1.   

Prime Minister leaves for Durban to attend BRICS Summit

Prime Minister Manmohan Singh left here today on a 4-day visit to Durban for attending the BRICS Summit expressing the hope that ways to revive global growth and faster movement on reform of institutions of global, political and economic governance will be discussed at the meeting of the emerging economies. Accompanied by a high-power delegation including Finance Minister P Chidambaram and Commerce Minister Anand Sharma, Singh will attend the summit of five nations on Mar 26 and 27 when discussions will also be held on steps to ensure global macroeconomic stability as well as mechanisms and measures to promote investment in infrastructure and sustainable development.

2.   

Commerce minister Anand Sharma hints to extend interest subsidy to more sectors

Commerce and industry minister Anand Sharma has said the country faces a trade deficit crisis because of the contraction in exports, and hinted that the interest subsidy scheme could be extended to more export sectors in the upcoming trade policy. "The trade deficit was $182 billion in the first 11 months of this fiscal. Whether it will be $12 billion or $15 billion more (in March)... trade deficit will definitely be between $ 193 billion and $196 billion in the current fiscal," the minister said at the Board of Trade meeting.

3.   

Australia rolls out 10-yr plan to enhance trade with India

South Australia today rolled out a 10-year strategy to enhance trade ties with India by holding its first meeting of South Australia-India Council in Adelaide.State Trade Minister Tom Kenyon said the strategy identified key sectors of the economy that could take advantage of India's rapid development and create local jobs. According to an official statement, "The SA-India Council is holding its first meeting in Adelaide today as part of the State Government's long-term strategy to become a significant trade and investment partner with India.

4.   

Brazil's trade relations with India have witnessed a ten-fold increase in the last decade

Brazil's trade relations with India have witnessed a ten-fold increase in the last decade and expected to reach $ 15 billion by 2015, with exports of $5.04 bn and imports of $5.58 billion – close to 10 times increase in the last ten years. Talking to FE, an official in the Indian embassy Brazil said, "These numbers include $ 2 bn in export of Diesel and $3.4 bn Indian import of crude oil. So in 2012, $5.4 bn accounts for oil trade out of total $10.6 bn - over 50%. And, 76 % of Indian imports from Brazil were crude oil, sugar and soya."