India : The New Powerhouse

Morgan Stanley predicts that India will lead a fifth of world expansion this decade, making us one of the three nations in the world that can generate more than $400 billion in annual output growth. It is expected that 2023 will be tough on trade as large global economies are slowing down so an extra push through duty refunds could help the exporting community of India as per the GTRI. India’s FTA with the UK has completed six rounds of negotiations for a trade deal which will boost growth and support job creation.

ECONOMY

Composition fee for exports simplified

In a relief for exporters facing global headwinds, the directorate general of foreign trade on Wednesday reduced and capped the composition fees for delay in meeting export obligation under the advance authorization scheme. The move, according to exporters, will help improve liquidity and reduce compliance burden.

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MSME

Micro sector should become the key employment generator in the country: Report

The report by the ACCESS Development Services stated that India’s Gross Domestic Product (GDP) needs to grow at 18 per cent in order to meet the country’s current job requirement. Launched by the MSME Ministry’s Secretary, BB Swain, the report noted that the employment potential of small businesses can help the country overcome its rural and urban divide offering youth opportunities across its geographical spread and in labour-intensive trades such as in local and craft-based markets,

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EXPORTS

Quick refunds, resolution of inverted duty issues, promoting shipments through post to help boost exports: GTRI to Govt

Announcement of measures such as quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget would significantly help boost the country's outbound shipments, economic think tank GTRI said on Friday.

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BILATERAL TRADE

FTA negotiations with India 'well advanced', next round soon: UK minister

Lord Tariq Ahmad, the UK Foreign Office Minister for South Asia, said Britain's relationship with India is central to its foreign policy and as one of the world's biggest economies it is a key partner. “As one of the world's biggest and fastest-growing economies, India is a key partner to the UK…We are also looking at lowering non-tariff barriers on medical devices to benefit British exporters, and are well advanced in our negotiations for an ambitious and balanced free trade agreement,” he said.

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ECONOMY

As world economy looks beyond China, India steps up as a new powerhouse

Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. The government is spending nearly 20% of its budget this fiscal year on capital investments, the most in at least a decade. US-China rivalry is providing a tailwind. India and Vietnam will be the big beneficiaries as companies move toward a “China-plus-one” strategy, supply-chain analysts say.

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