ECONOMY
India trying to build consensus over vaccine patent waiver, resists agri talks as WTO summit enters last day: Officials
But as member nations struggle to compromise on almost all key issues, the 12th biennial summit of the World Trade Organization (WTO) has been extended by a day to Thursday.
ECONOMY
WTO Summit extended by a day as consensus eludes nations on all issues
WTO Director-General Ngozi Okonjo-Iweala called on member nations to go the extra mile to find convergence on the various issues at stake at the 12th Ministerial Conference (MC12) and to be mindful that time is running out to conclude meaningful agreements.
CURRENT-AFFAIRS-TRENDS
WTO Summit | Piyush Goyal says trade body's reform should focus on helping developing and poor economies, bats for multilateralism
Commerce and Industry Minister Piyush Goyal has told the ongoing 12th Ministerial Conference of the WTO that the long due reform of the global body should focus on preserving the special and differnetial treatment accorded to developing and least developed countries.
ECONOMY
India's overall exports in May surged 24% to $62.21 billion
The estimated value of services export for May 2022 is $23.28 billion
ECONOMY
WTO Summit | Developed nations industrial fishing fleets should be held responsible for overfishing: Commerce Minister
India has pushed for a stronger global agreement to battle overfishing based on the principles of 'common but differentiated responsibility and 'polluter pays' whereby developed nations that have exploited the most oceanic resources being held responsible for marine ecosystem collapse and cutting back subsidies more.
BUSINESS
Exclusive| India won’t bend on new WTO global plan on food exports: sources
India is one of the only three nations fighting the plan to put blanket restrictions on the right of nations to stop foodgrain exports to the World Food Programme at the ongoing 12th WTO ministerial conference
BUSINESS
Happy ending for India as WTO conference wraps up with global deals? Find out
At one stage, a series of demands from India, which sees itself as the champion of poor farmers and fishermen as well as developing countries, appeared set to paralyse talks but accommodations were found.
BUSINESS
India, Iran get back to Chabahar port, INSTC route eyeing renewed Russia trade
The 7,200-km long International North South Transport Corridor (INSTC) is India's grand plan to cut short the time it takes for trade shipments to reach Russia, Europe and central Asian markets.
CURRENT-AFFAIRS-TRENDS
Exclusive | India will be forced to ask Qatar, Kuwait to rein in elements seeking public apology, boycott of products: Officials
India has stated clearly that it does not tolerate insults targeted against any religion, and that freedom of religion is upheld by the government for all, but vested interests in many countries are looking to escalate the issue.
ECONOMY
India's bio-economy has grown 8 times in the past 8 years to $80 billion: PM at Biotech Startup Expo
Modi also launched the biotech showcase portal, which parades 750 indigenous products and technologies from the biotech sector
ECONOMY
Exclusive | Govt considering express approval for export of 1.1 mn tonnes of wheat stuck at ports
Since India banned private wheat exports on May 13, exporters have been using a registration process to apply for shipping out wheat that has already received Letters of Credit. Nearly 1.1 million tonnes of such stock currently await scrutiny at ports, and run the risk of being destroyed by monsoon rains in just a week from now.
ECONOMY
In post-Brexit era, Indian industry should shift investments from UK to France to access European markets: French Ambassador
France is currently the top most destination for FDI into Europe even though it ranks third on the list of Indian investments in the continent.
ECONOMY
Exclusive | India pushes for rice exports as bumper harvest swells supply
The government has deployed diplomats posted at Indian embassies abroad to push rice exports. Talks are underway with some countries for substituting wheat exports, banned in May, with rice.
BUSINESS
Government orders physical verification for documents to check breach in wheat export ban
In an order issued on Tuesday, the Directorate General of Foreign Trade has directed Regional Authorities to physically verify all documents of applicants for export of wheat before issuing Registration Certificates (RCs).
ECONOMY
FIEO launches first-of-its-kind B2B digital marketplace for exporters, MSMEs and farmers
The portal will digitize Indian exporters and help them become discoverable online, promote exports from all Indian states, and showcase a wider range of products & services.
ECONOMY
Modi Govt @ 8 | Assertive, personality-driven foreign policy sees India making new friends, struggling against old foes
The government has deployed a muscular, no-nonsense foreign policy that has won it popularity at home. Many believe India had taken a passive, backroom approach to settling issues for too long, with few tangible benefits to show for it.
ECONOMY
Exclusive | US-led Indo-Pacific Economic Framework won't be a trade pact
The White House has stated that the IPEF will frame rules for the digital economy, including standards on cross-border data flows and data localisation. But officials say the new partnership is based on broad intent and not fixed outcomes.
ECONOMY
India resists move by developed countries to dilute TRIPS waiver for COVID vaccines before WTO meet
Rich economies such as the United States, European Union, United Kingdom and Canada have till now blocked a plan to temporarily waive global Intellectual Property Rights rules for COVID-19 vaccines at the WTO. Now they are actively diluting it before the all-powerful Ministerial Conference on June 12 in Geneva.
ECONOMY
Restrictions on sugar exports 'cautionary' in nature, Indian harvest largest globally : Officials
India's sugar harvest in the current season has been larger than Brazil, officials said.
ECONOMY
Exclusive | Increasing FDI from tax havens such as Cayman Islands under DPIIT lens
The Cayman Islands, a famous offshore tax haven, was the fifth largest source of FDI for India in FY22, up from the sixth spot in FY21. The small Caribbean island has outpaced traditional FDI sources such as Japan, the UK and the UAE.
CURRENT-AFFAIRS-TRENDS
QUAD Summit | India joins 12-nation economic partnership declaration to keep supply chains free, frame trade rules in Indo-Pacific
The US-led Indo-Pacific Economic Framework for Prosperity (IPEF) adds for the first time an economic angle to the QUAD, which has till now focussed on strategic cooperation. A statement from the White House suggests the move is aimed at removing the Chinese stronghold on the regional economy, but the areas of ambition include trade standards and digital economy, where India has clashed with developed economies on policy.
BUSINESS
Higher cost impact on infra said to have led to moves to rein in steel prices
The Prime Minister’s Office had greenlit higher duties on export of iron ore and removal of import duties on steel inputs such as coke. Designed to reduce the domestic price of steel and ensure stable supply, the move has led to metal stocks melting down.
CURRENT-AFFAIRS-TRENDS
As India's wheat export ban hits global trade, nations dial New Delhi
In the absence of clear guidelines on how India will allocate wheat to various nations, many countries have decided to exert their influence and leverage their bilateral ties with India to varying degrees in search of wheat
ECONOMY
Exclusive | Commerce Department pushed to keep wheat exports open but agri ministry wanted ban
The government argues the ban will simply redirect Indian wheat to countries that need it most. Officials told Moneycontrol that the decision was deeply unpopular among all stakeholder-ministries. It was chosen by the PMO after no feasible alternative was found to control prices and shore up procurement
