News Buzz

Govt offers 100% stake for Air India

The government has set off the process to sell off stake in Air India for the second time, offering 100% stake and a reduced debt burden to the new owner.

Brexit Bill receives royal assent

Britain's Brexit bill officially became law on Thursday, thereby removing the last obstacle to UK's exit from the European Union in just over a week.

IMF Chief expects improved momentum for India

IMF chief Kristalina Georgieva has asserted that the growth slowdown in India appears to be temporary and the momentum should improve going forward.

Fuel exports surged in December

India's refined fuel exports increased by 24.2% YoY in December to reach 6.46 million tonnes, exhibiting the fastest growth since October 2016.

Brazil asks for duty cut on chicken

Brazil has asked India to cut import taxes on chicken and chicken products so that it can capitalise on the rising demand for poultry and poultry products.

India number 1 on clean energy investment

India has been ranked number 1 in clean energy investment rankings among 104 emerging markets worldwide according to a BloombergNEF survey.

US reassessment opportunity for India

India views the Trump administration’s reassessment of America’s traditional alliances as a strategic opportunity to deepen ties with Washington.

PM proposes 3-point strategy for economy

PM Shri Narendra Modi has proposed a three-point strategy to boost country's economic diplomacy that emphasises on 3 'T's - trade, tourist and technology.

Mumbai introduces all-night shopping

In a move initiated to boost growth, Mumbai will provide residents the facility of shopping & dining out until dawn from late January.

India to import more oil from Brazil

India has expressed interest in increasing imports of crude oil from Brazil, in order to diversify its import basket beyond the volatile Middle East region.

DPIIT issues norms for steel imports

The Department of Promotion of Industry and Internal Trade has introduced quality control orders to curb imports of some substandard steel items and cables.

India-Israel collaboration will boost innovation

Incorporating best practices and policies from countries like Israel will be crucial for India to accelerate innovation, according to NASSCOM.

Indian angel investors target US startups

A number of angel investors from India are looking to invest in the US startup market, as a number of high technology ventures offer promise.

CIM asks for cooperation on Indian Ocean region

Hon'ble CIM Shri Piyush Goyal spoke for greater cooperation among nations to realise the huge growth prospects in the Indian Ocean region.

KVIC seeks international Khadi trademark

Khadi Village Industries Corporation is seeking a global trademark for ‘khadi’ to prevent any product from masquerading as ‘khadi’ nationally or globally.

FMCG set for rebound

According to research by Nielsen, India’s fast-moving consumer goods (FMCG) market is set for an expected growth rate of 9-10% in calendar year 2020.

Brazil hopes to grow trade to $25 bn

Due to India's strong economic growth of 7% in the last decade, Brazil sees huge potential for exports of food and commodities.

Chinese GDP growth at 30-year low

The Chinese economy grew at its slowest in almost three decades in 2019 at 6.1%, under the impact of the damaging trade war and weak investment scenario.

Credit cards, personal loans rise

Amidst the economic slowdown, India is witnessing a growth in demand for both credit cards and personal loans, leading to a rise in consumer credit.

Amazon commits US$ 1 bn

Amazon.com founder Jeff Bezos has committed US$ 1 billion to help bring small Indian businesses online, with an aim to reach as many as 10 million SMBs.

SEZ changes proposed

Department of Commerce has proposed changes in the eligibility criteria for SEZs to link them to investments in R&D, innovation & employment generation.

No imports without HS Codes

Hon'ble CIM Shri Piyush Goyal announced that no imports will be allowed without HSN code into India, while speaking at the 6th National Standards Conclave.

Exports dip 1.8% in December

In December 2019, India's exports stood at US$ 27.36 billion, declining by 1.8% according to latest data released by the Department of Commerce.

India-China trade drops in 2019

India-China has declined by about $3 billion in 2019, even as India’s trade deficit continues to be high at around US$ 56.77 billion.

Industry seeks cap on refined palm oil imports

The edible oil industry has asked the government to restrict imports of refined palm oil and palmolein to a maximum of 50,000 tonnes per month.

Indian immigration to US declines

Legal immigration from India to the US on green card dropped by 7.5% during 2017 and 2018 according to data from a US-based think tank.

Incentives for Apple, Samsung suppliers

India is looking to offer a series of incentives to suppliers of Samsung and Apple to encourage them to open manufacturing units in the country.

TV sales hit new low in 2019

In a possible indication of the impact of the rise of smartphones and OTT content, TV sales in India witnessed their worst ever performance in 2019.

Global debt-GDP breaks record

The world has beaten the record for the highest ever debt-GDP ratio before the close of 2019, reaching 322% & narrowly bettering the previous best in 2016.

Cut import duty on gold: Commerce Ministry

Ministry of Commerce & Industry has sought a major cut in the import duty on gold in the budget to boost exports and manufacturing of gems and jewellery.

Bulk tea companies face pressure

Bulk tea companies are expected to continue to face margin pressure in FY 2020, despite marginal improvement in financial performance in the first half.

FTAs needed for textile exports

Free trade agreements (FTAs) with key markets like Australia, Canada, the United Kingdom and the EU will help boost India’s textile exports.

Sugar prices gain on export rise

Indian sugar mills have gained due to the rise in sugar prices in the international market. This has improved the demand for sugar exports from the country. 

India & Canada to fast-track trade talks

India and Canada could fast track negotiations for a trade agreement, according to Andrew Smith, Minister (Commercial), High Commission of Canada in India.

Rice exporters worried about US-Iran tensions

Indian rice exporters have expressed concerns over tensions between US and Iran. Already, Rs 900 crore in payments are pending from Iran since May 2019.

India’s palm oil restrictions to impact Malaysia

India's restrictions on refined palm oil could push Malaysia to a price war with Indonesia in crude palm oil, where the latter has an advantage.

Foxconn backs out of $5 bn investment

Foxconn has decided not to set up its manufacturing units in Maharashtra, India, after failing to strike a deal with the state government.

Mechanism for faster SME loans

Hon'ble CIM Shri Piyush Goyal has asked SIDBI and the CGTMSE to develop a framework for faster processing of loans to SME units

77780 jobs culled in banking sector globally in ’19

Unlike in the U.S., where government programs and rising rates helped lenders rebound quickly after the financial crisis, European banks are still struggling to regain their footing.

Subdued pulses output likely

It is being said that to prevent a spike in the prices like the one of onions, government was closely watching the situation and would ensure adequate supply of protein-rich seeds.

India shines in Asia-Pacific power industry tenders

In November 2019 Asia-Pacific’s power industry saw 617 tenders being announced, marking a flat growth over the last 12-month average of 620.

EU wants investment protection pact with India

This would be exclusive of the proposed free trade agreement (FTA) where ongoing negotiations are in a state of limbo.

New tech to speed up infra work

Ministry of Statistics and Programme Implementation had recently pointed out that at least 355 projects have seen a cost overrun of Rs 3.88 lakh crore and about 552 projects have faced time escalation.

Stable NPAs in Sept: RBI

Recent data from the RBI has revealed that the health of the banking system has improved with the gross non-performing loan ratio remaining stable at 9.1% in FY19, declining from 11.2% registered last fiscal.

Low imports lead to the stability of onion prices

Owing to the fact that countries such as Turkey and Sri Lanka have curbed exports of onions to India, the prices of this vegetable are expected to remain somewhat firm till mid-February.

Tepid M&As due to debt obligations

Across the globe, too, deals were hard to materialise due to various factors including uncertainties caused by the US–China trade war, which left many investors in a wait-and-watch mode.

200+ coal blocks to be auctioned by 2024

Coal Ministry is likely to issue bidding rules for commercial coal mine auctions hold consultations with the concerned stakeholders next month.

Coal reserves need to be identified faster: Coal Secretary

The need for the introduction of 2D/3D seismic survey and other modern available technologies which for expediting coal & lignite exploration to cover more area in a shorter time were also discussed.

India facing slowdown: IMF

This has been attributed to the abrupt reduction in non-bank financial companies' (NBFC) credit expansion and the associated broad-based tightening of credit conditions.

Cashless tolling across national highways near 50%

Ministry of Road Transport and Highways directed the NHAI to equip toll lanes across national highways with electronic toll collection infrastructure.

Tesla, the decade’s best-performing auto company

After increasing 10 times since 2014, Tesla revenue will advance an additional 14 per cent in 2019, 21 per cent in 2020 and 18 per cent in 2021, according to the forecasts at Bloomberg.

377 infra projects show major cost exceeds

377 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns of more than Rs 3.94 lakh crore. Further, 565 projects reported time escalation.

