Sort by :

Union Budget : Is It A Leg Up To Our Economy?

Finance Minister Arun Jaitley proposed the annual budget for 2018-2019 in the parliament on Feb 1. Though the budget was foreseen to be presented  on Feb 28 every year, from the past year it has been announced on the Feb 1 to trap the advantages of early sanctioning of loans and line the tax revenues pursuant to the new measures. This is the fourth last Union budget proposed by the current ruling government before the elections in 2019. Finally, the anticipation for the Annual financial statement has ended. Narendra Modi had given a few hints revealing that it was not going to be much of populist in nature. Meanwhile, the propounded budget upheld a holistic approach on the overall livelihood ignoring the twaddling groups. Highlights on the Union-Budget 2018 The focus has been laid on ‘ease of living’ for the lower-middle class people of the nation. The finance minister announced the largest healthcare scheme to cover 10 crore families with Rs 5 lakhs for each family. The e-NAM network has already been connected to 470 APMC’s out of 585 and the remaining will be connected by March this year. Assurance of lowering the corporate tax has been kept up by trimming it to 25% on companies with turnover of up to 250 cr. Without affecting the comfort of income of the middle class, travel allowance of Rs.40,000 as consolation is allowed as deduction. For the purpose of job creation in rural areas of India, a sum of Rs 14.5 lakh crore is allocated. Rs 1.48 lakh crore is generously set up for renewal and reconstruction of 3600 km rail tracks and 600 railway stations. For the suburban railways, 40,000 cr was announced in the annual statement. Realizing the target of attaining revenue generation through share stake in PSU, the long-term capital gains from equity has been hooked at tax of 10%. Building on 99 smart cities is emphasized along with initiating air connectivity to 56 unattended airports and 31 unattended  helipads. Around 55000 cr has been allocated under the MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act). To benefit the small farmers and helping them meet their working capital needs through ‘Kisan  Credit Cards, Animal Husbandry Infrastructure Development Fund (AHIDF) and  Animal Husbandry Infrastructure Development Fund (AHIDF) for financing animal husbandry and fisheries sector. A sum of 10,000 cr is setup for these new bodies. To double the profit and the joy of our farmers Minimum Support Price (MSP) has been declared where the prices of their crops will be 50% more than the cost of their produce, Niti Aayog has been put in place for the same purpose. Amount of 200 cr is proposed for the encouragement of organic farming, organized cultivation, SMEs involved in manufacturing perfumes and essential oils and other related industries. 2600 cr for ground water irrigation under Prime Minister Krishi Sinchai Yojna is allocated for 96 deprived irrigation districts. The Modi’s government has initiated in promoting agro-processing financial institution and has doubled the sum allocated to 14000 cr in the Ministry of Food Processing sector. Krishi Sampada Yojana is used as a tool to draw investments in food processing. Enlarged scope is provided to cover irrigational development projects through the Long Term Irrigation Fund (LTIF) organised in NABARD. 11 lakh cr is structured as institutional credit for agriculture for this financial year. A special scheme and a few measures to address the air pollution in the Delhi-NCR region is proposed. Under the Saubhagya Yojana, an aim of providing free electricity connections to households a sum of 16000 cr has been put across under the scheme. Under Swachh Bharat Mission, initiative of construction of  2 crore toilets has been taken up. Under the Right to Education Act, around 13 lakh untrained government teachers will be provided trainings to increase the standards as well as the use of digital boards in the classrooms. Concern for the motherhood is displayed by increasing the maternity leaves from 12 weeks to 26 weeks. Free connection of LPG is offered with a target of increasing from 5 cr to 8 cr for poor women. An estimate of 51 lakh houses in rural areas and 37 lakhs in urban areas will be constructed. The ruling government has proposed to cover 5cr rural citizens with 5 lakh wifi hotspots to provide access to internet. 