TRADE UPDATE #99

Nudging Through the Pandemic

16/01/2021

The world is battling the Covid-19 pandemic each day. So far, thousands of lives are lost, and several economies have trembled. Given that, this year’s union budget will focus on covid-19 and the vaccination drive. Finance Minister Nirmala Sitharaman stated it to be a budget like no other in the last 100 years. In addition to the pandemic, experts expect key announcements to be around the Atmanirbhar Bharat Scheme, manufacturing, among other things. Yesterday, Prime Minister Narendra Modi launched India's vaccination drive. The country will soon start exporting the vaccines with other essential pandemic-related products such as PPE kits, medicines, etc. Meanwhile, the government is also planning to roll out a new Foreign Trade Policy (FTP) from April 1, 2021. The FTP 2021-26 will play a vital role in boosting India’s contribution to global trade while helping the country achieve its economic targets.

POLICY

New Foreign Trade Policy 2021-2026 to be rolled out from April, says Govt

Union Ministry of Commerce and Industry on Tuesday said that India''s new Foreign Trade Policy 2021-2026, under formulation, will come into effect from April 1, 2021, for five years and will strive to make the country a leader in international trade. The Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting on the subject ''New Foreign Trade Policy 2021-26'', the commerce ministry said in a statement. It was chaired by the Minister of State for Commerce and Industry Hardeep Singh Puri and attended by Members of Parliament (MPs) and senior officers of the ministry.


COVID-19

India to continue the export of medicines, including vaccines

The country, with the highest number of infections in the world after the United States, is developing two indigenous COVID-19 vaccines. “The world is not only waiting for India’s vaccines but is also keenly watching how India handles the world’s biggest vaccination program,” Modi said in an annual address to the overseas Indians. India is the world’s biggest vaccine maker. Its pharmaceutical industry has been freeing up capacity and pushing ahead with investments to help support a global vaccination campaign.


BUDGET 2021

Budget looks to provide relief to MSMEs, may relax NPA classification norm

Ahead of the Union Budget 2021-22, the Narendra Modi government is considering easing classification norms for non-performing assets, a move aimed at providing relief to industry and especially smaller businesses in light of Covid-19.Currently, a loan becomes non­-performing if the interest or instalment of principal remains overdue for more than 90 days, with the exception of accounts eligible for the Covid-19 moratorium provided by the Reserve Bank of India.The Centre is considering easing it to between 120-180 days, thus making permanent a measure adopted during the pandemic and the nationwide lockdown, a top government official told Moneycontrol. The person added that such a move would require legislative changes.


BUDGET 2021

Budget 2021 Expectations: Lower taxes, forex overhaul, simplified GST, more on MSMEs, startups wishlist

Union Budget 2021 Expectations for MSMEs and startups: Finance Minister Nirmala Sitharaman has raised the Budget 2021 expectations by stating that this budget shall be ‘unlike anything in past 100 years’. However, there are still some real pain points that MSMEs and startups expect to be addressed urgently in Budget 2021.


COMMODITY

Turmeric prices rise in India on-demand pick-up, fears of lower output

On the National Commodities and Derivatives Exchange (NCDEX), unpolished turmeric for delivery in April ruled at Rs 6,198 on January 13. According to NCDEX, spot prices have increased to Rs 5,725 from Rs 5,582 a week


OTHER NEWS

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