India’s steel output falls in Nov

International steel production too registered a 1% fall at 147.791 MT in November 2019 as compared with 149.356 MT in November 2018.  

IWAI lowers cargo handling target

The Inland Waterways Authority of India (IWAI) has lowered the cargo handling target to 100 million tonne (MT) on national waterways by 2021-22.

Relief likely for cos. under IBC code

GST framework presently doesn’t allow a firm to file current tax dues if it has past dues.

Sluggish marine exports likely ahead: Report

A recent report by U.S.-based trade finance company Drip Capital pointed out that India's marine exports are expected to remain sluggish.

9% hike in real estate investments

A recent report calibrated by the global property consultant Colliers points out that there has been a 9% hike in real estate investments to INR 43,780 crore during this calendar year owing to higher inflow from foreign funds.

Govt consults textile industry

Given the challenging condition in which the country’s textile sector finds itself, the Textiles Ministry has started consultations with the industry stakeholders on the New Textiles Policy.

Tepid hiring in industry

Data from HR firm Xpheno has shown that hiring has slowed across IT, startups and multinational corporations. This scenario is likely to continue next year too.

Tech. altering logistics: Economic Survey

The government’s Economic Survey (2017-18) has revealed that technology is finally solving inefficiencies in logistics. The industry is becoming more streamlined as a significant number of firms are adopting technology-led tracking systems that make it easy to predict when a parcel is expected.

“India must lower tariffs on US products”

While India's trade minister in October said the broad outlines of a deal with US had been worked out, Navarro gave no details about where talks or any US-India trade agreement stood.

Sugar output dips 35%

India's sugar production stood at 4.58 million tonne till December 15 of the ongoing marketing year according to the estimates of industry body ISMA.

India lacks qualified designers: industry

International design experts said at the Kochi Design Week that even though India is a potentially huge design market, it has a dearth of qualified designers.

Tripura gets its very own SEZ

Situated 130 km away from Agartala, this will be a Sector Specific Economic Zone for Agro-Based Food Processing – like Rubber based industries, textile and apparel Industries, and bamboo.

Startups want clarity in tax-related issues

Startups dealing with global technology companies registered outside India assert that they pay more taxes on their revenues.

Moody’s lowers India GDP forecast for FY20

Citing feeble household consumption, global ratings agency Moody's Investors Service lowered India's gross domestic product growth projection for the fiscal year 2019-20 to 4.9% from 5.8%.

Govt cautious about FTAs

Union Minister Shri Piyush Goyal opined that the government’s decision to stay out of the RCEP was a bold one and that it was in the national interest.

India to break its own sugar export record

This has been attributed to a flurry of overseas sales in the past few months, prompted by attractive global prices.

India in the top 3 producers of scientific articles

As per the statistics compiled by the US National Science Foundation (NSF), China, US & India are the top 3 producers of scientific articles in the world.

Electronics cos want 4% sop

According to sources, demands were also made for allowing setoff through input tax credit (ITC) of the 5% GST levied on transport companies.

India’s weightage in MSCI EM index to rise

This has been attributed to the Finance Minister’s confirmation on increasing the statutory foreign portfolio investment limit in a company from 24% to sectoral foreign investment limit effective April next year.

India could be the ideal ground for investments

Tax reforms introduced by the government recently will ensure investments come back to India.

64% dip in India’s mobile phone imports in 3 years

Both the quantity and value of feature phones and smartphone imported by India in the last 3 years has declined from 758 lakh in 2016-17 to around 270 lakh units in 2018-19.

India trying to end impasse with EU over FTA

In a bid to revive FTA talks with EU, India is examining the areas where the negotiations are stuck and think of a possible way ahead.

WTO: Interim arrangement for global trade disputes

The World Trade Organization said that attempts are being made to set up a “stop-gap” arrangement to resolve global trade disputes through arbitration.

Govt scrutinizing FDI in infra in strategic areas

A comprehensive review has been undertaken by government agencies & RBI to assess the control over telecom & infrastructures at strategic locations and border areas of the country.

India’s palm oil imports dip to 17-months low

In November 2019, India’s palm oil imports stood at 671,863 tonnes; while in November 2018, the country imported 691,827 tonnes of palm oil.

New duty on imports likely

The commerce department has urged the finance ministry to impose border adjustment tax (BAT) on imported goods.

Anti-dumping duty on chemical from 5 nations

The authority is likely to probe into the alleged dumping and consequent injury to the domestic industry.

IIP contracts to 3.8% in Oct

The slide was led by a contraction in the manufacturing sector followed by construction.

India-US 2+2 dialogue on 18th Dec

The two sides will make a comprehensive review of cross-cutting foreign policy and defence and security issues in bilateral ties.

Govt to sell 100% stake in Air India: H.S. Puri

Government is going to sell its entire stake in Air India (-which as a debt burden of more than INR 50,000 crore) under the proposed disinvestment process.

DGFT scraps Chinese e-tailers’ ‘gift’ channel

The government has decided to put an end to the gift channel being used by Chinese e-commerce portals like AliExpress, Club Factory and Shein.

India asks Japan to reduce trade surplus

Bilateral trade between the two countries rose to US$ 17.63 billion in 2018/19 from US$ 10.9 billion in 2008/09, with the trade balance widening to US$ 7.9 billion in favour of Japan.

India has a skimpy share in organic trade

India had 3.40 million hectare of area under organic farming, the ninth largest in the world besides having the highest number of organic farmers.

GSP withdrawal didn’t hit Indian exports: CIM

India exported goods worth of US$ 6.3 billion (as per USTR figures) to the US under the GSP regime.

No reason to cheer for onion farmers

Some farmers also estimate that prices are unlikely to rise further, and have already started to drop due to this development.

Cut unsafe food level to less than 1%: FSSAI

Food Safety and Standards Authority (FSSAI) Chairman Pawan Kumar Aggarwal has urged the stakeholders in food & beverage industry to trim the level of 'unsafe food' to less than 1% or negligible levels within the next four years.

MAIT wants tax sops

MAIT, the apex body of electronic product makers, has asked the government to restore the 4-5% incentive under the Merchandise Exports of India Scheme (MEIS) as the curb of these benefits is likely to hit exports worth about US$ 8 billion.

WTO’s DSM to be dysfunctional

Thus, the body would no longer be in a position to consider new appeals after December 10 and will have a negative impact on WTO’s dispute settlement system and also the multilateral trading system as a whole.

WTO extends nil tax on e-transmissions

India and South Africa had argued that the ecommerce moratorium led to loss of revenue (which according to an UNCTAD study, could be as high as US$ 500 million every year for India).

Pact between US, Canada and Mexico

The new deal aims to improve enforcement of worker rights and hold down prices for biologic drugs by eliminating a patent provision.

India’s stock markets to have unicorn listings

Byju, Swiggy, Zomato, PhonePe, Myntra are some such companies that he has great hopes from.

Ocean trade sustains India’s trade growth

Data from the DHL Global Trade Barometer released by DHL, revealed that strong ocean imports and exports will sustain India’s trade growth over the three-month period ending in January 2020.

CIM wants reciprocal access for Indian cos

Foreign cos won’t be allowed in local contracts unless India Inc gets to compete in those nations.

Slowdown only cyclical: Chief Economic Advisor

Chief Economic Advisor K Subramanian said, while addressing the FICCI young leaders summit on Monday, that the country has not lost its growth potential and the economy will bounce back.

First bulk wine from India sent to UK

A joint venture between Kingsland Drinks and Indian wine producer Soul Tree has led to the first ever shipment of bulk wine from India to the UK.

US-China trade war affects Gujarat’s salt industry

The export revenue to China has subsequently reduced to between INR 100 crore and INR 150 crore since January.

India laments Appellate Body impasse

India, along with many countries, has expressed anguish over the eclipsing of the World Trade Organization’s (WTO) Appellate Body.

Netflix gung-ho on India-focused content

Video streaming company Netflix is planning to invest Rs 3,000 crore to develop and export India-focused content on its platform.

Grape industry expects record exports

The Indian table grape industry is expected to witness record exports this season, despite expectations of lower production due to climatic challenges

China ban threatens meat exports

Due to a crackdown by China on illegal meat imports India, which is one of the biggest exporters of buffalo meat, will have to look for new avenues.

DPIIT panel for VCs & startups

DPIIT has decided to set up a bimonthly and quarterly panel to address grievances of venture capitalists and startups, chaired by the CIM Shri Piyush Goyal.

