Page 28 - India Economy

Govt authorises DGFT for TRQ items allocation under new India-Nepal Treaty

The commerce ministry's arm DGFT has been authorised to allocate and monitor imports of 10,000 tonne of copper products and 2,500 tonne of zinc oxide from Nepal under a concessional customs duty provision of a treaty between the countries, according to a public notice. The directorate general of foreign trade (DGFT) will be the designated authority for allocation and monitoring of all TRQ (tariff rate quota) items under the revised India-Nepal Treaty. Under TRQ, a specified quantity of an item is allowed for export or import at concessional customs duties. Beyond that quantity, the product attracts normal duties. "DGFT is authorised for allocation and monitor of 10,000 MT of TRQ of copper products...and 2500 MT of zinc oxide from Nepal," the public notice said on Thursday. It said the allocated quota to each manufacturer/exporter on a quarterly basis would be communicated by the designated authority of Nepal to DGFT. Imports will be permitted through the land customs stations at .

Rupee likely to strengthen to 80-per-dollar in 2024: BofA India treasurer

The rupee is up nearly 1% against the dollar so far this year against depreciation in most other Asian currencies

India, UK conclude another round of talks on free trade agreement: Official

Technical discussions were held across 10 policy areas in over 50 separate sessions, according to statement

UK's duty benefit scheme withdrawal may impact Indian goods' exporters

The UK's decision to withdraw duty benefit scheme GSP may impact Indian exporters from certain labour-intensive sectors such as leather and textiles as they were the major beneficiaries, according to experts and traders. The UK is replacing the Generalised Scheme of Preferences (GSP) with a new Developing Countries Trading Scheme (DCTS) from June 19. Labour intensive sectors, including certain textile items, leather goods, carpets, iron & steel goods and chemicals may get impacted due to this. Global Trade Research Initiative (GTRI) said the US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes. "As the UK has come out of the EU, it has designed its own GSP scheme. Each country sets a product-wise threshold limit, if a country's exports cross the limit, the GSP concessions stop. The UK withdrawing GSP concessions on labour intensive products was expected as the two ...

Govt reform measures helping Indian economy to grow at faster pace: Goyal

The commerce and industry minister also said that the government has managed the rate of inflation in single digits

Reserve Bank of India may need to pump in funds on liquidity crunch

GST payments and quarter-end credit demand may lead to such a situation

Markets are pricing in some risks to growth: Julius Baer India's Kulkarni

India has emerged as a favourite destination for investors amid global developments, and the growth prospects here are catching the attention of many, says Unmesh Kulkarni, MD, Julius Baer India

Chamber India to take delegation to global south nations: Abhinav Balyan

The Chamber of Commerce, Sustainable Development and Foreign Relations on Friday said it will be taking delegations to eight global south destinations to explore opportunities for Indian business with a view to increasing the country's exports. Global south region includes Africa, Latin America and the Caribbean, and Asia. Chamber of Commerce, Sustainable Development and Foreign Relations or Chamber India President & CEO Abhinav Balyan said that they are focusing on increasing exports and enhancing cooperation with the Global South nations. "We would be taking a delegation to 8 global south destinations to create more opportunities for Indian business and increase our exports," he said here at the Chamber India-Global South Meeting. He added that the chamber will organise these meetings in the state capitals with foreign delegations to explore business opportunities for all states. Information and Broadcasting Minister Anurag Thakur, Minister of State for Panchayati Raj Kapil ...

India's forex kitty declines by $1.32 bn to $593.75 bn, shows RBI data

The overall reserves had jumped by $5.93 billion to $595.067 billion for the previous reporting week

India pitches for a rating upgrade with Moody's, questions methodology

A higher rating for India would mean the nation is less riskier, translating into lower interest rates on borrowings

DPIIT convenes retail traders' meet on June 16 to discuss compliance burden

The Department for Promotion of Industry and Internal Trade (DPIIT) has convened a meeting of retail traders on June 16 to discuss issues related to further reducing compliance burden and promoting ease of doing business for the sector, a government official said. The department is taking a series of measures to promote the growth of the sector and provide them friendly business environment. The meeting will be chaired by the department's joint secretary Sanjiv. Issues likely to figure in the meeting include the utility of a national single window system, coverage of clearances, compliances required in the sector, suggestions for compliance reduction, and easing processes and inspections, the official said. Officials from ministries and departments related to the retail sector will also participate.

