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PM-economists meet: 'Single-minded pursuit' for growth, FDI in banking, divestment discussed

Jun 24, 2019

Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were among the focus areas of Prime Minister Narendra Modi's interaction with economists and industry experts on Saturday to achieve higher economic growth, said sources. 
 
During the interactive session, ahead of the presentation of the Union Budget next month, speakers made a case for "single minded pursuit" to achieve growth, they added. 
 
 
A release issued by the Prime Minister's Office (PMO) said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts. 
 
During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health, the release said. 
 
 
Meanwhile, Modi in a tweet said he had a fruitful interaction with economists and other experts. "The inputs received were insightful and will benefit our growth trajectory 
 
N Chandrasekaran (Chairman, Tata Sons), T V Narendran (Global CEO and MD, Tata Steel), Anil Agarwal (Chairman, Vedanta Resources), Sanjiv Puri (Chairman and MD, ITC), and Vijay Shekhar Sharma (CEO, Paytm) were among the industry leaders who put forth their views in the meeting. 
 
    
Source: Economictimes.indiatimes



Commerce Min asks ECGC to come up with a robust policy on guarantee or insurance for traders

Jun 24, 2019

 The Union Minister for Commerce, Piyush Goyal asked Export Credit Guarantee Corporation of India (ECGC) to come up with a robust policy on guarantee or insurance for traders and that would help bankers lend exporters at affordable rates.
 
Addressing members of the Confederation of Indian Industries (CII) here, Goyal said that ECGC can play a role of credit enhancement agency for exporters.
 
We are trying to convert the ECGC policy to a credit-enhancing instrument that gives comfort to bankers (in lending to exporters), he said adding this mechanism can give a confidence to bankers that in case of problem, they would be comfortably compensated.
 
In addition, he announced that the government is working with the Reserve Bank of India and private banks to reduce lending rates for exporters.
 
Goyal said the ministry is in dialogue with banks to see ways to extend foreign currency loans to exporters.
 
There are ways to resolve the problem of inadequate and expensive credit without putting a significant stress to the exchequer, he added.
    
Source: Knn India



Expert panel suggests ways to achieve USD 5-trillion economy target: Niti Aayog

Jun 24, 2019

Think tank Niti Aayog Sunday said that expert panel for macroeconomics and employment came out with suggestions to achieve USD 5-trillion economy target during an interaction with Prime Minister Narendra Modi. Modi on Saturday had an interaction with economists and industry experts on India's current economic situation. 
 
Expert committee for Macroeconomics & Employment presented their suggestions to PM @narendramodi for achieving the $5 Trillion economy target. Improvement of governance in PSU banks, enhancing growth rate of exports & employment generation were some of the key areas identified, the Aayog said in a tweet. 
 
During the interactive session, ahead of the presentation of the Union Budget next month, all participants made a case for single minded pursuit to achieve growth, according to sources. 
 
A release issued by the Prime Minister's Office (PMO) had said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts. 
 
Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were also among the focus areas of Modi's interaction with economists and industry experts, they added. 
 
During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health, said the release. 
    
Source: Economictimes.indiatimes



Latin America could expand annual trade to India by 42 percent, report finds

Jun 24, 2019

Trade between Latin America and India has been multiplying in recent years but has potential to expanding much more, a new study by the Inter-American Development Bank and the Export-Import Bank of India shows.
 
Bilateral trade has grown twentyfold in the last decade to $40 billion. However, trade is concentrated in a few countries and products. Venezuela, Mexico and Brazil accounted for two-thirds of the region's shipments to India – mostly comprised of extractive products such as petroleum and copper. India, for its part, mainly exports industrial manufactured goods to the region but has the potential to export much more.
 
A Bridge between India and Latin America
 
Policy Options for Deeper Economic Cooperation; analysed the trade profiles of the two regions and found the two are highly complementary rather than competitive. The study shows potential for Latin America and the Caribbean to expand its exports to India by $69 billion and for India to add up to $263 billion in additional exports to the region.
 
While those numbers represent the upper limits, more modest but still significant gains could be achieved by enacting reforms aimed at reducing trade costs. In the midterm Latin American and Caribbean (LAC) exports to India could grow by 42 percent, or $7.6 billion in additional goods shipped annually. Indian exports to the region could rise by 46 percent or $8.6 billion in added exports.
    
Source: Menafn.com



Centre to use digital technology to transform agriculture, double farmers' income by 2022

Jun 24, 2019

In a bid to double farmers' income by the year 2022, the Ministry of Agriculture and Farmers Welfare is set to use digital technology to modernise and organise agricultural activities in rural India.
 
Digital Technology, like Artificial Intelligence, Big Data Analytics, Blockchain Technology, Internet of Things, etc can play a transformational role in modernizing and organizing how rural India performs its agricultural activities, Union Minister of Agriculture and Farmers' Welfare, Narendra Singh Tomar told the Rajya Sabha in a written statement.
 
The Government has constituted an Inter-Ministerial Committee to examine issues relating to doubling of farmers' income and recommend a strategy to achieve that goal by the year 2022.
 
The committee has appreciated the role of Digital Technology and recommended the development of mobile applications to disseminate valuable information regarding farming, sending crop related advisories through SMS and online portal, launching an online trading platform, improve/create scientific storage capacity, introduce soil health card scheme and providing subsidies.
    
Source: Business Standard



Afghanistan holds agricultural expo in Mumbai to boost trade ties with India

Jun 24, 2019

Afghanistan on Friday held an event here to highlight Made in Afghanistan products in a bid to attract Indian investment to their nation.
 
57 Afghan companies from the agricultural sector took part in the event, which was inaugurated by Muqadessa Yourish, the Deputy Minister of Afghanistan's Ministry of Industry and Commerce.
 
