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FinMin presents all details about the state of the economy

In a press briefing, the CEA gave a recap of the steps taken by the government to boost the economy.

India exports

Dec 13, 2019, 04.49 PM IST

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INDIA EXPORTS

India can continue with disputed export subsidies

The US has blocked the appointment of judges for more than two years, crippling the multilateral trade agency’s dispute settlement mechanism. It has criticised the body for its “flawed” interpretation in various cases, failure to issue reports within the mandatory 90-day period, its composition and compensation to the members.

No decline in exports under GSP tariffs after benefits withdrawn: Piyush Goyal

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  • “Overall global growth slowdown no doubt impacted the growth of most of the domestic sectors including textiles and subsequent improved demand and profitability will no doubt be partly countered by sticky working capital requirement,” she said in a written reply to a question on expected improvement in overall credit profile of textile sector

    GST Council may stop levying tax on IT/ITeS intermediary service providers’ back office work for foreign clients. The issue had come to the fore following a decision of the Maharashtra Appellate Authority for Advance Ruling (AAAR) that had held in a ruling in February that back-office support services did not qualify as “export of service”

    With the annual Japan-India summit scheduled to start on Sunday, the government is yet to ‘officially’ finalise the venue. While a final call on moving it away from Assam has not been taken, officials said latest assessment of the security situation would be taken into consideration.

    In addition, ICE ( internal combustion engine) vehicles will also co-exist and will not be phased out. Compare this to his bold announcement a couple of years prior of India’s automobile industry needs to go all electric by the year 2030, an announcement which sent auto OEMs back to the drawing board as they scrambled to put in place their respective EV blueprints.

    Defence Minister Rajnath Singh said self-reliance in defence production to meet the requirement of the armed forces was imperative from both strategic and economic perspectives. "Several steps have been taken to promote defence exports, including reduction in the time taken for issuing export authorisations," he said during the Question Hour.

    Unseasonal rain in Karnataka, the biggest coffee producing state in the country, has hindered arabica coffee harvest, which normally starts by the end of November.

    Nomura expects that growth in major global economies may weaken in 2020, like US growth may slip from 2.3% to 1.8%, China (6.1% to 5.7%), the euro area (1.2% to 0.9%) and Japan (1.0% to 0.2%). This will be offset by a handful of smaller EMs – Brazil, Mexico, India, Turkey and South Africa – rebounding from tepid growth in 2019.

    It expects economic growth to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent respectively, but sees the pace of growth remaining lower than past. "We have lowered our 2019 gross domestic product (GDP) growth forecast for India to 5.6 per cent, which is lower than 7.4 per cent growth in 2018," Moody's said in a report.

    ICEA said discussions have been going around between the industry and the government for the past three months to replace the Merchandise Exports from India Scheme with a WTO-compliant scheme but the Director General of Foreign Trade surprisingly notified downward revision of the export incentive.

    P&G is currently testing the beta version of the site and the products are sold and the supply chain managed by its Kolkata-based distributor BG Distributor. The website pgshop.in will go live in the next one month or so, said another person familiar with the development. P&G expects to use the learnings from the exercise the “distributor has undertaken.”

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