The worsening diplomatic ties between India and Canada, the previous year’s largest pulse supplier, are unlikely to increase pulse prices for Indian consumers. Adequate imported stocks, higher domestic production, and alternative sources from Russia and Australia are expected to maintain stable prices.
India-Canada rift: Industry sees no effect on pulses prices
India’s net oil and gas import bill rose by 20% to $69 billion in the first half of the fiscal year due to rising consumption and stagnant domestic production. Crude oil imports increased to $71.3 billion, while LNG imports jumped 18%. This rise in import costs was exacerbated by a decline in refined product exports.
India is expediting FTA talks with Australia, aiming for a comprehensive economic cooperation agreement before Australia’s 2024 elections. Current bilateral trade is around USD 24 billion. India is also pushing for a balanced review of its FTA with ASEAN, addressing tariff asymmetries by 2025.
State ports plan a sea change in capacity, submit Rs 2 lakh cr expansion proposals to Centre
2 years ago
State government-controlled ports in India plan to invest over Rs 2 lakh crore to expand cargo handling capacity to 10,000 million tonnes annually by 2047. Gujarat aims to develop integrated port cities with Rs 1.5 lakh crore, while Andhra Pradesh plans Rs 50,000 crore investment by 2050, enhancing their existing and new port infrastructure.
India is set to offer nearly $2 billion in incentives to replace diesel-powered inland vessels with cleaner alternatives. The plan aims to cut emissions by one million tons annually, targeting half the fleet to be eco-friendly by 2030, with a full transition by 2045.
India has urged the UAE to address concerns over a significant rise in exports of silver, platinum alloy, and dry dates, following the 2022 Comprehensive Economic Partnership Agreement. The UAE has agreed to investigate the compliance with the rules of origin norms to prevent circumvention.
India doesn’t anticipate an immediate impact on trade relations with Canada despite ongoing diplomatic tensions. Bilateral trade remains stable, with no new trade restrictions implemented. Efforts may focus on diversifying imports of pulses and fertilizers from other countries.
UK Business and Trade Secretary Jonathan Reynolds emphasizes the priority of a trade deal with India at the International Investment Summit in London. The UK is negotiating a Free Trade Agreement with India, aiming to enhance the GBP 38-billion annual bilateral trade partnership while fostering significant economic growth and job creation across the country.
India’s export of oil meals dropped by 35% in September to 213,744 tonnes, with an overall 9% decline during April-September FY24. Soybean meal exports rose due to higher imports by UAE, Iran, and France, while rapeseed and castor seed meal exports decreased.
US-India Strategic Partnership Forum President Mukesh Aghi highlights exports as a key job creator for India’s $5 trillion economy goal, stressing the need for economic engagements with the US. The bilateral trade target is set at $500 billion, with current trade figures revealing a close competition with China.