9975 cr has been allocated for National Social Assistance Programme benefiting the widows, orphaned children, and poor Socio-Economic Caste. Prime Minister’s Research Fellows (PMRF) scheme aims in facilitating 1000 B-tech students to do Ph.D in IIT’s and IISc expecting to take part in the teaching of higher educational institutions. Funds will be allocated upto 5750 cr for the National Rural Livelihood Mission in current financial year Special attention has been proffered to the senior citizens and pensioners permitting complete dispensation of tax deducted at source on interest collecting of up to Rs 50,000 on post office savings and bank fixed deposits, while expanding tax discount on annual medical insurance premium of up to Rs 50,000 and broadening the extent of tax exemption to Rs 100,000 on healthcare for senior residents. To promote and expand tourism in our nation and for medical emergencies the financial minister has proposed to construct a tunnel under Sela Pass. To magnify the tourists’ experience from the Archaeological Survey of India,100 Adarsh monuments will be upgraded. Initiating from the missions, 482 cities and 144 cities have got credit rating and investment grade rating respectively. To bridge the working capital gap of the enormous MSME’s, 3794 cr is allocated for the credit support of this sector. For the smooth cash flow of the MSME’s, online loan facilities will be revamped. Corporate and public banks on TReDS (Trade Electronic Receivable Discounting System) are to be linked to GSTN. Non-performing assets and stressed accounts will be addressed and measures will be taken to reduce the tax burden. Additional measures will be taken for the effective functioning of Venture Capital Funds and the Angel Investors. Further pushing to the Corporate access bond markets, RBI has circulated guidelines for SEBI to accommodate ¼ th funding needs from bond markets to the corporates. Every individual enterprise will be provided with Unique ID 5G Testbed at IIT, Chennai is going to be inaugurated by the Department of Telecom. Measures are taken to liberalise FDI (Foreign Direct Investments) To link all the stakeholders, National Logistics Portal will be developed as a single online market platform by the Department of Commerce. Including 2 insurance companies 14 CPSEs will be listed on stock exchanges Stirring the economy further, public sector insurance firms namely National Insurance Company Ltd., United India Assurance Company Limited and Oriental India Insurance Company Limited has been merged and listed . Raising disinvestments by 10% from the previous year it is kept moderate at 80,000 cr. Cryptocurrency is given some importance,despite not considering it as a legal tender the government has reacted proactively towards blockchain technology The holding period of LTCG is reduced from three to two years. Exchange fund trade on stock exchanges DIPAM devising offers including debt ETF The Bank recapitalization program has aimed at lending an addition credit of 5 lakh cr to the public sector banks. A policy will be formulated where gold is developed as an asset class, measures for consumer-friendly exchange of gold. Outward Direct Investment (ODI) policy will be revamped for integrated investments. In the presence of the concerned ministers, government will formulate policies, practices for the prices, proper usage of forwards and options market, magnification of warehouse and other strategies related to imports and exports. The much anticipated union budget of 2018-2019 clearly stated that money was doled out to streamline social security, rural areas, infrastructure to benefit the Indian economy. Predominantly focus is to address the rural agrarian crisis in a holistic way. The proposal was put across amidst the opposing groups as the estimated budget was beyond targets.Currently, India is a 2.5 trillion dollar economy ranking as the seventh largest economy in the world. At the moment, the pressing concern is whether the proposed Union Budget will successfully enable India to rank up as the fifth largest economy in the world. This still remains to be the unanswered question in the minds of the citizens.
Union Budget : Is It A Leg Up To Our Economy?
Rated 4.0/5 based on 5 customer reviews
Union Budget : Is It A Leg Up To Our Economy? 158 Union Budget : Is It A Leg Up To Our Economy? News Article
Saurabh Jain Feb 08, 2018
Finance Minister Arun Jaitley proposed the annual budget for 2018-2019 in the parliament on Feb 1. Though the budget was foreseen to be presented  on Feb 28 every year, from the past year it has been announced on the Feb 1 to trap the advantages...
Continue reading

