Page 4 - International Trade

Hardeep Puri flags Offshore Bid Round; promises transparency to investors

Union minister Hardeep Singh Puri on Monday launched the Offshore Bid Round offering and assured transparency, efficiency and ease of doing business to investors. In a keynote address to industry leaders in Houston, the Union Petroleum and Natural Gas Minister described the initiatives taken by his Ministry in accelerating the exploration and production activities in India. Puri also gave his views on the importance of Coal Bed Methane in increasing India's domestic production and reducing the country's import burden. He launched the Special CBM (popularly known as Coal Seam Gas) Bid Round - 2022 for International Competitive Bidding on Monday at Houston. Simultaneously, Puri launched the Offshore Bid Round offering 26 blocks -- 18 carved out by DGH and eight as a result of expression of interests (EoI) from potential investors -- covering an area of approximately 2.3 lakh Sq. Km. Out of 26 blocks, three blocks based on EoIs are onshore covering an area of only 3,666 sq km, a medi

Rupee trade: Understanding difference between Nostro and Vostro accounts

The RBI has allowed two Russian banks, Sberbank and JSC VTB, to open Vostro accounts for rupee trade. Read more to find out what a Vostro account is and how it is different from a Nostro account

Slowdown in West, on balance, would be positive for India: CEA Nageswaran

'Signs are very encouraging' are for the Indian economy, he says in an interview

A lot has to be done in India-Myanmar trade, says envoy Moe Kyaw Aung

"We are happy to be a part of ASEAN as it's a bridge between India and Southeast Asia," the Myanmar envoy added

India aspiring to take intl trade to $2 trn by 2030, says Goyal in US

India's goods and services exports crossed $675 billion in the last financial year and the government has set a target of achieving $750 billion for 2022-23

India aspiring to take international trade to $2 trn by 2030: Piyush Goyal

India's goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said. Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy. "...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table, Goyal said. India, with a GDP of USD 3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany. A decade back, India was ranked 11th among the large

Amid sanctions from the West, INSTC raises Russian trade volume with India

INSTC is a 7,200 km transportation network ratified by 13 countries, viz, Azerbaijan, Belarus, Bulgaria, Armenia, India, Iran, Kazakhstan, Kyrgyzstan, Oman, Russia, Tajikistan, Turkey, and Ukraine

Trade settlement in rupee: Fearing sanctions by West, banks seek clarity

Large banks with overseas operations have sought clarity and assurance from RBI that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia

ECGC to conduct special country rating review on surge in global inflation

There has been a sharp rise in prices of inputs impacting international trade after the Russia-Ukraine conflict early this year

CII-Exim Bank conclave: Goyal calls for deepening trade ties with Africa

The trade between India and African countries has been balanced with exports of trade and services of about $40 billion and imports of $49 billion, Goyal said

Will the rupee settlement plan be a game-changer for India?

India's central bank has announced a mechanism to settle international trade in rupee. This will make trade easier with countries facing US sanctions. Find out about the RBI's decision and its impact

RBI's move to settle trade transactions in rupee timely: Exporters

Exporters said the move was a step towards acceptance of rupee as an international currency.

Until US, China enact reforms, WTO will continue to fade into irrelevance

China has benefited far more from the WTO than any other trading nation; it should step up and take responsibility for keeping the organization afloat by redefining its role

International trade remains important

Nations with an open and free trade policy will make the most of the recovery in global trade

Need to make Indian banks, currency crucial part of int'l trade: PM Modi

PM Modi said India has developed various financial inclusion platforms and there is a need to create awareness about them for their optimum utilisation.

Need to make banks, currency important part of international trade: PM

Prime Minister Narendra Modi on Monday stressed the need to make India's banks and currency an important part of the international trade and supply chain.

Japan to resume tourism facilities in June; only packaged tour for now

Japan will open its borders to foreign tourists in June for the first time since imposing pandemic travel restrictions about two years ago, but only for package tours for now, the prim minister

US lawmakers want India to restrict sale of Russian-origin diamonds

A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds

India suggests having discussions at WTO on role of e-commerce during Covid

India has suggested to convene a meeting under the aegis of the World Trade Organization (WTO) to discuss the role of e-commerce during the time of the Covid-19 pandemic

Why is the trade deal with UAE a significant step for India?

India signed a comprehensive free trade agreement with UAE on Friday. What does this trade agreement mean for New Delhi and what the govt is planning to achieve through this? Find out in this report