BUSINESS
100% Made in India electric vehicles a long distance away: Industry
Dependence on China will continue and it will take years to realise the government’s goal of having electric vehicles manufactured entirely in India, say executives.
TRENDS
Q1 GDP data | Low base effect helps manufacturing sector growth soar but not reach pre-Covid levels
The manufacturing sector grew by 49 percent in the first quarter of FY22, but still remained 4.77 percent lower than pre-COVID levels. While the sector had seen stable growth in the fourth quarter of FY21 following the lockdowns, promoting hopes of a recovery, the latest growth does not represent the real picture, experts say.
TRENDS
Q1 GDP data | Private consumption rises sharply but still below pre-Covid levels, government spending down
As compared to Q1 of FY21, household consumption rose 19.35 percent in the April quarter, but still remained 11 percent lower than what it was two years back in Q1 FY20. On the other hand, spending by the government fell 4.77 percent in the latest quarter.
INDIA
Preview | Low base may see Q1 GDP growth hit record, conceal second-wave impact
India’s GDP growth contracted 24.4 percent during the first quarter last year. In absolute terms, the economic recovery has still not reached pre-pandemic levels, going by the RBI’s projections. The GDP data will be released on August 31.
ECONOMY
India to sign early harvest trade deal with Australia by December 2021
India had begun talks on the Comrpehensive Economic Partnership Cooperation Agreement with Austrlia back in 2011. But talks had stalled over multiple issues. The latest discussions began after New Delhi dialled Canberra again in 2019.
ECONOMY
Monetizing dedicated freight corridors: Many firms will be keen, but need investor-friendly stance, regulator
Monetizing a part of cross-country 3,300 km dedicated freight corridors has major financial implications for the government and the private sector. Moneycontrol takes a deep dive into the opportunities and challenges.
WORLD
Exclusive | India scrambling to wrap up Afghanistan evacuation before August 31 deadline
New Delhi is jostling with other nations to evacuate its citizens, as well as Afghan Sikhs and Hindus from Kabul airport in next 3 days. While nearly 800 people have been brought back, an estimated 350 still remain in Taliban-controlled Afghanistan.
CURRENT-AFFAIRS-TRENDS
As Afghan trade grinds to halt, exporters worried over payments and orders
The only major route for merchandise to enter and exit the country - the International North-South Transport Corridor - has now shut to Afghan vehicles as Iran places stricter vigil on who uses its highways.
BUSINESS
Need both humanitarian and strategic responses in Afghanistan, former diplomats say
India and its foreign policy are connected to Afghanistan in myriad ways. The way forward needs to take into account all these, former diplomats say.
WORLD
Experts from four Quad nations bat for expanding agreement to cover technology, economic issues
A 31-member panel of experts from India, the United States, Japan and Australia, along with representatives of the European Union, made the proposal after five months of deliberations. They want the Quad nations to engage multilaterally on subjects which may not remain outside the ambit of security concerns in the near future.
WORLD
Explained | Where does India stand on Afghan refugees fleeing the Taliban?
As the humanitarian crisis unfolds after Taliban’s takeover, many Afghan nationals want to escape to India, which had warm relations with the previous regime in Afghanistan and is seen as a friendly country. We take a look at how and if they can come.
ECONOMY
EXCLUSIVE |Taliban-controlled Afghanistan won’t be part of proposed 4-nation grouping on Chabahar port and INSTC, say sources
The Taliban takeover of Afghanistan has signaled more hurdles for India's ambitious International North South Transport Corridor project, that cuts through Iran, Azerbaijan and Russia to establish a quicker and cheaper trade route between India, Europe and Central Asia.
ECONOMY
EXCLUSIVE | Government focuses on ramping up trade with BRICS nations, barring China
The government is keen to raise the level of trade with BRICS nations other than China, which already accounts for 75% of India’s trade with the group. A detailed exercise to identify market demand, ease customs rules and push forward agreements on trade technicalities is currently in progress, sources, say.
ECONOMY
Exporters unhappy with tax rebate rates under government's RoDTEP scheme
Exporters across sectors complaint that many products have been left outside the ambit of India's largest export incentive scheme, while experts say budgetary allocations and not trade needs decided rates.
ECONOMY
Explained | What is the UK's Sole Representative Visa scheme?
The revamped and liberalized rules make the UK's Sole representative Visa one of the best ways for Indian businessmen to emigrate to the UK. We take a look as to how Indian businessmen can gain from this visa that can lead to a British passport in six year.
ECONOMY
RoDTEP scheme : Govt announces Rs. 12,400 crore outlay for tax refund of 8,555 export products
The government is betting on the scheme, a long time in the coming to make India's exports more competitive in the global arena. The tax refund rates revealed by the Commerce Department show that exporters will be given tax refunds in the range of 0.5-4.3 percent.
ECONOMY
Interview | Indian SMEs can easily expand to UK with little investment using Sole Representative visa : Immigration specialist Yash Dubal
The little-known UK visa is not the only avenue that Indians can now take towards obtaining a British Passport, as liberalized immigration rules post Brexit have now levelled the playing field for all nations, London-based immigration lawyer Yash Dubal, says.
ECONOMY
Wholesale inflation again reduces marginally in July, climbs down to 11.1%
The main driver behind wholesale prices in recent months, fuel inflation rose by a smaller margin of 26 percent in July, down from 32 percent in June. While this has cooled wholesale inflation slightly, price rise continues to be historically high.
ECONOMY
July exports surge 50% YoY, led by strong global orders
Official statistics show exports of engineering goods was the biggest revenue earner in July at $9.5 billion, rising 42 percent.
ECONOMY
Explained | What is the RoDTEP export-promotion scheme that has now been fully launched ?
India's foremost export incentive scheme became fully active on August 17, eight months after it had first gone live. We take a deep dive into how RoDTEP will impact India's foreign trade in the near to long term and why the government took so long to announce the tax rebate rates.
ECONOMY
June IIP rises 13.6% YoY due to low base effect
Cumulative industrial production growth in the first quarter (Apr-Jun) of the FY22 financial year stood at 45 percent, as compared to the 35.6 percent contraction in the first quarter of FY21.
ECONOMY
25% of COVID vaccines reserved for India Inc still unutilised: Piyush Goyal
Goyal advised corporates to 'put some money where their mouth was' a few months ago, and step up vaccination in less developed regions such as Bihar and the Northeast.
ECONOMY
COVID-19 crisis | India stood out in helping other nations: S Jaishankar
India's good deeds during the first wave, led to the wide ranging aid and supplies it received from other nations during the second wave.
ECONOMY
RoDTEP tax refund rates expected to be notified by August 13: Commerce Secretary
The government's foremost export incentive scheme now after the shutdown of the erstwhile Merchandise Exports from India Scheme (MEIS) has been live since January 1 but remain inactive as exporters don't know the refund rates. New schemes focused on district level exports also being worked on, Commerce Secretary BVR Subrahmanyam said.
