The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade deficit, with the knock-on effect of boosting the rupee’s global reach, three banking sources said.
Reserve Bank nudges banks to settle UAE trades in rupee, dirham: Sources
India has asked for the review of the agreement with an aim to eliminate barriers and misuse of the ASEAN India Trade in Goods Agreement, which came into effect on January 1, 2010. Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Elsewhere in Asia, the contest is about semiconductors, the high-value heart of communication, transportation, artificial intelligence, and a lot else besides. From Thailand to Singapore and Malaysia, several countries are now in the fray to shift the locus of front-end chip manufacturing from East to Southeast and South Asia. India is trying tostep on that […]
FTA talks: Investment treaty to figure prominently during UK’s high-level team visit to India this week
3 years ago
Discussions on the proposed bilateral investment treaty and free trade agreement between India and the UK will be a focus during a visit by UK Secretary of State for Business and Trade Kemi Badenoch and Director General for Trade Negotiations Amanda Brooks. The pair will hold talks with Commerce and Industry Minister Piyush Goyal and […]
India has identified five priority issues—growth and prosperity, resilient global value chains, MSMEs, logistics, and World Trade Organization (WTO) reform—under its G20 presidency from December 1, 2022 to November 30, 2023.
Centre imposes 40% export duty on Onion
3 years ago
The move is expected to cool the retail inflation as vegetable prices sent consumer inflation soaring to a 15-month high in July, compared with 4.87% in the previous month, breaching the upper tolerance band of the Reserve Bank of India for the first time in FY24.
The Finance Ministry through a notification imposed a 40 per cent export duty on onions till December 31, 2023. The export duty comes amid reports that onion prices are likely to rise in September.
“Services exports can create huge employment, as it is more labour-intensive than the manufacturing sector, which is becoming more and more mechanised. The services sector will always involve the human angle… and that can boost employment,” Suresh Prabhu said.
US-based trade bodies, including Apple, Google, Lenovo, Dell and HP among others, have urged the US to push India to retract its IT import restrictions, and to hold a formal consultation with industry stakeholders. The Indian government has placed laptops, tablets and other electronics under the restricted category, meaning companies will need additional licences to […]