WTO MC13 extended to fifth day, hectic parleys on to end deadlock

“Members are indicating that additional time will be needed to iron out some of the outstanding issues,” said an official, adding that, for this reason, the informal meeting of heads of delegation and the formal closing session were postponed to Friday.

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MC13: Talks stuck on crucial issues, EU, US block India proposals

Negotiations at WTO's Ministerial Conference on fish and farm subsidies are stuck. Developed countries resist developing nations' demands. EU and US block pro-development agenda. Green room meetings continue. Little action seen on promises made by developed nations for development matters.

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MoSPI reduces no. of GDP estimates, timeline by a year

The ministry will now release five GDP numbers instead of six, with the final revision coming nearly two years from the completion of the financial year instead of three.

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India blames US for holding up dispute settlement at WTO, blocks China's attempt for investment pact

India criticizes the US for blocking WTO appellate body appointments, resulting in loss of credibility. Talks on investment facilitation and the Doha Development Agenda have deadlocked. WTO officials downplay the impact of a collapse. US Trade Representative rejects a deal on dispute settlement.

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CCI proposes changes to confidential info sharing

The regime, introduced in 2022, allows parties involved in a case to have access to confidential information or documents relating to other parties in an investigation to better defend themselves, subject to riders.

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Over 70 WTO nations agree to take additional obligations in services sector; India to benefit

These WTO (World Trade Organisation) members are taking the additional obligations under the General Agreement on Goods in Services (GATS) to ease non-goods trade among themselves and extend similar concessions to all other members of the WTO.

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Vijay Shekhar Sharma steps down as Paytm Bank's chairman

Vijay Shekhar Sharma, the founder of Paytm Payments Bank, has resigned as the non-executive chairman of the bank's board, following the Reserve Bank of India's restrictions on the bank's operations. Bhavesh Gupta, the nominee director of the bank's parent company, One97 Communications, has also stepped down. However, Sharma will continue to lead One97 Communications, and Paytm app will function as a third-party application provider for UPI transactions. The bank has appointed Srinivasan Sridhar, the former chairman of Central Bank of India, along with three others, as new board members.

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Govt spent 80% of revised FY24 capex outlay

The official said the collections under various small savings scheme remain healthy this fiscal and will be in sync with the revised estimate. The net mop-up for senior citizens breached ₹90,000 crore as of end-January this fiscal, way above that of ₹37,362 crore in the whole of FY23. The surge is mainly driven by the 2023 Budget move to double the deposit limit under the scheme to₹30 lakh.

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Indian economy likely to have expanded 7 pc in December quarter: Report

The country's real GDP growth for the December quarter is expected to be 7 per cent, higher than anticipated, according to a German brokerage. The official data on quarterly growth will be released on February 29. The estimate is based on high-frequency indicators and the Indian economy has shown resilience.

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Real interest rates above 2% may not be sustainable from growth perspective: Shashanka Bhide

With the policy rate as the instrument, there is a trade-off in terms of growth while bringing down the inflation rate to the target. However, a moderate inflation rate is also needed to achieve sustained high growth. While real interest rates above 2% may not be sustainable from a growth perspective, the persistence of inflation above the target is also unacceptable in the present framework, says Shashanka Bhide, member of the Monetary Policy Committee of the Reserve Bank of India.

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Panel recommends faster disposal of cases among changes to arbitration regime

An expert panel on arbitration has proposed changes to the current regime, including disposal of cases within 60 days, specialised arbitration benches, and setting up an investment court. It recommended updating the law to reflect global practices and incentivising institutional arbitration. The panel stressed the need for reliable arbitral institutions, adoption of technology, and institutional mechanisms in arbitration.

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Impact of Rs 2,000 notes withdrawal: Currency-in-circulation growth dips to 3.7% in Feb

The growth rate of currency in circulation slowed down to 3.7% for the week ended February 9, compared to 8.2% a year earlier, due to the Reserve Bank of India's decision to withdraw Rs 2,000 banknotes. Currency in circulation includes all notes and coins in circulation, excluding cash held by banks. Commercial banks also saw double-digit growth in deposits in January, which can be linked to the withdrawal of Rs 2,000 notes.

