Page 125 - India

Strong macroeconomic trends improve credit quality of finance cos: S&P

The credit quality of Indian finance companies will continue to improve owing to the country's strong macroeconomic trends, said S&P Global Ratings.

India reports 444 new Covid-19 infections, active cases rise to 3,809

India logged 444 new coronavirus cases, while the active cases increased to 3,809, according to the Union Health Ministry data updated on Monday. The death toll increased to 5,30,782 with one death reported by Tamil Nadu, the data updated at 8 am stated. The Covid case tally was recorded at 4.46 crore (4,46,90,936). The active cases now comprise 0.01 per cent of the total infections, while the national COVID-19 recovery rate was recorded at 98.80 per cent, according to the health ministry website. The number of people who have recuperated from the disease surged to 4,41,56,345, while the case fatality rate was recorded at 1.19 per cent. According to the ministry's website, 220.64 crore doses of Covid vaccine have been administered in the country so far under the nationwide vaccination drive.

India, Aus to conclude talks for comprehensive free trade agreement soon

India and Australia have agreed to conclude the negotiations for a comprehensive free trade agreement "as soon as possible" as there is huge potential to enhance bilateral commerce in the next five years, according to a joint statement issued on Sunday. The statement was released after the meeting of Commerce and Industry Minister Piyush Goyal and Australia's Minister for Trade and Tourism Don Farrell here on March 11. Both countries have already implemented an economic cooperation and trade agreement (ECTA) in December 2022 and are now negotiating to widen the scope of that pact into a comprehensive economic cooperation agreement (CECA). "Ministers look forward to concluding CECA as soon as possible," the statement said. The CECA will create new employment opportunities, raise living standards and improve the general welfare in both countries, it added. The ministers also highlighted the importance of a smooth and timely clean energy transition as both countries work towards ...

India to ensure no breach on Russia oil purchase sanctions

Western countries led by the US had put a price cap of $60 per barrel on exports of Russian oil in a bid to crimp revenues to the Kremlin and keep some oil on the market

India, France conduct maritime partnership exercise in Arabian Sea

The seamless conduct of the exercise reaffirmed the interoperability and high level of cooperation between the two navies

India agrees to Russia operating more flights connecting 2 countries

India and Russia have "in principle" agreed to revise their bilateral air services agreement whereby Russian carriers will be allowed to operate as many as 64 weekly flights to various Indian cities, according to a senior official. Under the existing agreement, Russia can operate up to 52 weekly civilian flights to India. India has "in principle" agreed to increase the number of weekly flights that Russian carriers can operate to India to 64 from 52. In this regard, the bilateral air services agreement will be amended in due course, the official told PTI. Currently, Aeroflot is operating seven weekly flights to India while no Indian airline is flying to Russia. Earlier, Air India used to operate flights to Moscow. On the condition of anonymity, the official also said it will take some time before Russian carriers will be able to fully utilise the quota of the total number of weekly flights permitted to operate to India. Last month, an Indian delegation led by Civil Aviation Secret

India's chemical demand likely to jump to $1,000 billion by 2040: Report

India is likely to account for more than a fifth of incremental global consumption for chemicals over the next two decades as domestic demand is projected to rise to USD 1,000 billion by 2040, McKinsey said in a report. In the report titled 'India: The next chemicals manufacturing hub', McKinsey said the country's chemical industry has been a global outperformer in demand growth and shareholder wealth creation over the last decade. "It now stands poised to play an increasingly dominant role across both consumption and manufacturing in the global arena," it said. The sector is projected to grow at 11-12 per cent during 2021-27 and 7-10 per cent during 2027-40 -- tripling its global market share by 2040. "India is expected to account for more than 20 per cent of incremental global consumption for chemicals over the next two decades. Domestic consumption and demand is expected to rise from USD 170-180 billion in 2021 to USD 850-1000 billion by 2040," it said. Chemicals find wide usag

Indian soft drink market likely to see significant growth: Varun Beverages

The Indian soft drink market is expected to see "significant growth" as consumption is anticipated to increase steadily, which will deliver sustainable and healthy volume growth across all product categories, said Varun Beverages Ltd (VBL), PepsiCo's largest franchise bottler. This would be driven by factors such as shifting population demographics, the rising spending power of young consumers, accelerated urbanisation, and growing rural consumption. The company is in the process of further expanding its capacities to meet the higher demand expectations, said VBL in its latest annual report. Its distribution model and on-the-ground end-to-end infrastructure facilities continue to be the key growth drivers and VBL remains committed to extending it to newer areas and under-penetrated regions to further boost its market presence," it added. While from an operational standpoint, VBL continues to focus on new product categories and evolving customer preferences. Launch of new products

Rajesh Agrawal to lead London trade mission to India starting March 13

On a four-day mission from March 13-16, India-born Agrawal will visit New Delhi and Bengaluru and will be joined by 10 London tech companies including Electric Miles, Guider, OneID and Softools

Top headlines: India-Australia trade pact, SVB collapse, and more

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India, Australia to partner for mineral projects to develop supply chain

Ministers from the two countries have also agreed to deepen cooperation and extend their existing commitments to the India-Australia Critical Minerals Investment Partnership

Regional workshop on PM Gati Shakti National Master Plan to conclude today

The PM Gati Shakti National Master Plan (NMP) is a transformative approach that enables integrated planning and synchronized implementation for multi-modal and last mile connectivity across the country, Sumita Dawra, an official of the Union Commerce and Industry Ministry has said. Dawra, the Special Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Commerce and Industry ministry, said states should et inspired by each others' activities. She was addressing the press on the sidelines of a two-day regional workshop for the South Zone on PM Gati Shakti NMP which began here on Friday. The workshop is aimed at demonstrating best practices in connection with the PM Gati Shakti Scheme. "The states should get inspired by each others' activities and learn from each other," she was quoted in a release issued by the ministry. Kerala, Tamil Nadu, Karnataka, Telangana and Andhra Pradesh and five Union Territories including Andaman and Nicobar Islands,