OPEC impasse fuels price drop

The failure of OPEC to pin down the details of an agreement to adjust its official output target led to the sputtering in oil prices to US$ 58 a barrel.

RBI leaves key rate unchanged

RBI's MPC slashed its GDP growth estimate for 2019-20 by 110 basis points to 5% from 6.1% forecast two months earlier. But it retained repo rate at 5.15%.

Post GST regime sees rise in India’s textile exports

India's textile exports have increased 6.2% post-Goods and Services Tax (GST) as compared with corresponding period pre-GST.

3.6% growth in India’s air passenger traffic in Oct

The International Air Transport Association data has revealed that India's domestic air passenger traffic grew 3.6% in October.

Objection on services trade, workers’ movement in WTO

US, EU, Canada and Australia have created barriers through domestic regulation conditions to deny market access to short-term services providers from India.

Onion prices surge across the world

The union government has also asked states to crack down on hoarders, create a buffer stock, and distribute imported onions.

RBI bats for more payment platforms

The Reserve Bank of India (RBI) proposed the idea of a new pre-paid instrument for payments up to ₹10,000 for buying goods and services.

OECD says India needs more reforms

India is set for a modest recovery after a loss of momentum as reforms to simplify taxation lighten business regulations and upgrade infrastructure start to fructify.

RBI revises its CPI estimate

The Reserve Bank of India has modified its estimate for CPI inflation figures for the month of December 2019 upwards from the 3.5-3.7% to 4.7-5.1% range that it had predicted in the previous policy.

Commerce ministry examines import surge from Singapore

 It is being feared that Chinese goods are being diverted through Singapore due to duty concessions offered under a free-trade agreement.

US-China trade deal likely post elections in US

Trump has threatened to impose 15% levies on an additional US$ 160 billion in Chinese goods if an agreement is not reached by that date.

INR 5,151 cr: India’s organic products exports in 2018-19

The government has been practicing various schemes like Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development North Eastern Region (MOVCDNER) to promote organic farming in the country.

US ban on sea shrimps

The US has decided to continue with the ban that it imposed on sea shrimps because they are caught by vessels without turtle excluder devices.

Sundar Pichai takes charge of Google

Larry Page and Sergey Brin, who founded Google more than twenty years ago, are stepping down from executive roles at Alphabet, Google's parent company.

Turkey sends 11000 tonnes onions to India

Heavy rain at the end of monsoon in chief onion-producing states had damaged the kharif season crop and led to a supply shortage this year by around 26%.

Frozen dessert manufacturers want ice-cream status

FSSAI held a meeting with experts to bring the curtains down on the prolonged cold war between icecream makers and manufacturers of frozen desserts.

12 global firms keen to move to India FM

12 global companies have demonstrated a willingness to shift their base from China to India, taking advantage of competitive tax rate of 15% announced recently.

Curbs on foreign firms in ‘strategic areas’ likely

The government is contemplating the idea of bringing under its scrutiny foreign players participating in certain ‘strategic areas’.

Improvement in factory output in Nov.

Companies indicated that workloads had been managed by existing staff, while others cited the non-replacement of retirees and non-renewal of temporary contracts.

Japan won’t sign RCEP if India doesn’t join

China has sought to expedite the finalisation of the RCEP deal as it faces slowing growth from a trade war with the U.S. The deal would also lead to better integration with Asia.

63% hike in Indian student visas

There was a remarkable 63% hike in the number of Indian students being granted visas to study at British universities over the past year by the UK government.

India reaches electricity generation capacity

The country is now in a comfortable position to meet its electric demand.

4.7% Growth in Indian economy in Sept Quarter

This is the weakest pace in more than six years of the economy’s expansion.

1,271 firms misusing export promotion scheme

Action for misuse of facilities under Export Promotion Scheme during the last three years has been taken against 1,271 companies by Directorate General of Foreign Trade.

Strategy for national use of Blockchain likely

The government is preparing a strategy for national level use of Blockchain technology to scale up and widely deploy the new age technology.

Indo-Russia talks to import coking coal

At present, India imports more than 50 MTPA coking coal. Government data revealed that shipments of coking coal from the United States and Canada rose to a sixth of all Indian imports of the fuel during the last fiscal.

Indian IT services to touch US$ 14.2 billion by 2020

Due to the shift towards modernised infrastructure and applications, the highest revenue-generating segment in the IT services market continued to be systems integration in the first half.

India still highest overseas remittance receiver: IOM

Even in 2010 and 2015, India was the top recipient of remittances. The increase in remittance between 2015 and 2018 is 14%, according to the UN body.

Services sector to aid US$ 5 trillion economy: CIM

Union minister Shri Piyush Goyal  expressed confidence in the economy stating that India's service sector can help reach the Central government’s target of USD 5 trillion GDP.

Govt restricts edible oil imports

The government is considering a proposal to restrict the import of all kinds of refined edible oils, while continuing to keep crude oils under the free category.

PM Modi explores lucrative ways to attract investors

According to some insiders familiar with this development, the government has pumped in INR 56,000 crore in the past decade in a bid to keep the carrier afloat.

India-Chile double taxation avoidance treaty approved

The Union Cabinet on Wednesday gave a green signal to the Double Taxation Avoidance Agreement (DTAA) between India and Chile.

Real-time power market to go on floor from 1st April

This will enable the consumers including discoms or captive to buy power at exchanges just one hour before delivery.

Easier rules for medical device makers

To promote the domestic pharmaceutical industry, it is recommended that there should be a preference for Make in India products during public procurement.

Subdued investments in FY20: Ashu Suyash, Crisil

In her interaction with media she cited slowing global growth, falling trade intensity and uncertainties stemming from trade conflict as the reasons for India’s slowdown.

Negotiation on dairy out of India-US trade talks

Almost 40 products including pistachios, walnuts and apples have been identified by India & US for duty concessions.

Firms await export duty clarity

New Delhi is in a fix after the recent WTO ruling which required India to roll back its export sops under the MEIS scheme.

India-Indonesia explore biz potential

India and Indonesia are trying to reach their target of US$ 50 billion trade by 2025 by eyeing new areas of investments during the “India Indonesia Investment & Business Forum”.

Drop in pepper production likely

India’s pepper output is projected to see a sharp fall of 30% due to erratic climatic conditions in south India and rising imports from Sri Lanka.

Govt has simplified patents regime: CIM

Commerce & Industry Minister, Shri Piyush Goyal said that the government has simplified patents regime to boost innovation among India’s MSMEs and startups.

China’s coal demand to remain subdued

Rising output could create pressure on China’s thermal coal prices. China has decided to scrap its coal-electricity price linkage mechanism from 2020.

Logistics firms affected by slowdown

Slowdown has propelled some of the major logistics players to defer planned expansions, and setting relatively modest revenue targets

Govt plans to ban e-comm ‘gifts’

To prevent misuse by Chinese e-commerce firms, CBITC could remove the provision where citizens can get duty-free gifts/samples’ under Rs 5k from overseas.

Rice prices hit the lowest point due to supply surge

Prices of Indian rice export fell to their lowest in nearly 3 years as fresh supplies from the summer-sown crop loom large amid subdued global demand.

MEA discussions with US on talent

External Affairs Minister S Jaishankar informed the Rajya Sabha that it is trying to convince US that tapping into Indian talent benefits both countries.

US-China trade deal unlikely this year

Experts feel that a US-China trade deal might not materialise until 2020. Currently, Beijing is demanding that Washington roll back tariffs imposed on it.

45% slip in India Inc’s M&A deal value

Recent findings of Grant Thornton's latest M&A Dealtracker revealed that there were 28 M&A deals worth US$ 1.5 billion in October this year

CIM advocates export promotion council for furniture

The Commerce Ministry has asked DGFT to identify the export promotion council that will work to promote furniture exports from India.

India plans incentives for 324 firms

In order to capitalize on the US-China trade war, India is planning to offer 324 companies various incentives for investment in factories.

Cabinet nod for importing onions

Finance Minister Smt Nirmala Sitharaman has announced the Cabinet’s approval to import 1.2 lakh tonnes of onions to enhance supply and check prices..

Growth in bank credit

The recent RBI data revealed that bank's credit grew by 8.07 per cent to Rs 98.47 lakh crore in the fortnight ended November 6.

RIL becomes 6th largest energy company

Reliance Industries surpassed BP Plc to become the world’s sixth-largest energy company in terms of market capitalisation.

Cheaper forex loans for exporters

The government is considering forex loans at cheaper rates to exporters and higher insurance coverage to banks on their export-credit-disbursement.

