The Union Commerce Ministry is designing a new scheme aimed at supporting export infrastructure in association with state governments so that states can provide better export facilitation services. Commerce Minister Nirmala Sitharaman after the meeting of central and state officials has stressed states’ own efforts to create infrastructure capabilities in export production. The decision about the launch of common export supporting infrastructure scheme was reached at the second meeting of the Council for Trade Development and Promotion on Thursday (January 5th). The new scheme will be known as Trade Infrastructure for Export Schemes (TIES) is aimed to set up common faciliti
Just two year after its India entry, Chinese mobile phone manufacturer- Xiomi has achieved Rs 7000 crore sales. Another Chinese firm Huawie has reached Rs 10000 crore and several other smaller Chinese firms are also well performing compared to their achievements back at home. Apple, the leader in the global market is here for a long time and its sale is stagnating at around Rs 10000 crore. Xiomi’s silent but rapid march shows that it has the price attraction and product quality that can win Indian hearts. India is world’s fastest growing mobile phone market and is growing at smart pace. Apple’s problems lie in its products as it has no product to compete in Indi
Government has called a meeting of the top officials of various ministries to look into the demands sought by Apple to start its manufacturing facility in India. the Cupertino based electronic giant has several manufacturing facilities and assembly lines in different countries; but not much production presence in India which is a fast-growing market for iPhones. Senior officials from DIPP (Department of Industrial Policy and Promotion), revenue, environment, forest etc. are scheduled to meet in January to consider various Apple demands including tax concessions and other incentives. Apple is expected to make a market seeking type of manufacturing facility in India as it fears to
Rupee is trading at new lows early morning in the context of strengthening dollar. Besides the news of sooner than expected interest rate hike in the US has also put pressure on rupee. What triggers a potential interest rate stance by the Fed is the rising US inflation. Early morning session on Thursday, the rupee registered 68.74 a dollar, down 0.23% from its previous close of 68.57. It is on the brink of the all-time low of 68.85 to the dollar. The Fed has already indicated its desire to move towards raising its policy rate called the Fed rate. This event is expected soon so as to match the rising inflation rate. At present, the US bond market is witnessing heavy selling
Banks in Switzerland have officially came out of banking secrecy regimes. Now, they have to give bank account information about Indian residents automatically to India. A joint declaration between India and Switzerland was signed to facilitate tax information exchange automatically. The Joint declaration was signed by Sushil Chandra, Chairman, Central Board of Direct Taxes, and Gilles Roduit, Deputy Chief of Mission of Swiss Embassy in India signed on behalf of Switzerland. As part of the G20 formulated Automatic Exchange of Information (AEOI), India and Switzerland have signed a joint declaration on automatic exchange of information. The agreement and the declaration signed by t
Rupee lost 49 paise against Dollar on Tuesday amidst domestic cash disturbances and a distant prospect for interest rate hike in the US. More than the cash stalemate, it was the expectation about a Fed rate hike that weakened the currency. Rupee reached a five-month low of 67.72 against dollar at the end of trading on Tuesday. Several EME currencies also undergone weakness against dollar. The Chinese Yuan reached its eight year low against the US green back. Chinese officials who follows a fixed exchange rate system allowed yuan to depreciate to 6.8495 against their target of 6.83. Yuan’s low will help Chinese exports. On the other side, the US is losing competitiveness amid
India and Japan signed the much-anticipated civil nuclear cooperation agreement that will fasten India’s nuclear energy projects. The agreement will promote nuclear energy projects in India and is an indication of the country’s ability to support nuclear energy projects despite an outsider of the NSG. "This agreement is a legal framework that India will act responsibly in peaceful uses of nuclear energy and also in Non-Proliferation regime even though India is not a participant or signatory of NPT," Modi said referring to the significance of the agreement for India as the country is not a member of the NSG. Prime Minister Modi and his Japanese counterpart signed the a
Trade with China is turning into a steep welfare loss for India. Already, the trade deficit - straight indicator to show the trade position of the country has registered $53bn deficit with China. Surprisingly, this is happening when the whole world trade is falling. India’s huge trade deficit is more a result of the country’s inability to produce quality manufacturing. Government has launched several steps including the Make in India initiative. At the same time, China has not shown any interest to accommodate Indian imports so that the deficit may come down from the high unsustainable way. Such an official position by Beijing is compelling the government to make some
India and the US- the fast emerging friends on several fronts continue to differ on IPR issues. In the bilateral Trade Policy Forum meeting held at New Delhi, representatives of the two countries both countries opened new areas of conflicts within the IPR front. Commerce Minister Nirmala Sitharaman firmed the stand of limiting IPR within WTO’s TRIPs agreement. She highlighted the UN High level panel report on access to medicines. “I pointed out to the USTR that a report brought out by a UN high level panel on access to medicines clearly vindicates India’s position on TRIPS plus issues such as data exclusivity and patent linkages,”- the Co
The launch of the Centralized reserves of the five BRICS countries was announced by Finance Minister Arun Jaitely. The CRA was established in 2015 by the five BRICS countries – Brazil, Russia, India and China. It was created as an emergency drawing mechanism to meet immediate balance of payment problem. The CRA’s fund of $100 bn is a major reserve arrangement outside the Bretton Woods system. It is the IMF that holds the largest reserve arrangement under the BWS (Bretton Woods System) and it comprises reserves of 189 countries. India, Brazil and Russia have contributed $18 billion to the CRA and will have an access limit of $18 bn each out of the total $100 reserves.
Dictionary on Indian Economy
- Logic of withdrawing Rs 1000 and Rs 500 notes
- Raghuram Rajan: The Gladiator returns to Chicago
- Why the GST reform is transformational?
- Good intention but poor thinking - what troubles demonetization?
- India Black Money Report: CBI underestimates black money at Rs 25 lakh crore
- High interest rate rather than inflation is the macroeconomic problem for India right now
- Japan’s first trade deficit in 30 years is part of the Global Shift
- Why we need an emergency monetization plan as well?
- Arvind Subramanian rocks with 'Chakravyuha' in Economic Survey
- NREGS: give respect to the tax payer’s money