India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
The Association of Southeast Asian Nations' (Asean's) lackadaisical approach in reviewing the free trade agreement with India despite nine negotiating rounds could force New Delhi to consider invoking the termination clause of the 2009 pact as India Inc's patience is running thin with massive Chinese dumping through this route, people in the know said on Sunday. India's interests have been hurt by the "one-sided" FTA with Asean and a large section of domestic industry wants New Delhi to exit the pact if revision efforts failed in the 10th round, the people said, requesting anonymity because of the confidential nature of the move. The 10th review meeting of the Asean-India Trade in Goods Agreement (AITIGA) is expected to be held in New Delhi mid-next month. The deal was signed by the then commerce minister Anand Sharma on August 13, 2009. The FTA, that came in force on January 1, 2010, adversely impacted India, particularly because of its weak provisions for "rules of origin" that led to massive dumping of Chinese goods via some of the 10 Asean countries ---- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, they said. "The Narendra Modi government put its foot down when the trade deficit between India and Asean jumped to $43.57 billion in 2022-23 in favour of the latter, from $5 billion in 2010-11," one of them said. On India's request, the first FTA review meeting took place in May 2023. According to a second person, some Asean members are deliberately dragging the matter as the FTA is hugely benefiting them at the expense of India. "This attitude, if continued, may force India to adopt a tough stand," he said citing close-door deliberations and industry-government review meetings. The FTA has a termination clause saying that either India or Asean member states collectively can give a "written notice" to terminate it. Upon the notice, the agreement shall be terminated in 12 months, it added. He said the FTA deal was lopsided from the beginning. For example, Singapore offered 100% tariff elimination under the FTA even when it was a zero-duty country. "Therefore, India received no additional benefit from Singapore under the deal," he said. "While India's tariff elimination under the FTA involved 74.2% duty-free lines from about 3% tariff lines earlier, the Asean group tricked India by taking a simple average of 76.4%, which also included Singapore's 100% already exempted tariffs," he said. "While smaller economies made higher tariff eliminations --- for example, Cambodia 85%, Brunei 81%, Laos 78% --- there was minimal benefit in that for India as major economies made low offers, such as 50.1% by Indonesia and 69.7% by Vietnam," he added. Due to these asymmetries, Indian firms are unable to fully utilise the trade agreement and violations of ROO (rules of origin) are rampant, the first person said. "India's AITIGA utilisation is barely 30-40% but Indonesia, Cambodia and Vietnam have utilised 65-70% of the FTA," he added. The spokespersons of the commerce ministry did not respond to specific queries on this matter. A government official working in an economic ministry said that Asean may expedite the review process as more than two years have passed. "Both sides had agreed to support and expedite the review of AITIGA to make it more effective, user-friendly, simple and trade facilitative for businesses, aiming to achieve a substantial conclusion in 2025," he said, asking not to be named. India has been candid about the asymmetrical nature of the 15-year-old deal at various fora. Speaking at the India Global Forum in London on June 19, Union commerce minister Piyush Goyal criticised the then UPA government for signing FTAs with competing economies such as Asean, which is termed as the B-team of China. Reacting the next day, Congress leader Anand Sharma said in a post on X: "Union Commerce Minister Piyush Goyal's statement belittling India ASEAN Trade Agreements is unwarranted, ill-advised and unfortunate." Indian industry is hopeful that Asean nations would correct the anomalies in the 10th round before it is too late. "We have to see to what extent Asean is ready to make it a balanced outcome. Any bilateral engagement cannot be one sided. India should strongly push for a comprehensive review and renegotiation of the agreement and take a call on the basis of Asean's review offer," said Jasbir Singh, co-chair of the Ficci electronics and white goods manufacturing committee. Ficci steel committee co-chair and Jindal Stainless Ltd CEO Tarun Khulbe said many sectors have expressed apprehensions regarding the issue of inverted duty structure arising from the India-Asean trade agreement. "Thus, while engaging in renegotiations with Asean counterparts, it is vital to revisit tariff lines to address such distortions and secure more equitable market access for Indian products. Additionally, ensuring that Asean exporters strictly comply with India's BIS (Bureau of Indian Standards) requirements will help protect local manufacturers and consumers from sub-standard imports," he said.
