Indian economy News
It was founded with the explicit goal of promoting sustainable development in which people, planet, and profit coexist. GIC global president stated that GIC would establish regional chapters in the United Kingdom, the United States, and Singapore in the following months. GIC led a high-level team to Dubai from March 25 to March 28 to revitalise the MSME sector and start other initiatives.
Technology and innovation will be the key driving force for India and its economy, he said. India has the third largest startup ecosystem in India with over 65,000 registered startups in just five years. At another function, the minister stated that one can find many opportunities, like even in the current war crisis.
The price of Brent crude has skyrocketed above $125 per barrel from $97 before the Russian invasion began. While this would benefit domestic primary steel makers and aluminium smelters because their realizations will rise, it would cascade negatively for the construction, real estate, and automobile sectors. For diamond polishers, continued disruption of trade can make roughs costlier, leading to a squeeze on their margins.
Sitharaman said the government is closely monitoring the evolving situation in the Russia-Ukraine region and assessing the impact of the conflict on the country`s trade. The Finance Minister pointed out that Ukraine is a major supplier of sunflower oil seeds and fertilizers and the disruption in supply would impact essential commodities like edible oil.
Talking about India's trade, the minister said the country's merchandise exports would cross the USD 400 billion mark in this fiscal. He said that India has increased customs duties on certain products to contain low-quality import of goods and to provide a level-playing field to domestic firms for promoting manufacturing. Talking about revamping the commerce ministry, he said the ministry has engaged BCG for that.
India has agreed to concessional import duties on gold imports of up to 200 tonnes per year. India imported about 70 tonnes of gold from the UAE in 2020-21. He said the biggest gain for India is "that we get zero duty access" to the UAE market for domestic jewellery. TRQ is a quota for a volume of imports that enter India at specified tariffs.
The virtual signing ceremony marks the first trade deal sealed by the Gulf state since it began pursuing such pacts last September in a bid to strengthen its status as a business hub. The deal also covers services, investments, intellectual property, and a commitment by the UAE to grant 140,000 employment visas to highly skilled workers from India by 2030. The CEPA is expected to take 1.5-2 years to be implemented.