BUSINESS
Exporters fear payments getting stuck as Sri Lankan crisis intensifies
Sri Lanka has been paying for most Indian imports through a line of credit extended by India. But those funds are now fast depleting.
ECONOMY
CAIT, IFA urge government to roll back hike in GST rate on footwear
As of January 1, 2022, the effective GST rate on footwear costing below Rs 1,000 has been raised from 5 percent to 12 percent, while the rate for footwear costing above Rs 1,000 was rationalised to 12 percent, down from 18 percent.
ECONOMY
Ukraine crisis | India looking to boost egg and poultry exports to Ukraine’s international markets
India’s push to capture Ukraine’s international markets for eggs revolves around boosting shipments to the UAE, which account for almost 40 percent of Ukraine’s egg exports
ECONOMY
Trade deal only one step in Australia’s plan to boost ties with India, officials say
To enable closer cooperation, both governments are planning more economic, tech and strategic partnerships
ECONOMY
India buying Russian oil: I will put my country's national interest, energy security first: FM Sitharaman
Speaking at the 17th CNBCTV18 India Business Leaders Awards, Finance Minister Nirmala Sitharaman said that all the engines of economic growth were running, barring that of domestic corporate investments.
ECONOMY
Exclusive | Ukraine crisis may land deathblow to India’s alternative trade route to Europe
The 7200-km International North South Transport Corridor is a multination trade route developed by India to cut transit time for shipments to Russia, Central Asia and India’s prized markets in the European Union. But it has faced repeated challenges, and the latest Ukraine crisis is the biggest one so far.
ECONOMY
Ila Patnaik, former Principal Economic Advisor, to join Aditya Birla Group as Chief Economist
Ila Patnaik previously served with the Finance Ministry and Reserve Bank of India on multiple working groups, and is a published author and researcher on economics.
BUSINESS
Russian foreign minister Sergey Lavrov may push India for alternative payment mechanisms
India has had a history of trading in local currencies with Russia and Iran. However, the mechanism had to be abandoned as a result of balance of payments issues and skewed trade flows.
ECONOMY
As trade with Russia remains suspended, uncertainty over diamond, oil imports continues
Although Russia accounts for only 2.6 percent of India’s total trade, historically deep trade and investment ties between the countries are now under threat.
ECONOMY
Israel PM visit expected to boost trade talks
Scheduled for April 2, Bennett’s first visit to India faced some uncertainty after the Israeli PM contracted Covid. Both nations are however yet to officially announce any changes to the planned trip.
BUSINESS
Imports set to reach record high of $600 billion in FY22
Even as the government celebrates India’s highest ever export turnover of $400 billion, imports are set to continue their strong rise in the first half of FY23 led by high prices of crude oil along with gold, diamond and industrial inputs.
ECONOMY
Bottom up, all of government approach behind reaching $400 billion target, Commerce Minister says
The target was achieved 9 days ahead of schedule. Exports also crossed $30 Bn every month for 11 consecutive months in FY22.
BUSINESS
Exclusive| India gears up for wheat export push, railways to run special trains
Indian Railways will make some 250 wagons available over the next fortnight to move around 700,000 tonnes on a priority basis to seaports.
ECONOMY
Explained | How India's exports crossed $400 billion for the first time ever
A massive rise in oil prices, across-the-board uptick in global prices of industrial commodities, a resurgent agri-sector and a higher share of manufactured goods are the main reasons behind India reaching the government's annual export target.
BUSINESS
Exclusive | Amid Ukraine crisis, top US official visiting New Delhi expected to allay fears over sanctions
US assistant secretary of state for South Asian affairs Donald Lu will be in India on March 22. Lu is the same US official who earlier this month said India’s defence deals with Russia remain plausible ground for sanctions and Biden was still considering his options on the matter.
ECONOMY
India-Australia Virtual Summit | Government moves to secure critical minerals and investments from Australia
A significant outcome of the latest virtual summit was the decision to hold annual summits at the level of the Heads of Government under the Comprehensive Strategic Partnership.
ECONOMY
Exclusive| India-Australia interim trade deal to allow Aussie wine but not dairy, say sources
Discussions on market access for Australian dairy products and meat, apart from Australia’s discomfort with opening up services exports, are the major sticking points in the deal, talks on which had begun in 2011.
ECONOMY
Controlling inflation, reducing volatility key to stabilising rupee, economists say
After reaching a record low of 77.14 to the dollar on March 7, the rupee has since gained to 76.25 as of March 16. This still represents a fall of 2.28 percent since the beginning of the year, when it was 74.51.
ECONOMY
India plans early harvest trade pact with Canada, but officials remain unsure
The recent signing of an early harvest trade deal with the UAE in only 88 days has given New Delhi the bandwidth and the confidence to conclude a similar deal with Canada as well. But multiple issues may hold up the process.
BUSINESS
EXPLAINED| What is MFN status, why the West wants to strip Russia of it?
Russian banks have been deprived of global interbank facilities, its businesses sanctioned and the overseas assets of the Moscow elite frozen in reprisals for the invasion of Ukraine. Losing MFN status may be the last nail in the coffin of the Russian economy
ECONOMY
February exports rise 25.1% YoY as global orders remain strong
Cumulative exports in the first 11 months of FY22 stood at $374 billion. Policymakers are confident that India will reach the government target of $400 billion worth of exports. Imports, however, have continued to rise fast reaching $550 billion till February, nearly 60 percent higher than FY21.
ECONOMY
India and Canada considering an interim agreement to speed up FTA talks
Both sides have decided to formally relaunch negotiations for the proposed trade pact, talks on which had stalled for years.
ECONOMY
Why a weakening rupee is not always good for exports
While a falling rupee makes Indian exports more competitive, imported inputs become more expensive
BUSINESS
Wheat exporters keep a wary eye on possible export restrictions
Govt procurement of wheat, which begins in April, is set to receive a slow response in major states as market prices remain above MSP. Global prices and the demand for Indian wheat will determine whether export restriction is mandated.