Clients delay big deals in IT Sector

Prevalent global economic uncertainty due to factors like delayed Brexit & US-China trade war, is compelling IT clients to delay deals.

India appeals against WTO panel ruling

According to the norms of the multilateral trade body, when a decision is challenged by an appeal by the member-country concerned, it cannot come into effect.

No deal with China will increase tariffs: Trump

US President Donald Trump warned in an address to the media that the failure to get a trade deal with China will prompt US to impose more tariffs.

Govt supporting auto sector: Javadekar

Minister of Heavy Industries and Public Enterprises Shri Prakash Javadekar said the slowdown in automobile sector is cyclical.

India to have below 5% GDP growth

Economists from various agencies have lowered their growth forecasts for India for the quarter ended September to between 4.2% and 4.7%..

India’s OPEC imports touched lowest since ‘11

Around 3.43 million barrels per day was sourced from OPEC, which (until now) accounted for about 80% of India’s oil needs.

India 2nd highest in foreign students to US

It also stipulated that international students contributed US$ 44.7 billion to the economy in 2018, an increase of 5.5% from the previous year.

Peak per capita consumption of stainless steel

the country’s per capita consumption of stainless steel touched a new peak. Against 1.2 kg per capita in 2010, the consumption registered a 100% growth and touched a new peak of 2.5 kg in 2019.

Despite cuts by RBI, lending rates increase

The country’s central bank has been blaming banks for the slower transmission of its policy cuts into their lending rates and continuously prodding them to cut more.

Rise in domestic air passenger traffic

The data issued by the Directorate General of Civil Aviation (DGCA) showed that domestic scheduled carriers carried 12.3 million passengers last month

Jeera export hit by denial of tax sops

The All India Spices Exporters Forum has made several appeals to the Centre on MEIS and it reckons that exporters will lose heavily if the benefits are not allowed in full from August.

Illegal Bangladeshi cancer drugs flood Indian markets

Alarmingly, these drugs have not undergone clinical trials, and do not have the drug controller’s approvals.

India has one of the highest no. of intl. schools

A study by ISC Research shows that after China, India has the maximum no. of international schools in the world. This is an improvement of two ranks since 2012.

Privatise discoms: N Chandrasekaran

N Chandrasekaran, Chairman, Tata Sons, supported the privatisation of power distribution companies, and also ensuring that every generation plant is operational to help the power sector.

Cost overruns: A major concern in India

The multilateral organisation has US$ 3 billion exposure to India, which will continue to be the largest borrower in the near future.

US-China trade tension could last 20 years: Jack Ma

 The trade dispute between the two superpowers has already ensnared more than 70% of bilateral trade in goods ever since it commenced about 2 years ago.

Drop in India Inc’s revenues in Sept quarter

Recent media reports suggest that India Inc’s revenue dropped marginally in the September quarter, the first decline in nine quarters.

India resumes palm oil purchases from Malaysia

After a gap of nearly a month, Indian refiners have resumed buying Malaysian palm oil.

Oct’s wholesale inflation hits 3 year low

Data released by the Commerce and Industry Ministry on Thursday showed that India’s wholesale inflation eased to 0.16% in October, its lowest in more than three years.

British firms eager to invest in India

56% of those firms that were surveyed said that it is getting easier to do business in India. Their perception about corruption being a barrier to operating in India saw a sharp drop.

India, China meet at BRICS

India’s Prime Minister Shri Narendra Modi met China’s President Xi Jinping on the sidelines of the 11th Brazil-Russia-India-China-South Africa, or BRICS, summit.

India’s engineering exports dip for the 4th time in a row

With September shipments conceding fourth straight monthly decline and fifth in fiscal 2019-20 to 6.11%, it is quite evident that a global slowdown has taken a toll on Indian engineering exports.

US lobby opposes India’s data localisation bid

Information Technology Industry (ITI) Council, held that India’s mandate on data localization could prove detrimental to tech companies.

Rupee dips vs dollar

The rupee plunged to INR 72.08 against a dollar yesterday, down 62 paise or 0.87%. 

Chinese investments in Indian auto sector

The auto industry is expecting investment over the next 3-5 years from at least half-a-dozen Chinese vehicle makers along with their vendor-partners.

Some e-retailers indulged in predatory pricing: CIM

Shri Piyush Goyal, said at the BRICS trade ministers meeting in Brasilia that some e-commerce companies are indulging in predatory pricing, which has detrimental effects on millions of small retailers.

5% growth in India’s GDP likely this fiscal

A report from the Economic Research Department of State Bank of India (SBI), which was launched yesterday trimmed the country’s GDP growth forecast.

India may import pulses

Owing to unprecedented rainfall in the major growing regions (including Madhya Pradesh) during October and November, as much as 50% of the urad pulse crop was damaged.

Oct’s retail inflation may breach RBI target

A Bloomberg survey of 33 economists anticipated retail inflation to be 4.35% in October, the highest since June last year.

Govt. to form producer groups for farmers

Finance Minister Nirmala Sitharaman has said that in order to ensure that farmers get the correct price for their produce, the government will form 10,000 farmer producer organizations.

Dip in India’s plastic exports

India’s plastic exports for September 2019 declined by 16.8% to US$ 649 million from US$ 780 million in September 2018.

Drop in soyabean exports likely: SOPA

Soybean Processors Association of India is of the opinion that India’s soyameal exports for the oil year 2019-20, starting October, may see a sharp decline.

India’s anti-cancer kit hailed by USFDA

A medical invention (called Cytotron) by Bengaluru-based scientist, Rajah Vijay Kumar, has been labelled as a “breakthrough device” by US FDA

India eyes Japanese medical device firms

To shirk the country’s dependence on US manufacturers, Indian government is trying to woo Japanese investment in India’s medical devices sector.

IT spending in India to grow 6.6% in 2020

IT research firm, Gartner, on Monday said that the overall IT spending in India would grow 6.6% to reach US$ 94 billion in 2020, from US$ 88.5 billion in 2019.

Business optimism drops yet again

The Dun & Bradstreet Composite Business Optimism Index is arrived at on the basis of a quarterly survey of business expectations.

CIM to discuss bilateral issues with USTR

India has also been seeking increased market access for certain agricultural goods including fruits and vegetables. The meeting comes ahead of the minister’s participation in BRICS meet. 

Widen export incentive scheme’s scope: SEPC

According to the country’s existing foreign trade policy, tax incentives under Service Exports from India Scheme (SEIS) to several services sector are provided.

Agriculture sector will be big in India

Kiran Mazumdar-Shaw, CMD, Biocon, has asserted that she is quite interested in the business opportunities in the agriculture and digital healthcare sectors.

Govt gives green chit for 4 medical device parks

India is predominantly an importer of medical devices, with the domestic industry accounting for about 2% of the global industry

India US trade deal likely before 2020

Manoj Kumar Mohapatra, Consul (Commerce) in the Embassy of India in Washington, sounded optimistic about the US-India trade deal by the end of 2019.

China, US may roll back tariffs

China & US are willing to roll back the tariffs that they imposed on each other’s goods, provided that phase one trade deal is completed.

NPOP plans to extend organic certificate

Government plans to extend its existing NPOP certification to textiles, cosmetics and AYUSH products to raise their credibility in international markets.

Easier clearance rules for pvt coal players likely

The government is planning to introduce an online application form and single-window clearance for coal mining lease, land acquisition and other approvals.

Modi-Xi Brasilia meet could have RCEP talks

The upcoming meeting of India’s PM, Shri Narendra Modi with China’s President, Xi Jinping on the sidelines of BRICS Summit could include discussions on RCEP

Agri Ministry to make ‘zero edible oil import’ plan

The aim is to help farmers and local industry, apart from reducing the current account deficit.

Millennials prefer gems over gold & diamond

Many young and rich Indians, are choosing gems like rubies, sapphires, emeralds and aquamarines over gold or diamond.

US$100 bn energy investment in India by ’24

Petroleum Minister, Shri Dharmendra Pradhan, opined "India will see an investment of USD 100 billion by 2024 in oil refining, pipelines, city gas distribution networks, and LNG terminals."

Increase in India’s import dependence

Owing to factors like a fall in the domestic production of crude oil and natural gas by 6% and 1.5%, respectively, in the first half of the current fiscal year, India’s imports have risen of late.

Govt wants kiranas to be part of ecomm

This follows the recent inquiry by the DPIIT has to ecommerce firms about how they can work with small retailers to boost such neighbourhood stores.