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Rural-urban household spending gap narrows

The Household Consumption Expenditure Survey (HCES) 2022-23 in India reveals that the gap between urban and rural household consumption has significantly narrowed. The survey will impact the calculation of inflation, poverty, and consumer price index series.

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New Delhi ready to negotiate hard on public stockholding of food and fisheries subsidies at Abu Dhabi WTO conference

"Implementation of proposals in the WTO is challenging. The previous agreement to temporarily remove intellectual property rights on COVID-19 vaccines and discuss extending the waiver to diagnostics and therapeutics appears unlikely to be implemented

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Byju's investors vote to oust Raveendran, recast board

Investors in Think & Learn, the parent company of Byju's, are seeking to remove founder Byju Raveendran as CEO and restructure the board. This comes after a group of investors requested the National Company Law Tribunal to declare the founders unfit to run the company due to alleged oppression and mismanagement. They are also seeking the appointment of a new CEO, board, and the voiding of a $200 million rights issue. A battle for control between Byju's management and the investors is now imminent.

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India will work to maintain WTO guiding principles, says Piyush Goyal

India's Commerce and Industry Minister, Piyush Goyal, stated that at the upcoming meeting in Abu Dhabi, India will advocate for upholding the guiding principles of the World Trade Organization (WTO). Goyal also mentioned plans to address the European Union's Carbon Border Adjustment Mechanism (CBAM) both at the WTO and through bilateral discussions with the EU.

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Bosch to cut 3,500 jobs in home appliances unit

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Birla enters paints business with Rs 10,000 crore pledge

Aditya Birla Group is investing in Birla Opus, its paints venture, with the aim to disrupt the industry and become the number two player. They plan to achieve a revenue of Rs 10,000 crore and cover the entire country by FY25.

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Robust tax mopup gives 433% boost to capex, says FM

Robust tax collections have increased capital expenditure and investment in infrastructure projects. Gross direct tax collections rose 16.77%, with expectations of further increase. Refunds worth ₹2.48 lakh crore were issued, and 1.66 crore income tax returns were processed in a day. Time for assessment reduced, faceless assessment introduced for transparency, and technology used to boost collections.

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Govt extends 20% export tax on parboiled rice until further order

The Indian government has decided to extend the 20% export tax on parboiled rice beyond March 31, aiming to ensure sufficient local stock and stabilize domestic prices. This measure, initially imposed in August last year and later extended until March 31, 2024, will now continue indefinitely. Additionally, the duty-free import of yellow peas has also been prolonged, provided that the bill of landing is issued on or before April 30, 2024.

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LTIMindtree, Eurolife FFH to set up digital hub in Athens

LTIMindtree has signed a MoU with Eurolife FFH to establish a genAl and digital hub in Athens and dedicated facilities in Poland and Mumbai. The partnership aims to leverage advanced technology to deliver innovation in the insurance industry.

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Hindalco-owned aluminium company Novelis to launch US IPO

Kumar Mangalam Birla plans to launch an IPO of Novelis, his aluminium company, in the US market. It will be the first Indian conglomerate to sell common shares in the US. The IPO will enable Hindalco to raise capital for projects and expansions. Indian companies like Rediff and Sify have previously listed on US exchanges.

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Forex spends surge in December after 9-month low

Overseas remittances jumped to $2.4 billion in Dec 2023 from a nine-month low of $1.9 billion in Nov. The highest remittance ever was recorded in June 2023, which saw a total outgo of $3,890 million after the government announced that tax collection at source (TCS) would come into force from July 1, 2023.

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Income tax demand of up to Rs 1 lakh/person to be withdrawn

CBDT said that such small tax demands that were outstanding as on Jan 31, 2024 raised under the I-T Act and also under the erstwhile Wealth Tax and Gift Tax Acts, shall be remitted and extinguished subject to the ceiling of Rs 1 lakh for a taxpayer. Taxpayers can check the status of the demands by logging on to the I-T portal.

