Page 22 - Economy

12th round of India, UK free trade agreement talks to begin from August 7

As India and the UK are close to concluding negotiations for a proposed free trade agreement (FTA), chief negotiators of both countries will hold the 12th round of talks from August 7 here, an official said. Both sides are looking at concluding the talks before the end of the year. The main issues which could come up for discussions in this round include investment treaty, reduction of duties on auto and whiskey and matters pertaining to services, the official said. The 11th round of talks was concluded last month. For that round, Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal visited London and took stock of the negotiations. Out of the total 26 chapters in the FTA, 19 have been closed. Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK and it would be concluded simultaneously with the free trade agreement. In the rules of origin chapters, product specific rules are being negotiated whi

India manufacturing PMI softens in July to three-month low: S&P Global

Manufacturers' output has increased continuously on a monthly basis since July 2021

National power consumption grows by 8.4% to 139 billion units in July

The country's power consumption grew by 8.4 per cent to 139 billion units in July this year compared to the same month last year. In the year-ago period, power consumption stood at 128.25 billion units (BU), higher than 123.72 BU in July 2021, according to the government data. The peak power demand met, which is the highest supply in a day, rose to 208.82 GW in July 2023. The peak power supply stood at 190.35 GW in July 2022 and 200.53 GW in July 2021. The power ministry had estimated the country's electricity demand to touch 229 GW during the summer season. But the demand did not reach the projected level in April-May this year due to unseasonal rains. Power consumption was affected in March, April, May and June this year due to widespread rains in the country. Experts said that unseasonal rains in March, April, May and June affected the power consumption in the country. However, they said that the power consumption growth was not that bad in June this year and improved significa

PLI, tax benefits and more: Niti's advice to boost EV battery manufacturing

The Niti Aayog suggested that the Centre should give impetus to scaling up lithium-ion battery (LIB) recycling infrastructure to complement the extraction efforts of critical minerals

War, AI and climate change shaking up $32 trillion in global trade

Long before these trends are reflected in government data, they're already changing global commerce, which amounts to $32 trillion a year in goods and services

Indian exports face bigger threat from Asia-Pacific than West: CRISIL

CRISIL also said that the share of the US and the EU in India's goods exports has been on the rise since 2021 and it is eating into the share of the APAC region

World looking at India as nursery of new possibilities: PM Narendra Modi

The world is looking at India as a nursery of new possibilities and several countries are approaching the government for setting up IIT campuses there, Prime Minister Narendra Modi said on Saturday. Delivering the inaugural address at the "Akhil Bhartiya Shiksha Samagam" on the third anniversary of the launch of the National Education Policy (NEP), the prime minister said various global universities are also interested in setting up their campuses in India. "The world is looking at India as a nursery of new possibilities. Many countries are approaching us to open IIT (Indian Institute of Technology) campuses there. Two IIT campuses -- one in Tanzania and one in Abu Dhabi -- are already about to start operations.... Various global universities are also reaching out to us, expressing their interest in setting up campuses in India," Modi said. The prime minister said judging youngsters on the basis of their language rather than their talent is the biggest injustice. "The NEP aims at .

India can become $7 trn economy by 2030: Volvo Group president Kamal Bali

India can become a USD 7 trillion economy, doubling its current size, by 2030, and the impact of this economic expansion will also be felt on an individual level with per capita income expected to surge, Volvo Group India president and managing director Kamal Bali said on Friday. India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. Commenting on the exponential growth, Kamal Bali, who is also Chairman, CII Southern Region, said, "We can become a USD 7 trillion economy, doubling our current size by 2030. This remarkable growth signifies something of utmost significance beyond mere numbers." He was speaking at the CII Northern Region Conference on 'achieving excellence in manufacturing' with the theme of 'Powering the Disruptive Technologies.' According to a CII release, Bali said that the impact of this economic expansion will be felt on an individual level, as the per capita income of Indians, currently around USD 2,300, is expected to surge to nearly USD 4,500

Trillion-dollar economy target: Policy in the works to boost FDI in UP

The state now plans to organise a groundbreaking ceremony to kick-start the first tranche of projects from GIS 2023, which will include a range of FDI projects

India could face 3rd highest economic burden of COPD from 2020-50: Lancet

India is estimated to face the third highest economic burden of chronic obstructive pulmonary disease (COPD) from 2020-50 after China and the US, new research published in The Lancet Global Health journal said. The third leading cause of death worldwide, COPD caused 3.3 million deaths in 2019, it said, with China recording the highest toll, followed by India and the USA. The global death toll of COPD was found to have increased by 14.1 per cent between 2009 and 2019, an increase that the study attributed to factors such as urbanisation, air pollution, and tobacco use. Modelling COPD's economic burden for 204 countries and territories in 2020-50, the study found the disease to cost the world economy INT$4.3 trillion, the equivalent of a yearly tax of 0.11 per cent on global GDP and nearly half of India's total GDP in 2019. INT$, or International Dollar, is a hypothetical currency having the same purchasing power parity that the US dollar had in the United States at a given point in .

S&P revises outlook on B'desh to negative; affirms 'BB-' long term ratings

Bangladesh's external vulnerabilities are rising, marked by sustained pressure on its foreign exchange reserves despite a material decline in the country's current account deficit

CCD's parent firm Coffee Day Global admitted for insolvency by NCLT

Based on a petition filed by IndusInd Bank, the NCLT passed an oral order on Thursday to admit the unlisted company for corporate insolvency

India skilled workers in huge demand as Germany tries to woo nurses

German Chancellor Olaf Scholz expressed the country's intention to simplify work visa rules for Indian IT workers in February to fulfil the demand for software expertise

Wealth on the move: Why are rich Indians heading for greener pastures?

According to government data, more than 1.6 million Indians have renounced their Indian citizenship since 2011, including a whopping 225,620 in 2022 alone, averaging around 618 per day

Myanmar to issue highest denomination banknote amid as economy suffers

The Central Bank of army-ruled Myanmar will issue a new banknote worth twice as much as the current highest denomination, state-run media reported Sunday, in a possible reaction to the economy becoming more unstable since the generals seized power in 2021. The reason for issuing a higher denomination note of 20,000 kyats (about $9.50) was not explained. Since the military ousted the elected government of Aung San Suu Kyi, economic boycotts and sanctions imposed by Western nations have hurt both big businesses and ordinary people, many of whose lives have already been disrupted by civil war and the coronavirus pandemic. The issuance of new, higher denomination currency is associated in popular belief with a risk of inflation, though there isn't necessarily a link. Older Myanmar residents are especially sensitive to changes affecting the currency, recalling the sudden demonetization of banknotes in 1987 during an earlier dictatorship, which reportedly affected around 80% of the money

Top headlines: RIL Q1 net falls 11% on weak O2C biz, GST evasion, and more

Business Standard brings you the top headlines at this hour

Honest, not causing grave harm: Asci releases guidelines on ads for charity

Asci said that there have been some concerns about ads for charitable causes that create donor distress through the use of images that may be too graphic

UK inflation slows sharply, offering some relief to Bank of England

Bank Rate peaking at 6% is no longer fully priced, which had been the case on Tuesday

Pakistan facing 'exceptionally high' economic challenges, says IMF

The IMF assessment noted that Pakistan's economic challenges were complex and multifaceted, and risks were exceptionally high

Billions in corporate debt: Wave of bankruptcies threatens global economy

Rising tide of distress is, of course, to certain degree by design. Caught by surprise as inflation surged, monetary policymakers have been aggressively draining cash from the world's financial system