Bitcoins To Face Regulatory Axe: SEBI

SEBI, known as the market watchdog is preparing to take actions on illegal 'initial coin offers' where there are promises made to get high returns through their public investments on Bitcoins and other virtual currencies without the presence of any regulatory regime.The top officials say that Bitcoins or any such crypto currencies are not approved by the RBI or any other such agencies, though they are offered on few exchanges with no rules in this regard. Moreover, SEBI is not really keen to take action as a regulator for such 'trading'.SEBI, is not allowed to make unlawful promises to the gullible investors as there are fraudulent instances where they are not actually minting any such virtual currencies. The top officials say that they require very complex algorithms, to mint these cryptocurrencies. “The 'coin offerings' made in India are nothing but fraudulent Ponzi or pyramid schemes, including some offering secondary trading in Bitcoins or other established virtual currencies, while many others are plain frauds without any such currency actually being in play”  they added.RBI has clearly made disapproval, while the tax authorities gave out collected information on lakhs of companies including HNIs that have traded here from the recently conducted searches at different exchanges. This has put the government bodies and the regulators in a state of dilemma, as to whether to impose tax  or not. Here, imposing taxes would drive to giving legal status to such currencies resulting in huge risks like terrorist financing, money laundering and other similar activities. The RBI has warned  Indians since 2013 when the first surge of Bitcoins in India. Now, significantly the risks have multiplied along with the growth of such virtual currencies and a rapid growth in Initial Coin Offerings (ICOs).
Rated 4.0/5 based on 20 customer reviews
Bitcoins To Face Regulatory Axe: SEBI

Bitcoins To Face Regulatory Axe: SEBI

Piuesh Daga
SEBI, known as the market watchdog is preparing to take actions on illegal 'initial coin offers' where there are promises made to get high returns through their public investments on Bitcoin...
Continue reading

Cross Border Digital Trade: Pressure On India

After days of submitting documents by India, opposing discussions on cross-border digital trade, Europe, Australia, Canada among others have put up the ante and have suggested negotiations on the aspects of trade e-commerce at World Trade Organisations (WTO). About 15 countries have explicitly requested for a mandate to make negotiations on the terms and to work on rules for disciplines in trade e-commerce in a meeting held on Tuesday.“More pressure is being built as these countries have talked about a mandate to negotiate and not merely discuss disciplines in e-commerce,” mentioned a person who was aware of the developments.Even though India has its e-commerce developing, it might not sound prudent to start the talks, as many countries cannot understand the implications of negotiating binding rules and hence there was opposition on any discussions on the matter. However, this development will require a “valiant effort by India” to withstand pressure to make negotiations at the ministerial level from December 10 to 13 in Buenos Aires.There has been a proposal by the advocates of the paper to establish a working party to manage and conduct preparations to carry out the negotiations on trade-related aspects of electronic commerce. According to the experts, this can be done only when the WTO is ready to adopt a new discipline."These countries are short-circuiting the norms to make a working party first," said Biswajit Dhar, professor-Centre for Economic Studies and Planning at Jawaharlal Nehru University.There are four WTO bodies held responsible to carry out the programme that has been adopted in 1998 that talks about  privacy protection, customs duties, transparency, competition and rules of origin, among other issues.SaveDesk View: There is a need for the government to pay attention to the potential of cross-border e-commerce trade, as the international trade involves digital documentations made available online. It is a better choice to stay involved in the trade negotiations as they aid in improving the competitive advantage in trade in goods and services.
Rated 4.0/5 based on 20 customer reviews
Cross Border Digital Trade: Pressure On India

Cross Border Digital Trade: Pressure On India

Piuesh Daga
After days of submitting documents by India, opposing discussions on cross-border digital trade, Europe, Australia, Canada among others have put up the ante and have suggested negotiations on the aspe...
Continue reading

