ECONOMY
Government to work out alternative trading mechanism with Russia only after situation eases
Apart from geopolitical compulsions, India needs to make sure that revamping trade flows to Russia doesn’t do more harm than good to the export and banking sectors, senior officials said.
TRENDS
Explained | How exactly does the West plan to cripple Russia economically through sanctions?
Similar sanctions have been used earlier by the US against the regimes in Iran and North Korea, which effectively eliminated them from global financial flows and removed all possibility of them interacting with the global economy independently.
TRENDS
Most Indian students from Kharkiv now outside the city: MEA
Nearly 1000 Indian students are currently in the nearby city of Pisochyn, while another couple of hundred remain in other towns surrounding Kharkiv, Ujraine's second-largest city, the MEA said.
CURRENT-AFFAIRS-TRENDS
PM Modi to attend virtual Quad meeting today amid Ukraine crisis
Sources told Moneycontrol the the sudden meeting has been called to discuss the worsening situation in Ukraine and its fallout on Asia Pacific.
ECONOMY
Govt says it has not received any intel on Indian students being held hostage in Ukraine
The Russian Ministry of Defence had on March 2 said that Ukrainian forces were holding Indian students hostage in Kharkiv and other cities
WORLD
Indian businesses in wait and watch mode as sanctions on Russia pile up
The US and its European allies have imposed sweeping sanctions on Russian banks, businesses and powerful oligarchs with major business interests. With the US warning of secondary sanctions for non-US citizens who conduct business with these entities, Indian companies are waiting for the dust to settle.
ECONOMY
February exports rise 22.3% Y-o-Y 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
Q3 GDP data| Exports and imports shoot past beyond pre-Covid levels
GDP figures have revealed that in the third quarter of 2021-22, both components of India's external trade have zoomed past their pre-Covid levels. Exports are also now 20.4 percent of India's economy, up from 17.8 percent a year back However, runaway imports have continued to rise for five sonsecutive sectors now.
ECONOMY
Q3 GDP data | Manufacturing sector grows just 0.2% in Q3 amid third wave of COVID-19
Manufacturing gross value added (GVA) stood at Rs 5.91 lakh crore in the third quarter of FY22, lower than Rs. 6.24 lakh crore in the second quarter (July-September) of FY22.
ECONOMY
Regulatory woes thwart potential wheat export gains for India spawned by Russia-Ukraine war
India’s rising wheat exports may not be able to corner Ukraine’s biggest market of Europe due to regulatory issues. However, a bigger opportunity rests closer home as Bangladesh, the world’s fifth largest wheat importer, ramps up buying.
TRENDS
MEA teams from neighboring countries reach Ukraine border to help evacuate Indians
Indian Embassy in Kyiv will try to create a convoy to the Polish border, but Indians in disparate regions of Ukraine should head to their nearest border points on the western side if they safely can
TRENDS
Exclusive | Govt may fly out stranded Indians in Ukraine from neighboring nations: Sources
While the primary objective remains the restoration of direct flights to Kyiv, an evacuation plan involving neighboring countries is being vetted to see whether it is feasible. As the closest international airport in Belarus remains cut off, the government is in talks with Air India, Air Arabia, and Qatar Airways to have flights on standby in Poland, on Ukraine's eastern border.
ECONOMY
Official free-trade talks with Gulf Cooperation Council may restart soon
Crude oil imports by India dominate trade with the six oil-rich economies of the GCC but the potential for expanding exports to the region, as well as the recent trade deal signed with the UAE, have given rise to hopes for a breakthrough in talks that ended more than a decade ago
TRENDS
India-UAE CEPA | Large-scale rise in labour-intensive exports expected, commerce dept estimates show
From Day 1 of CEPA coming into force, 90 percent of India’s current exports to the UAE will have immediate market access at zero duty. A substantial rise in export flows across diverse sectors is expected subsequently.
TRENDS
Explained | Why is the India-UAE partnership deal a game changer for trade?
The agreement comes with several new provisions to maximise India’s exports while also adding new sectors such as digital trade and intellectual property rights. Commerce department officials are hopeful the first of India’s ‘new-age FTAs’ will set the bar high for all trade deals to follow.
ECONOMY
India-UAE Summit | Dedicated investment zones, joint Hydrogen task force, cooperation in e-biz announced
India has committed to opening a new Indian Institute of Technolgy would be set up in the UAE, while the UAE would invest more in India's health sector. Both nations have also decided to focus more on strengthening supply chains for medical supplies and agri trade.
INDIA
India signs free trade agreement with UAE
The United Arab Emirates is India's 3rd-largest trade partner globally. The 880-page deal was negotiated in just 88 days. The deal also features a permanent safety mechanism to protect domestic businesses in both nations against sudden surges in trading volumes.
ECONOMY
India-UAE trade deal| First major trade pact under Modi govt set to boost jewellery, apparel exports
The ‘early harvest’ deal includes tariff reduction and market access for more exports, and will be followed by a comprehensive free trade agreement later. Announced in September 2021, negotiations on the deal were completed in record time.
CURRENT-AFFAIRS-TRENDS
Global trade to slow in Jan-March after hitting record high in Dec quarter: UNCTAD report
The report showed that India as a percentage of world trade in 2021 stood at 0.6 percent, slightly lower than pre-pandemic levels of 0.7 percent. Meanwhile, China's share has risen to 4.5 percent from pre-pandemic levels of 3.5 percent.
CURRENT-AFFAIRS-TRENDS
PM Narendra Modi to hold India-UAE virtual summit with Abu Dhabi crown prince on February 18
Sources said the meet may also see a formal announcement of the proposed free trade pact between India and the United Arab Emirates (UAE), which was being furiously negotiated by both sides for an early conclusion.
ECONOMY
CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22
Majority of refunds worth Rs 1.39 lakh crore issued for assessment year FY21. Refunds worth 31,857 crore were paid for the current financial year (FY22) as well.
ECONOMY
India to grow fastest among large nations in FY23: Finance ministry
The ministry has said that the current financial year will end with an "economic reset"
TRENDS
Explained | Blue Hydrogen: What makes it red-hot among Indian power generators
Blue hydrogen is not the most environmentally sustainable alternative fuel, but its commercial viability, relatively smooth production cycle, and easy synchronization into existing technology has made it a favourite.
ECONOMY
January exports rise 25% Y-o-Y on back of strong global orders
Official statistics show that exports of all major revenue earners such as engineering goods, petroleum, gems, and jewelry continued rising in January. Cumulative exports in FY21 till January crossed $335 billion, a record high. However, equally fast rising imports are also expected to push India's total import bill to a record high this year.
