According to Moody’s the trend toward a more fragmented and protectionist global economy will likely accelerate as a result of the pandemic, with restrictions on trade, investment and technology transfers.
“We are in July at about 91 per cent export level of July 2019 figures. Imports are still at about 70-71 per cent level of July 2019. So, broadly our balance of payments this year is going to be very very strong, which is why we feel confident that Indian industry will see opportunities for themselves,” he said at a Ficci webinar.
Gadkari-led MSME ministry earlier this year managed to have import duties slashed on incense sticks and bamboo used in the same, to encourage local industry here. In July this year, the government imposed licensing requirements for import of colour TV and tyres, in a bid to discourage imports. Similar measures are being mulled for toys, furniture and sports […]
Panagariya’s comments come at a time when India has introduced certain imports in the restricted list including tyres and TVs to curb imports from China as it aims to become self reliant. “While I am not yet worried about the return of term Atma Nirbhar Bharat, what is worrying is turn in policies three years ago and that have not reversed since,”.
PET resin is used in textiles, plastic bottles, tires, undersea cables and 3-D printing, among others. However, the department said that the scope of product under consideration does not include recycled PET Resin used to manufacture preforms, which are then converted into PET bottle and jars for the storage of mineral water, carbonated soft drinks, edible o […]
The agreement to this effect was signed on August 3 through exchange between Saroj Khuntia, general manager, Exim Bank, and Adriano Isaias Ubisse, national directorate of treasury, Ministry of Economy and Finance, Mozambique. With the signing of this LOC agreement, Exim Bank till date has extended 14 LOCs to Mozambique, taking their total value to USD 772.44 […]
The minister added that the country “today is in a mood” to not only bring back economic activity but also become self-reliant, improve the quality and competitive pricing of products.
A prohibition/restriction on the export of ventilators was imposed in March to ensure domestic availability of the machines to effectively fight COVID-19. All types of ventilators were prohibited for export vide DGFT notification with effect from March 24.
The peace clause protects a developing country’s food procurement programmes against action from WTO members in case subsidy ceilings are breached. High subsidies are seen to be distorting global trade.
“No one expected the Uruguay Round to be the last global trading round. Over the last two decades, countries like China and India got a lot richer, but they’ve refused to take on any more responsibilities,” Senator Chuck Grassley claimed. “In fact, they claim they are entitled to special treatment in any future negotiations because they are developing c […]
Meetings of the five foreign ministers and NSA are important to shape the agenda of any BRICS Summit. This year’s meet has acquired extra significance as two of five members of the BRICS – India and China – were involved in a bitter standoff.
A budding alliance will be harder to cement without deeper economic ties. Not only does trade tend to cement alliances, but building up allied countries’ economies makes them much more able to resist military encroachments by rivals. The US once understood this, but in recent years seems to have forgotten this lesson.
Issues in digital infrastructure, information and communications technology (ICT), healthcare and pharmaceuticals, aerospace and defence, entrepreneurship, financial services and investment also came up for discussions at the virtual meeting that saw participation from at least 24 CEOs from both sides.
Coinciding with a 20-25% decline in orders, suppliers have been asked to provide up to 20% discounts on prices across sectors, extend credit periods and reduce lead time to ensure that products reach before October.
Last week’s decision to resume border trade via West Bengal despite opposition from the Mamata Banerjee government will help increase Bangladeshi exports to India after a hiatus, said sources.
Foreaders 