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The Dollar Business Bureau Upon her return to India, Commerce Minister Nirmala Sitharaman gave a press briefing on the discussions, deliberations and developments that happened at Hanoi during the proposed Regional Comprehensive Economic Partnership meet. On day 2, 22nd May, she said the ministers took stock of the state of negotiations across various negotiating groups and sub-working groups, particularly in the area of goods, services and investment. She pointed out that while considerable progress was made several areas still needed some finality. Referring to the protectionist measures adopted by some countries she said that the negotiations for the services sector were either slowed down or stalled. Though the Indian side put up a valiant fight to protect its industry in goods, discussions on the ...

The Dollar Business Bureau As India and Russia gear up for a summit on June 1 between Prime Minister Narendra Modi and Russian President Vladimir Putin, the two sides on Wednesday agreed to take forward joint projects in various sectors such as nuclear energy and collaborative projects in other countries. Both sides reviewed the progress on implementation of several key joint initiatives in economic areas at the India-Russia Inter-Governmental Commission on Trade, Economic and Cultural Cooperation (IRIGC-TEC) meeting, a forum for addressing key issues related to bilateral ties. During the meet, there was convergence of interests and views on a range of issues, according to a statement by the Ministry of External Affairs (MEA). The meeting was co-chaired by Indian External Affairs Minister Sushma Swaraj and Russia’s ...

Abin Daya the author of 'Basics of Trade: An India Perspective' is a FEMA expert, a career transaction banker, with close to 15 years of experience in corporate and transaction banking, in India. By Abin Daya Well, the effect of that abysmal performance of the core sector had to have some effect on the IIP. IIP numbers have come in at the lowest in 4 months with -1.2% growth. However, the coming months might give us some respite considering the improvement in economic activity during the month of March. And speaking of March, we have got a second consecutive month of double digit export growth during the month, and that has helped us pull off a positive growth in annual export figures after ...

The Dollar Business Bureau India may need to import more than 10 million metric tonnes (MMT) of pulses to meet the domestic consumption demand during the current financial year as the production is expected to go down due to shortage of rain, an industry body has said. “Considering deficit in rainfall for 2015-16, it is expected that the production of pulses for the year would decrease slightly to 17 MMT against 17.2 MMT recorded in 2014-15,” said the Associated Chamber of Commerce and Industry (ASSOCHAM) in its study. The five major pulse producing states—Maharashtra, Karnataka, Rajasthan, Madhya Pradesh and Uttar Pradesh— contributes around 70% of the country's total Kharif pulse production. But all these states witnessed shortage or rain fall ...

Source: PTI After the Prime Minister directed to explore possibility of increasing sugar exports, the Food Ministry is looking at various options including the barter trade of the sweetener against import of farm items, as part of steps to offload surplus stock and clear cane arrears. Last week, Prime Minister Narendra Modi called a meeting to discuss the crisis in sugar sector which has resulted in cane arrears of over Rs 14,000 crore to farmers. Modi directed ministries concerned to boost sugar exports and increase ethanol blending with petrol. According to sources, "The Food Ministry is working on various options to open the export line for sugar. It is also looking at allowing sugar export under the barter system with countries ...

 The Dollar Business Bureau Gold monetisation scheme will prove beneficial in the long run if it is implemented properly, says an expert. The Finance Ministry has already prepared the draft of the monetisation scheme aimed at recycling of idle gold in the form of household jewellery. The government has also sought recommendations from all stake holders for effective implementation of the scheme. Experts believe that the proposed scheme will be a win-win situation for all the stake holders including consumers, traders and the government. “Give some time for the consumer to get familiar, for banks to get familiar, build infrastructure; and in a couple of years when you turn around, you will find that this is a very robust way of ...