ECONOMY
India enacting ambitious structural reforms but remains challenging place to do business: US Investment Climate Report 2021
The report also said that some government policies are written in a way that can be discriminatory to foreign investors or favour domestic industry.
ECONOMY
Cabinet approves Rs 6,322 crore production-linked incentive scheme for specialty steel
PLI scheme proposes to encourage eligible specialty steel manufacturers, by paying 4-12 percent incentive on incremental production.
ECONOMY
COVID-19 update | 3,570 Indians died abroad, nearly a third in Saudi Arabia: MEA data
Indian citizens have died in 70 countries as a result of the coronavirus pandemic.
ECONOMY
S Jaishankar to talk Security Council reform with new UN General Assembly president on July 23
Maldivian Foreign Minister Abdullah Shahid, known to be 'a friend of India', will take charge as the president of the 76th United Nations General Assembly in September. New Delhi wants to sharpen its bid to join the UN Security Council under him.
BUSINESS
Govt allocation of food grains to states under PDS fell in pandemic year
Despite widespread reports and estimates of poverty and food insecurity rising because of the economic slowdown, figures submitted to Parliament show the government allocated a lower volume of food grains to states in 2020-21 under the public distribution system, which covers more than 81 crore Indians.
ECONOMY
Govt expects Covaxin to get emergency use approval from WHO in next 2-3 months
Covaxin manufacturer Bharat Biotech International Limited submitted the data required for global emergency use approval to the World Health Organization on July 9.
ECONOMY
As fuel prices pinch harder, a look at states with the highest and lowest taxes
Rajasthan, Telangana, Karnataka and Odisha levy the highest charges on petrol and diesel, data submitted by the Ministry of Petroleum reveals. A detailed glance at states where fuel prices are the highest and those that have been able to stay clear of such charges
ECONOMY
Multiple Adani group companies being investigated by SEBI & DRI, Finance Ministry tells Parliament
Minister of State for Finance Pankaj Chaudhary told Parliament that three Adani group investors namely, Albula Investment Fund, Cresta Fund, and APMS Investment Fund were indeed frozen by SEBI in June.
ECONOMY
Exclusive | Finance Ministry not in favour of SEZs selling in domestic market at reduced duties
As successive waves of COVID-19 make exports volatile, exporters and manufacturing firms inside Special Economic Zones (SEZs) want to sell their products in India's domestic market. While they point to goods from India's major trade partners coming in at reduced duties, in any case, the government is not convinced yet
TRADE-2
Explained | Why is India fighting the US, EU at WTO over a global fishing deal? Its implications for her oceans
While it has announced its support for the deal, India is fighting developed nations over the details of the proposal set to affect the lives of millions of fishermen in the country. The government has warned that an unbalanced agreement would bind nations into current fishing arrangements leading to grave consequences for marine exports, further compounded by the fact that fish remains the staple diet for many poor people
ECONOMY
Centre releases Rs 75,000 crore to states as GST compensation shortfall
While these borrowings have been made by the centre, they will not count in its gross borrowing target of Rs 12.5 lakh crore for 2021-22 as the liability is being passed onto the states immediately.
ECONOMY
June exports surge nearly 50% as global orders rise
The headline numbers jumped high due to a rise in global orders, increasing commodity prices and continuing low base as trade had crashed during May, 2020 when the COVID-induced lockdown was in full swing. But citing a nearly 30 percent growth after comparing with June, 2019, the government has expressed confidence that exports are well on their way towards recovery.
ECONOMY
Apparel exports fall for 4 years as Bangladesh, Vietnam gain ground
The Cabinet has extended the existing export-promotion scheme for textiles until March 2024 but experts say the sector, which is one of India's biggest job creators, needs more support to face fierce competition from rivals such as Bangladesh, Vietnam and Cambodia
WORLD
Afghanistan crisis: S Jaishankar to meet China, Russia and Pakistan's foreign ministers today
The meeting of the Contact Group on Afghanistan will give India the opportunity to understand what Beijing has planned for the troubled country, sources say. The group is an organ of the Shanghai Cooperation Organization, whose foreign ministers are currently meeting in Tajikistan
ECONOMY
June wholesale inflation slightly reduces to 12.07% from earlier record high
Wholesale prices have shot up as a result of fuel inflation which remained at a high 32 percent in June. Till May, fuel inflation has nearly doubled for three straight months hitting 37 percent up from just 0.6 percent in February.
BUSINESS
Explained | India’s latest move to secure more international trade finance and why it’s crucial for exports
Without much publicity, the government has made a major move to break out of the chronic cycle of low working capital that plagues Indian exporters. The proposed International Trade Finance Services platforms will be a major boost to exporters.
ECONOMY
May IIP rises 29.3% YoY due to low base effect
With the early part of 2020 witnessing nationwide shutdown, low base effects have thrown economic calculations haywire and resulted in volatile growth numbers. Economists say this will continue to mar industrial production figures till at least June.
ECONOMY
Centre hopeful of beginning FTA talks with EU in coming weeks
The enthusiasm of both sides to negotiate lower import duties, market access and custom rules may get a rude reminder on the issue of investment protection, which remains unsolved. Europe's earlier demand of first signing an investment pact offering legal protection to its companies in India, may play spoilsport
BUSINESS
Exclusive | Deadlock on vaccine waiver issue at WTO continues at latest meet
Rich nations oppose suspension of global intellectual property rights of COVID-19 vaccine manufacturers. The latest development may derail the August deadline to conclude talks.
ECONOMY
With textiles in Piyush Goyal’s portfolio, plan to boost exports and jobs gets rolling
Piyush Goyal, the minister in charge of boosting trade and industry now also has charge of India’s second-largest employment-generating sector. This is expected to create more convergence in policymaking.
ANNOUNCEMENTS
Assam's first BJP CM Sarbananda Sonowal inducted into union cabinet
Sonowal joined the BJP in 2011, climbing the ranks quickly to become the president of BJP's Assam Unit in 2012, at a time when the party was looking for a new face.
ECONOMY
Second wave of shipping containers scarcity haunts exporters
The shortage of containers and sky-high freight rates are a threat to Indian exports that rose to a record in the first quarter of FY22. This is eroding the profitability and competitiveness of exporters
BUSINESS
US Student visa: Delays, glitches but American Dream on course
While the appointment slots for the student visa to the US from India were opened on June 14, there is now a deluge to get the F-1 visa on time for the Fall 2021 academic session. Happily for the students, new slots are being added from July onwards.
ECONOMY
India may have to let go of equalization levy once OECD BEPS framework comes into force
India's controversial Equalization Levy, commonly known as the 'Google Tax' would be a thing of the past, when and if it adopts the global plan to have a uniform corporate tax regime. While the G20 tax plan vindicates the stance of India and other large market economies, analysts say finalizing the details will take time given their major impact on India's taxation policy.
