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Maldives in discussion with India to pay in local currency for imports: Min

Fri, 04/12/2024 - 05:06
The Maldives is currently discussing with India if the island nation can make payments for its imports from the country in Maldivian Rufiyaa, a senior minister has said. A similar arrangement is also being worked out for imports of goods from China, Minister for Economic Development Mohamed Saeed said and noted that annually, Maldives imports goods worth USD 780 million and USD 720 million from India and China respectively. According to the news portal, Saeed was speaking at an event held on the island of Maavah during President Mohamed Muizzu's visit to Laamu Atoll ahead of parliamentary elections on April 21. He stated that if the ruling party were able to secure a majority in Parliament, they would be able to bring the dollar rate back down to official market values within approximately two years. Saeed said his party was now getting all signals that there was a possibility to make non-dollar payments for all of these massive import arrangements. International trade

Moody's Analytics forecasts India's economy to grow by 6.1% in 2024

Fri, 04/12/2024 - 03:22
Moody's Analytics reported that India's output is currently 4% below what it would have been without the impact of the Covid-19 pandemic

India reviews Asean trade pact to address domestic manufacturing anomalies

Fri, 04/12/2024 - 02:31
The Ministry of Commerce and Industry has asked for input from the industry to pinpoint products suffering from an inverted duty structure that puts local manufacturers at a disadvantage

Moody's maintains stable outlook for India, cautions on political tensions

Fri, 04/12/2024 - 01:46
Moody's cautioned that a continued increase in the debt burden could weaken India's fiscal strength and put downward pressure on the rating

Oil prices rise but set for weekly loss amid expectations of Fed rate cuts

Fri, 04/12/2024 - 01:27
The gains erased some losses from the previous session, which was dominated by worries about stubborn U.S. inflation that dampened hopes for an interest rate cut as early as June

Next round of talks on proposed India-Peru trade agreement likely in Jun

Thu, 04/11/2024 - 14:11
The chief negotiators of India and South American nation Peru are likely to hold the next rounds of talks for a proposed free trade agreement in June, an official statement said on Thursday. So far, seven rounds of talks have been completed. "The next round, expected in June 2024, will be preceded by intersessional negotiations over VC (video conference) to ensure that outstanding issues are resolved before the two parties meet again," the commerce ministry said. The seventh round of talks involved understanding priorities and mutual concerns and ensuring that the negotiations are rooted in mutual respect and benefit, it added. Commerce Secretary Sunil Barthwal said the basic principle of negotiations should be understanding strengths and respecting sensitivities of each other. The modalities of negotiation may emerge from appropriate stakeholder consultations, and feedback from the industry and the negotiating teams should engage in a gainful and explorative approach, he said. R

Citroën becomes the first multinational carmaker to export EVs from India

Thu, 04/11/2024 - 12:52
Citroën despatched 500 units of the Made-in-India ë-C3 to Indonesia from the Kamarajar Port

Centre, states need to come together on big reforms in labour, land: CII

Thu, 04/11/2024 - 10:51
The Centre and states need to come together to pursue big-ticket reforms in labour and land sectors to accelerate growth, CII President R Dinesh said on Thursday. A survey by CII, he further said, expects the Reserve Bank of India to cut benchmark interest growth in the second quarter (July-September). The RBI has been holding the repo rate at 6.5 per cent since February 2023. In an interview with PTI, the CII President shared the industry body's perspective on reforms needed to realise India's growth potential to the fullest. "From CII's side when we look at accelerating the rate of growth or making sure we are able to seize the opportunities we are being presented today, broadly we are speaking about 3-4 areas, first you look at big-ticket reforms that are land, labour and to a certain extent agriculture," Dinesh said. He highlighted the importance of building a consensus across all states. Towards this, he said, CII has suggested, a structure which can make the Centre and the .

Govt focus on infra to nurture sustained revival in investment: RBI report

Thu, 04/11/2024 - 10:38
The government's focus on infrastructure development, coupled with buoyant business optimism, could nurture a sustained revival in the investment cycle, according to a Reserve Bank report. According to the RBI's Monetary Policy Report- April 2024, domestic economic activity, backed by strong fundamentals, remained robust in the first half of 2023-24, weathering challenges from muted global demand. The report further said that while the fixed investment and the lower drag from net external demand propelled real GDP growth, private consumption received support from steady urban demand. On the supply side, it added, manufacturing activity strengthened further, benefiting from lower input costs and the improvement in global supply chains. Construction activity remained firm on the back of buoyant housing demand and the government's thrust on infrastructure. "Going ahead, private consumption will get support from improved prospects for rural demand and rising consumer confidence. "The

Engineering insurance premium doubles in 4 years on infrastructure push

Thu, 04/11/2024 - 09:43
Partly aided by premium rates that up by 10-15% since FY20