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FM Nirmala Sitharaman to meet fintech heads next week

Finance Minister Nirmala Sitharaman will convene a meeting with fintech leaders, RBI officials, and representatives from key ministries on February 26 to address concerns following regulatory action against Paytm Payments Bank. The government aims to reassure the fintech industry of its priority status and understand their apprehensions. The meeting will involve officials from finance, information technology, and DPIIT.

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Farmers' Protest: Govt proposes various measures including MSP-related deals; farmers to respond today

Union minister Piyush Goyal has put forward a potential solution to address the concerns of protesting farmers. He said that the government-backed NCCF, NAFED will enter a five-year deal with farmers to buy pulses at Minimum Support Price (MSP).

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PMO reviewed UK free trade agreement last week

India is headed for general elections in April-May while polls in the UK are to take place by January next year. While most of the 26 chapters of the pact, dealing with the opening up of varied sectors, are either closed or at an advanced stage of negotiations, some issues related to rules of origin and market access remain unresolved.

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Gen AI may not lead to job losses but can shift demand curve, says S&P global chief

India is due to hold a general election in April-May, whereas the US will hold its presidential election in November. In the case of India, Deepa Kumar, head, Asia-Pacific Country Risk, S&P Global Market Intelligence, said the goal for the newly elected government will be to carry forward the structural momentum put in place by the outgoing regime.

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India's current account deficit likely at below 1% of GDP in FY24

India's trade deficit narrows and services exports increase, prompting economists to lower the current account deficit (CAD) estimates for FY24. Capital inflows are expected to improve, but the rupee may not strengthen as the central bank aims to boost reserves. April-January period sees lower net services exports and improved FDI flows.

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NITI Aayog calls for financial and legal reforms for elderly care in India

The move is aimed at ensuring that a basic support system is put in place to cater to the needs of India’s ageing population which is expected to go up from 10% now to 19.5% by 2050. It is of the view that while catering to the needs of the elderly population of this size is challenging, it also presents an opportunity for the growth of the senior care industry, which is presently estimated at Rs 57,881 crore

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Braithwaite secures Rs 180 crore order from railways to supply 500 wagons

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How a Chinese battery-maker emerged as Tesla slayer

BYD, once mocked for poor quality, has become a global leader in electric car sales, surpassing Tesla. The company's success is attributed to expanding worldwide, introducing cost-effective Blade batteries, targeting the Chinese market's demand for cheaper cars, and raising concerns about Chinese electric car exports.

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Worker strike at Apple supplier Flex's Tamil Nadu plant

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At WTO, India proposes lower cost of cross-border payments

India has proposed a work programme at the World Trade Organization (WTO) aimed at reducing the cost of cross-border remittances to promote international trade. The proposal emphasizes the importance of promoting interoperability and interlinkages of digital payment infrastructures to achieve cheaper, faster, and more transparent cross-border payments, including remittances.

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Government move to bring down FCI borrowings, reduce food subsidy outgo

The government has increased the authorised capital of Food Corporation of India (FCI) from Rs 10,000 crore to Rs 21,000 crore through a notification. This move will help FCI reduce its borrowings from banks and save approximately Rs 750 crore annually. FCI is responsible for procurement of foodgrains from farmers, stocking and distribution under the PDS.

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Hot US inflation report stops Wall Street stocks rebound

US wholesale prices saw a larger-than-expected increase on Friday, causing concerns about the timing of interest rate cuts and halting Wall Street's recent rebound. This comes after data released earlier in the week showed that US consumer price inflation slowed less than anticipated in January, dealing a blow to hopes of an early rate cut by the US Federal Reserve.

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RBI flags business credit card violations by fintech companies

A day after the RBI instructed payment networks Visa and Mastercard to stop enabling business credit card issuances by fintech aggregators, the central bank stated on Thursday that there were other violations, including payments made to illegal merchants. RBI said that a card network had an arrangement that enabled businesses to make card payments through certain intermediaries, to entities that do not accept card payments.

