India will impose tariffs of 12% to 30% on certain steel products from China and Vietnam to protect local industry. The tariffs, targeting welded stainless steel pipes and tubes, will be in place for five years. This move follows strained relations between India and China since their 2020 border clash.
India to impose up to 30% tariffs on some steel imports from China, Vietnam
Govt aims to boost seafood exports to Rs 1 lakh crore/year; to strengthen foundation of fishery sector
2 years ago
Union Minister Rajiv Ranjan Singh announced plans to boost annual seafood exports to Rs 1 lakh crore from Rs 60,000 crore. He highlighted the government’s efforts in the fishery sector, including infrastructure development and technological improvements. The government aims to strengthen the sector’s foundation over the next five years for overall national growth.
India is conducting a thorough review of its major ports to identify operational shortcomings and infrastructure deficiencies. The goal is to enhance port capacities, prepare for larger ships, and incorporate green technologies. This initiative aligns with the Maritime India Vision 2030 and aims to optimize cargo handling and ship turnaround times.
India is emphasizing strict ‘Rules of Origin’ in FTA talks with the UK to protect its automobile sector. Commerce Secretary Sunil Barthwal stated that these rules should not negatively impact Indian automakers. The government also aims to maintain the benefits of its production linked incentive scheme during these negotiations.
External Affairs Minister S Jaishankar stated that India is open to doing business with China, but the sectors and terms need careful consideration. Speaking in Berlin, he emphasized the complexity of the issue. On the Russia-Ukraine conflict, he mentioned that both countries should negotiate an end and India is willing to offer advice if requested.
The WTO warns that unilateral approaches to the digital economy and low-carbon transition could cause trade tensions and distortions. It emphasizes the need for multilateral policies to reduce poverty and inequality, benefiting vulnerable groups. The report highlights the importance of inclusive trade agreements and investment facilitation for development.
UAE-India sails catch trade winds
2 years ago
The UAE and India have strengthened their economic ties through the Comprehensive Economic Partnership Agreement (CEPA), signed in February 2022. This partnership aims to reduce tariffs, enhance private-sector networks, and boost investments in key sectors like logistics, healthcare, and AI. The agreement has already led to significant investments and new projects in both countries.
JSW seeks ₹1,000 cr loan for Navkar buy
2 years ago
JSW Infrastructure plans to borrow ₹1,000 crore to acquire a 70.37% stake in Navkar Corporation and is in talks with lenders like Axis Bank. The company also approved a capex of ₹2,359 crore for expanding its Jaigarh and Dharamtar Ports. The acquisition deal is expected to close by the third quarter of FY25.
The World Trade Organization warns that uncoordinated unilateral actions in the digital economy and low-carbon transition could lead to trade tensions and distortions. The WTO emphasizes the need for multilateral policies to reduce poverty and inequality, particularly affecting vulnerable groups like low-income households, women, and MSMEs.
India and Japan have agreed to enhance financial cooperation and strengthen bilateral relations during the second India-Japan Finance Dialogue in Tokyo. Key discussions included macroeconomic situations, financial sector issues, and regulatory matters. Both sides plan to continue these discussions and explore holding the next round in New Delhi.