Das says cybersecurity threat remains a major challenge

There is a need to rationalise customs duties particularly in those sectors which are growing at a healthy pace for the last several decades, an official said on Thursday. The official, however, said that providing a protection of high duty is required for the infant domestic industry. "But if the industry is 40-50 years old and has developed, has good competition, good investments and if they are globally known, then they should also be competing with the global firms," the official argued. Normally, customs duties or tariffs are used as a policy tool to ensure a higher level of protection for certain sectors to boost domestic manufacturing. These remarks assume significance as there is demand from countries which are negotiating free-trade agreements with India to cut down import duties in sectors such as auto and alcoholic beverages. Overall duties in certain segments are up to 150 per cent like alcoholic beverages. "There is a need for balancing in the duty structure. One cou

India is working on a treaty with the UK under the proposed Free Trade Agreement (FTA) to avoid double contribution to social security funds by Indian professionals working for limited time period in Britain, an official said on Thursday. Indian professionals working for a limited period in Britain contribute to their social security funds but not able to get its benefit as they return once the projects are complete. "We are negotiating the double contribution treaty with the UK under the FTA. There should not be any double contribution towards social security schemes," the official said. It is a long-standing demand of Indian businesses operating in Britain to cut down on the additional cost burden associated with bringing in skilled Indian professionals on a short-term basis. The compulsory National Insurance (NI) contributions of skilled Indian professionals in the UK on temporary visas remains an additional cost burden of about GBP 500 per employee a year, over and above all .

The development comes in the backdrop of the Red Sea crisis impacting global trade

The commerce ministry has called a high-level inter-ministerial meet next week to discuss ways to insulate India's trade from the ongoing problems in the Red Sea, a senior official said on Thursday. Senior officials from five ministries -- external affairs, defence, shipping and finance and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy to deal with them. "The idea of the inter-ministerial meeting is to see how we can strategise our trade so that it gets least affected in such a situation," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking ...

All signs are that 2024 will be another challenging year, but by shifting practices and pursuing cooperation and best practice sharing, progress can be made

The central bank's latest inflation outlook for the year starting April stands at 2.8%, in the last report released in October

Amazon Great Republic Day Sale will start on Jan 13. The yearly sale that starts around the Republic Day will allow exclusive early permit for Prime subscribers of multiple deals and discounts

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Sitharaman also expressed that IFSC should become the platform for the trade of carbon credit

Interim Budget 2024: For FY24, the Centre had set a disinvestment target of Rs 51,000 crore but has only been able to meet one-fifth of it so far