ECB keeps rates unchanged as world's central banks wrestle with when to cut

Thu, 04/11/2024 - 09:04
The European Central Bank left its key interest rate benchmark unchanged Thursday, choosing to wait for confirmation that rapidly receding inflation is firmly under control before cutting rates to support an economy that's struggling to grow. The bank's rate-setting council said in its post-decision statement that, Most measures of underlying inflation are easing... But domestic price pressures are strong and are keeping services price inflation high. President Christine Lagarde's news conference will be scrutinised for hints about the potential downward path of rates at future meetings. The policy meeting at the bank's skyscraper headquarters in Frankfurt is widely regarded as a prelude to a likely rate cut at the next meeting on June 6, after Lagarde dropped a broad hint by saying that the bank would have more information on the path of inflation at that meeting. The decision comes as the rich world's central banks including the ECB and the US Federal Reserve are weighing when ..

At Rs 3.1K crore, revenue mop-up of top local bodies of UP soars 33%

Thu, 04/11/2024 - 08:13
According to a former UP Chief Secretary, the rising tax and non-tax revenue from the local bodies augurs well for the urbanisation agenda of the Yogi Adityanath government

Majority of commodities exported to China record positive growth in 2023

Thu, 04/11/2024 - 06:40
As many as 90 principal commodities like iron ore, telecom instruments and electronic components exported to China have recorded a positive growth in 2023 out of the total 161 such goods shipped to the neighbouring country, according to commerce ministry data. These 90 commodities account for 67.7 per cent of India's export basket to China, while 71 products that have registered a negative export growth in 2023 constitute 32.3 per cent, the data showed. There are four commodities level where India has improved its export to China by more than USD 100 million in 2023. They are iron ore (216.8 per cent to USD 3.33 billion in 2023), cotton yarn (542.6 per cent to USD 611.17 million in 2023), spices (19.4 per cent to USD 132.26 million in 2023), and processed minerals (174.19 per cent to USD 129 million in 2023). For another fifteen products, the improvement in exports is in the bracket of USD 10 -100 billion. These goods include marine products, iron and steel, telecom instruments, ..

Global merchandise trade growth in volume terms may dip 1.2% in 2024: GTRI

Thu, 04/11/2024 - 06:03
The growth in the global merchandise trade is likely to decline by 1.2 per cent, in value terms, due to the ongoing geopolitical uncertainties, economic think tank Global Trade Research Initiative (GTRI) said on Thursday. The US dollar value of world merchandise trade fell 5 per cent in 2023 to USD 24.01 trillion, but this decline was mostly offset by a strong increase in commercial services trade, which rose 9 per cent to USD 7.54 trillion, it said. This allowed world goods and commercial services exports on a balance of payments basis to slip 2 per cent in 2023 to USD 30.8 trillion. "Despite the World Trade Organization (WTO) expecting a 2.6 per cent rise in trade volume for 2024, the value of world merchandise trade is still seen to decline by 1.2 per cent in 2024 from 2023, continuing the trend of trade values falling behind the trade volumes," the think tank said. The WTO has projected that the world merchandise trade volume will grow by 2.6 per cent in 2024 and 3.3 per cent i

CBDT issues FY25 interim action plan to ensure quick disposal of appeals

Thu, 04/11/2024 - 04:09
The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals. The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024. It also called for finalisation of compounding proposals pending as on March 31, 2024, and disposal of at least 150 appeals by June 30. Priority should be given to disposal of the appeals filed prior to April 1, 2020, followed by disposal of appeals filed after April 1, 2020, it said. AKM Global, Partner- Tax, Sandeep Sehgal said the Central Board of Direct Taxes (CBDT) has unveiled its interim action plan for FY 2024-25, marking a significant stride towards enhancing tax administration efficiency. Immediate measures have been initiated to address grievances through e-Nivaran and CPGRAM platfo

India's economy doing good, efforts needed to sustain it: Sanjeev Sanyal

Thu, 04/11/2024 - 03:08
India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 -- the fastest pace in one-and-half years

ADB ups India GDP forecast to 7% for FY25 on investments, consumer demand

Thu, 04/11/2024 - 01:01
Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

Oil consolidates gains amid concerns of worsening Middle East conflict

Wed, 04/10/2024 - 22:39
US Secretary of State Antony Blinken has told Israeli Defense Minister Yoav Gallant that the United States will stand with Israel against any threats by Iran

ADB raises India's GDP growth forecast for FY25 to 7% from 6.7% earlier

Wed, 04/10/2024 - 22:16
The ADB had in December last year projected the Indian economy to expand 6.7% in the 2024-25 fiscal

WTO pares down projected merchandise trade volume growth to 2.6% for FY24

Wed, 04/10/2024 - 11:48
India's merchandise exports in value terms are expected to contract by 1-1.5 per cent in 2023-24 after two consecutive years of growth