DIGITAL TRADE
Madras HC delivers shot in the arm for online pharmacies
In a shot in the arm for epharmacies, the Madras High Court overturned a previous ruling by a single-judge bench restricting online platforms like Tata 1mg, PharmEasy, Netmeds, and Practo from engaging in the digital trade of medicines.
Trade marketing scheme soon to assist small companies board ONDC
The government's Trade Enablement & Marketing (TEAM) scheme will support micro and small enterprises (MSE) in leveraging the Open Network for Digital Commerce (ONDC) for e-commerce growth, with benefits like reduced commissions and inclusive protocols.
India, Cambodia discuss investment treaty, UPI collaboration
India and Cambodia are in talks to collaborate on UPI-based digital payments to boost trade and tourism, according to the Indian commerce ministry. The discussions, held on Wednesday, also focused on diversifying the trade basket with new products, establishing a bilateral investment treaty, recognizing Indian pharmacopoeia, and collaborating in the pharmaceutical sector.
Mom & pop stores vs new kids: India's ubiquitous kirana stores have a new rival
Tech-enabled players running self-service outlets like Frendy, SuperK, and Kirana King are challenging traditional kirana stores post-Covid. These modern trade stores have digital apps for orders and sourcing, contributing 4% to FMCG sales and up to 10% in premium categories.
India looks to sign FTA after UK elections, 8th round of talks soon
The India-UK Free Trade Agreement (FTA) is set to be signed after the UK's elections on July 4. So far, 13 negotiation rounds have been completed, focusing on reducing tariffs and addressing regulatory concerns. Both sides aim to finalize the FTA to enhance bilateral trade, currently valued at GBP 38.1 billion annually.
Global rates will come down, India certainly to be a top beneficiary: Jose Vinals, Standard Chartered
The Indian elections resulted in a surprise, denying an outright majority to the BJP. Despite this, prospects of strong growth through Narendra Modi's third premiership offer comfort to international businesses, as highlighted by Jose Vinals, chairman of Standard Chartered.
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Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
Cryptocurrency price on June 3: Bitcoin approaches $69k on renewed US rate cut hopes
Cryptocurrencies surge as U.S. inflation stabilizes, hinting at Fed rate cuts. BTC and ETH prices rise with a market cap at $2.56 trillion. CEOs anticipate positive momentum amid moderate growth and weak consumer spending.
How results of Lok Sabha polls will impact sensex, Nifty
According to a Bloomberg News survey of market participants, Indian stocks require Prime Minister Narendra Modi's party to secure more than 303 seats in the general election to continue their unprecedented rally. The survey, which included 32 asset managers, strategists, and dealers, suggests that a reduced majority for the ruling BJP could result in a 2% decline in the NSE Nifty 50 Index, along with potential losses in the rupee and sovereign bonds.
India’s equity rally hinges on Modi bettering 303-seat tally
Indian stocks' performance is closely tied to the Bharatiya Janata Party's election success. A Bloomberg News survey suggests that if the party wins over 303 seats, stocks could rally; otherwise, a drop is expected.
Cryptoverse: Miners trudge through post-halving world
Bitcoin miners face challenges with halved mining rewards, increased difficulty, and competition from ETFs. Marathon Digital and Riot Platforms have seen stock drops amid bitcoin's price surge.
Commerce dept mulls trade pact talks SOP, chapter on critical minerals in Chintan Shivir
The government in New Delhi is focusing on critical minerals in FTAs, data adequacy issues, and challenges in e-commerce. SOP for trade pacts, real-time negotiation challenges, and data sovereignty issues were discussed by the commerce ministry.
Commerce ministry working on standard operating procedure for FTA negotiation
The commerce ministry recently conducted a 'Chintan Shivir' in Rajasthan's Neemrana to discuss issues related to Free Trade Agreements (FTAs). The event included deliberations on standard operating procedures (SoPs) for FTA negotiations, capacity building, and addressing contemporary issues like labor, environment, and gender. Participants emphasised the importance of economic assessment, digital trade challenges, and interdisciplinary support for successful negotiations. They highlighted the need for expertise in law, economics, data analytics, and industry-specific knowledge.
Mumbai man loses Rs 1.07 crore in trading scam; Here's how Indians lost Rs 1,750 cr in just four months
A 48-year-old man from Navi Mumbai lost Rs 1.07 crore in a share trading scam, highlighting a broader surge in cybercrime in India. The Indian Cybercrime Coordination Centre (I4C) reported 20,043 trading scam cases amounting to Rs 14,204.83 crore between January and April 2024. Fraudsters often use call spoofing and impersonate officials to deceive victims. The government has responded by freezing bank accounts and blocking SIM cards to protect potential victims.