Massive H-1B denial rates for Indian IT firms in US

National Foundation for American Policy reports that denial rates for H-1B petitions have increased from 6% in 2015 to 24% in the third quarter of the current fiscal.

India still open to RCEP membership: CIM

India is still open to joining Regional Comprehensive Economic Partnership (RCEP) deal; provided all its concerns are met.

India seeks amendments to OECD proposition

The Indian government has sought a more balanced principle for the taxation of companies like Google, Facebook & Uber based on place of revenue generation.

CPA to cause compliance burden for e-commerce cos

The new Consumer Protection Act (CPA) has been open to public domain for feedback from until October 31. 

China wants US to drop tariffs on US$ 360 bn of imports

These tariffs were imposed by US on about US$ 110 billion in goods in September, and about US$ 250 billion that last year.

33% dip in India’s gold imports

Surging prices continued to weigh on consumer demand during the festival season, bringing down India’s gold imports in the month of October by 33%.

Flex to invest US$ 500 mn in India

The decision comes at a time when China & US are embroiled in a trade war that is affecting US-based companies in China, and vice versa.

India still has a year to decide on RCEP

In the given circumstances, not joining the agreement reflects both our assessment of current global situation and of the fairness and balance of the agreement.

India Inc’s salary rise max in Asia Pacific

The leading global advisory also stated that though salary increases in India are stabilising at around the 10% mark, they remain the highest in the Asia Pacific region.

9 Hour working day in draft labour code

“The single value of the national minimum wage for India should be set at Rs 375 per day as of July 2018”, recommended an internal panel of the labour ministry.

Mega parks near ports likely to be set up

The government is considering the option of setting up ten integrated mega parks with state-of-the-art infrastructure near ports to attract FDIs.

RCEP Deal to be delayed to 2020

A recently released draft statement by Southeast Asian leaders stated that the signing of the world’s largest trade pact will likely be kicked back to 2020. Objections by India have once again clouded hopes of finalising the pact at this weekend’s Association of Southeast Asian Nations (ASEAN) summit in Bangkok. India is worried that its […]

PM Modi optimistic about US$ 5 trillion economy vision

Prime Minister Shri Narendra Modi expressed confidence that India will be able to convert the US$ 5 trillion economy vision into reality soon.

First container cargo to Assam via Indo-Bangla route

The first ever containerised cargo movement via Indo-Bangladesh protocol route and Brahmaputra river started from West Bengal's Haldia on Monday.

Owing to India, South Asia becomes the pivot of growth

IMF has indicated that led by India, South Asia has the potential to contribute about one-third of the world's growth by 2040.

Inability to resolve issues looms over RCEP deal

With India on Thursday saying that there were still some critical issues pending resolution, its membership of the Regional Comprehensive Economic Partnership (RCEP) could go down to the wire.

US wins WTO case against India

The squabble between US & India over the latter’s export promotion subsidies has been won by the US.

Core sector performance hits 14-year low

Economy may have slumped further in the second quarter of the current financial year and a recovery may take time.

20% yoy likely dip in Coal India’s October production

Rating agency ICRA had also predicted that Coal India's output target will be missed by about 55-75 MT.

US$ 12.7 billion pvt equity investments in India in 2019

Data from Refinitiv reveals that private equity investment in India for the first nine months of the year stood at US$ 12.8 billion.

Govt panel favours RCEP membership

The group, which was formed last September, is of the opinion that exclusion from the pact will keep India out from a large regional market.

Marine goods worth US$ 800 mn exported to China

India is the second largest aquaculture producer, 3rd largest fish producer in the world with exports of marine products worth USD 7 billion and the 4th largest exporter of seafood in the world.

Steep dip in labour productivity in 8 yrs

There has been a sharp drop in the average of India’s labour productivity from 7.4% between 2010-11 and 2014-15 to a low of average 3.7% during fiscal year 2015-16 to 2017-18.

Brighter growth prospects for India & China in Q4

In the third quarter, India's real GDP growth is estimated to be 1% on a quarter-on-quarter basis and is projected to rise to 2.20% in the fourth quarter, according to the report.

Startups will never be harassed: CIM

Some time back, startups made representations to the government about receiving notices from the Income Tax Department, making it difficult for them to operate.

Global banks turn towards regional trade

With the ongoing tussle between the US and China redefining global headwinds, Prime Minister Shri Narendra Modi’s ‘Act East’ policy is paving the way for banks and financial institutions to find new means to engage with countries in the East.

India invites Saudi investment in energy infra

Prime Minister Shri Narendra Modi on Tuesday, while addressing the Future Investment Initiative 2019 in Riyadh, extended an invitation to Saudi companies to invest in India's energy space.

1/4th new H-1B visa requests rejected

The denial rates for H-1B petitions have increased because USCIS has changed the standards for approval without new regulations or Congress passing a new law.

A high level panel shares ways to bolster trade

A high-level advisory group (HLAG) on trade and policy led by Surjit Bhalla, a former member of the Prime Minister's Economic Advisory Council was formed last year in September.

Income tax rate cuts unlikely

Given the lack of fiscal space to reduce income tax and the prevailing higher levies in several countries such as China, the US and the UK.

India-US to give new lease of life to their defence pact

Industry has also recommended setting up a Defence Industry Advisory Committee (DIAC) under the pact to enhance government’s efforts to promote technology sharing.

Cabinet opens doors for companies in fuel retail businesses

The government has given the green chit in fuel retailing for petrol, diesel, LNG and CNG.

Indian IT sector to benefit from hard Brexit

The difficulty of Brexit could work in the favour of India’s IT sector, according to an industry insider.

India secures 63rd rank in the Ease of Doing Business Report

From 77th position last year, India climbed the ladder by moving up 14 places to 63rd rank.

Apprentice hiring to pick up pace

64% of companies are not hiring apprentices due to slowdown. The research entailed a survey of 500 employers across 12 sectors.

Oct 31 Brexit is dubitable

Lawmakers voted by 322 to 308 against the so-called programme motion citing the reason that they did not have ample time to scrutinize such an important bill.

1% growth in international air travel in H1

The period between April-June saw 1% decline in international air travel following the collapse of Jet Airways.

India got max power industry tenders in Asia-Pacific in Sept’19

As far as the average for the last 12 months goes, India held the top spot with 321 tenders, followed by Bangladesh with 101 and the Philippines with 83 tenders.

Industry alarmed about cyber threats

Only 19% of Indian organisations regularly make significant amendments to their cyber security approach, and 38% intend to make changes to their security approach in the next 6-24 months.

Up to 74% FDI in defence through automatic route

Department for Promotion of Industry and Internal Trade (DPIIT) plans to hike vestment (FDI) in defence in the automatic route from 49% to 74%. 

SEA Advisory to ban Malaysian palm oil imports

Solvent Extractors' Association (SEA), the industry body for Indian edible oil has issued an advisory to its members to refrain from importing palm oil from Malaysia.

Simpler export promotion schemes envisaged in new FTP

The revamped policy is likely to have changes in incentives given to goods as the current export promotion schemes are challenged by the US in the dispute resolution mechanism of the World Trade Organisation (WTO).

Piyush Goyal optimistic about India-US trade ties

India is looking to the US for technology, innovation, skills and quality education.

For the first time in 18yrs, India is a net copper importer

This has been attributed to the closure of Vedanta’s copper smelter in Tuticorin, which led to the erosion of more than 46% of the country’s production of the base metal. 

China has more unicorn startups than US

China and the USA dominate with over 80 percent of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population.

IPR website for Startups launched by Govt

The platform has been to provide assistance to Startups and SME’s and help them in understanding Intellectual Property Rights.

4% rise in 2 wheeler exports in Q2

Latest data by industry body Society of Indian Automobile Manufacturers (SIAM) suggests that two-wheeler exports rose by over 4% in the April-September period of the current fiscal.

US$ 1.4 trillion infra spending in the next 5 years

As we envisage becoming a five trillion-dollar economy by 2024-25, our focus on creating world-class infrastructure has become even more resolute.

IMF advocates loosening up of trade barriers

Monetary policy cannot be the only game in town. It should be coupled with fiscal support where fiscal space is available.

Special scheme for producing components

M-SIPS (2012-18) offered multiple incentives for 10 years, including a capital subsidy of 20% in special economic zones (SEZs) and 25% in non-SEZs, and reimbursements of countervailing duty.

India advocates rejection of US memo on special treatment

S&DT offers several flexibilities for developing countries, such as longer time periods for implementing agreements and commitments, lower levels of commitment and measures to increase trading opportunities.