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'India poised to see strengthening of its economic & geopolitical role in the coming decades'

A panel of global economists, including Nobel laureate Michael Spence, discussed India's potential for economic and geopolitical prominence in the coming years at Bennett University. Spence praised India's digital economy and predicted it would drive the country's growth and global influence.

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ED questions Paytm executives on RBI-flagged 'irregularities'

Senior officials from Paytm have appeared before the Enforcement Directorate in connection with suspected irregularities reported by the Reserve Bank of India lately. The regulator had prohibited the payments bank from receiving customer deposits after February 29. ED has asked Paytm executives to come again with certain documents sought by the probe team.

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NMDC iron ore output rises 15% in Q3, net profit soars 68%

State-run iron ore miner NMDC Ltd on Wednesday said it has clocked a 68% jump in profit after tax (PAT) for the third quarter ended December 31, 2023, at Rs 1,492 crore as compared to Rs 890 crore in Q3 of FY23. This was on 45% rise in turnover to Rs 5,410 crore in Q3FY24 as against Rs 3,720 crore in Q3FY23 as the Navratna public sector enterprise recorded its highest ever production and sales volume of 12.22 metric tonnes and 11.39 MT, respectively, for the quarter, clocking a 15% and 19% growth in production and sales, respectively, over Q3FY23.

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EPFO contributions to cross ₹3 l cr in '24-25

EPFO schemes are expected to receive around ₹3 lakh crore in total contributions in 2024-25, 8% more than this year and 2.5 times higher than pre-pandemic levels. The expected increase is attributed to strong economic growth, employment generation, formal job creation, rising wages, inflation, and the government's vision to widen the social security net.

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India, four other countries voice concern at WTO dispute settlement reform proposal

India, Bangladesh, Egypt, Indonesia, and South Africa have expressed concerns over a recent World Trade Organization (WTO) draft on dispute settlement reform. The draft proposes changes such as including mediators during consultations and altering the composition and powers of dispute settlement panels. The countries argue that certain proposals, like limiting the possibility of appeal and categorizing cases into standard, complex, and extraordinarily complex, could hinder the ability of developing countries to access the dispute resolution system.

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RIL 1st Indian company to reach 20 lakh crore market value

Reliance Industries, an oil-to-telecom behemoth, became the first Indian firm to reach Rs 20 lakh crore in market capitalization on Tuesday, thanks to an almost 30% increase in its stock price over the last three months. RIL touched the Rs 1-lakh-crore market cap mark for the first time on Aug 2, 2005.

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India studying report on likely EU sanctions on company

The timing of the report is curious as it comes ahead of the visit of several European Foreign Ministers and EU officials here next week, according to a source who did not wish to be named. Interestingly, European states are purchasing refined Russian crude from India.

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DCI posts Rs. 27.22 crore profit in Q3

The Dredging Corporation of India Limited (DCIL) a leader in the Dredging Industry, posted a profit of Rs. 27.22 crore for Quarter Three (Q3) of 2023-24 financial year as against Rs 13.84 crore for the same quarter last year. The DCI announced its Earnings per share (EPS) is at Rs. 9.72 for Q3.

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Sensex closes 523 points lower on profit taking

The Sensex fell by 523 points on Monday, owing to profit taking in metal and financial stocks amid mixed global market trends. The Sensex ended 0.7% lower at 71,072 as 22 of its components closed in the red and eight in the green. The barometer opened higher, reaching a high of 71,757 in early trading.

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GSK Pharma net profit down in Q3

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ET GBS 2024: Choking! Carbon clubs spell hazy future for developing countries, says former WTO DG Azevedo

Robert Johnson from the Institute for New Economic Thinking (INET) emphasizes the need for nations to think globally and protect all humans affected by carbon burning. He suggests that low-wage labor may not be the solution for development and discusses the anxiety in Europe regarding migration from Africa and the Middle East.