Speaking to ANI, Yourish highlighted that Afghanistan sought to attract investment to their nation to boost its economy.
 
There are two sides of business - there is trade and there is investment...We're doing really great on the trade aspect of business but we're struggling to bring in investment to the country. There is a lot of potential, we have the energy sector, the mining sector but security has always been an issue when businesses have shown interest to come and invest in Afghanistan, she said.
 
"Going forward, we would like to focus not only on trade but the investment component of the business as well. Our Indian partners have certainly shown interest on that front," the leader added.
 
The event acted as an apt platform for various companies in terms of increasing business ties and was able to attract crowds of customer and businessmen, the Embassy of the Islamic Republic of Afghanistan, New Delhi, stated.Speaking on trade through the Chabahar Port, Yourish said: "Every transit route, when you just inaugurate them, they do have their challenges. With Chabhar particularly, one of the biggest issues on our side has been that currently there is no Afghan company that owns a shipping line, So the cost of shipping has been very high for our traders.
    
Source: Business Standard



Mike Pompeo to seek stronger strategic ties with India despite trade tensions

Jun 24, 2019

US Secretary of State Mike Pompeo will seek to further strengthen strategic ties with India during a visit next week despite increasing frictions over trade, data flows and arms from Russia, officials said. The US Secretary of State Mike Pompeo delivers remarks during an event to release of 2019 Trafficking in-person report at the State Department in Washington, US, June 20, 2019.
 
Pompeo arrives in New Delhi on Tuesday for talks that are aimed at laying the ground for a meeting between US President Donald Trump and Indian Prime Minister Narendra Modi later in the week at a G20 meeting in Japan.
 
India is embroiled in disputes with the United States over tariffs, Indian price caps on imported medical devices, most from the United States, and Indian rules on e-commerce that impose conditions on the operations of major US companies such as Amazon and Walmart.
 
Another issue that has alarmed India is the possibility of US restrictions on work visas for Indian professionals in retaliation for India's insistence on local data storage by big foreign firms, even though the State Department said on Thursday it had no such plan.
    
Source: Ibtimes



Delhi offers blueprint to promote development, inclusivity at WTO

Jun 24, 2019

India has offered a blueprint for promoting development and inclusivity at the World Trade Organization (WTO) and emphasized that resolving the crisis at its highest adjudicating body must be the top priority.
 
The WTO Appellate Body, the vital limb of the inter-governmental dispute settlement system for resolving and enforcing global trade rules will become dysfunctional from 11 December, after the US repeatedly blocked filling its vacancies.
 
Resolving the crisis in the Appellate Body and addressing the unilateral actions taken by some members must remain as immediate priorities for any reforms at WTO, India has said.
 
At a closed-door retreat of trade envoys hosted by China on 19 June, India issued a concept paper to galvanize developing countries for advancing “developmental dimension in global trade so as to counter the one-sided agenda being imposed by major industrialized countries.
 
From New Delhi to Geneva, we have established a platform for developing countries to discuss reforms of the WTO from a developmental perspective, said China’s trade envoy Ambassador Zhang Xiangchen, suggesting Indian paper has laid out what ought to be immediate priorities.
    
Source: Live mint



Himachal CM on four-day visit to UAE to woo investors

Jun 24, 2019

 Himachal Pradesh Chief Minister Jai Ram Thakur is on a four-day official visit to the United Arab Emirates in a bid to attract investment to his State in various sectors including horticulture and tourism.
 
Thakur arrived in Dubai on Sunday. He was accompanied by Industries Minister Bikram Singh and several other senior officials of the State.
 
The Chief Minister has invited businessmen of the LuLu Group International to Himachal Pradesh Global Investors' Summit, which is scheduled to be held later this year. 
 
We visited the LuLu Hypermarket. There were products related to India's agricultural and horticultural areas, especially apples and other fruits. Obviously, investments from Dubai in agriculture and horticulture sectors in Himachal will benefit our farmers and gardeners, Thakur said while speaking to ANI. 
    
Source: Ani News



Simplified GST, timely credit can help small units go overseas, feel experts

Jun 24, 2019

With the emerging global trade war expected to throw up tremendous opportunities for Indian companies, representatives of trade bodies, small industry associations, banks and corporates felt a right ecosystem with a simplified Goods and Services Tax regime, lower taxes and greater lending support will help Indian SMEs tap the export potential.
 
Speaking at a panel discussion, ‘Tapping into Global Trade — Challenges and Opportunities,’ at the SME Growth Summit presented by ICICI Bank and BusinessLine, the panellists urged the government to provide financial assistance to SMEs, assured orders for a minimum period of 3-5 years, availability of bank credit, tax rebates for Research and Development (R&D) and enhanced export incentives.
 
Tamil Nadu is a forerunner in the small-scale industries model and it has the capability to produce goods of any international standards, said CK Mohan, former General Secretary, Tamil Nadu Small & Tiny Industries Association (TANSTIA). But small industries must be allowed to establish themselves in the domestic environment before they think of exports, he added.
 
Tine-consuming
R Sundaram, MD & CEO, Aerospace Engineers Pvt Ltd, Salem, said that in some cases companies have to wait for more than 60 months to get their a return on investment, but banks do not wait for such a long period.
 
But small companies can do wonders with the available government support and if they are ready to innovate, Sundaram added.
 
X Arokianathan, Convenor, MSME Panel, Confederation of Indian Industry (CII) – Chennai Zone, said that timely availability of packing credit, delay in GST refunds, and non-usage of government mandated TReDS platform by large corporates are some of the fiscal issues that hamper small businesses.
    
Source: The Hindu Businessline



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