Page 14 - India Economy

India reiterates need for early resumption of negotiations in West Asia

Voicing "deepest concern" at the humanitarian crisis in the Gaza Strip, India on Wednesday reiterated the need for an early resumption of direct and meaningful negotiations and said every effort must be made to create conducive conditions for resumption of these talks. "India has called for restraint, de-escalation and emphasised peaceful resolution of the conflict through dialogue and diplomacy," Minister of State for External Affairs Rajkumar Ranjan Singh said while speaking at the 19th NAM Summit-Ministerial Meeting in the Ugandan capital. Noting that India has condemned the terrorist attack on Israel on October 7 and called for immediate and unconditional release of all remaining hostages, he said the humanitarian needs of the people of Gaza "must be addressed." "Let me also express my deepest concern at the humanitarian crisis in Gaza. We have condemned the loss of civilian lives, most of them women and children, in the Israel-Hamas conflict," he said. "We have called for time

India for fast tracking talks to find food stockholding solution at WTO

India has asked WTO members to fast-track talks on finding a permanent solution on the public stockholding for food security issue at the ministerial-level meeting of the WTO in February, but some countries differ on this, an official said. The issue was discussed at a WTO (World Trade Organisation) agriculture negotiations meeting held on January 16. In the meeting, the US stated that "given members' deeply divergent views", a permanent solution for public stockholding for food security purposes by the 13th Ministerial Conference (MC) is "not possible", the Geneva-based official said. The MC is the highest decision-making body of the Geneva-based global trade watchdog WTO. The 13th MC meeting is scheduled for next month in Abu Dhabi. In its presentation, India stated that the public stock-holding (PSH) has to be dealt with separately on a "fast track mode and emphasized that it has to be delivered at MC13", the official added. According to the officials, the US has stated that ..

Cooperatives will have big share in targeted $5 trn Indian economy: Shah

Union Minister Amit Shah on Wednesday said the aim is to ensure the cooperative sector has a big share in the Indian economy, which is projected to be USD 5 trillion by FY28, as the cooperative movement did not grow at the desired pace in the last 75 years. Shah, the Union Cooperation Minister, was addressing after inaugurating the new office of Central Registrar of Cooperative Societies (CRCS) spread over 41,000 square feet at the World Trade Centre, Nauroji Nagar in South Delhi. The building has been developed by state-owned NBCC. Shah said the new office has been acquired for Rs 175 crore. The minister highlighted that the government has taken 60 major initiatives in the last 30 months for the growth of the cooperative movement. The Cooperation Ministry was set up in July 2021. Shah said there are success stories of cooperatives since independence but the sector did not grow at a fast pace. "Now we have decided that in Modiji's USD 5 trillion economy, cooperatives will have a b

India's growth prospects firm, banking sector recovered well: Das at Davos

India's growth prospects are very good, and the country's banking sector has seen a remarkable recovery, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. Speaking at a session here, Das said there is a lot of international confidence in India and the macroeconomic and financial sector stability that the country offers. "...I think we need to really look back at the business opportunity in India. Because this is the right time to build into the Indian ecosystem," he said and emphasised that the country's growth prospects are very good on account of the structural reforms that have taken place in recent years. Despite various shocks and crises, he said the Indian banking sector has seen a remarkable recovery. "The Indian banking sector is perhaps at one of its best in recent years... the financial sector is very stable... the external sector is also stable notwithstanding that the global growth is slowing down...India's services sector is growing," he said. Whil

China showcases plan for massive 'silver economy' to serve elderly

Beijing wants to mobilize state and the private sector companies, it said in an outline released by the State Council

India reinforces status as preferred investment destination at Davos: Govt

The Commerce and Industry Ministry on Tuesday said India is reinforcing its status as a resilient global economy and a preferred investment destination at the World Economic Forum in Davos. India's presence is marked by securing four distinct spaces at WEF, each dedicated to showcasing the India opportunity and its growth story to global investors, it added. The four spaces are - India Engagement Centre, Experience India Centre, India Investment Centre, and We Lead Lounge, the ministry said in a statement. The India Investment Centre, it said, will serve as the centre for Government-to-Business (G2B) and Business-to-Business (B2B) networking, hosting roundtables and sessions. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh is participating in the meeting. "At WEF, a total of 21 sessions will be held over the span of 5 days. India will be showcasing its opportunity and opening doors for discussion on manufacturing, technology, ...

