56 new airports will become functional in few years: Prabhu
The Dollar Business Bureau Citing the importance of efficient logistics for facilitating trade, Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Thursday said that 56 new airports in India would be functional in the coming few years. “Efficient logistics is critical for countries like India to harness trade and facilitate greater and faster integration with both the domestic as well as the world economy,” the Minister said while speaking at the two-day Global Logistics Summit, jointly organised by Ministry of Commerce, FICCI and World Bank Group. Keeping this in mind, 56 new airports will become functional in the next few years which will enhance connectivity in the country,” he added. While urging all the stakeholders to churn new ideas for enhancing India’s logistics efficiency, Prabhu said, “There ...
A new agricultural exports policy is required: Suresh Prabhu
The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Monday that India needs a new agricultural exports policy focussing on enhancing the exports of agricultural products from the country and to increase the incomes of the farmers. “A new agricultural exports policy is required that lays focus on increasing exports of value-added agricultural products so that farmers can access international markets and increase their income,” Prabhu said while speaking at the 3rd meeting of Council of Trade Development and Promotion in New Delhi. Prabhu further emphasised on the participation of states to explore ways for tapping into global trade, which is pegged at around $5 trillion, by promoting exports of services, value addition to agricultural products, organic farming, utilisation of the ...
My ministry will work on developing global supply chain for the agri-sector, Prabhu
The Dollar Business Bureau The Commerce and Industry Ministry will soon bring in a policy framework for facilitating access to global markets for the Indian agriculture produce, Union minister Suresh Prabhu said while addressing an agri summit. Prabhu, who took charge as Commerce and Industry Minister recently, said that his ministry will work on developing global supply chain for the agriculture sector. Addressing the agri summit the minister said that multilaterally there is also need to work on removing trade restrictions with an aim to boost Indias agri exports. "If they (farmers) produce something, they (should) get an access to global market and get better prices for that, and for that we will put in place a good policy framework very soon," Prabhu said. "We have ...
European Union slams Google with a $2.7 bn antitrust fine
The Dollar Business Bureau Antitrust regulators of the European Union have come down heavily on Google by imposing a whopping $2.7 bn antitrust fine and warning the search engine leader it will take a tough line on two other cases too. The European Union Commission in a press release said, ‘the world's most popular internet search engine has 90 days to stop favouring its own shopping service or face a further penalty of up to 5% of Alphabet's average daily global turnover.’ This is one of the biggest fine that the EU has imposed on a single company after the $1.06bn antitrust fine that was handed to Intel in 2009. The release said that the Commission found during its investigations that the search engine ...
PM Modis 4 day Europe tour, FTAs, trade talks to take precedence
Sheela Mamidenna Earlier in 2017, the Prime Minister Narendra Modi while addressing a geopolitical conference said, “Our economic and political rise represents a regional and global opportunity of great significance. It is a force for peace, for stability and an engine for regional and global prosperity. For my government, this has meant a path of international engagement focussed on building development partnerships that extend from the islands of the Indian Ocean and Pacific to the islands of the Caribbean and from the great continent of Africa to the Americas. Creating Indian narratives on global challenges.” Well, for that matter, trade agreements play an important role in leveraging a country’s economic growth. Concurring to it, our globetrotting Prime Minister has made more than ...
Indias exporters could face challenges with continued appreciation of the rupee, Ajay Sahai
The Dollar Business The industry body FIEO forecast challenges for the exporters if the rupee continued appreciating in the future. Global trade is expected to grow at 2.4% in 2017, and there is likelihood of extreme instability in currencies. Though the rupee has gained against the dollar, and since competing currencies of other countries could depreciate further, rupee’s appreciation could hurt India’s competitiveness in its labour intensive business units especially sectors such as agro-products industries, handloom, leather, textiles and marine products. The government should support these sectors based on their forex returns so that those companies handling large imports, which will be benefitted with the appreciation are provided less support than those having little or no support. Speaking at a press meet ...
Strong demand for imports from developing countries is driving a recovery in world trade this year: S&P
The Dollar Business Bureau Imports are likely to drive a recovery in world trade this year. According to S&P Global Ratings’ report released recently, world trade growth is gaining momentum after a prolonged period of weakness. Import growth picked up last year in November and continued to sail on the same strong note into 2017. Early months of 2017 saw global imports rise by 4.1% according to the data published by the Netherlands’ Bureau for Economic Policy Analysis. However, the volume of world trade decreased in February by 0.6% while January recorded a 1% increase. World industrial production grew 0.2% month on month and world industrial production momentum was 0.9%. According to an S&P economist “This pickup in global trade is benefiting the ...
UN downgrades Indias GDP growth forecast to 7.3% in 2017
The Dollar Business Bureau The United Nations (UN) has revised India’s GDP growth forecast downward for 2017 but projected an increase in 2018 predicting 7.9% economic growth as it warned that the banking sectors’ stressed balance sheets will have adverse impact on investments in the short-term. The UN World Economic Situation and Prospects (UNWESP) in its mid-2017 report, launched on Tuesday, said that India is predicted to achieve a growth of 7.3% this year, downward from its earlier forecast of 7.7%, which it made when the report was launched in January. However, the revised report forecast that the country will achieve a notable 7.9% GDP growth next year, from its earlier estimates of 7.6% made in the January report. The report, however, cautioned that stressed balance sheets of India’s banking sector, which has ...