Dip in palm oil purchase from Malaysia

It’s the first time ever that India has used its heft as a trade partner to express unhappiness about a political statement.

Indian rice prices touch 4 month low

India’s rice exports in August fell 29% year-on-year to 644,249 tonnes due to weak demand from African countries for non-basmati rice, among other factors.

Unilever’s quarterly sales growth slows in India, China

The developments are worrying for the company as emerging markets contribute 60% to the company's overall sales.

7% growth in H2: NITI Aayog

We have to make even more efforts at facilitating and promoting private investment in the country.

Mobile giants shifting to India

5G will only constitute 7% of India's installed base of over 1.3 billion connected devices in 2025.

Shopping spree trimmed to 1 week before Diwali

Brick-and-mortar retailers and companies have stated that the weeks of the shopping spree ahead of the festival season has been trimmed down to one weekend.

Civil society quizzes govt on RCEP benefits

“Acceding to RCEP at this juncture will accentuate the uncertainties and could result in loss of jobs and incomes which the country can ill afford” stated the Forum For Trade Justice.

Nearly half of global patent filings from China: UN

With a record 1.54 million applications (led by telecoms and computer technology), China accounted for nearly half of global patent filings last year.

IMF roots for coordinated policy action

International Monetary Fund called for a coordinated policy action, especially from some of the world’s largest economies, including India.

Malaysia to increase imports from India

Malaysia plans to boost raw sugar & buffalo meat imports from India. Relations soured recently due to Malaysia’s criticism of India's actions in Kashmir.

Clarity on single-use plastic ban sought

The Centre directed states to take action on October 2. However, different policies across states are fragmenting the Indian market, according to Rambhia. 

Donald Trump urged to ease H-1B curbs

The reason cited for this is that the country does not have the high-skill talent it needs and the drop in student admissions over the past three years is acting as a deterrent to get qualified immigrants into the US.

Dip in exports & imports for Sept.

India’s exports contracted by 6.57% in September’19 to US$ 26.03 billion. India’s imports on the other hand declined 13.85% to a three-year low of US$ 36.89 billion, signaling weak domestic demand on account of a slowing economy.

DOT considering reform package

What we have received from Trai is pricing, there are other parameters which we have to examine, ultimately it has to go for government approval,” Anshu Prakash, telecom secretary said.

Tepid Indian apparel exports: CMAI

An update by the Clothing Manufacturers Association of India (CMAI), revealed that India exported US$ 1.36 bn worth of apparel in July, which was 7% more than July 2018 and 11% more than June 2019.

Sept WPI eases to 0.33%

The findings also suggested that the overall food inflation was 7.47% in September from 7.67% in August as inflation rate for fruit dropped sharply to 6.67%.

Digital technologies to create US$ 1 trillion economy by 2025

The estimate also suggests that the technology will contribute 20% to the country’s in nominal GDP, sustaining 60-65 million jobs by 2025.  

Over 40% yoy hike in India’s groundnut production

The price of groundnut is likely to remain range bound due to bumper production this year. The export of groundnut oil is likely to be more due to better availability.

World Bank trims India’s growth forecast

Against the earlier growth forecast of 7.5% in April, the World Bank has trimmed India’s growth forecast to 6% for current fiscal in its latest edition of South Asia Economic Focus.

China to establish panel to cut trade deficit with India

Bilateral trade between the two countries reached US$ 95.54 billion in 2018, with the trade deficit at US$ 53 billion in China's favour, the biggest deficit that India has with any country. 

4% rise in passenger vehicle exports in Q2

Hyundai Motor India led these exports. Ford India Pvt. Ltd and Maruti Suzuki India Ltd were the other top performers.

Minimal qualification criteria for coal mining auction

The government has identified 15 large coal blocks for the pilot round of commercial bidding in December. These blocks will have a capacity to produce 4 million tonnes per annum.

Chinese banks eye deal in Indian startups

They are primarily eyeing early-stage ventures - not more than three years into their lifecycle for investment.

Studded jewellery trending among millennials

About 20% of the ornaments sales by volume now consist of diamond-studded jewellery.

120 MoUs signed to boost exports to China

China is working to bring down its trade surplus with India. In the first eight months of this year, India’s trade deficit went down by 1.6% to US$ 37.9 billion.

CIM feels that exclusion from RCEP will isolate India

India has already proposed to put in place an auto-trigger mechanism to prevent the dumping of goods by other countries of RCEP. 

Only 3.7% hike in Aug domestic air passenger traffic

The other top 3 countries which outperformed India in August’19 were China at 10.1%, Russian Federation at 6% and the US at 3.9%.

Rs 6,000 crore fund for farmer bodies

The agriculture ministry will fund, handhold, train, ensure easy credit availability and provide other support to these FPOs (having a minimum of 500 member-farmers on board) to make them viable.

Indian tea export remains stagnant from Jan’19-Aug’19

Tea Board has reported that tea exports from India remained virtually stagnant in the first eight months of 2019 in volume terms.

100 cr scheme for cooperatives in the pipeline

The scheme hopes to further the government's goal of doubling farmers’ income by promoting cooperative-to-cooperative trade within India & abroad and promoting exports of key agriculture commodities and products.

Governments to get more room to tax MNCs

This is a shot in the arm for India, which has proposed its own regulations on taxation of digital companies.

India slips to 68th position in World Economic Forum

WEF observed that India's rank is high in terms of macroeconomic stability and market size but added that the banking system has been affected by a high delinquency rate.

British PM optimistic about Brexit deal

British Prime Minister Boris Johnson said on Wednesday that "We've been also negotiating with our friends and partners in the EU about Brexit and you know I'm still cautiously, cautiously optimistic." 

US cautions India against cheap Chinese solar imports

Indian solar developers should consider quality, service standards, overall costs and geopolitical implications before opting for cheap Chinese imports.

28 Chinese entities restricted by US

The Bureau of Industry and Security, US Department of Commerce, has decided to add 28 Chinese governmental and commercial entities to the Entity List for engaging in or enabling activities contrary to the foreign policy interests of the United States.

Technology upgrade a must for plastics exporters

It also stated that India’s plastics exports had risen at a CAGR of 11-12% in the last three years and are estimated to reach US$ 25 billion in trade by 2025. The country’s plastic exports in FY19 were US$ 8 billion, as per the study.

India to be hit hard by slowdown: IMF

Economic activity is softening in advanced economies, such as the US, Japan and, especially, the Eurozone, while in other emerging markets such as India and Brazil, the slowdown is even more pronounced this year. 

Protect farmers’ interests in RCEP pact: Agriculture Minister

Various stakeholders from the country’s dairy industry and farming community have expressed fears that this would severely hurt Indian farmers and small businesses due to stiff competition from New Zealand & China.

India to probe chemical imports from S Korea

The government has decided to probe increase in imports of phthalic anhydride from South Korea, after allegations of serious injury by domestic industry.

Another bad quarter for auto firms

Auto companies continued to struggle with low demand, inventory correction and cuts in production across segments in the quarter ending September 2019.

PM chairs meet to decide on RCEP

Top ministers of the Modi government held a meeting chaired by PM Narendra Modi on Monday to decide on whether India should go ahead with the RCEP deal.

Indo-US trade opportunities historic: Arkansas governor

Indo-US trade opportunities are “historic”as per Arkansas governor Asa Hutchinson, one of five governors scheduled to visit India in the coming months

Logistics index for key export sectors

India is developing an index to assess the costs of logistics in its top nine export sectors, including agriculture, leather, apparel and gems & jewellery.

Easier defence deals up to INR 150 cr for startups

The defence ministry has stipulated thatstartups can now bid for contracts valued less than INR 150 crore without the burden of providing financial credentials.

Asia suffers due to onion ban from India

After India, the world's biggest seller of onions, banned exports following delayed harvests caused by extended monsoon downpours, buyers across the region are bewildered.

India could be one of the largest EV markets: Report

The findings of a report by the World Economic Forum and Ola Mobility Institute suggest that India has the potential to become one of the largest electric vehicles (EVs) markets in the world.

Govt. scrutinizing online sales

Department for Promotion of Industry and Internal Trade has decided to keep a strict eye on festive sales by e-commerce companies.

India blocks US request for settlement panel

India had blocked a US request to set up a panel to settle its disagreement over retaliatory tariffs on 28 American products.

Govt plans to sell PSUs

The disinvestment plan includes Bharat Petroleum Corp. Ltd, BEML, Container Corporation of India and Shipping Corporation of India.