OCCRP had published news articles against Adani; BJP MP Sambit Patra calls Rahul 'traitor of highest order' After a hiatus of two days, the Winter Session of Parliament plunged into chaos again Thursday, this time due to the ruling BJP targeting Leader of the Opposition Rahul Gandhi and the Congress, accusing them of being part of a plan to "derail" India's economy and "disrupt" its democracy. Senior BJP MP Nishikant Dubey raised the matter in the Lok Sabha, alleging that a "dangerous triangle" ...Read More >
New Delhi: The Congress on Sunday hit back at Prime Minister Narendra Modi, charging that defamation of Jawaharlal Nehru and minimum democratic governance was his model. Congress general secretary Jairam Ramesh said Prime Minister Modi has an "obsession" with Nehru as he invokes him to distract the nation's attention from his own failures and current challenges on which he maintains a complete silence. The Congress attack on the prime minister came a day after he attacked the party during the debate on the 'Glorious 75 year journey of India's Constitution'. "It was the famous French philoso ...Read More >
New Delhi [India], December 18 (ANI): Congress MP Pramod Tiwari lashed out at Union Home Minister Amit Shah who has been in the eye of a storm over his remarks on Baba Saheb Ambedkar. The Congress member said that without Ambedkar, Amit Shah would not have been a member of the Lower House of the Parliament. "... If Ambedkar ji was not there, he (Amit Shah) would not have even sat there. There would have been no Lok Sabha, no Rajya Sabha and no Constitution. So this is not only an insult to Baba Saheb Ambedkar but also to the Constitution, Rajya Sabha and Lok Sabha ...," the Congress MP told ...Read More >
NEW DELHI: India has seen limited success so far in capturing the 'China Plus One strategy', while Vietnam, Thailand, Cambodia, and Malaysia have become bigger beneficiaries, according to a report of government think tank Niti Aayog. It said that factors such as cheaper labour, simplified tax laws, lower tariffs and pro-activeness in signing Free Trade Agreements (FTAs) have played a critical role in helping these countries expand their export shares. The US has implemented stricter export controls and higher tariffs on Chinese goods to limit China's growth and expenditure towards technologi ...Read More >
Pointing to the increase in the country's stature in the world forum, he asked how, under these circumstances, the promises made to farmers cannot be fulfilled. "Policy-making is not on right track," he added.. Jagdeep Dhankhar's comments come amid a spike in farmer protests. Vice President Jagdeep Dhankhar took up the farmers' issue and questioned the government on their behalf today, directing most of his queries at the Union agriculture minister. Pointing to the increase in the country's sta ...Read More >
New Delhi: The Union Cabinet cleared the bill for the 'One Nation, One Election' proposal on Thursday (December 12). This development comes as Prime Minister Narendra Modi and the NDA have been repeatedly advocating for this initiative asserting that it will "strengthen the democracy" by holding simultaneous elections in the country. "Elections are held at different places every few months and it hampers the developmental work and all of you know it. Therefore, it is must to have deep study and deliberation on 'One Nation, One Election'," the PM said. "Only one voters' list should be used f ...Read More >
NEW DELHI: The Congress on Sunday hit back at Prime Minister Narendra Modi, charging that defamation of Jawaharlal Nehru and minimum democratic governance was his model. Congress general secretary Jairam Ramesh said Prime Minister Modi has an "obsession" with Nehru as he invokes him to distract the nation's attention from his own failures and current challenges on which he maintains a complete silence. The Congress attack on the prime minister came a day after he attacked the party during the debate on the 'Glorious 75 year journey of India's Constitution'. "It was the famous French philoso ...Read More >
The Congress on Sunday (December 15, 2024) hit back at Prime Minister Narendra Modi, charging that defamation of Jawaharlal Nehru and minimum democratic governance was his model. Constitution is the basis of Indian unity, but Congress has wounded that spirit: PM Modi Congress general secretary Jairam Ramesh said Prime Minister Modi has an "obsession" with Nehru as he invokes him to distract the nation's attention from his own failures and current challenges on which he maintains a complete sile ...Read More >
