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Traders list 240 goods for free trade agreement talks with UK.

Sep 21, 2021

Whisky, cars, vaccines, basmati rice, wool, and tea pre-mix top a list of 240 odd products the Indian industry has identified for import duty cuts in the United Kingdom under a proposed free trade agreement (FTA) between the two countries. The industry has come up with the list of products for greater market access in the UK as the two countries gear up to launch formal negotiations on an FTA.

'An FTA with the UK will offset some of the disadvantages that India has vis-a-vis Vietnam' and boost India's share in the UK's imports over the coming years, said Ajay Sahai, director general of Federation of Indian Export Organisations (FIEO). The federation has called for doing away with the 4% import duty on wool and yarn as no such duty is paid by other European and Turkish suppliers to the UK, and 3.1% duty on instant coffee.

Source: The Economic Times

India to take lead in production of millets: Union Minister Narendra Singh Tomar.

Sep 21, 2021

Narendra Singh Tomar, the Union Minister for Agriculture and Farmers’ Welfare, has declared that India would take a leading position in production of millets, stating that it it’s due to India’s initiative that the United Nations declared 2023 as the International Year of Millets.

Speaking at the inaugural ceremony of the two-day Nutri-Cereal Multi-Stakeholders’ Mega Convention 3.0 at the Hyderabad International Convention Centre (HICC) on Friday, he urged the younger generation to make millets part of their daily diet, as steps were being taken to achieve nutrition security along with food security in India.

Source: The New Indian Express

In Saudi Arabia’s Vision 2030 goals, a chance to deepen partnerships, including with India.

Sep 21, 2021

Five years ago, the Kingdom of Saudi Arabia launched its Vision 2030, aiming to diversify its economy, modernise its administration and introduce bold reforms in many sectors. A lot has happened since then in terms of etching milestones on the path of the implementation while responding to the unpredicted Covid-19 pandemic.

The ongoing transformation of the Kingdom’s economy and society revolves around Vision 2030 and its multiple goals, including diversification of the economy, enhancing government efficiency, increasing non-oil government revenues, reducing unemployment, and increasing women’s participation in the workforce, etc.

Source: The Indian Express

India, Malaysia top Asian forecasts for faster economic growth in 2022.

Sep 21, 2021

Economic activity next year in Malaysia and India, two of the countries most affected by Covid-19 outbreaks in recent months, is expected to recover faster than earlier forecast, latest surveys show.

Malaysia’s growth outlook was upgraded by the most in the region -- 85 basis points to an expansion of 5.65% next year, according to the latest survey results compiled by Bloomberg. India was a close second, with its economy expected to grow 6.7%, 80 basis points faster than previously seen.

Source: Live Mint

India will be international hub of millet exports soon: Shobha Karandlaje.

Sep 21, 2021

India will soon become an international hub of millet exports, said Shobha Karandlaje, Union minister of state for agriculture and farmers’ welfare.

She was speaking after launching the International Year of Millets 2023 campaign at Krishi Vigyan Kendra in Brahmavar on Friday. In the next two years, the nation will see a revolution in the production and export of millets. The nation will be the hub of organic and quality millets in the world, the minister said.

Source: The Times of India

Happy to see economic recovery: Finance minister Nirmala Sitharaman.

Sep 21, 2021

The Finance minister said, 'I’m happy to see recovery; at this stage we want to have very positive signs from all segments so that mutually they create this thing called sentiment. If sentiment becomes positive, it creates a multiplier effect.'

Days after announcing the mechanics of the bad bank that will remove Rs2 lakh crore of bad debt from the books of banks, and weeks after announcing a framework that will make more people eligible for loans and scrapping the retrograde retrospective tax, finance minister Nirmala Sitharaman discussed these, and the state of the economy, in an extensive interview with Hindustan Times.

Source: Hindustan Times

Icra expects consumer demand to pick up in festive season.

Sep 21, 2021

Rising confidence among consumers is expected to boost demand during the festive season even as high performance indicators remained a mixed bag during August and the first half of September, analysts at ratings agency Icra NSE -0.40 % have said.

'It appears that the temporary boost, provided by the easing of state-wise restrictions after the second wave of Covid-19 ebbed, has petered out,' said Aditi Nayar, chief economist at Icra. 'While the early trends for September 2021 are unconvincing, we are cautiously optimistic that rising confidence will amplify demand during the festive season.'

Source: The Economic Times

India jumps 2 places to rank 46 on Global Innovation Index.

Sep 21, 2021

India improved its ranking by two places and stood at 46 on the Global Innovation Index 2021 on the back of a vibrant start-up ecosystem and research by public and private organisations, NITI Aayog said.

'India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 46 in 2021,' the Aayog said on Monday.

The Aayog, along with the Confederation of Indian Industry and the World Intellectual Property Organisation (WIPO), will host the virtual launch of India GII 2021 and the Global Innovation Conclave on Tuesday.

Source: The Economic Times

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