India, Australia firm up clean energy partnership; pushing for mega trade pact

India and Australia have strengthened their partnership by signing a renewable energy agreement and pursuing a broader economic pact. Prime Ministers Modi and Albanese, meeting at the G20 summit, pledged to deepen cooperation in defense, technology, and trade to promote stability and prosperity in the Indo-Pacific region.

India’s services exports are predicted to surpass merchandise exports, reaching $618.21 billion by FY30, according to a report by GTRI. This growth will be driven by IT and other business services (OBS). However, the report emphasizes the need for diversifying IT exports beyond the US and regulating the dominance of American tech giants to ensure […]

India’s Chief Economic Advisor, V Anantha Nageswaran, cautioned that the country needs to brace itself for potential increases in US tariffs and a slowdown in global export growth. Nageswaran highlighted that while the exact impact of US tariffs remains uncertain, India’s trade surplus with the US could lead to pressure.

Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer met at the G20 Summit and agreed to relaunch trade negotiations in 2025. They discussed visas for Indian professionals, new Indian consulates in the UK, and the extradition of economic offenders. Both leaders are committed to a trade deal that strengthens the India-UK partnership […]

India’s Chief Economic Advisor, V Anantha Nageswaran, cautioned that the country needs to brace for potential increases in US tariffs and a slowdown in global export growth under the Trump administration. While acknowledging the challenges posed by these factors, Nageswaran highlighted the need for India to focus on domestic growth drivers and adapt to the […]

India’s Commerce Minister Piyush Goyal reassured that the country’s current account deficit is manageable, citing robust services exports and a significant portion of imports being re-exported after value addition. He highlighted that while India relies on imports for certain goods, its strong services surplus and remittance inflows contribute to a stable financial position.

Speaking at a programme in Mumbai, he said: “India looks for equity, balance and fair trade when negotiating a FTA”. The country has implemented these agreements with countries, including Australia, and UAE, and is negotiating such pacts with nations such as the UK and European Union.

The UK and India will resume negotiations for a free trade agreement in 2024. This follows a pause due to elections in both countries. UK Prime Minister Keir Starmer, who met with Indian Prime Minister Narendra Modi at the G20 summit, stated that a trade deal would boost jobs and prosperity in the UK.

India’s exports faced challenges, but a late surge brought hope. October saw significant growth, driven by sectors like engineering and gems. However, competition from China and a widening trade deficit raised concerns. Despite this, India’s strong services trade and remittances are expected to keep the economy stable.

Senator Marco Dreosto highlights the potential of the India-Europe Economic Corridor (IMEEC) to reshape global trade. Dreosto emphasizes the historical ties between Italy and India, advocating for the Port of Trieste’s strategic role as a primary European terminal for IMEEC. He envisions joint ventures in third-country port sectors, aligning with Italy’s Mattei Plan for sustainable […]