India’s Transition Into Digital Trade

In a world of rapid technology adoption, a whole lot has been digitised. Meanwhile, it is also essential to shape the future of digital economy. Being empowered by the new forms of digital commerce is the latest economic imperative. It diminishes barriers and creates growth opportunities. The Fourth Industrial Revolution project deploys public-private alliance to implement digital trade, as the international trade has always relied on paperwork. Even for most of the regulatory activities associated with trade apart from the financial and commercial documents, there has been put significant emphasis on paper-based reporting. The initiative of Digital India has been taken primarily to reduce the dependence on paper for international trade, and to streamline both governance and monitoring of trade transactions. This e-trade initiative covers these key objectives: Electronic filing to customs authorities and airports/seaports, etc of import and export documents by the imports and exporters. Electronic delivery of services provided to exporters, importers and customs agents by the airports, seaports and customs. Electronic payment of charges like custom duties, licence fees etc. The Digital trade policy framework by the Fourth Industrial Revolution project includes: Direct and shape the policies related to digitization of trade and cross-border data that flows nationally, regionally and globally and other e-commerce trade activities. Offering insights, supporting and building capacity for policy-makers to comprehend cross-border data flows and to deal with the swift technological changes in digital trade. Promoting practical solutions and generating global thought leadership to advance inclusive growth and to sustain improvement in digital trade. To model the trajectory of the advanced technologies and discover tangible economic and social impacts by designing and implementing Fourth Industrial Revolution pilot projects. A kickstart was made towards this with e-BRC and ICEGATE, which was expanded to include more trade activities in the EXIM process. For the fact that the export data was made available in the electronic form in DGFT’s, EDI system, but the realisation data was available only in the physical form, the initiative of the primary driver e-BRC was taken. Moreover, the exporters, in order to claim benefits used to submit this physical ‘realisation data’, which was difficult to be integrated into the EDI system as it was prone to errors or causing delays. For any exporter, managing and retaining the BRC documents was definitely a big task because the documents were of great importance and any loss or damage had its own consequences. For the task to be much simpler, the e-BRC launched all the data in electronic form, making it available in the system. Now it has access to be downloaded, printed or even stored in the electronic media, providing coherent integration of realisation data with shipment data, thereby streamlining settlement process and the export benefit reconciliation. ADDITIONAL STEPS: EDPMS- In April 2014, RBI implemented Export Data Processing & Monitoring System (EDPMS) to integrate the data flow between stakeholders in the export process which plugged a major gap in reporting and reduced paperwork. IDPMS- Later on, in Oct 2016, there was a similar system implemented for import transactions named IDPMS Import Data Processing & Monitoring System.​ It worked similar to EDPMS but for imports, there were other implementations and changes made in accordance with FEMA and provided stringent monitoring of import settlements. Imports proofs are available electronically: With all the required shipment data and the exports and imports settlement data made available in the electronic form, it is also essential to make other regulatory documents like Shipping bill make Bill of Entry available online. Subsequently, the Reserve Bank of India has directed the banks not to insist on a hard copy evidence of import documents from Dec 01, 2016 and make settlements of transactions by using the data available in IDPMS to match off remittances with imports, as it has issued directions vide A.P. (DIR Series) Circular No. 27 dated Jan 12, 2017). Therefore, the importers will now have details such as the port code and BoE date to his AD in order along with BoE number (issued by customs at the  time of clearance of goods) to make settlements of an advanced payments or to settle the import with outward remittances. The AD will do the necessary processing by extracting the details of the Bill of Entry from the system. The bank is also burdened with issuing a printed acknowledgement to the importer to keep in conformity with the Circular and provide it as an  evidence or to list any unsettled portion of remittance/import. With all this processing, Bill of Entry, the crucial regulatory document gets digitized to simplify and ease the trouble caused for a lot of importers. Get your Shipping Bills Digitally: It is made clear that the physical Shipping Bill is of no major use now, stated by: Customs Circular of Nov 23, 2016. Now, going fully digital for Shipping Bills and Bill of Entry will systemize document handling and reporting activities to a very large extent. The only exception is provided to the non-EDI ports, this area is left out and focus is required to ensure there are no gaps. Minor issues to be resolved: Presently, there is access to EDPMS and IDPMS platforms provided to multiple stakeholders in the international trade ecosystem, viz., RBI, DGFT, Customs authorities, and Authorised Dealers. But on the other hand, for the exporters & the importers dealing in very large quantities, the biggest stakeholders are not accessible to these systems. It would be helpful to the exporters and importers if access is provided to view the data pertaining to them in these systems. Few cases are found where there is no update available on EDPMS even after the submission of realisation details for export bills to banks by the exporters. Meanwhile, there are no facilities for the exporters to verify independently if all the details are captured correctly by the bankers. This assumes more prominence now, considering that a Shipping Bill that remains unsettled for about two years could be automatically caution-listed. This would definitely end up with the exporters paying the prices for bottlenecks at the AD banks There can be similar situations found for imports as well. An access where the importers and exporters are allowed to download and view data relating to his/her IE code would aid in sorting such issues. This would also pave the way to leverage the benefits of these systems to the possible extent. For exporters especially, this should help them have a consolidated view of all Shipping Bills in their names which provide information with reference to the status (settled/unsettled/partially settled). Importers should also be able to view the BoEs raised by them, other outstanding bills if any, and the advance payments done on bills. If these issues are addressed, there will be significant contributors. Future of digital trade: Laying the foundation of digitally enabled trade is what India is looking forward to. Since the process is much more simplified, there is no need for the importers to undergo the trauma of the physical processes. All the activities can digitally aid to improve the productivity of businesses, and raise levels of innovation and competitiveness which leads to increased opportunities for international trade.
Rated 4.0/5 based on 20 customer reviews
India’s Transition Into Digital Trade

