The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of these agreements, the commerce ministry has organised a two-day 'Chintan Shivir' on FTA strategy and SOPs for trade negotiations on May 16-17. Suggestions that came up during the discussions included comprehensive consultations with public and private sector players and sharing details of the proposed FTAs with the line ministries, the official said. "Consultations should be held at every stage of FTA negotiations. Representatives of certain ministries suggested the commerce ministry to share FTA details with them in a timely manner so that they can prepare their views on those agreements," the official added. The exercise assumes significance as India is engaging with several trade partners to negotiate free trade ...

The government has recovered about Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG authorisations, an official said. The figures are likely to increase further as the exercise is on for the compilation of the data, the official added. The government has fixed March 31 as the last date for payment of customs duty plus interest. "Under the scheme, 6,705 applications were filed and as per the provisional figures, an amount of about Rs 852 crore has been recovered. This figure is further expected to increase," the official said. Meanwhile, several small exporters have requested the government to continue the scheme for a one-time settlement of default in export obligation till September. Ludhiana-based Hand Tools Association President SC Ralhan has said several small exporters have not been able to avail of the benefits of the scheme due to fulfilling their obligations to make payments to MS

India Ratings and Research expects the country's GDP growth rate for the March quarter at 6.7 per cent and around 6.9-7 per cent for the 2023-24 fiscal, its principal economist Sunil Kumar Sinha said. The GDP numbers for the fourth quarter (January-March 2024) and the provisional estimates for the 2023-24 fiscal are scheduled to be released by the government on May 31. The Indian economy grew 8.2 per cent in the June quarter, 8.1 per cent in the September quarter and 8.4 per cent in the December quarter of 2023-24. "We are expecting the fourth quarter growth to be 6.7 per cent and the overall GDP growth for FY24 to be around 6.9-7 per cent," Sinha told PTI Videos in an interview. He said the growth rate in the first two quarters benefited from a low base, though the 8.4 per cent growth rate in the third (October-December 2023) quarter was surprising. "When we analyse the data, then what is visible is the wedge between the GVA and GDP. A large impetus to Q3 GDP has come from higher

Foreign Minister Ishaq Dar has said that trade ties between Islamabad and New Delhi have remained suspended since 2019 due to the imposition of "heavy duties by India on imports from Pakistan after the Pulwama attack. In a written reply submitted to the National Assembly on Saturday, Dar, who also holds the deputy prime minister's slot, said: India decided to impose 200 per cent duty on imports from Pakistan, suspended the Kashmir bus service and trade across the Line of Control after the Pulwama attack. According to the Dawn newspaper, Dar was responding to a question by Pakistan Peoples Party lawmaker Sharmila Faruqui seeking details about trade challenges faced by Pakistan in its relations with neighbouring countries, especially India. In March, during a press conference in London, Dar highlighted the eagerness of Pakistan's business community to resume trade activities with India. However, his office later clarified that Pakistan has no plan to resume trade relations with India

The shipping ministry is working to shift to an 80 per cent landlord model by the end of this decade to increase efficiency and reduce logistics costs at major ports, a senior government said on Saturday. In the landlord model, private players take over the operational aspects, while the port authority acts as a regulator and landlord. Speaking at CII Annual Business Summit 2024, Ports, Shipping and Waterways Secretary TK Ramachandran said Jawaharlal Nehru Port (JNPT) has become the first major port of the country to become 100 per cent landlord port, having all berths being operated on PPP model. The PPP (public-private partnership) model is considered an effective tool for attracting investment in the port sector. "We have 12 major ports, and we have a huge capacity...we want to shift to an 80 per cent landlord model by the end of this decade," Ramachandran said. He further said the four pillars that the Shipping ministry is working on to improve the cost and ease of doing busin

Cautioning against household savings getting invested in futures and options trade, Chief Economic Advisor V Anantha Nageswaran on Saturday said there is a need to reconsider sachetisation of F&O trade because it requires different financial literacy. Speaking at the CII's Annual Business Summit, 2024, Nageswaran said whenever financial sector development precedes national development the story hasn't ended well for other countries as well. Asian crisis 1997-98 is a very important example, he said. When we take pride in the fact that we have the world's largest trading volume in futures and options (F&O), we need to ask ourselves is that a sign of progress or a sign of concern, the CEA said. He said the financial sector has a responsibility to ensure that capital market grows in those areas where we can actually harness Indian household savings for productive purposes. Many of the people currently engaged in the market do not understand them The sachetisation of futures and ...