Ban on onion exports

Amidst the souring prices of Indian onions due to a seasonal shortage which has been worsened by flooding in several states, the government has decided to ban exports of onions.

Auto outlook stable-to-negative in H2 FY20

India Ratings and Research, has revised its outlook on the auto sector to stable-to-negative from stable for the remaining half of the current fiscal.

Govt set to borrow INR 2.68 lakh cr in H2

Keeping the fiscal deficit at glide path at 3.3% of the GDP in the current fiscal, the government’s borrowings will be within the budgeted Rs 7.1 lakh crore.

India’s Ease of Doing Business Rank Improves

The World Bank has recently released a list of the 20 economies that have improved the most in three or more of the ten regulatory areas considered for their ease of doing business score.

Oil prices sour

Oil prices rose, easing concerns about demand at the world's largest crude importer amid an ongoing trade war with the United States.

HRD Ministry directs IITs to improve intl rank

Ensuing the concern of Union HRD Minister Ramesh Pokhriyal 'Nishank' about the issue of rankings of the prestigious Indian Institutes of Technology (IITs).

Working group on proposed new industrial policy

The policy is aimed at promoting emerging sectors, reducing regulatory hurdles and making India a manufacturing hub and will replace the earlier one which was drafted in 1991 in the backdrop of the balance of payment crisis.

Drop in agriculture’s contribution to GDP

MoSPI suggests that there has been a drop in the share of agriculture, forestry and fishing in India’s gross value added (GVA) from 18.6% in 2013-14 to 17.9% in 2016-17.

India’s FY20 soymeal exports likely to drop

India's FY20 soymeal exports are likely to drop (28.6%) to 1.5 million tonnes in the new marketing year from 2.1 million tonnes in 2018-19.

FM Sitharaman ropes in private lenders to boost growth

Finance Minister Smt. Nirmala Sitharaman sought the help of private banks and non-bank lenders to boost credit disbursal so as to stir up consumer demand.

Only 10 jobs created for every 100 jobs ended by AI

10 new AI-based jobs are being created for every 100 positions made redundant in traditional technology according to some experts.

Electronics manufacturing industry needs more sops

A government official stated that India’s electronics industry needs additional sops such as cheap credit and incentives for export along with infrastructure support in order to flourish and compete with China, Vietnam and Thailand.

India is world’s 2nd fastest growing economy

Trade and Development Report 2019 projected India's growth rate for the current year to slowdown at 6% from last year's 7.4%.

Sansui makes India its hub after corp tax cut

Sansui, which has joined hands with Jaina Group, is gearing up to enter the Indian market and make it one of its global production hubs.

Drop in India’s textile exports

Other leading nations in the garment industry such as Bangladesh and Vietnam are being given preferred access in India’s biggest textile market — the European Union.

Over 8-fold growth in India’s mobile exports in 2018-19

India’s mobile exports in 2018-19 grew over eight-fold to INR 11,200 crore, thereby exceeding imports (amounting to Rs 10,000 crore) for the first time.

Drop in bank loans for the 2nd time in 3 years

This has been attributed to tepid credit demand and prudence by banks after bankruptcy laws came into play to resolve bad loans.

PM Modi seeks global investment for India

The government has taken a string of measures to facilitate greater ease of doing business including reducing corporate tax and abrogating 50 laws to improve business sentiment. 

ADB cuts India’s growth forecast for FY’20

India’s growth forecast has been sharply cut by the Asian Development Bank to 6.5% for the ongoing fiscal year.

Below 20% dip in India’s rice exports to Saudi Arabia

The Saudi Food & Drug Authority (SFDA) has from September 1 made it mandatory for each rice consignment to be accompanied by a Certificate of Conformity (COC) according to the latest norms.

Private trains on key routes

The Indian Railways is exploring the possibility of handing over operations of more trains to private players offering improved services and amenities for passengers in the near future on several important routes.

India, U.S. trade deal collapses

While US president Donald Trump and Prime Minister Narendra Modi’s bilateral meeting was expected to come as a breather amidst the spiraling tensions of the two countries, little has been achieved in terms of advancing their trade relations.

SEZ sunset clause may be extended

Commerce and revenue departments have initiated discussions to extend the sunset clause for the scheme that ends March 31, 2020.

India to be net steel exporter: Dharmendra Pradhan

Addressing the first Chintan Shivir, Minister for Petroleum and Natural Gas, and Steel, Shri Dharmendra Pradhan, stated that India is going to be a net exporter of steel in the coming years. 

India’s container trade growth slumps to 1%

Maersk suggest that India's container trade growth slowed to 1% due to growing trade tensions, rural distress and slump in manufacturing sector. 

Corporate tax revision to benefit auto industry

Rating agency ICRA is of the opinion that India’s automotive industry is likely to be one of the key beneficiaries of corporate tax revision.

Sugar to be exported to China & Iran

Indian sugar producers are all set to commence exports to China, East Africa, Bangladesh, Sri Lanka and Iran.

Govt to amend rules of trade remedies

To protect the interests of domestic industry in case of dumping of goods, significant jump in imports or subsidized imports, government will make changes in the rules of trade remedies.

Indian IT firms better paymasters than those in US

India-based and India-centric IT firms paid US$ 96,300 on an average in 2017 for local as well as H-1B visa-holders software programmers.

CIM to discuss trade issues during US visit

Shri Piyush Goyal, whose visit to US is coinciding with that of Prime Minister Shri Narendra Modi, will work with US officials on resolving bilateral trade issues.

Rs 40,000 crore GST shortfall likely

The Union Government has estimated a collection of Rs 1 lakh crore cess on sin and luxury goods in 2019-20.

India meets criteria for GSP: Foreign Secretary

Foreign Secretary Mr Vijay Gokhale asserted that India meets the criteria for trade concessions under the US' Generalised System of Preferences (GSP).

Govt cuts effective tax rate to 25.17%

The Government of India announced a cut in effective corporate tax inclusive of cess to 25.17% for domestic companies, effective from April 1, 2019

Govt to invest Rs 25,000 crore in fisheries sector

The government aims to increase India's exports of fish and fishery products by over 50% to Rs 1 lakh crore every year in the next five years. 

Slowdown dents tourism & hospitality sector

The general slowdown in the economy, along with the ongoing monsoon, will negatively impact occupancy levels in hotels in the medium term.

Revised social security code on cards

Labour ministry has come up with a revised social security code with the intention of simplifying and rationalizing the germane provisions of the existing 8 central labour laws by establishing a social security board in the country.

Lawmakers in US want restoration of GSP for India

The US terminated incentives to US$ 6.3 billion of Indian exports under the GSP programme from June 5 this year.

DPIIT notifies FDI relaxation norms

Department for Promotion of Industry and Internal Trade notified the recent decisions pertaining to the relaxation of foreign direct investment (FDI) norms.

Steel industry worried about inclusion in RCEP

This will harm the local steel industry by opening floodgates to cheaper Chinese imports.

Dairy import talks opposed by the industry

The industry is apprehensive that import of cheaper milk powder will be detrimental for the livelihood of India’s dairy farming community, which is already in a macabre state.

US and India on the brink of a major deal

This is not going to remove all of the trade frictions between India and the U.S. — those are substantial— but it is a step in the right direction.

India Inc uncomfortable with plastics ban

The ban has ramifications for all sectors like food processing, dairy, garments, toys," stated Jayesh Rambhia, All India Plastic Manufacturers Association.

CCI monitors discounts given by ecomms

By offering deep discounts ranging from 10-80% on their ecommerce portals, these companies are clearly influencing the prices and creating an uneven playing field.

Import duty on open cell LED TV panel scrapped

The 5% import duty on open cell LED TV panel has been obliterated by the Ministry of Finance yesterday and is likely to reduce television prices.

Steel Import Monitoring System launched

The system will provide advanced information about steel import to government and other stakeholders, including producers and consumers, to have effective policy interventions.

Cheaper insurance premium for small exporters

Commerce ministry will soon approach the government to trim down insurance premium rates from 0.7% currently to 0.6% for small exporters.

European luxury goods on Trump’s radar

These duties are explicitly authorized by the WTO and are likely to drive up the cost of products for the American customers.

Debt-ridden STC, PEC to shut shop

Commerce Ministry will initiate the process of winding up debt-ridden State Trading Corporation (STC), and Project and Equipment Corporation of India (PEC).

New policy to make India an electronics export hub

An inter-ministerial panel has already been set up by the Prime Minister’s Office (PMO) to examine the ways in which handset manufacturing can be boosted within one month in India. 