India’s Transition Into Digital Trade

Kranthi Tilak Reddy
In a world of rapid technology adoption, a whole lot has been digitised. Meanwhile, it is also essential to shape the future of digital economy. Being empowered by the new forms of digital commerce is...
Continue reading

After $32 Billion Bailout the Govt has Planned on Lending Reforms as Bankers Fear New Bad Debt Crisis

The finance ministry officials and the bankers will have a meeting to talk about the lending reforms drafted to prevent bad loan crisis after the $32 billion bailout of state-run banks that has been disclosed by the government recently.After the announcement of capital injection in the previous month, the policymakers and the bankers fear that India would throw all the good cash after bad, and this can be reduced if the lending rules are reinforced and the government reforms need to protect banks from the political pressure."After bailing out the banks with taxpayer money, the government wants to ensure that such a problem doesn't happen again," said a senior finance ministry official having direct knowledge of the matter, who refused to share details.The Finance Minister Arun Jaitley has affirmed that the recapitalisation will not only go along with bank reforms but will also take steps to merge weak banks with stronger rivals. According to bankers, one of the biggest issues is government's reticence in dealing political interference in lending.India is close to $147 billion pile of unpleasant loans backed by powerful and politically provided to businesses which are defaulting on loans. One of the high-profile cases of conspiracy and fraud in relation to loans by the owner of Kingfisher Airlines is one of the best examples."There's a risk of a rise in stressed assets unless bank corporate governance improves," said N. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a think-tank funded by the finance ministry.A spokesman for the finance ministry mentioned that, there is a bulk of bad loans made by the corporate defaults which is developing stress in loans worth about 4 trillion rupees extended to more than 70 million small enterprises under the Modi’s programme to generate jobs from the last 3 years."We are scared about these risky loans, 50 percent of which may become stressed assets soon," said D. Franco, a manager at State Bank of India's branch in Chennai and general secretary of the All India Bank Officers' Confederation.
Rated 4.0/5 based on 20 customer reviews
After $32 Billion Bailout the Govt has Planned on Lending Reforms as Bankers Fear New Bad Debt Crisis

After $32 Billion Bailout the Govt has Planned on Lending Reforms as Bankers Fear New Bad Debt Crisis

Saravana Bhaskar
The finance ministry officials and the bankers will have a meeting to talk about the lending reforms drafted to prevent bad loan crisis after the $32 billion bailout of state-run banks that has been d...
Continue reading

Manufacturing Exporters Can Claim Their Refunds For The GST Paid

On the GST network portal, the merchant exporters can begin collecting their tax refunds through a new facility that has been activated from November 15th night, GSTN CEO Prakash Kumar has said.An exporter, through this new facility RFD-1A can claim his refunds of GST paid for  buying the goods in the relevant months."GST RFD-1A for refund of input tax credit on export of goods and services and additional amount in cash ledger would go live on GSTN portal tonight," Kumar told.The refund claims can be submitted for July, August, and September and that would be in conformance with GSTR-3B registered  by the exporter.Kumar further added that the newly introduced functionality on the portal facilitates the business GST practitioner (GSTP) to engage or disengage.Previously, for those exporters who had paid Integrated GST (IGST) during the export of goods, GSTN had also launched a utility that aids in processing the refund claims.Central tax officers are loaded with validating applications, as there are around 46,000 people who have enrolled."The list of practitioners would be put up on the GSTN portal and businesses can search for a GSTP in their locality and send request. The practitioner can then decide to accept it or reject," Kumar said.In addition, he explained that after the business has appointed a practitioner, any communications made would be automatically sent to the GSTP as well as the taxpayer.Besides this, to facilitate the registration of non-resident taxable persons engaging in supply of goods or services once in a while without a fixed place in India, GSTN has come up with form REG-09.“All foreign exhibitors participating in fairs like IITF who also want to sell their goods are required to register as non-resident taxpayer”, Kumar said.
Rated 4.0/5 based on 20 customer reviews
Manufacturing Exporters Can Claim Their Refunds For The GST Paid

