ECONOMY
India, UAE formally begin negotiations on economic partnership deal
This was announced at a joint press briefing by Commerce and Industry Minister Piyush Goyal and his UAE counterpart Thani bin Ahmed Al Zeyoudi.
BUSINESS
Five years on, government to finally launch single-window clearance portal for foreign and domestic investors
The government portal can be used by investors to remotely scout for investment opportunities, get deep data on land, labour, logistics and costs, as well as obtain time-bound approvals and real-time status updates.
WORLD
May impose reciprocal measures if UK doesn't recognize Covishield : Foreign Secretary Harsh Vardhan Shringla
India has called the UK's decision not to recognize the Covishield vaccine as 'discriminatory policy' which affects Indian citizens travelling to the country. External Affairs Minister S Jaishankar has raised this issue with UK government, Shringla said. Ironically, India has supplied 5 million Covishield doses to the UK till now.
ECONOMY
Exclusive | PM Modi to push global patents waiver for vaccines at Quad summit in Washington DC this week
Apart from talks on closer defence ties among Quad countries, Modi is expected to use the rare face-to-face meetings to push the leaders of the US, UK, Japan and Australia to support India’s proposal to waive the patents regime for COVID-19 vaccines to help immunise people in poor countries.
BUSINESS
Explained | The World Bank controversy that killed the Doing Business Report
An internal audit found that Chinese influence at the World Bank led to data manipulation and ultimately a rigged national ranking for China in past Ease of Doing Business indexes. While the regulators investigate the matter and the global investor community remains dazed at the findings, Moneycontrol looks at what this means for India.
BUSINESS
GST Council Meet | GST exemption on Covid essential medicine extended till December
The items on which rate cuts were made included Remdesivir, Tocilizumab, medical grade oxygen, oxygen generator, ventilators, masks, covid testing kits, oximeters, hand sanitizers, cremation furnaces, ambulances, temperature checking devices and others.
ECONOMY
India woos ASEAN with generics production, vaccines; wants support in IPR waiver
Apart from securing the support of ASEAN nations for the global intellectual property waiver for COVID vaccines, the move is also aimed at pulling closer the traditional partners in the bloc, who have become close to China, sources say
ECONOMY
Interview | Need to enhance aggregate demand in the economy: PHDCCI President Sanjay Aggarwal
While domestic industry may be more resilient in the face of a possible third wave, the government needs to rescue MSMEs and further push exports to ensure continued growth, Sanjay Aggarwal, President of the PHD Chamber of Commerce and Industry tells Moneycontrol in an exclusive interview.
ECONOMY
Interview | Have no choice but to nudge more FDI towards gross capital formation: S Anjani Kumar, Partner, Deloitte India
Foreign Direct Investment (FDI) should not only be looked as pure financial capital, but as an access to technology, assets, markets and manpower that will help India compete with the rest of the world, S Anjani Kumar, Partner, Deloitte India, tells Moneycontrol in an exclusive interview.
ECONOMY
India aims to launch FTA negotiations with UK by November 1
The two sides have set March, 2022 as deadline for finalizing an Interim Agreement with a more comprehensive agreement set for a later date. The Interim deal will involve early concessions on certain key high-priority products and services with regards to duty tariffs and market access, the Commerce Department has clarified.
ECONOMY
India needs $7.8 trillion greenfield assets in 5 years to become $5 trillion economy: Deloitte
Report says FDI worth at least $400 billion needs to flow in through new investments for gross capital formation to hit that level. It adds that India will likely become a $5 trillion economy by FY29 as a result of high growth and moderate inflation.
ECONOMY
EXCLUSIVE | Duty cuts on edible oil likely before festive season
While basic customs duties have been cut for the second time in less than a month, edible oil prices continue to remain high. With the festive season set to begin soon, the cut-off date for ending duty cuts -- September 30 -- may now be extended.
BUSINESS
July IIP sees slower YoY growth at 11.5% as low base effect wears off
Industrial production has almost caught up with pre-pandemic levels. Compared to July, 2019, production was just 0,3 percent lower in the latest month.
WORLD
EXCLUSIVE | Australian ministers to discuss trade deal hurdles during India visit
India had recently announced that a trade deal with Australia would be signed by 2021-end. But sources say the existing differences continue to plague the discussions
TRADE-2
Explained | Why has the govt announced a PLI scheme for synthetic fibres, technical textiles?
Most Production-Linked Incentive (PLI) schemes until now have been targeted at high-value goods or those that would cut import dependence. Synthetic fibres, which include rayon, nylon, polyester and acrylic, and technical textiles don’t come under either category. Moneycontrol takes a look at why the government is focused on these products.
ECONOMY
Cabinet announces Rs 10,683 crore PLI for Man Made Fibers & technical textiles
The government also plans to sign free trade agreements with other nations to secure the competitiveness of India's textile exports.
ECONOMY
13th BRICS Summit: PM Modi to push for greater trade, investment as part of Strategy 2025
Apart from business and economic issues, the summit is expected to see extensive discussions on the Afghanistan crisis and BRICS leaders may also issue a joint statement on the latest situation in the country, sources say.
ECONOMY
Macro data signal worst may be over for most sectors
The third wave of the pandemic remains an X factor for India’s economy, although some see the pace of vaccination as an encouraging trend. If there are no major changes in Covid-19 infection numbers in the short term, most sectors of the economy are set to recover firmly.
TRADE-2
Exclusive | Emergency steps to stem container crisis expected by early next week
The Commerce Department wants more raw materials be transported through bulk carriers, which are massive ships that are designed specifically to carry industrial and agricultural cargo.
TRADE-2
Export chambers write to govt seeking expansion of RoDTEP scheme to cover key exporter categories
At a time when global markets are booming, the government has removed key segments such as Special Economic Zones and Export Oriented Units from the ambit of the remission of Duties and Taxes on Exported Products (RoDTEP) scheme. These are now also not covered by the erstwhile MEIS scheme, which creates a double whammy, they say.
BUSINESS
August exports surge 45% YoY, led by strong global orders
Official statistics show exports of all mor revenue earners such as engineering goods, petroleum, gems nda jewellery, all rose in August
TRENDS
India's next round of talks with Taliban may take place in a week
The Taliban are keen to discuss with India the future of scores of infrastructure and development projects that were being executed by India in Afghanistan until the Islamic militia took control last month. The group may insist that India complete the projects in return for not letting Afghan soil be used for exporting terror.
TRADE-2
Exports offer sole cushion to GDP numbers, imports reach almost pre-covid levels
The GDP figures have revealed that in the first quarter of 2021-22, India's exports have climbed back to their pre-Covid levels. Exports are also now 23.7 percent of India's economy, up from 20.5 percent a year back
ECONOMY
Interview | We have a number of assets in advanced stages of bidding: Amitabh Kant
In an exclusive interaction with Moneycontrol NITI Aayog CEO Amitabh Kant reveals why the government did not include non-core assets in the asset monetization pipeline, and why he is hopeful of private sector participation across sectors.