India to overtake China in oil demand growth by 2027: IEA report

Annual global demand to decline from 2024, says multilateral agency's report

Around 70% companies planning to recruit this fiscal year: Report

Job postings for small and midsize businesses (SMBs) have witnessed record highs in the last five months, and about 70 per cent of companies are actively planning to recruit this financial year, a report said on Tuesday. The report by jobs and professional networking platform apna.co said it has witnessed a substantial upsurge in SMB job postings from January to May 2023, with around 300,000 jobs listed on the platform. About 70 per cent of SMBs in India are actively planning to recruit full-time professionals for key areas like business growth and expansion, HR, accounts and sales, it added. This report was based on job postings on the Apna platform from January to May in comparison to the same period last year. In terms of cities, the report further stated that Jaipur and Lucknow exhibited a high demand for Tele-calling roles, while Bhubaneswar and Kochi sought after business development professionals. In Ahmedabad, accounts and finance expertise was highly sought after, it ...

PLI schemes help boost production, employment, exports: DPIIT Secretary

The production-linked incentive (PLI) schemes have led to an increase in production, employment generation, and exports of the country, a top government official said on Tuesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that due to the schemes, there was an increase of 76 per cent in foreign direct investment in the manufacturing sector in 2021-22 (USD 21.34 billion) compared to 2020-21 (USD 12.09 billion). The schemes were announced for 14 sectors with an incentive outlay of Rs 1.97 lakh crore (about USD 26 billion) to strengthen their production capabilities and help create global champions. Sectors which witnessed increase in FDI inflows from 2021-22 to 2022-23 are pharmaceuticals, food processing, and medical appliances. As of date, 733 applications have been approved in 14 sectors with expected investment of Rs 3.65 lakh crore. Actual investment of Rs 62,500 crore has been realized till March 2023 which has resul

In a first, Centre to review PLI scheme to sort out teething issues

Interactions with line ministries lined up to seek feedback

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI

Country's largest commercial lender State Bank of India (SBI) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The apex bank has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank RBI for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in falling unemployment r

India planning fewer annual GDP estimates to avoid confusing markets

The proposal is being discussed between the ministries of statistics and finance as well as top officials from Prime Minister Narendra Modi's government

Mother Dairy reduces MRP of Dhara edible oil by Rs 10 per litre

Mother Dairy, which is a leading milk supplier in Delhi-NCR, on Thursday said it has reduced the maximum retail price (MRP) of its Dhara edible oils by Rs 10 per litre and the stocks with new rates will be available in the market from next week. The reduction in the MRP is in line with fall in prices of edible oils in the global market, the company said. "The maximum retail price (MRP) of all variants of Dhara edible oils is being reduced by Rs 10 per litre on account of the continued decline in edible oil prices internationally and better availability of domestic crops such as mustard," a company spokesperson said. The revised MRP stocks are slated to hit the market within a week, the spokesperson added. The new rate of Dhara refined Soyabean Oil will be Rs 140 per litre. Dhara Refined Ricebran Oil MRP has been cut to Rs 160 per litre. The new MRP of Dhara Refined Vegetable Oil will now be Rs 200 per litre. Dhara Kachi Ghani Mustard Oil will be available at Rs 160 per litre MRP

India in talks with US on steel, aluminum tariff exemption: Report

NEW DELHI/WASHINGTON - India is in talks with the United States to seek an exemption on steel and aluminum tariffs that were imposed by former U.S. President Donald Trump, while offering withdrawal of some retaliatory tariffs, three Indian sources told Reuters.

India undergoing rapid, unprecedented transformation: President Murmu

President Droupadi Murmu on Wednesday said that India is undergoing a rapid and unprecedented transformation and the country is on the way to become the world's third-largest economy before the end of the decade. Addressing the Indian community in the Serbian capital, President Murmu also said that new infrastructure is coming up across India at a breathtaking pace and the country hopes to be a developed nation by 2047. "India is the fastest growing major economy in the world. With a GDP approaching USD 3.5 trillion, we are on the way to becoming the world's third biggest economy before the end of this decade. India is confidently pursuing its ambition to be a developed country by 2047," she said soon after her arrival here on a state visit. She said that early indications suggest that India's gender ratio is in favour of women and cited the results of the civil services exam in which top four positions were achieved by women. Noting that India and Serbia are both ancient lands, th