Manufacturing Exporters Can Claim Their Refunds For The GST Paid

Kranthi Tilak Reddy
On the GST network portal, the merchant exporters can begin collecting their tax refunds through a new facility that has been activated from November 15th night, GSTN CEO Prakash Kumar has said.An exp...
Continue reading

Suresh Prabhu: Shift of Focus on New Sectors To Boost Manufacturing, Exports

To shift focus on the recent emerging sectors such as genomic, commerce and industry minister Suresh Prabhu has indicated for a shift in India’s export and manufacturing strategy, especially on the goods that are not currently among the top 10 items that are being shipped out of the country. The new person in Udyog Bhavan is strategizing mainly on India’s political relationships to push Indian exports to new markets in countries like Cuba and many places in Africa.Prabhu has informed that India has its own model, as it is looking forward to increasing from under 20% of GDP share from manufacturing to incline employment and also aid sectors like agriculture and their food processing."If India has to have a competitive advantage, we can't keep copying others because that has already been used and become redundant. We have to find India's own model and we are identifying that in consultation with global experts and our own industry”, Prabhu mentioned in one of his recent statements.As the share of services is growing faster, it is definitely not an easy task to increase the share of manufacturing. We have to ensure that manufacturing also has to be kept up with the pace of growth in services, the minister exclaimed.Prabhu is aiming at presenting India in the global arena, for these efforts are being made to launch “Make in India 2.0” along with other similar schemes.Specific targets will be set up with additional steps to support the manufacturing sector and the new focused areas as genomic. For example, to cut down the reliance on imports from China, development and progress of basic chemicals has been identified as a priority."It is more like backward integration for the industry." The success of the plan hinges on investment by the domestic industry, which he admitted was grappling with idle capacity as well as financial stress. He said exports could help use up the excess production capacity and added that there were indications that the strain on the balance sheet was easing as companies de-leveraged.To accelerate the economic growth, the government is looking forward to dealing with investments. Prabhu also mentioned that it is not necessary for an immediate review of the FDI regime.The minister also added that he has marked some of the issues on the export side with Finance minister Arun Jaitley which also includes some issues related to GST, and signified that his ministry has called for more resources.The move to get export promotion councils to sketch the business plans for India’s traditional focus areas like engineering, textiles, and plantations are pushed forward.While the minister is bringing back the focus on project exports through advancing project financing especially in West Africa to handle the competition from China, he also acknowledged that nation did not possess deep pockets like our neighbour.It is known that 'Pvt sector has driven India's growth story' and the concept here is to forge the partnerships. For instance, the minister has invited Korean companies to make investments in the marine space. "They will themselves import, so that will aid the economy”.Also, the Korean companies are known for good brand equity, as a result, Japanese and others will be responsive in buying from them. Meanwhile, we can also use their technology and investments to make export to other countries.Prabhu declared that China has agreed to study India’s sector-specific problems with Rita Teaotia, commence secretary who is handling the task from India side.Prabhu stated, "India's growth story is a private sector-driven growth story as many of the restrictive practices which were impeding their growth were removed since 1991. We will allow this spirit to grow. I have appointed a regulatory review committee under the chairmanship of secretary, industrial policy and promotion. This will allow unleashing of entrepreneurial spirit. We will make software by removing hurdles, hardware by providing space and partnering with states."
Rated 4.0/5 based on 20 customer reviews
Suresh Prabhu: Shift of Focus on New Sectors To Boost Manufacturing, Exports

Suresh Prabhu: Shift of Focus on New Sectors To Boost Manufacturing, Exports

Saurabh Jain
To shift focus on the recent emerging sectors such as genomic, commerce and industry minister Suresh Prabhu has indicated for a shift in India’s export and manufacturing strategy, especially on the ...
Continue reading