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Decoding China: Deflation scare in the year of the dragon

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Market cap of 4 most valued firms jumps Rs 2.18 lakh crore; LIC, SBI lead gainers

Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Life Insurance Corporation of India (LIC) and SBI were the gainers. They collectively added Rs 2,18,598.29 crore in market capitalisation.

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Indonesia scraps plan to buy Mirage fighter jets from Qatar

Indonesia has ditched a controversial plan to buy 733 million euros ($790 million) worth of Mirage 2000-5 fighter jets previously used by Qatar, the defence ministry spokesperson said late on Saturday. "There is no purchase of Mirage jets. Even though it was planned, it has been cancelled ... meaning there is no active contract," spokesperson Dahnil Anzar Simanjuntak said in a statement, but did not elaborate.

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PF interest rate set at 8.25% for FY24, the highest in three years; payout to top ₹1 lakh cr

The increase in interest rate by the EPFO comes on the back of strong financial returns earned by the retirement fund body this year, including on its investments in equity, and almost negligible Covid-19 withdrawals, officials said. EPFO's earnings in 2023-24 stand at ₹13 lakh crore, up 17.97% from ₹11.02 lakh crore in 2022-23, the labour and employment ministry said in a statement.

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ET GBS 2024: AI regulation is priority for all but no country will do it, says Spiros Margaris

In December, European Union lawmakers passed the world's first comprehensive set of AI regulations, set to be effective from 2025. The Indian government has, however, indicated that it will only take a light-touch approach to regulating AI to allow sufficient room for growth and innovation.

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ET Now GBS 2024: India bright FDI spot on global map despite rates soaring worldwide, says Piyush Goyal

Uttar Pradesh has transformed from a BIMARU state to a most-favoured state through honest governance. The fight against corruption has seen notable successes in states like Telangana and Andhra Pradesh. The government aims to build an inclusive society and empower the less privileged.

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White Paper on economy: Govt says it trumped UPA regime in policy execution

The Narendra Modi-led government highlights achievements in policy execution, emphasizing technological integration for social empowerment and leak-proof public delivery systems. The white paper contrasts the NDA's accomplishments with the UPA's performance, showcasing advancements in scheme implementation. Utilizing the JAM Trinity (Jan Dhan, Aadhaar, Mobile), over ₹34 lakh crore has been transferred to 11.67 billion beneficiaries. Real-time monitoring via geo-tagging enhances transparency in major schemes. The NDA's revamped initiatives yield tangible results, including increased housing, toilet facilities, bank accounts, and electricity access.

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ONGC, NTPC arm ink green JV pact

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FM Nirmala Sitharaman says reassuring measures being taken to lower debt-to-GDP ratio

Finance Minister Nirmala Sitharaman stated that the government is implementing "reassuring" measures to reduce the debt-to-GDP ratio. She highlighted that this ratio remains lower compared to certain developed countries, indicating that concerns regarding India's debt sustainability are exaggerated.

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NHAI arm lens on Paytm for FASTags

IHMCL, which operates under the National Highways Authority of India (NHAI), had in its letter dated January 19, 2024, barred Paytm Payments Bank from issuing fresh FASTags and taking up new toll plazas due to non-compliance with mandatory know your customer (KYC) norms.

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Perishable items' prices within tolerance band: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman addressed concerns about rising perishable commodity prices, citing government measures like importing pulses and offering essential items at concessional rates. Importing over 879,000 tonnes of tur dal and 1.51 million tonnes of masoor dal in 2023 aimed to stabilize domestic supplies. Initiatives like 'Bharat Dal' provide pulses at reduced prices, with 297,000 tonnes of chana sold cheaper. Additionally, 396,000 tonnes of onions were released at concessional rates to curb inflation.

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Onion & Potato prices crash, but garlic is at Rs 500/kg

A team of top central government officials is currently on a visit to the onion growing regions of Maharashtra to assess the ground situation, an official said. "The visit is for our internal purpose," said the official, asking not to be named.