6% yoy drop in Indian exports in August

India’s exports for the month of August dropped to US$ 26.13 billion. Consequently, overall exports are down by 9% to US$ 15.33 billion in the first five months of this fiscal.

Made in India’s PMP under scanner

The scheme was overall a partial success: the levies helped create a local ecosystem for batteries, chargers and printed circuit board assembly, while duties on components did not have the same effect.

Firms want careful drafting of non-personal data norms

Setting up of this committee headed by Infosys cofounder S Gopalakrishnan brings some national-level cohesive thinking around the issue of non-personal data.

Spurt in investments in deep technology startups

According to Tracxn, a startup data tracking platform, investments worth US$ 697 million, spread across 115 rounds, have been made in deep tech startups so far this year.

Attack on Saudi Arabian oil facility pushes prices

A strike by 10 unmanned aerial vehicles on Saudi Aramco (which is regarded as the world’s biggest crude-processing facility in Abqaiq) removed about 5% of global oil supplies. 

CIM asks India to shed fear of free trade agreements

Commerce and industry minister Piyush Goyalsaid the country is ready to take bold decisions to enhance its presence in international trade.

India’s performance improves on World Tourism Index

Spain, France, Germany, Japan, US, UK, Australia, Italy, Canada & Switzerland emerged as the top 10 global tourist destinations. The report evaluated 140 countries.

Thailand takes the lead in wooing firms amidst trade war

Companies are turning to Thailand & Vietnam over India as a chosen destination to escape from the harsh dynamics of the ongoing US-China trade war.

AI, analytics most sought after tech skills: Infosys

The findings of a new research titled "Infosys Talent Radar 2019"conducted by Infosys revealed that analytics, user experience, automation, IT architecture and Artificial Intelligence are among the most sought after tech skills.

New norms for offering forex credit to exporters

The government will soon come out with guidelines on extending foreign exchange credit to exporters at nominal rate of sub 4%.

India to protect national interest in RCEP: CIM

Commerce and industry minister Piyush Goyal on Wednesday said that India will look out for its national interest in the proposed Regional Comprehensive Economic Partnership (RCEP) trade agreement.

US to delay tariff hike on Chinese goods

The two economies imposed fresh tariffs on each other on Sept. 3, leading to a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession.

Basmati paddy prices to remain steady

Inspite of headwinds in global trade, Basmati paddy prices are expected to remain steady owing to better quality of the crop and the expectation that the export will pickup in later part of current financial year.

US$ 21 billion investment by Indian high tech

According to the US-India Strategic and Partnership Forum (USISPF), Indian high tech has the potential to attract an investment of a whopping US$ 21 billion and generate millions of jobs

US$ 1-billion of jewellery export potential to US

Leveraging the tussle between the US & China, India’s gems and jewellery sector hopes to tap a US$ 1-billion export opportunity to US.

India-China dents pan-Asian deal

Trade ministers from 16 Asia-Pacific countries (which together account for about a third of all global trade), have vouched to wrap up RCEP.

India ASEAN to review FTA

India & ASEAN have agreed to constitute a joint committee to review their free trade agreement, signed in 2009.

GSP restoration by US may be on cards

US & India have initiated discussions on a string of thorny issues which had fanned tensions between them like restoration of Generalised System of Preferences (GSP).

Centre to boost infra spending

Finance Minister Smt. Nirmala Sitharaman said that the government will expedite infrastructure spending to bolster consumption.

2-year extension of UK work visas for intl. graduates

The British government has decided to offer from next year a two-year work visa to foreign students graduating from a British university.

Startups accelerate hiring in slowing economy

With the influx of fresh funds, hiring in tech startups may not be immediately affected due to the current economic slowdown in India.

India flags concern over rising trade deficit with China

The deficit has already ballooned to over US$ 57 billion in 2018.

Taipei appeals WTO for dispute consultations with India

The discussions focus on duties (ranging from 7.5% to 20%) imposed by New Delhi on the imports of certain information and communications technology (ICT) goods.

Bharat Craft, an Alibaba-like MSME portal

The government is working on Bharat Craft, an Alibaba-like e-marketplace for micro, small and medium enterprises (MSMEs).

Chinese firms should make India an export hub

India and China have agreed to identify non-tariff areas to make it easier for the Indian businesses to make inroads into China.

Drop in China’s exports due to trade war

There has been a 16% yoy dip in China’s exports to US to US$ 44.4 billion, due to punitive tariffs imposed by the latter.

ICT services to outgrow exports

UNCTAD predicts that domestic market for computer services in India is forecast to grow faster than exports.

Compulsory registration for imported iron, steel

This import-export data will help make the system transparent and reduce the issue of over-invoicing and under-invoicing.

Govt. planning to revamp the DoC

Government is contemplating the idea of bringing Rebate of State and Central Taxes and Levies (RoSCTL) and Advance Authorisation Scheme, within the ambit of the drawback committee under the revenue department.

RCEP members ask India to take a decision

Members of the Regional Comprehensive Economic Partnership (RCEP) have asked India to make up its mind on its membership of the trade group.

Drop in world food prices in Aug for the 3rd straight month: FAO

The FAO food price index averaged 169.8 points in August from an upwardly revised 171.7 points in July.

A million people may lose jobs in auto sector

Society of Indian Automobile Manufacturers’ President Rajan Wadhera believes that a million contractual manufacturing jobs are at stake due to the slowdown in consumption.

India’s value-added shrimp exports rise amidst US-China trade war

Due to the ensuing US-China trade war, US has started importing value-added shrimps like breaded shrimps from India.

India needs to diversify markets for rice exports

A market update by Cogoport, an online logistics marketplace states that India should explore Egypt, China, Mexico & Malaysia for its rice exports.

India lists items for sops before RCEP meet

Ahead of the upcoming Regional Comprehensive Economic Partnership meet in Bangkok on September 7-8, India is drawing up a list of products on which it can offer duty concessions.

CIM to meet exporters on September 11

The government recognises the fact that a good performance in exports is important for the GDP to show robust growth.

28% yoy rise in FDI in Q1 to US$ 16.3 bn

FDI equity inflows into India rose 28% from US$ 12.7 billion in the first quarter of the previous financial year to US$ 16.3 billion in the first quarter of 2019-20, with Singapore (US$ 5.3 billion) & Mauritius (US$ 4.6 billion) being the top contributors.

UPI transactions crossed the 900 million mark in August

As many as 918 million transactions worth Rs 1.54 lakh crore were processed on the interoperable digital payments channel.

Loan sanctions plunge 28% in June quarter

Credit disbursals by non-banking finance companies slid by 28% to Rs 1.79 lakh crore at the end of June versus Rs 2.49 lakh crore at the end of March. 

Consumers drive growth amidst trade-war

The mounting pressure on the growth of economies around the world due to the repercussions of proposed Brexit and trade war between US & China has put the onus of driving growth on shoppers around the world.

Cotton textile exports drop

Exports to major markets like China have declined by 50 per cent and Bangladesh by 38 per cent and Korea by 45 per cent.

Pakistan to import life saving drugs from India

This move comes a month after Pakistan had decided to suspend bilateral trade with India after India revoked Article 370 (which gave special status to Jammu and Kashmir) of its Constitution.

Export schemes for music industry

A recent Deloitte-IMI report has suggested measures like eradication of piracy and strict enforcement of laws against copyright infringements, music centric grants, and export schemes to promote the Indian music industry.

Surge in gold & silver prices

The depreciation of rupee coupled with expectations of deeper rate cuts from US Federal Reserve has set the prices of gold & silver in India souring.

NPAs to dip to Rs 9.1 lakh cr by FY20

A joint study titled 'Bolstering ARCs' by Assocham-Crisil, has predicted that gross bad loans of the country’s banks are expected to come down marginally to Rs 9.1 lakh crore by the end of the current financial year.

Modi, Putin to sign 25 pacts at India-Russia summit

Prime Minister Narendra Modi is all set to attend the 5th Eastern Economic Forum in Vladivostoc, Russia, as the chief guest between September 4 & September 6.

Chile keen to expand trade ties with India

Chile wants to explore avenues to increase knowledge sharing with India w.r.t. each other’s production structures, & to identify value chains.

India’s growth recovery to prolong: UBS

The UBS India Financial Conditions Index points out that the country’s growth may have reached a trough in the June 2019 quarter.

Duty-free replenishment for jewellery exporters

The government has again permitted gold and silver jewellery exporters to replenish the precious metal duty free after selling it at global exhibitions.