For The Next WTO Meet, India Has Marked Its Red Line

For the coming month’s ministerial meeting of WTO (World Trade Organisation), India has marked its red lines, and has stated that  it is not ready for discussions on setting up a global regime for new issues related to e-commerce until it addresses issues related to public stock holding and resolves earlier disparities in the global trading system.  “We have certain long-term issues which are developmental issues. The Doha Development Round was an important beginning but somehow lost its way. We are not expecting Buenos Aires (ministerial meeting) to be another reinventing of the Doha developmental issues. We don’t want any new issues to be brought in because there is a tendency of some countries to keep discussing new things instead of discussing what’s already on the plate. We want to keep it focused,” commerce and industry minister Suresh Prabhu said in an interview.India has always tried to resist discussions involving issues like e-commerce to investment facilitation. Countries like US, Japan, Canada, the EU and Australia are demanding a global regime for e-commerce as it aids companies such as Amazon set foot in markets like India, China and Brazil easily. Presently, India for example does not allow business-to-consumer (B2C) e-commerce and is prompting companies like Amazon to function in “marketplaces” where there are restrictions on how much a vendor can sell.There is a need for the government to address several basic issues such as labour and gender which WTO does not cover. These are under “non-trade issues” which India has maintained.Rita Teaotia, the commerce secretary, said at a CII event- “Our position has been continuously that we will not refuse to engage (on new issues such as e-commerce). We are ready to engage. Nevertheless, the technical work must happen at the committee level. These issues must be thrashed out and only when they reach a sufficient level of maturity, they can be brought to a (WTO) ministerial. This is clearly our position.”India’s Ambassador to the WTO, JS Deepak mentioned that India without its own national policy on investment facilitation and e-commerce should not be taking commitments in the WTO. Prabhu has informed that at the Buenos Aires meeting, India will make efforts and look for a solution to public stockholding issues as it curbs its capability to support all its farmers. Also, in the most popular and developed countries apart from the Indian farm goods, it will drive for domestic subsidy reduction for agriculture especially in Australia, Canada, the EU and the US. American government’s approach is important as Donald Trump has seen plenty of questions about free trade agreements that the US had signed.
Rated 4.0/5 based on 20 customer reviews
For The Next WTO Meet, India Has Marked Its Red Line

For The Next WTO Meet, India Has Marked Its Red Line

Saravana Bhaskar
For the coming month’s ministerial meeting of WTO (World Trade Organisation), India has marked its red lines, and has stated that  it is not ready for discussions on setting up a global regime for ...
Continue reading

India-Canada To Emphasize On Free Trade Pact

A recent official statement tips that India and Canada at the annual ministerial dialogue will strive for the swift termination of a Comprehensive Economic Partnership Agreement on goods and services.  For the 4th Annual Ministerial Dialogue (AMD), a high-level delegacy guided by the Francois-Philippe Champagne, Canadian International Trade Minister are visiting India. The Commerce and Industry Minister Suresh Prabhu will be leading the Indian delegation.The release stated that in the present round more focus will be laid on some of the vital commercial drivers to emphasize the bilateral partnership."Efforts would be made to work towards the expeditious conclusion of the Comprehensive Economic Partnership Agreement (CEPA) for a progressive, balanced, and mutually beneficial agreement covering both goods and services," it stated.Down by 1.87% from the last year, India-Canadian merchandise stood at USD 6.13 billion (2016-2017).To boost the bilateral trade and investments, the discussions on the agreement  were launched in Nov 2010.In accordance to the release, the two trade ministers are most likely to discuss problems on finding ways to accelerate the swift conclusion of the CEPA and the Foreign Investment Promotion and Protection Agreement on considering the high potential for bilateral trade."They would also explore options for Indian interests in addressing the Temporary Foreign Workers Programme of Canada, which is affecting the movement of Indian professionals seeking short-term visas, address equivalence by the Canadian Food Inspection Agency for Indian organic product exports and exploring two-way investment opportunities," it said.Currently, more than 3% (i.e, 1.2 million) of the Canadian population comprises Persons of Indian Origin (PIO’s)."Though India's commercial ties with the US have seen an upswing in the last few years, trade and investment relations between India and Canada are yet to realise their full potential," the release said.“Given enormous complementarities, a concerted effort to boost bilateral trade and investment from both sides would provide a fruitful outcome” it added.
Rated 4.0/5 based on 20 customer reviews
India-Canada To Emphasize On Free Trade Pact