New Delhi [India], January 13 (ANI): Union Minister Ashwini Vaishnaw criticised Meta CEO Mark Zuckerberg and called him "factually incorrect" over his remark that most incumbent governments, including India in 2024 elections, lost post-COVID. He added that the people of India have reaffirmed their trust in the NDA led by Prime Minister Narendra Modi. "As the world's largest democracy, India conducted the 2024 elections with over 640 million voters. People of India reaffirmed their trust in the ND led by PM @narendramodi Ji's leadership. Mr. Zuckerberg's claim that most incumbent governments, ...Read More >
The Maha Vikas Aghadi (MVA) coalition is now gearing up for a national protest after losing Maharashtra state elections. The Maha Vikas Aghadi (MVA) coalition, which suffered a crushing defeat in last week's Maharashtra state elections, is now gearing up for a national protest against the credibility of Electronic Voting Machines (EVMs), which it blames for its loss. The MVA, led by the Congress, Shiv Sena (Uddhav Thackeray faction), and the Nationalist Congress Party (NCP) (led by Sharad Pawar), is planning to challenge the use of EVMs in court and demand a return to ballot paper voting. Fo ...Read More >
New Delhi, Dec 4 (PTI) The Congress Wednesday said a "cover-up" is in the making after reports claimed entities connected to the Adani Group have approached the SEBI seeking settlement in a case that alleges violations of public shareholding norms through unfair practices. It asserted the "scam" requires serious punitive action, including arrests and raids by investigative agencies. Congress general secretary in-charge communications Jairam Ramesh said a token settlement would make Indian institutions a laughing stock whose reputation has already been tarnished by the actions of Prime Minist ...Read More >
Patna (Bihar) [India], December 15 (ANI): Union Minister Rajiv Ranjan (Lallan) Singh on Sunday accused the Congress of insulting the Constitution since Independence and said Prime Minister Narendra Modi has spoken about this in his address to the Lok Sabha. Speaking to mediapersons, Rajiv Ranjan (Lalan) Singh said, "The Congress party has disrespected the Constitution since Independence and PM Modi showed them the mirror in Lok Sabha." On Saturday, Prime Minister Narendra Modi accused the Congress of constantly disrespecting the Constitution. Responding to the two-day discussion in Lok Sabh ...Read More >
New Delhi [India], January 31 (ANI): Official Spokesperson of the Ministry of External Affairs Randhir Jaiswal said on Friday that French President Emmanuel Macron has invited Prime Minister Narendra Modi to attend the Artificial Intelligence (AI) Action Summit, and India has accepted the invite. While speaking at a press briefing, Jaiswal said that India is also developing its own AI program. "French President has invited Prime Minister Narendra Modi for Artificial Intelligence Action Summit and we have accepted their invite. We will update you about further details," he said. On February ...Read More >
New Delhi, Dec 12 (PTI) Terming the 5.4 per cent GDP growth in the second quarter as a "temporary phenomena", FICCI President Harsha Vardhan Agarwal on Thursday said the industry body expects India to achieve 6.5-7 per cent economic growth in the current financial year, while projecting a pick up in private investment. In an interview to PTI, Agarwal, who is also the Vice Chairman & Managing Director of Emami Ltd, said the RBI needs to manoeuvre a "tight-rope balancing act" between inflation and economic growth, as he opined that the central bank has been doing a prudent job. Notably, the FI ...Read More >
New Delhi, Jan 2 (PTI) Stakeholders from the electric vehicle (EV) sector will hold a meeting with Commerce and Industry Minister Piyush Goyal here on January 3 on issues, including infrastructure related to charging and battery swapping, sources said. They said that officials from the Department of Heavy Industries are expected to attend the meeting. Also Read | SOF NSO Results 2024-25 Out at sofworld.org: National Science Olympiad Exam Result Released, Get Direct Link and Know Steps To Download. Representatives from Tata, Mahindra, Mercedes-Benz India, Hero MotoCorp, and other companies h ...Read More >
