US Trade Representatives’ annual Special 301 report has kept India on the priority watch list. But a visible shift in the US stance is that it goes less vocal on pharma patent issues and criticizes the Make in India programme. The Report is a US perspective on other countries’ IPR policies given their potential impact on US interests. Altogether eleven countries are included under the priority watch list including India, China and Russia. Pakistan is upgraded from the Priority Watch List to the Watch List. The report this time seems to be more a political interpretation of IPR issues, as it intervenes with domestic policies of other countries and interpret them as hin
Saudi Arabia has unveiled a revolutionary plan to make the oil kingdom free from oil dependence in just four years. The most orthodox country in the Middle East has brought out the new plan called Saudi Vision 2030 which needs tremendous adjustment from the present pattern. The plan is the work of Mohammed bin Salman, 30-year-old son of King Salman. The deputy crown prince who has taken control of economic and oil strategy of the Kingdom. The crown prince has launched the plan for transition by accepting that Saudi Arabia is ‘addicted to oil.’ Revealing the urgency and perhaps making the targets unrealistic, he declared that the wish is to live without oil by 202
US President Barack Obama and German Chancellor Angela Merkel have called the partnering countries in Europe to fasten negotiations on world’s largest free trade bloc -the Transatlantic Trade and Investment Partnership (TTIP). The proposal for speedy discussion came at the end of the US President’s visit to Germany which is the high power economy of the EU. Obama’s call and Merkel’s positive response will give a new life into the TTIP, which has been affected by political opposition both in the US and Europe. Pressure groups in the EU accuse that the trade deal will steal away EU jobs to America. Amidst doubts and uncertainties, the trade discussions
China’s central bank -the People’s Bank of China (PBC) has indicated that it is considering introduction of tax on short term capital flows to check volatility in its currency. The Yuan is under pressure as capital outflows intensified amidst weak macroeconomic performance. Tobin tax is a form of capital transaction tax aimed to stop speculative short term capital or otherwise called hot money. It is this short term capital that usually goes to the banking sector, capital market and other financial assets that is quickly withdrawn during a crisis. The tax was previously advocated by economist James Tobin. In its usual from, Tobin tax is imposed on both inflow and outf
Indirectly launching criticism on countries especially China for adopting currency war strategies, Prime Minister Modi highlighted that India has followed a neighbor friendly trade policy. The Prime Minister was speaking at Advancing Asia Conference jointly conducted with IMF. In his speech the PM stressed two points about India’s growth story. First, the country has achieved growth in the context of a vibrant democracy. India has dispelled the myth that growth and democracy can’t go together. “India’s growth rate of over seven per cent is being achieved in a country that is also a vibrant democracy.” Secondly, the PM indicated that India&rsquo
India has approached the Dispute Settlement Mechanism of the WTO against the US government’s decision to make an abnormal hike in visa fees. According to the WTO officials, India has initiated a dispute settlement procedure at the WTO by inviting the US to make a consultation on the issue. As per the WTO’s Dispute Settlement Body’s procedure, consultation between the two countries is the first step in dispute settlement. WTO gives a 60 day time line for the members to settle their dispute through consultation. If it is not resolved, then only the next step of framing a panel on the dispute will be made. From here onwards, the WTO’s DSB will hear cas
Crude price in international markets continued to be doubtful about the new production limiting decision by Saudi Arabia and Russia. The two largest producers whose income considerably depends upon oil reached to limit production at January 2016 levels. Despite the vocal support for the deal from Iran, prices remained stagnant at $35 Dollar for the Brent variety after rising initially to the production limit news. Increased stockpile data from the US has caused downward pressure on Friday trading. Industry experts say that though the deal between Saudi and Russia- the two major producers within and outside OPEC; what matters is Iran’s stand. Iran which has reentered into t
Financial markets across the world are facing meltdown trend for the second consecutive day. Global opener Japan’s Nikkei index falling by more than 5% and Japan had a holiday yesterday. Other market later on the day is expected to join Nikkie’s downward scoop is the Chinese market where also yesterday a holiday was. What Japanese market is showing today is the felling of the global market yesterday. But overall, the present trend is shows financial markets were abandoned by investors amidst rising feeling that companies cannot get profit amidst declining demand and falling commodity prices. The turning point came when US Fed Reserve’s Chairperson Janet Yellen
US Federal Reserve’s usually silent Chairperson Janet Yellen descried that present global turbulence creates heavy risks for the US economy. Ms Yellen’s statement was in front of the US Congress and it indicates that the Fed is less likely to make the next interest rate hike. US macroeconomic data in recent months a shows worsening of growth and employment trends. According to the Chairperson, risks to the US economy from China are substantial. She has pointed out many other reasons to support her view that the economic environment is not going good for the US. Financial market conditions are less supportive and recent equity prices across the world are negative sent
In the China led AIIB, Germany will get key position of a vice president and Chief Operating Officer. Both functions will be done by the same person. As per the information published by South China Morning Post, there will be four other vice presidents besides the German nominee. The other vice presidents will be from India, South Korea, UK and Indonesia. India as the second largest share holder of the bank after China will have the Chief Financial Officer as well; as its vice president will be the CFO. Britain who shocked its evergreen ally US while joining the AIIB will get a vice president post and he will be in charge of communications. UK is the ninth largest share ho
Dictionary on Indian Economy
- Logic of withdrawing Rs 1000 and Rs 500 notes
- Why the GST reform is transformational?
- Raghuram Rajan: The Gladiator returns to Chicago
- 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
- Arvind Subramanian rocks with 'Chakravyuha' in Economic Survey
- Why we need an emergency monetization plan as well?
- NREGS: give respect to the tax payer’s money