Indians lost over ₹1,750 crore to cyber fraud in first four months of 2024
According to Indian Cyber Crime Coordination Centre (I4C), on an average 7,000 cybercrime complaints were registered per day in May 2024, a jump of 113.7% between 2021-2023 and 60.9% from 2022-2023, and 85%of them were financial online frauds.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Easy Trip Planners signs letter of intent to join ONDC
Easy Trip Planners Ltd signed a letter of intent at 'ONDC Startup Mahotsav' to join ONDC, in support of India's digital commerce transformation. The collaboration aligns with the company's vision of being nation-first and contributing to India's digital economy growth, led by EaseMyTrip Co-Founder Rikant Pittie.
Commerce ministry's draft strategy to negotiate future FTAs to be circulated among key departments soon
The commerce ministry has developed a draft comprehensive strategy for future Free Trade Agreements (FTAs). The draft will reviewed by key departments, aiming to streamline negotiation processes with India's trading partners. The strategy, presented during a recent meeting involving trade experts, aims to ensure thorough analysis, background work, and systematic reporting throughout negotiation phases. Discussions at a recent 'Chintan Shivir' in Rajasthan also covered topics like India's trade strategy, including new issues like labour and environment in FTAs.
Comm Min holds discussions on formulating SOPs to negotiate FTAs
The commerce ministry discussed formulating SOPs for negotiating FTAs during a Chintan Shivir, engaging with trade partners like the UK, EU, Peru, Australia, and the Eurasian Economic Union. The discussions included India's trade strategy, vision 2047, and new disciplines like labour and environment.
Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
DGFT conducting study to identify and align best global practices in trade finance
The Directorate General of Foreign Trade (DGFT) is exploring global trade finance practices to align with India's future needs. Over 2.5 lakh bank realisation certificates (BRCs) have been self-generated under the revamped eBRC system, boosting ease of doing business. Stakeholders emphasize the importance of data flow in export credit and aim to enhance the trade finance ecosystem in India.
SEBI considers regulatory role in crypto trading, diverging from RBI's approach. Here's what experts think
In a significant development within India’s crypto landscape, the Securities and Exchange Board of India (SEBI) has recommended several regulators oversee crypto trade nationwide.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
Chabahar brings to fore India's hidden infrastructural play
Modi government's infrastructure upgrade includes a vast network of roads, bridges, and high-speed trains. The transformation extends to invisible sectors like ports, with Chabahar Port key to India's geopolitical strategy. The International North-South Transport Corridor will boost trade with Europe and Russia, while ongoing port development supports Modi's vision of a manufacturing powerhouse.
India, Ghana agree to operationalise UPI link in 6 months
India and Ghana plan to implement UPI on GHIPSS in 6 months. JTC meeting explored MoU on Digital transformation, Local Currency Settlement, AfCFTA opportunities in Accra, led by Commerce Ministry.
US continues monitoring India's restrictions on ICT imports, raises concerns on digital trade barriers
The United States has expressed ongoing concerns about India's restrictions on the import of certain information and communications technology (ICT) products, including laptops, tablets, and servers. In its National Trade Estimate Report on Foreign Trade Barriers for 2024, the US Trade Representative highlighted issues such as politically motivated content takedown requests and complex customs procedures in India.
What was agreed at WTO negotiations in Abu Dhabi?
Despite extended talks, WTO negotiators in Abu Dhabi failed to reach agreements on major reforms. They did agree to extend a moratorium on tariffs on digital goods until the next ministerial conference, but discussions on e-commerce were stalled by countries like India and South Africa. Disagreements also persisted on dispute settlement, with the WTO's top court still hampered by U.S. opposition. No deal was reached on agriculture, particularly regarding India's push for a permanent solution on public stockholding. Fisheries subsidies, aimed at curbing overfishing, also saw no resolution.
"India has successfully delivered...": Piyush Goyal says protection for Indian farmers, fishermen ensured at WTO MC 13
Union Minister Piyush Goyal hailed India's successful navigation of critical issues at the 13th WTO Ministerial Conference, ensuring the protection of farmers and fishermen. Goyal emphasized that India achieved its expected outcomes, safeguarding these sectors from harm. He expressed satisfaction with the conference's outcomes, highlighting the welcoming of two new member countries. Goyal also stressed the importance of restoring the appellate body for resolving disputes. The conference focused on trade policies, aiming to balance economic interests and social responsibility.
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