Page 17 - India Trade

Piyush Goyal, US trade representative Tai to hold virtual meet today

US Trade Representative Katherine Tai will on Thursday hold a virtual meeting with Union Commerce and Industries Minister Piyush Goyal. The meeting comes ahead of Prime Minister Narendra Modi's official State Visit to the US next week at the invitation of President Joe Biden. During the meeting, Tai and Goyal are expected to put the finishing touches on the announcements being planned for next week. Bilateral trade between India and the US has nearly doubled in the Modi government's nine years. Last year, trade between the countries was over USD 191 billion. On Tuesday, US Chambers of Commerce President and CEO Suzanne Clark urged Modi and Biden to work towards achieving bilateral trade of USD 500 billion per annum. Speaking at the India Ideas Summit of the US-India Business Council, Clark said, "By reaching that ambitious bilateral trade target (of USD 500 billion), together we can demonstrate to the world that the future of the global economy will be anchored by democracy, free

India, UAE to raise non-petroleum trade to $100 bn by 2030: Piyush Goyal

India and the United Arab Emirates have mutually agreed to raise non-petroleum bilateral trade between the two countries to $100 billion by 2030, the South Asian nation's trade minister said on Monday

India's exports to grow dramatically on the back of dynamic trade strategy

India's total exports, merchandise exports and services combined, grew at 13.8 per cent to achieve a new record of $770 billion in 2022-23

Dry port in Dodhara Chadani: 4-track access road to Nepal border from India

To boost trade and transport services between the two countries, India has opened a four-lane track for road access up to the Nepal border. Nepal-based online magazine e-Pardafas reported

Iran calls for increased use of national currencies in trade with India

Iran's Secretary of the Supreme National Security Council (SNSC) Ali Shamkhani added that improved Iran-India ties are not against any other country and are not affected by the will of third parties

India's trade with Latin America approaching a volume of $50 bn: Jaishankar

Underlining India's growing investments, he said, "Surge in investments in the energy sector, India today imports crude from Brazil, Mexico, Colombia and Guyana"

India may propose mutual settlements in local currencies at SCO IBC meeting

The move will enable the infrastructure projects to be cost efficient as the import component of the infrastructure projects will become relatively cheap with the settlement in the Rupee

India likely to move to upper-middle-income category by 2047: EAC-PM chief

Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Monday said that some states in India are already in the high income category in purchasing power parity (PPP) terms, and the country is likely to move to the upper-middle-income country by 2047. Debroy further said any presumption that the Indian economic growth rate will be driven only by exports may be misleading because there are plenty of endogenous sources of growth. "In 2047, India will probably move to the upper middle income category...Some states in India, at least in PPP terms, are already in the high income category," he said at an event here. According to the World Bank's definition, a country with a per capita annual income of over USD 12,000 is considered as a higher-income nation. India, which is the world's fifth largest economy, is currently classified as a developing nation. Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. A deve

In the old tale of Kabuliwala, there is a South Asia trade mystery

India's business with its neighbourhood is stagnant though it offers better terms than China

Govt to develop eastern grid with 5,000 km waterway to boost trade

The government is planning to develop an eastern grid with 5,000 kilometres of navigable waterway to boost regional integration and trade with South Asia and Eastern South Asia, Union minister Sarbananda Sonowal said on Wednesday. Sonowal further said with the seamless connection between National Waterway-1(Ganga), NW-2 (Brahmaputra) and NW-16(Barak), the government is keen to create an opportunity via an economic corridor of 3,500 kilometres connecting the Northeast India with the rest of India via Bangladesh. "The government is working extensively to develop the Eastern Grid with more than 5,000 kms of navigable waterways. "...the development of this grid will not only boost regional integration & accelerate development but it will further deepen eastern India's trade within BBIN countries (Bangladesh, Bhutan, India, Nepal)," he said at an event organised by industry body PHDCCI. According to Sonowal, it will also further amplify trade potential with countries like Myanmar, ...

Trade fuelled faster rise in India's production-based emissions

India's production-based estimates of CO2 emissions rose 63 per cent, from 1.6 billion tonnes in 2009 to 2.6 billion tonnes in 2019, reveals an analysis of numbers from tracker Our World in Data

India's exports, imports shrink over 8% in February, shows govt data

Merchandise exports witnessed annual contraction in 16 of the 30 key sectors last month

India-UK FTA talks progress encouraging, says British industry expert

At the conclusion of the seventh round of India-UK free trade agreement (FTA) negotiations and ahead of the eighth round scheduled in New Delhi next month, a senior industry expert in the UK believes there are encouraging signs of appetite on both sides to agree a deal and fully utilise its benefits. Syma Cullasy-Aldridge is the Chief Campaigns Director at the Confederation of British Industry (CBI) and has just returned after leading the group's first-ever business delegation to New Delhi and Mumbai aimed at unlocking opportunities of a potential FTA. The Indian-origin campaigns chief for the industry body, which speaks on behalf of 190,000 UK businesses of all sizes and sectors, described the visit as really, really brilliant in highlighting the immense scope for partnership and collaboration across key sectors. What really struck me was the opportunity and appetite on both sides for collaboration and partnership around key sectors like green finance, innovation and new technology

Close on heels of India, US switches to T+1 trade settlement cycle

Growing pressure on global regulators to shorten settlement cycle, say experts

Second round of IPEF negotiation to start in India on Wednesday

India has opted out of the trade pillar as broad consensus had not emerged on issues pertaining to labour, environment, digital trade, and public procurement

India's trade with China risen by 50% despite aggression: Arvind Kejriwal

Delhi Chief Minister Arvind Kejriwal on Wednesday slammed the BJP-led Centre for maintaining trade relations with China despite its aggressive stance, and called for its boycott to send out a strong message. Addressing a Republic Day function organised by the Delhi government at Chhatrasal Stadium here, Kejriwal alleged that China is procuring more weapons to use against India with the very money it earns doing trade with us. "A leading newspaper today reported that China has occupied some of our land. This is worrisome for every Indian. Our soldiers are bravely facing China at the border and it is our duty to support them in this fight. "It is our duty to boycott China and send out a strong message," he said at the event. The Chief Minister asked the central government what action it took against China's incursions into Indian territory and allegedly even occupying some of our land. "On one hand China is occupying our land and on the other hand we are increasing our trade with ..

Malaysia's egg shortage sets Indian hatcheries on path to record exports

India shipped 5 million eggs to Malaysia in December and will ship 10 million in January and up to 15 million in February, according Kumar

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

Firm trend: Rupee gains 9 paise to 81.29 against US dollar in early trade

The rupee gained 9 paise to 81.29 against the US dollar in early trade on Monday supported by broad dollar weakness and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 81.29 against the dollar, registering a rise of 9 paise over its previous close. On Friday, it depreciated by 8 paise to close at 81.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.32 per cent to 101.87. Brent crude futures, the global oil benchmark, fell 0.53 per cent to USD 84.83 per barrel. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee opened stronger on Monday, tracking a weak dollar and a possibility of smaller rate hike from the US Fed in February. Most of the Asian peers were stronger this morning, and stable

CBIC to release list of identified goods to check undervaluation of imports

The CBIC on Wednesday came out with a mechanism to check the undervaluation of imported goods under which two committees comprising tax officers will be set up for screening and evaluation