The BJP has accused Rahul Gandhi of collaborating with "anti-India international forces," citing a Mediapart report on OCCRP's funding and Gandhi's meetings with alleged Modi government critics. The party highlighted the timing of reports critical of India coinciding with parliamentary sessions, including those on farmers, Pegasus, Hindenburg, and the BBC documentary.BJP on Thursday accused Lok Sabha's Leader of Opposition Rahul Gandhi of colluding with 'anti-India international forces'. The ruli ...Read More >
New Delhi [India], December 11 (ANI): On the birth anniversary of former President Pranab Mukherjee, Congress President Mallikarjun Kharge paid glowing tributes to the statesman, recalling his immense contributions to India's democracy and development. Kharge took to social media to share a heartfelt message, quoting one of Mukherjee's profound observations: Also Read | Atul Subhash Suicide Case: 4 People Including Bengaluru Techie's Wife Nikita Singhania Booked for Abetment of Suicide. "India's true story is the partnership of the people. Our wealth has been created by farmers and workers, ...Read More >
New Delhi [India] January 22 (ANI): Congress MP Randeep Singh Surjewala on Wednesday urged Prime Minister Narendra Modi to take a stand in defending the rights of Indian immigrants in the United States. Surjewala also highlighted the contributions of over 20,000 Indian immigrants and expressed concerns over the government's silence on the deportation orders under President Donald Trump's administration. Sharing a detailed post on X Surjewala said, "Dear Prime Minister Modi ji, Pls spare a few moments to watch Bishop Mariann Edgar Budde speaking the truth to President of United States of Amer ...Read More >
Beijing: China has expressed its willingness to engage in dialogue with the United States following recent threats by former President Donald Trump to impose new tariffs on Chinese goods. The statement comes amid growing tensions between the two economic giants over trade practices, technology policies, and geopolitical issues. Chinese Foreign Ministry spokesperson, Wang Wenbin, said that China was open to "constructive dialogue" with the U.S., emphasizing the importance of cooperation to ensure global economic stability. "China believes that both countries should seek common ground and manag ...Read More >
Trump's pressure on countries to remain tied to a US-dollar-based financial system could backfire, with potential increased motivation for BRICS to create alternatives. While the dollar's dominance persists due to existing economic strengths, recent global currency agreements indicate a cautious shift away from reliance on the greenback.Donald Trump's pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say. Dollar dominance looks set to continue for the foreseeable future and emerging nations' idea of ...Read More >
INDIA bloc MPs, donning black jackets with slogans like "Modi Adani Ek Hai", protested at Parliament demanding a joint probe into the Adani issue. Priyanka Gandhi Vadra accused PM Modi of evading discussion on the "Adani mega scam" while defending Adani's alleged corruption. Rahul Gandhi asserted that Modi won't investigate Adani as it would be like investigating himself.Congress leader Priyanka Gandhi Vadra Thursday said the country's people want the "Adani mega scam" to be discussed in Parliame ...Read More >
Bengaluru: Ex-Karnataka Chief Minister and former External Affairs Minister SM Krishna died here early on Tuesday, leaving behind a rich legacy of statesmanship and public service that saw the 92-year-old leader scale all heights of political achievements. Suave, sophisticated and a man with enviable academic credentials, Somanahalli Mallaiah Krishna started off his political innings as an independent MLA from Maddur in 1962, stunning a then Congress veteran in the elections, and went on to become the state's CM and later the country's External Affairs Minister. Tributes poured in for the fo ...Read More >
NDIA bloc leaders, who submitted a notice of no-confidence motion against the Rajya Sabha Chairman Jagdeep Dhankhar on Wednesday, blamed the chair for not allowing them to speak in the Rajya Sabha. The leaders held a joint press conference labelling several charges against the chairman. "His behaviour (RS chairman) has damaged the dignity of the country. He has brought such a situation in the history of parliamentary democracy that we had to bring this notice for the resolution (of no confidence ...Read More >