India-Canada To Emphasize On Free Trade Pact

Kranthi Tilak Reddy
A recent official statement tips that India and Canada at the annual ministerial dialogue will strive for the swift termination of a Comprehensive Economic Partnership Agreement on goods and services....
Continue reading

Asian Bankers Association To Be Hosted By Mumbai For The First Time

The Asian Bankers Association (ABA) 34th annual conference will be hosted in the nation’s financial capital, Mumbai, for the first time. This two-day conference, which will commence this week is based on the “Asia’s turn to transform” theme and will be held from November 16 at Megapolis, hosted by the State Bank of India.An SBI spokesperson informed that the event is anticipating the presence of more than 160 domestic and international bankers, the deputy governor of Reserve Bank, Viral V Acharya, will be addressing the special opening on the second day.To advance the cause of the banking industry and encourage the regional economic co-operation throughout the continent, ABA forum was founded in 1981. It currently consists around 80 members from 25 different countries.   The conferences are based on problems concerning the banking sector, training programmes, and policy advocacy discussions. The summit held this year will mainly focus on the impacts of the current global downturn on the Asian economies such as, the American policies under Trump administration, Brexit economic consequences in March 2019 on Asia and the implications of fintech on banks.Some of the important speakers at the event are Chikahisa Sumi of IMF, ADB’s Noritaka Akamatsu & Cheng Cheng-Mount of Financial Supervisory Commission of Taiwan. Kotak Bank’s Uday Kotak and the State Bank chairman Rajnish Kumar will also be addressing the meet.
Rated 4.0/5 based on 20 customer reviews
Asian Bankers Association To Be  Hosted By Mumbai For The First Time

Asian Bankers Association To Be Hosted By Mumbai For The First Time

Saurabh Jain
The Asian Bankers Association (ABA) 34th annual conference will be hosted in the nation’s financial capital, Mumbai, for the first time. This two-day conference, which will commence this week is bas...
Continue reading

Dubai Bank Emirates NBD Has Plans To Invest USD 100 Million In Its Operations in India

The UAE’s second-largest financial lender, Emirates NBD, has begun its functions in India with an aim to pitch investments up to $100 million capital in its Indian operations, as stated by the bank.The Emirates NBD Mumbai branch is marked as the fifth international bank branch situated outside its UAE network. The bank offers a number of services to corporates, treasury services, SME, and institutional clients including trade finance, bilateral, and syndicated loans, and in addition also serves the NRI clients looking out for cross-border wealth management services.The Emirates NBD said that the bank has made plans on investing $100 million capital into its Indian operations. “We are delighted to expand our footprint to India, building on the UAE’s strong historic, cultural and commercial ties with the country. As a key trading partner of the UAE and as one of the fastest growing economies in the world, India represents an important and strategic growth market,” Shayne Nelson, Group CEO of Emirates NBD said.“Emirates NBD is the only UAE-based bank with physical presence across all of India’s important trade corridors from the Middle East and North Africa (MENA) across to Asia and the United Kingdom (UK) and our aim is to be the bank of choice for Indian corporates and individuals looking to invest and do business in the MENA region,” Nelson said.India is known for its largest expatriate community in the UAE region and a third of Emirates NBA’s clients are based from India.The company mentioned that DirectRemit which takes 60 seconds to make online funds transfer service to India has facilitated the flow of almost billions of dirhams of NRI remittances this year. The bank has its presence in almost all of India’s trade key gates across Asia (China, Singapore, and Indonesia), UK, UAE, Saudi Arabia and Egypt.
Rated 4.0/5 based on 20 customer reviews
Dubai Bank Emirates NBD Has Plans To Invest USD 100 Million In Its Operations in India

Dubai Bank Emirates NBD Has Plans To Invest USD 100 Million In Its Operations in India

Piuesh Daga
The UAE’s second-largest financial lender, Emirates NBD, has begun its functions in India with an aim to pitch investments up to $100 million capital in its Indian operations, as stated by the bank....
Continue reading

SUBSCRIBE TO OUR BLOG

Share Blog

Follow Us