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Modi, Putin discuss Covid-19 crisis, vow to boost Indo-Russia ties.

Jul 03, 2020

Prime Minister Narendra Modi and Russian President Vladimir Putin discussed the coronavirus crisis on Thursday and resolved to strengthen the Indo-Russia ties for jointly addressing the challenges of the post-Covid world.
 
During a telephonic conversation, the two leaders agreed to maintain the momentum of bilateral contacts and consultations, leading to the annual bilateral summit to be held in India later this year.
 
The prime minister conveyed his keenness to welcome Putin in India for the bilateral summit.
    
Source: Business Standard



India’s trade deficit with China reduces to $48.66 bn in FY’20.

Jul 03, 2020

India’s trade deficit with China fell to $48.66 billion in 2019-20 on account of decline in imports from the neighbouring country, according to government data.

    
Source: Business Line



India-funded Chabahar port in Iran to be integrated with Free Zone.

Jul 03, 2020

India’s first overseas strategic port venture gains momentum after initial struggle.

    
Source: Business Line



India & Nepal have an age-old friendship, Delhi committed to strengthening ties: MEA.

Jul 03, 2020

India and Nepal have age-old civilizational ties of friendship and New Delhi remains committed towards strengthening them, the Ministry of External Affairs said on Thursday, amid a strain in bilateral relations.
 
India’s assertion comes days after Nepalese Prime Minister K P Oli made critical remarks aimed at India, further straining bilateral relations already impacted over the map issue.
 
Prime Minister Oli, 68, on Sunday claimed that there have been various kinds of activities in the 'embassies and hotels' to remove him from power. He said some Nepalese leaders were also involved in the game.
    
Source: The Print



India needs to become global champion in auto, textile & food processing: Amitabh Kant.

Jul 03, 2020

It is very clear that under the Atmanirbhar Bharat vision set by the Prime Minister, the domestic sector will have to be made more competitive. We will build scale and size and target-specific areas of global value chains and enhance our contribution to global trade. It was not about isolation as some have said. It is not about anti-globalisation. It is about actually penetrating global markets and using the strength of our domestic markets to do this and to achieve this we have a three-pronged strategy. One, invite investments both FDI and domestic into sectors of strength. Second, build scale to ensure economies of scale in the areas of strength and third, really kindle the animal spirits of entrepreneurs in India.
 
It is critical that we really push for this. We have already initiated several policy measures and we have brought in the production-linked incentives in mobile and electronics, in APIs and pharma and in medical devices, and we will continue to push for radical reforms so that India becomes easy and simple and we continue to push for growth.
    
Source: The Economic Times



Agricultural commodities' prices rise on logistic and supply disruptions.

Jul 03, 2020

Retail prices of agricultural commodities have jumped sharply in the past three months because of supply chain disruptions since the lockdown was imposed on March 25 to prevent the spread of coronavirus.
 
The data compiled by the Union Ministry of Consumer Affairs, Food and Public Distribution showed retail prices of almost all commodities jumped in the past three months till June-end in both Mumbai and Delhi. Though cereal prices remained a bit resilient — both rice and wheat went up by a mere 3 per cent since March — the cost of pulses and edible oil has skyrocketed because of transport disruptions.
 
In contrast, prices of all these commodities in wholesale markets have either declined or remained flat since March because of ample availability at stockists' level. The imposition of nationwide lockdown had disrupted inter- and intra-state movement of vehicles.
    
Source: Business Standard



Demand for Indian spices stable despite Covid situation: D Sathiyan, Secretary, Spices Board.

Jul 03, 2020

Spices exports during 2019-20 has reached the milestone of $3 billion. India produces about 75 spices and accounts for half of the global trading in spices.In an interview with Rajesh Ravi, Spices Board secretary D Sathiyan talks about exports and value addition in the sector.
 
The Rs 20-lakh crore relief package is generally appreciated across sectors. The spice industry is expected to benefit from the package announced for the MSME units as well as from the package for agriculture sector. Sub-components like ‘formalisation & global outreach of micro food enterprises’, ‘farm-gate infrastructure development’ and ‘promotion of herbal cultivation’ are beneficial to the sector.
    
Source: Financial Express



Reducing dependence on China: India Inc advise on import substitution.

Jul 03, 2020

Indian companies have started submitting proposals to the government on ways to reduce import dependence on China, recommending measures such as levy of Covid-19 import duties on non-essential products and reduction of customs duty on plant and machinery from other countries.
 
'The suggestions include imposing Covid-19 import duties of as much as 15% on non-essential imports across sectors, even for products routed through countries that have free-trade agreements with India,' a senior official told ET. 'They also suggested suspension of trade concessions under FTAs, reducing customs duty on plant and machinery imported from Japan, the US and Europe, and making import of raw material very selective.'
    
Source: The Economic Times



TradeIndia to organise country's first 3-day virtual trade show for MSMEs.

Jul 03, 2020

TradeIndia, a business-to- business (B2B) marketplace that offers global buyers and sellers a platform to identify business partners, on Thursday said it will organise the country's first virtual three-day trade show, 'COVID-19 Essentials Expo India', from August 5.
 
The trade expo will be on the lines of a traditional exhibition, but will be conducted via virtual medium due to the COVID-19 pandemic concerns, TradeIndia said in a statement.
 
The event is targeted to revive various micro, small and medium enterprises (MSMEs), whose operations have been affected due to the coronavirus crisis, and help them maintain business continuity in such uncertain times, it added.
    
Source: Outlook India



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