Says spike in India's trade and cooperation with Russia should not be considered temporary

India and Britain on Friday reaffirmed their commitment to conclude a mutually beneficial free trade agreement (FTA) at the annual UK-India Strategic Dialogue in London. Foreign Secretary Vinay Kwatra, who is on a visit to the UK, held discussions with his counterpart, Sir Philip Barton, Permanent Under-Secretary at the Foreign, Commonwealth and Development Office (FCDO). After their meeting, the FCDO said the two leaders reviewed the progress made on the UK-India 2030 Roadmap since the last strategic dialogue in January last year and looked ahead to the next phase of bilateral cooperation. The two reflected on good progress on the 2030 Roadmap since the last review, noting key areas where the UK and India have worked together to tackle some of the world's biggest challenges, the FCDO said in a statement. This included collaborating on the world's first malaria vaccine, working closely on India's successful G20 Presidency and increasing opportunities for students and entrepreneurs

The first inter-ministerial delegation from India held meetings from May 15-17 under the Intergovernmental Framework Agreement between the two countries concerning cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor (IMEEC).According to the Indian Embassy in Abu Dhabi press release, the IMEEC will provide effective alternate supply routes generating efficiencies and reducing costs. Indian Ambassador to UAE Sunjay Sudhir led the discussions with key entities like DP World UAE, AD Ports Group and UAE's Federal Customs Authority."The Indian delegation comprised of senior officials from Ministry of Shipping, Ports & Waterways, Ministry of Commerce and Industry, Central Board of Excise and Customs and Deendayal Upadhyay Port, Kandla," the press release stated."They visited Khalifa Port, Fujairah Port and Jebel Ali Port where they held detailed discussions with the respective Port authorities for facilitating the movement of goods between ...

Subrahmanyam calls for reforms in tariff policy, ease of procedures

India exposure in such global ETFs could be capped at 20%

ONDC in 'serious discussions' with Amazon, Flipkart to join the network

The UN body also noted that surging demand for critical minerals presented new opportunities for developing economies but pointed to a need for innovation and policy and institutional reforms

India's forex reserves jumped USD 2.561 billion to USD 644.151 billion for the week ended May 10, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the kitty had increased USD 3.668 billion to USD 641.59 billion after three consecutive weeks of decline. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of rise. For the week ended May 10, the foreign currency assets, a major component of the reserves, increased by USD 1.488 billion to USD 565.648 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased USD 1.072 billion to USD 55.952 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 5 million to USD 18.056 billion, the apex bank said. India's reserve posi

Panagariya stressed that in order to achieve this, it was important to reform labour laws and for markets to release capital to more labour-intensive industries

The signing of the Chabahar Port deal is a 'landmark' in India-Iran economic relations and it offers various future investment opportunities, including the development of subsequent phases of the facility, a top Iranian diplomat said in a note. These opportunities include development of the second phase of Shahid Beheshti Port as well as the third and fourth phases on BOT model, among others, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, said in the note shared with PTI. India on May 13 signed a 10-year contract to operate the strategic Iranian port of Chabahar that will help it expand trade with Central Asia. The Chabahar Port on the Gulf of Oman - which New Delhi had proposed to develop way back in 2003 - will provide Indian goods a gateway to reach landlocked Afghanistan and Central Asia using a road and rail project called International North-South Transport Corridor, bypassing Pakistan. The long-term agreement was signed by Indian Ports Global Limited (IP

Some economists, including former RBI Governor Raghuram Rajan, have said recently that India should focus on services sector rather than manufacturing as it has missed that opportunity

"For long, we have looked at Russia from a political or security perspective," Foreign Minister S. Jaishankar said at an industry conference

Subrahmanyam calls for financial sector with the 'muscle' to serve firms in India and across the world

He further said the oil price and special import arrangements that India has with Russia is also 'helping India tremendously in terms of keeping its import costs down'