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Strata buys Coffee Day Square for Rs 150 crore

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Banks to expedite resolution with exporters for trade facilitation

On Monday, financial services secretary Vivek Joshi held a review meeting to address banking and insurance related issues faced by exporters and importers. "To ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements," the ministry noted in a statement.

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RBI likely to focus on non-rate steps to fight rising inflation

The central bank is likely to focus on non-rate measures for the sixth time when the Monetary Policy Committee (MPC) meets this week. By announcing a lower-than-expected government borrowing programme, the government has done its bit by helping push down yields.

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India seeks greater market access for steel, rice, shrimp from S Korea

India is seeking greater market access for specific products like steel, rice, and shrimp in negotiations with South Korea for the upgradation of their existing free trade agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA). India has raised concerns about Korean firms not purchasing Indian steel and is demanding better market access for these products. The negotiations cover various sectors, including auto components and chemicals. South Korea has an import duty of 513% on rice and 5% on shrimp.

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GTRI flags slow progress in payment of sops under PLI schemes

The Rs 4,415 crore disbursement is only 2.25 per cent of the total outlay of Rs 1.97 lakh crore of incentives over five years under the PLI schemes announced in 2020, the Global Trade Research Initiative (GTRI) said on Sunday. "This slow fund spend is unsurprising, considering that setting up greenfield or new manufacturing operations takes time," it said. "PLI criteria for various sectors include thresholds on investments, production, sales, degree of localization, inputs used and many more. Manufacturers may not be able to tick on all boxes," GTRI Co-Founder Ajay Srivastava said.

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No ED investigation either against company or CEO, says Paytm

The Enforcement Directorate is not investigating One97 Communications or its Founder and CEO Vijay Shekhar Sharma for money laundering. Paytm denies any involvement in anti-money laundering activities and states that it has always cooperated with authorities during investigations. The recent RBI order has barred Paytm Payments Bank Ltd from conducting certain transactions after February 29.

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All things rural India, uneven economic growth: FM Sitharaman's Budget & economy perspective in-depth

Nirmala Sitharaman has been spearheading the economic management of the Modi government during its second term. Following the presentation of her consecutive 6th budget, she mentioned that the government deliberately refrained from addressing issues in fragments during the vote on account and chose to wait until the full budget in July for a comprehensive approach. The FM expresses confidence that the Indian economy is set to maintain its growth trajectory, and the govt is poised to effectively control inflation.

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Some taxpayers to get notices soon for not filing ITRs, says CBDT Chairman Nitin Gupta

The income tax department will send notices to individuals who have not filed tax returns despite tax deduction at source. The department is using vast amounts of data to detect mismatches and is reaching out to taxpayers to update their returns. The Central Board of Direct Taxes (CBDT) has collected ₹4,600 crore from updated returns. The CBDT is focusing on improving taxpayer services, such as reducing refund time and resolving large tax disputes.

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Driving in the FTA Lane: India is in talks with 50 nations, but how many pacts will it sign in 2024?

India is actively engaged in ongoing FTA negotiations with multiple countries and blocs, including Oman, the UK, the EU, Canada, and various Indo-Pacific Economic Framework (IPEF) partner countries. The negotiations focus on market access, compliance with environmental and labour standards, and the reduction of high import duties. India currently has 13 functional FTAs and aims to tap into the large and rapidly growing market of 1.4 billion people. The apparel sector expects game-changing opportunities with FTAs with the UK and the EU, while the gem and jewellery sector anticipates a significant boost in exports through an FTA with the EU. FTAs have become the mainstay of India's trade policy, offering both economic gains and geostrategic dividends.

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No delays in PLIs: Piyush Goyal

The government in 2021 announced PLI schemes for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore.

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IMEC: Nirmala Sitharaman's subtle budget message to overseas audience

"The recently announced India-Middle East-Europe Economic Corridor (IMEC) is a strategic and economic game-changer for India and others," the FM said. The inclusion of this transformative project in the budget speech is a subtle message to the overseas audience that India is committed to its quest for deeper integration with global markets.

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