Cost of Indian exports more than doubled due to Houthi attacks in Red Sea

Around 80% of India's goods trade with Europe, estimated at nearly $14 billion a month, normally passes via the Red Sea, according to government estimates

WEF Davos 2024: China keeps weighing on world in view of economists

"China is a notable exception as weak consumption, lower industrial production and distress in property markets weigh on the prospects of a stronger rebound in 2024," the Forum said in its report

Exports marginally up at $38.45 bn in December; trade deficit narrows

Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments

IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC

The exports of computer software and services, including IT enabled services and BPO, logged 12.2 per cent growth during 2022-23 to touch USD 193 billion, according to estimates by Electronics and Computer Software Export Promotion Council (ESC). The IT software/services chunk accounted for the bulk of this at USD 126 billion, followed by BPO services (USD 52 billion). "In value terms, export of the IT/ITeS/and BPO during 2022-23 is estimated at USD 193 billion, up from USD 172 billion estimated in the year 2021-22, registering a growth of 12.21 per cent, which is mostly contributed by IT software/services at USD 126 billion, followed by BPO services (USD 52 billion), software products development (USD 5.1 billion), engineering services (USD 9 billion)...," Sandeep Narula, Chairman of ESC said in a release. Narula said the growth of BPO services at 14.63 per cent and 13.33 per cent growth of IT products are good indications since global trading of these segments would go up ...

Nine states record higher inflation than India average, shows data

While the average Indian consumer's cost of living rose by 5.69 per cent compared to the previous year, it rose 8.73 per cent in Odisha, 7.07 per cent in Gujarat and 6.95 per cent in Rajasthan

Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17

The commerce ministry has called a high-level inter-ministerial meeting on January 17 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, a senior official said on Saturday. Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive. "This Wednesday, we are holding an inter-ministerial consultation. We will be discussing the way forward," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi ...

Govt seeks 'treaty status' from US for visa easing, trade boosting

Discussions on E1, E2 visas aimed at enhancing bilateral trade and investment

US urges transparency in India's IT import monitoring beyond 2024

USTR Katherine Tai emphasizes open communication with India on import policies

India negotiating with UK to avoid double contribution to social security

India is working on a treaty with the UK under the proposed Free Trade Agreement (FTA) to avoid double contribution to social security funds by Indian professionals working for limited time period in Britain, an official said on Thursday. Indian professionals working for a limited period in Britain contribute to their social security funds but not able to get its benefit as they return once the projects are complete. "We are negotiating the double contribution treaty with the UK under the FTA. There should not be any double contribution towards social security schemes," the official said. It is a long-standing demand of Indian businesses operating in Britain to cut down on the additional cost burden associated with bringing in skilled Indian professionals on a short-term basis. The compulsory National Insurance (NI) contributions of skilled Indian professionals in the UK on temporary visas remains an additional cost burden of about GBP 500 per employee a year, over and above all .

Net direct tax collection grows 19% to Rs 14.70 trillion so far in FY24

The government has budgeted to collect Rs 18.23 trn from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 trn mopped up last fiscal

Best of BS Opinion: Investing for growth, export potential & more

Here is the best of Business Standard's opinion pieces for today

Nine out of 10 MSMEs expect to make profits this year, says report

Many companies plan to increase hiring and most expect they will need loans

Outgrowing Apple

India must approach its industrial policy with a lighter and practical, reform-oriented touch instead of trying to deal with individual companies like Apple or Tesla

Export potential

The agricultural sector needs policy intervention