New Delhi: India's opposition MPs on Wednesday, December 11, greeted their BJP counterparts in Parliament premises with the tricolour in one hand and a red rose in the other, urging the ruling party to ensure that the Parliament functions properly. This is the latest in a series of demonstrations led by Congress over the issue regarding industry mogul Gautam Adani getting indicted by the US. Leader of Opposition in the Lok Sabha Rahul Gandhi also offered the tricolour in the form of a card to Defence Minister Rajnath Singh when the latter was entering the main Parliament building. Congress ...Read More >
Prime Minister Narendra Modi on Saturday said his government's policies and decisions were aimed at boosting India's strength and unity in line with the Constitution, while the opposition Congress had "tasted blood" by repeatedly wounding it.Prime Minister Narendra Modi on Saturday said his government's policies and decisions were aimed at boosting India's strength and unity in line with the Constitution, while the opposition Congress had "tasted blood" by repeatedly wounding it. Replying to a t ...Read More >
New Delhi [India], December 18 (ANI): Chinese Ambassador to India, Xu Feihong on Wednesday said that China is ready to work with India and put into action the understandings between Indian and Chinese leaders. The comments come ahead of the 23rd meeting of the Special Representatives between National Security Advisor Ajit Doval and China Foreign Minister Wang Yi in Beijing. In a post on X, Ambassador Xu Feihong, "China is ready to work with India to implement the important common understandings between the leaders of China and India, respect each other's core interests and major concerns, str ...Read More >
Kolkata (West Bengal) [India], December 18 (ANI): Kolkata Police on Wednesday detained Congress workers as they held a protest against Union Minister Amit Shah's statement on Bharat Ratna BR Ambedkar in the Rajya Sabha. The Congress party is conducting protests across all states, targeting the government on these issues and demanding action and accountability. Also Read | Umar Khalid Gets 7 Days Interim Bail in Delhi Riots Conspiracy Case To Attend Cousin's Wedding. Earlier, the Leader of the Opposition in the Lok Sabha Rahul Gandhi slammed the Bharatiya Janata Party over Amit Shah's remark ...Read More >
Chandigarh, Jan 2 (PTI) Punjab Chief Minister Bhagwant Mann on Thursday claimed that the Centre was trying to"bring back" the now-repealed farm laws, referring to the newly announced draft of the National Policy Framework on Agricultural Marketing. The AAP-led Punjab government has termed the newly announced draft policy as an attempt to reintroduce the three central agricultural laws passed in 2020 "through backdoor." After a yearlong protest by farmers, the Centre had repealed the laws. Speaking to reporters here, Mann also stated that the demands of the protesting farmers pertain to the c ...Read More >
Jaisalmer (Rajasthan) [India], January 13 (ANI): India's indigenous Anti-Tank Missile, Nag Mk 2, the third-generation Anti-Tank Fire-and-Forget Guided Missile successfully completed its field evaluation trials at the Pokhran Field Range in Rajasthan in the presence of senior officers of the Indian Army. There were three field trials conducted, with the missile systems destroying all the targets precisely- maximum and minimum range, thus validating its firing range. Also Read | 'People of India Reaffirmed Their Trust in PM Narendra Modi': Ashwini Vaishnaw Slams Meta CEO Mark Zuckerberg Over H ...Read More >
New Delhi, Jan 21 (PTI) India and Belgium have agreed to establish mechanisms to resolve trade issues in areas such as pharma and agri products to boost bilateral trade, according to an official statement issued on Tuesday. The issues were discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Belgian Minister of Foreign Affairs and Foreign Trade Bernard Quintin, in Brussels. Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for January 21, 2025 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game. "Regulatory barriers, pa ...Read More >