ECONOMY
Private wheat exports only banned to redirect shipments to nations which need it more: Officials
This comes in the backdrop of wheat production estimated for 2022-23 now falling to 105 million tonnes, from the earlier 113.5 million tonnes estimated.
ECONOMY
India in a relatively stronger position than many other countries: Finance secretary
Saying that the fiscal situation was less challenging last year, T V Somanathan stressed that the government will work on maintaining growth and fiscal stability, while the primary responsibility of controlling inflation lies with the Reserve Bank of India.
BUSINESS
India to send trade delegations to 9 countries to boost wheat exports
Government plans to push wheat exports, even as domestic prices reach decadal highs, raising retail prices of Atta as well.
ECONOMY
Bajaj Finserv Chairman and MD Sanjiv Bajaj elected as new CII president
Industry lobby new office bearers for 2022-23 have Pawan Munjal as President-Designate and R Dinesh as Vice President.
ECONOMY
GST rates on certain sin goods at a point where they can't be hiked anymore: CBIC Chairman
Sin taxes are levied on alcohol and tobacco but their efficacy has been debated. The Chairman also said that GST collections are expected to bring in Rs 1.3-1.35 lakh crore on a monthly basis in the current fiscal despite pressures on the customs and excise fronts.
ECONOMY
Uzbekistan wants to use Chabahar port to access Indian markets
A key central Asian market, Uzbekistan and India have an annual trade turnover of only $315 million as of 2021-22. But both nations have resolved to increase the bilateral trade to at least $1 billion over the next two years.
ECONOMY
Exclusive | Govt may impose export controls on wheat by June
The sudden fall in wheat yields due to the heatwave across North India, and continuing bulk purchases by traders eyeing exports, have led to government procurement slowing down. If the situation persists, restrictions could become inevitable soon, say officials.
ECONOMY
Commerce Ministers of UAE, Oman will lead trade delegations to India
The UAE is India's third-largest trade partner globally, after the United States and China. Meanwhile, bilateral trade with Oman has grown by 82 percent to reach $9.9 billion in 2021-2022.
ECONOMY
Exclusive | India to approach Russia for concessions on sunflower oil imports
Russia imposed a sunflower oil export quota of 1.5 million tonnes and banned shipments of sunflower seeds till August 31. Now, Indian importers have informed the government that higher export duties by Moscow from June may further increase costs and cripple cargoes.
ECONOMY
New Development Bank seeks to co-finance trade infrastructure projects with India Exim Bank
The Shanghai-headquartered NDB has requested India Exim Bank to identify priority projects, especially ones including technological aspects, on which both can partner. Any prospective partnership will be the first time that Indian export finance authorities work together with China, considered a global competitor in the space.
ECONOMY
Indian Family Business Awards 2021 | Family businesses have given India's development stability, strength: Manoj Sinha
Saying that family businesses constituted 'Business enterprises with a human face that has maintained pace with India on the move,' Sinha said these businesses have maintained Indian culture and traditions, and have nurtured the country's economy since independence.
ECONOMY
Explained | How India's plan to boost wheat exports can fall foul of WTO rules
As countries line up for Indian wheat amid a global shortage and high prices, international trade rules may cut short exports from the country.
CURRENT-AFFAIRS-TRENDS
Palm oil crisis | Indian importers accelerate buying from Indonesia, Malaysia before export ban, further restrictions begin
Despite assurances from Indonesia and Malaysia, Indian importers remain wary of the shortage of palm oil in the two Southeast Asian nations. As a result, they are buying up palm oil before an Indonesian export ban begins on April 28 and Malaysian stocks dwindle further.
ECONOMY
French fintech and digital banking major Sopra Banking Software to hire 6000 people in India
This would include increased headcounts for both Sopra Banking Software India, and digital services provider & software development company Sopra Steria India. A new state of the art campus is also coming up in Noida.
BUSINESS
India, EU form high-level Trade and Technology Council to give political direction to strategic partnership
The Council will be the second such mechanism initiated by the EU, after it established a similar platform with the United States in June 2021.
ECONOMY
Exclusive| Mauritius seeks Indian investments amid major bid to shed tax-haven image
Mauritius remains the fifth largest destination of Indian investments globally, mostly because of round-tripping of funds. While stringent tax rules are now reducing the flow, securing clean investments remains a challenge for the COVID-19-hit island country.
BUSINESS
Is the fear of wheat shortage valid?
The government’s plan to export the grain, even when there has been a fall in yield from bad weather, had started speculation India could face a food security problem
CURRENT-AFFAIRS-TRENDS
Explained | Despite talk of record wheat harvest, why are domestic prices rising fast?
High global demand and focus on exports had kept wheat prices high in India. But now, reports of lower than anticipated yields in the major wheat-growing states of Punjab, Haryana and Uttar Pradesh could change India's production and export estimates.
CURRENT-AFFAIRS-TRENDS
Boris Johnson's India visit to help smoothen trade talks
Discussions have ended on four of the 26 chapters in the proposed India-UK trade pact. The UK's insistence on allowing high-value British goods such as scotch whiskey and automobiles into India at zero or low tariffs, and India's focus on services trade have slowed talks.
ECONOMY
Exclusive | Key nations closing in on global IP waiver for vaccines but India unhappy
A draft waiver being discussed between the US, UK and the European Union is expected to be presented to the World Trade Organisation’s member-states next week. Doubts loom about how effective it will be.
ECONOMY
Exclusive | Government may cut effective import duties on crude edible oils further
The government is prepared to support custom duty cuts on crude edible oil imports beyond the initial deadline of September 2022. Russia’s invasion of Ukraine has shut down sunflower oil imports from both countries. Palm oil shipments from Indonesia and Malaysia have been disrupted by high prices and domestic shortages in those markets.
ECONOMY
How economic and political crises simmering in the neighbourhood affect India
While there is no immediate fallout for New Delhi, the state of political emergency in national capitals across the Indian subcontinent has got officials at the ministry of external affairs working overtime.
ECONOMY
Exclusive| EU MPs in India to explore early-harvest trade deal
The Chairperson of the European Parliament's Committee on International Trade (INTA) reached India on April 10 with 6 other European Union (EU) parliamentarians. They plan to start talks on a proposed trade deal, under discussion since 2007.
ECONOMY
India-US 2+2 dialogue: New Delhi pushed to keep Ukraine out of the bilateral talks
The fourth edition of the annual dialogue between India’s external affairs and defence ministers and their US counterparts will dovetail with a United Nations Security Council meeting on Ukraine.
