
Arvind Panagariya calls for just 2 GST slabs to simplify system
The former NITI-Aayog chief also called for widening the ambit of GST to cover a wider range of consumer goods that are widely purchased but are not taxed
ECONOMY
Higher import duties limiting export growth: Arvind Panagariya
The ex-NITI Aayog Vice Chairman said studies have shown that import duties have been raised on as many as 3000 tariff lines in recent years.
ECONOMY
I2U2 leaders' summit highlights investments in renewable energy, food parks in India
The first-ever meeting of I2U2 leaders focused on the food security crisis and clean energy. India, Israel, the US, and the UAE have committed to advance low-carbon industries and promote green tech.
ECONOMY
INSTC route between India and Russia to see pick-up in trade volumes from next month, say officials
The INSTC is India's grand plan to cut short the time taken for trade shipments to reach Russia and Europe, and enter the central Asian markets, and vice versa.
ECONOMY
Trade deficit rises to record $26.1 billion in June as imports surge, up 172% YoY
The massive rise comes as a result of refined petroleum imports almost doubling to $21 billion in June, while coal imports shot up by 260 percent.
ECONOMY
India pushes for amendment to DTAA to stop double taxation of IT firms in Australia
India has also taken up with Australia the delay in processing visas for students heading to Australia for higher studies
ECONOMY
Infra financing, green tech to be in focus for India at first I2U2 Summit
The first virtual summit between the leaders of India, Israel, the US and the UAE would also touch upon the global food crisis and the Ukraine war, officials said.
ECONOMY
Exporters laud move to allow rupee trade but seek clarity on benefits
While the industry sees the move as the first step towards full convertibility of the Indian rupee, insiders say it will be difficult to push trade if export benefits aimed at attracting foreign exchange are not forthcoming
