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Why it’s time for India to rethink its inflation target regime

Is inflation targeting right for India, and does it focus on the right target?
The Economic Times

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View: A ten-step guide to reach $5 trillion GDP goal

India should have joined RCEP. The deal on offer was a good one and many of our fears had been allayed.

India will not negotiate any FTA on back foot; will protect India's interest: Piyush Goyal

Prime Minister Narendra Modi is ready to bite the ...

View: India’s economy needs PM Modi to reinvent himself — again

Modi has already reinvented himself once, from a business-friendly CM to a we...

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  • India will stoutly promote the interests of domestic industry and adopt a more proactive approach to secure a mutually beneficial deal in trade negotiations, Piyush Goyal, Union minister for commerce and industry, and railways, said.

    “We aren’t thinking about that at all yet,” Japan's Deputy Minister for Economy, Trade and Industry said.

    Areas where workers faced foreign competition tended to have greater reduction in poverty rates.

    Washington is also said to have asked New Delhi to reduce the import duty on pulses. The US, along with Canada and Australia, had moved the WTO against India’s ban on import of certain pulses to check falling prices in the domestic market. India, however, doesn’t have any issues with increased import of pistachios from the US, sources said.

    “The investment will transform availability and quality of infrastructure at airports, roads, highways, railways, ports... All infrastructure-related sectors (aviation, shipping, electricity, and oil & gas) are going to see a huge thrust in the next five years,” Goyal said at an awards ceremony organised by the India Trade Promotion Organisation here.

    Government was taking efforts to ensure more regulatory mechanism in the banking sector to benefit bank account-holders, she said in the context of the PMC Bank and IL&FS issues. India took the call not to the join RCEP despite spending considerable amount of time on the negotiating table, she said addressing the 6th G Ramachandran Memorial Lecture.

    Piyush Goyal in a written reply to the House said that during the third RCEP Leaders Summit on November 4 in Bangkok, India stated that the current structure did not reflect its guiding principles or address the outstanding issues and concerns of India, in the light of which India did not join the agreement.

    “During the 3rd RCEP Leaders Summit which was held on November 4 in Bangkok, India stated that the current structure of the RCEP did not reflect its Guiding Principles or address the outstanding issues and concerns of India, in the light of which India did not join RCEP,” Piyush Goyal said in a written reply to the Lower House.

    Goyal said that the UPA government was willing to make India a part of RCEP ‘without going into details of how it would impact’ India’s interest. This was checked when Nirmala Sitharaman, as commerce minister in the last government, wrote in an official file India’s interests would be impacted by China and other RCEP members.

    The defence minister expressed satisfaction over increasing engagement of the armed forces of India and Singapore, officials said, adding both leaders agreed to take the bilateral defence cooperation to greater heights. In the meeting, Singh also referred to India's stand on the South China Sea and the Indo-Pacific region.

    External Affairs Minister S Jaishankar and Commerce and Industry Minister Piyush Goyal briefed BJP MPs on the issues in the parliamentary party's first meeting in the Winter session. Modi did not attend the meeting. BJP sources said Jaishankar told MPs that Modi's foreign visits have boosted India's standing and furthered the country's interests.

    Foreign Minister S Jaishankar on Thursday assured ASEAN and RCEP members that its absence from the block in its present form in no way impacts India’s Indo-Pacific vision.

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