India appeals against WTO panel's ruling on export promotion measuresOn October 31, the WTO had ruled that export subsidy programmes-MEIS, Export oriented units scheme and sector specific schemes, including Electronics Hardware Technology Parks Scheme and Bio-Technology Parks Scheme; Export Promotion Capital Goods Scheme; and Duty-Free Imports for Exporters Scheme- violated provisions of trade body’s norms.
DPIIT sets up development council for bicycleThe council has been setup for “vision planning in design, engineering and manufacturing of lighter, smarter, value added, safe and faster premium bicycles which are comparable with global standards for exports and domestic market”, according to the commerce and industry ministry.
Government wants ecommerce companies to make kiranas part of their growth storyThis comes against the backdrop of groups such as CAIT and AIMRA complaining to the govt about online deep discounting and alleging that ecommerce marketplaces violated FDI norms during the festive season. The govt wants to address the concerns of small retailers over online discounting and see how both sides can work together to their mutual benefit.
Piyush Goyal to visit US for trade talks next weekImmediate issues that need attention are likely to be discussed during the visit in the run up to a larger trade deal, sources said. While India and the US have ruled out any structural reason or major issue holding back a bilateral trade deal, the two have been embroiled in a series of trade spats, both bilaterally and at the World Trade Organization.
New Zealand trade minister to visit AnandNew Zealand’s Minister of State for Trade and Export Growth Damien O’Connor is likely to visit dairy giant Amul’s plant later this week to understand India’s dairy sector. Sources said Wellington is keen to understand how India’s cooperative dairy system works and the minister will visit all tiers of the cooperative system from the village societies.
RCEP leaders keep door ajar for India“India asked the other members to add the text on outstanding issues in their resolution,” an official told ET. The move was meant to showcase India’s influence in the Asia Pacific grouping, the person said. While India is out of the RCEP trade pact as of now, the scope for talks to iron out pending issues remains, sources said.
India is out of RCEP for now: Piyush GoyalBlaming the UPA for the higher tariff concessions given to Asean earlier, Goyal said changing the stance overnight was not possible. The minister said that India decided to opt out of the deal as small industries and other sectors such as pharmaceutical, chemical and textiles opposed it.
Services activity slows again in October, PMI at 49.2Although the IHS Markit Services Purchasing Managers' Index rose to 49.2 last month from 48.7 in September, it remained below the 50-mark threshold that separates contraction from expansion. “The degree of optimism observed in October was among the weakest seen in the near 14-year survey history,” IHS Markit said in the report.
Leaders may show way ahead for RCEPPM Narendra Modi, who is visiting Thailand from November 2-4, will participate in various ASEAN related Summits including the ASEAN-India Summit, East Asia Summit and a meeting on RCEP negotiations. A joint statement is expected to be released after the leaders’ scheduled summit on Monday. India has said it wants a “win-win outcome” from the pact.
October manufacturing activity at two-year low, PMI at 50.6The slower growth of the manufacturing sector for the month of October comes on the back of core sector growth registering a contraction of more than five per cent for the month of September driven down by an across the board contraction barring fertilisers. The survey report indicates that the slowdown will persist for a longer period.
Hope to enter top 25 by 2025: Piyush GoyalIndia is ranked 63 among 190 countries in ease of doing business index released by the World Bank, this time 14 notches high. Piyush Goyal is optimistic about India making it into top 25 and ensures a stable business policy to achieve the target.
New industrial policy not to replicate state modelsThe move comes even as India’s industrial production shrank 1.1% in August, the worst performance in almost seven years, reflecting a slump in demand and highlighting the challenge faced by the government in reversing the economic slowdown.
USTR may visit India soon to seal limited scope dealIn the backdrop of unresolved bilateral trade issues, restoration of Generalized System of Preferences, price controls on medical devices and duty cuts, US Trade Representative Robert Lighthizer will meet Piyush Goyal for a limited scope trade deal.