TRADE-2
Imports from China expected to reach record high in FY22 despite rise in domestic manufacturing
India's imports are set to surpass the FY19 record of $514 billion this fiscal year, driven by the growing inflow of goods from China.
BUSINESS
Govt yet to notify product standards for key imports 2 years after announcement
In January 2020, an inter-ministerial committee had decided to bring in comprehensive product standards to disincentivise the import of a large category of goods but the Bureau of Indian Standards has struggled to establish norms for the same
ECONOMY
RailTel gets ICAI award for excellence in financial reporting, adjudged best among PSUs
The Centre has increasingly focussed on effective financial reporting, in order to raise the impact of various investment and regulatory decisions.
ECONOMY
Early harvest trade deal with Australia to be finalized within next 30 days : Commerce Minister Piyush Goyal
Australia was India's 15th largest trading partner as of 2020-21, with trade worth $12.29 billion, and a trade deficit of $4.2 billion.
ECONOMY
QUAD foreign ministers lay stress on need for free and open Indo-Pacific
This is the third in-person meeting of Foreign Ministers from the four Quadrilateral Security Dialogue nations.
ECONOMY
India and Australia conduct another round of FTA talks to iron out disagreements
Officials said talks are progressing smoothly, given the expedited timeframe and both parties remain confident of finalizing the deal by later this year.
TRADE-2
US expected to sharpen push for market access in upcoming trade talks
While it has received approval to sell pork and pork products in India, the US is seeking market access in products that offer higher returns. It wants to sell American alfalfa hay and cherries in India.
TRADE-2
Australian trade minister visiting New Delhi today for furthering talks on a trade pact
Sources say discussions on free trade agreement to continue but a final announcement is unlikely today. Minister will be signing an MoU to promote travel and tourism between two countries.
TRADE-2
Despite India push, global IPR waiver proposal for COVID vaccines stagnates at WTO
More than 16 months have passed since India proposed a temporary waiver of the global intellectual property rights pact TRIPS at the WTO. A waiver would allow easier and faster sharing of COVID-19 vaccines and testing technology among countries
BUSINESS
Exclusive | India hopes to start fresh talks with Canada on new trade pact soon
While India's trade with Canada has remained relatively low, the North American country is looked at as a major base because goods can be shipped across the border to the US. This is due to Canada’s favourable trade arrangements with the US.
ECONOMY
DPIIT to soon begin nationwide consultations on ease of doing business 2.0, officials say
EoDB 2.0 is aimed at accelerating making factory production, improving logistics, and strengthening value chains. It would also carry forward the overall government endeavor to digitise manual processes and interventions, and integrate central and state-level portals through Information technology.
LEGAL-TRENDS
Budget 2022| Clarification on ‘health and education cess’ to end conflicting interpretation of tax law: Experts
The clarification will clear confusion on how the cess is to be treated for calculating tax liability even though it involves a retrospective application for a few companies
ECONOMY
January exports rise 23% Y-o-Y led by continuing strong global orders
Official statistics show exports of all major revenue earners such as engineering goods, petroleum, gems and jewellery, continued rising in October. Overall exports had risen by 22.6 percent in the previous month of October.
BUSINESS
FDI policy to be tweaked soon to pave way for LIC public issue, says DPIIT secretary
DPIIT will soon approach the Cabinet with the draft of the FDI policy that allows disinvestment in state-run insurer Life Insurance Corporation of India.
ECONOMY
Budget 2022 | In election year, subsidies slashed 27% to Rs 3.18 lakh crore
Budget 2022 | Finance minister Nirmala Sitharaman’s fourth budget has instituted broad cuts in subsidies for food, fertiliser and petroleum, just weeks before Uttar Pradesh, Punjab and Goa go to the polls. Experts expected subsidies to rise as the economic churn and inflation continued two years into the pandemic.
ECONOMY
Union Budget 2022 | Government brings customs duties further in line with Aatmanirbhar Bharat goals
Union Budget 2022: For electronics, customs duty rates will also be calibrated to provide a graded rate structure to facilitate domestic manufacturing
ECONOMY
Economic Survey 2022 | FY23 growth expectations based on resilience of economy: Sanjeev Sanyal
Sanyal has said the 8-8.5 percent GDP growth forecast for the next financial year is based on the assumption that 'there will no more debilitating pandemic related economic disruption, a normal monsoon, and average global oil prices in the range of $70-75,'. The government has also factored in a significant withdrawal of global liquidity, and global supply chain disruptions easing over time into the calculations.
ECONOMY
Economic Survey 2022 : Private consumption lags the most, as exports and imports see highest growth
While government consumption has crossed pre-pandemic levels by 10 percent, private consumption continues to be at 97 percent of what it was before the pandemic hit. Investment to GDP ratio hit its highest point in 7 years.
TRADE-2
Economic Survey 2022 : India's external sector ready to face expected drying up of global liquidity
Central Banks globally are expected to begin tightening their monetary policy and reduce liquidity in a bid to curtail rising inflation. In FY22, India became the fourth-largest forex reserves holder, after China, Japan, and Switzerland with a record $636 billion. However, India’s external debt rose to $ 593.1 billion in September 2021, from $ 556.8 billion a year earlier.
ECONOMY
Economic Survey 2022: Resilience of India's exports to drive growth revival in 2022-23
The Survey also recognised that export growth got a large leg-up due to the ongoing global commodity supercycle, whereby prices of most major commodities have sharply risen.
TRADE-2
Exclusive| Budget to hold the reins on raising import duties, sources say
A slowly stabilizing trade deficit has given the government room to put off raising import duties at the moment, sources say.
ECONOMY
Interview| Rising raw material costs, liquidity crisis biting apparel exporters amidst boom in global orders: AEPC Chairman Narendra Goenka
Expected to hit $20 billion in FY23, apparel exports are poised for historic growth, Goenka says. Completion of critical free trade agreements, currently under negotiations, is expected to supplement this.
ECONOMY
Budget 2022| Budget to give further push to logistics & announce policy, sources say
India's fast-growing logistics sector is expected to reach $350 billion of market size by 2025. But the highly fragmented sector suffers from a plethora of regulations, poor connectivity and distribution challenges.
BUSINESS
Explained | What are India’s BITs and how do they affect international arbitration?
International arbitration is at the heart of the bilateral investment treaties signed by the government since 2015 when the Centre unilaterally cancelled all investment and tax agreements. While foreign companies claim the Indian legal system is slow and corrupt, the government is against fighting legal battles abroad that bleed public coffers.