India logs 456 new Covid-19 infections, active case tally rises to 3,406

India recorded 456 new coronavirus infections, pushing the tally to 4.46 crore, while the active cases increased to 3,406, the Union Health Ministry said on Saturday. The death toll stands at 5,30,780 with one death reported in Gujarat, data updated by the ministry at 8 am stated. So far, the country has logged a total of 4.46 crore (4,46,89,968) Covid cases. The active cases now comprise 0.01 per cent of the total infections, while the national COVID-19 recovery rate was at 98.80 per cent, according to the Health Ministry website. The number of people who have recuperated from the disease surged to 4,41,55,782, while the case fatality rate was 1.19 per cent. According to the ministry, 220.64 crore doses of Covid vaccine have been administered in the country so far under the nationwide inoculation drive.

India, US sign MoU to build resilient supply chain in semiconductor sector

India and the US on Friday inked an initial pact on increasing private sector cooperation in the area of semiconductors under which the two countries would facilitate business opportunities and develop an ecosystem with a view to reduce their dependency on China and Taiwan. The Memorandum of Understanding (MoU) on establishing semiconductor supply chain and innovation partnership under the framework of IndiaUS Commercial Dialogue was signed by US Secretary of Commerce Gina Raimondo and Commerce and Industry Minister Piyush Goyal during the Commercial Dialogue here. According to a joint statement, both sides have agreed to set up a semiconductor sub-committee, led by the Department of Commerce for the US side and the Ministry of Electronics and Information Technology (MeitY) and Ministry of Commerce and Industry for the Indian side. The committee will convene its first engagement in mid-year to review recommendations from the joint industry-led task force launched in connection with

India moved from women development to women-led development in 9 years: PM

Pushing for unicorns in self-help groups for women, Prime Minister Narendra Modi on Friday said India has moved from women development to women-led development in the last nine years. Addressing the post-budget webinar on women empowerment, Modi highlighted that enrolment of women in the fields of engineering, science, technology and maths in the country today was 42 per cent. Can we make unicorns in self-help groups too, we have brought that vision in this year's budget, he said. Unicorn companies are those that reach a valuation of USD 1 billion without being listed on the stock market. The prime minister also said around 70 per cent beneficiaries of the Mudra loan are women. These women are not only increasing the earnings of their families but are also opening new economic avenues for the nation, he said. Modi also linked a sense of respect towards women to their equality.

India, US to examine CEO forum recommendations to boost economic ties

India and the US will examine the recommendations of the CEO forum for appropriate action to enhance economic ties between the two countries. Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo on Friday chaired the India-US CEO Forum meet. According to a joint statement issued after the India-US commercial dialogue on Friday, both governments would "examine the CEO recommendations for appropriate action to enhance the economic landscape and ties between India and the US". Raimondo was here on a four-day visit to attend the meeting and India-US commercial dialogue. She was accompanied by 10 CEOs of US companies. The last meeting of the forum was held virtually in November 2022. It is a platform for dialogue across key sectoral themes and to identify areas for closer collaboration for mutual benefit of both economies. The forum, comprising CEOs from leading Indian and US-based companies, is co-chaired by N Chandrasekaran, Chairman of Tata Sons and

Japanese PM to visit India on 20-21 March to discuss bilateral ties

Prime Minister of Japan Kishida Fumio will pay an official visit to India on March 20-21

New dialogues can unlock new era in India-US business ties: USIBC

Welcoming the announcements on the US-India Strategic Trade Dialogue and an agreement on semiconductors, US India Business Council on Friday said such initiatives have the potential to unlock a new era of business-to-business cooperation. During the visit of US Commerce Secretary Gina Raimondo to New Delhi, the two countries announced the start of the US-India Strategic Trade Dialogue and signed an MOU on semiconductors. The dialogue adds momentum to the work being done under the US-India Initiative on Critical and Emerging Technologies (iCET), said USIBC president Atul Keshap. These are moves welcomed by the industry, who have long encouraged both governments to reinvigorate talks around high-technologies and export controls to remove barriers to greater business partnerships in advanced sectors, he said. Addressing the issues around export controls and technology transfers is a critical step to unleashing the ambitions of the private sector. If these dialogues succeed, they can .

India-US goods & services trade doubled since 2014, surpasses $191 bn

Raimondo attended the meeting before leaving for the US on Friday. She had arrived in India on March 7 at the invitation of the Indian government

We see India as trusted technology partner: US Commerce Secy Gina Raimondo

America sees India as a trusted technology partner, and it wants to deepen this technological relationship between the two countries, US Secretary of Commerce Gina Raimondo said on Friday. The Indian government has taken several steps in the last couple of years, which makes India an even more attractive place to do business, she added. Steps like promoting the digital economy and zero tolerance for corruption make India a more attractive partner, Raimondo told reporters here. She was addressing a joint media briefing with Commerce and Industry Minister Piyush Goyal after concluding the fifth IndiaUSA Commercial Dialogue, which was held after a gap of three years. "We see India as a trusted technology partner, and we want to continue to deepen our technological relationship with India...We hope to work more closely with India and the private sector here around those technologies," she said. Besides semiconductor, she said areas, where both countries can increase cooperation, inclu