Tag: india

India-EFTA trade deal: $100 billion investment and creation of 1 million jobs is legally binding, says Switzerland’s Economic Affairs Secretary

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On Sunday, India and the European Free Trade Association (EFTA) member nations—Iceland, Liechtenstein, Norway, and Switzerland—marked a significant milestone by signing the Trade and Economic Partnership Agreement (TEPA).

The agreement, the culmination of negotiations dating back to 2008, is poised to bring substantial economic benefits, including a projected $100 billion in investment over the next 15 years and the creation of one million jobs in India.

Helene Budliger Artieda, Economic Affairs Secretary of Switzerland, emphasised the legally binding aspect of TEPA, particularly in connection to market access. In the event that the EFTA fails to fulfil its commitment within 15 years after a grace and review period, India retains the right to unilaterally, partially, or temporarily revoke market access.

Expressing enthusiasm for India’s economic potential, Artieda stated that Switzerland aims to be a strategic partner to India, aligning with its ambitious goals to add $30 trillion to its GDP over the next 30 years.

“There is a massive interest for India. It’s India’s moment, it’s India’s century and if India does everything right, we want to be a strategic partner of India in your goals to add, I’m told by Minister Piyush Goyal, $30 trillion to your GDP in 30 years. So what an amazing story. And I think we’ve come at the right time to be a partner to India,” Helene Budliger Artieda stated in an interview with CNBC-TV18.

Artieda highlighted the diverse trading relationships between Switzerland and India, particularly emphasising the importance of machinery, high-precision tools, and textile machinery. Notably, India eliminated tariffs on watches and chocolates, providing Switzerland with approximately 95% of the tariff reductions. However, it was clarified that these reductions would be gradual, taking up to 10 years to reach zero tariffs.

The Economic Affairs Secretary highlighted Switzerland’s excitement about the machinery and precision tools sectors, recognising their significance for the highly innovative and technologically advanced industrial producers in Switzerland. This aligns with India’s goal of attracting investment in high-tech industries and enhancing its manufacturing capabilities.

During the negotiations, India sought the inclusion of services in the agreement to facilitate domestic manufacturing and encourage investment by Swiss companies. While Switzerland already imposed zero customs duty on most goods, India aimed for a commitment on investment to balance the trade relationship and protect its interests.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India, EFTA sign trade deal to invest $100 billion over 15 years, create a million jobs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India and four European Free Trade Association (EFTA) nations – Iceland, Liechtenstein, Norway and Switzerland, have signed a Trade and Economic Partnership Agreement (TEPA).

With the signing of a Trade and Economic Partnership Agreement (TEPA) between India and the EFTA, India is expected to get $100 billion in investment from the EFTA countries in the next 15 years and expects to generate one million jobs.

Union Commerce Minister Piyush Goyal called the agreement as the first ever for India with the Developed western world and European countries. He also said that an equitable and balanced agreement has culminated after 16 years of negotiations. The TEPA covers modern issues like IPR, environment, trade and gender and also reflects a resurgent India, according to Goyal.

India and EFTA member countries were negotiating TEPA since 2008. As part of talks, India had sought inclusion of services as part of the deal, with an aim to enable domestic manufacturing and investment by Swiss companies. While Switzerland already levied zero customs duty on almost all its goods, India had sought a commitment on investment so that the zero duty on goods could be balanced and India’s interests are protected in the bargain.

Before the TEPA was signed, the EFTA grouping had 29 free trade agreements (FTAs) with over 35 partner countries. EFTA countries are not a part of the European Union, and currently enjoy a favourable trade balance with India.

While India’s exports to EFTA countries in financial year 2022-23 were $1.92 billion, India had imported goods and services worth $16.74 billion from EFTA nations in financial year 2022-23. India and EFTA have held negotiations on several chapters including trade in goods & services, intellectual property rights (IPRs), investment promotion and cooperation, rules of origin, trade facilitation and trade and sustainable development.

EFTA member Switzerland is India’s largest source of gold imports, and enjoys a huge trade surplus with India. In financial year 2022-23, India had a trade deficit of $14.45 billion with Switzerland, with net imports worth $15.79 billion and net exports worth $1.34 billion.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

UPI now accepted in Nepal: How it works and key details

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) and Fonepay Payment Service, Nepal’s largest payment network, have announced that Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal.

Following the event at Global Fintech Fest 2023 in India in September, both entities are now fully operational and ready to facilitate QR-code-based person-to-merchant (P2M) UPI transactions between the two countries, NIPL said.

In its first phase, this partnership will enable Indian consumers to make instant, secure and convenient UPI payments across various business stores in Nepal by using UPI-enabled Apps.

Merchants acquired by the participating members of Fonepay Network can accept UPI payments from Indian customers.

Speaking on the development, Ritesh Shukla, Chief Executive Officer of NIPL, said “We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region, and we are excited to embark on this journey of transformation together.”

Expressing his confidence in the transformative impact of this innovative service, Chief Executive Officer of Fonepay, Diwas Kumar said, “I am confident that this cross-border payment solution will significantly improve economic ties, commerce, and tourism between the two nations, eventually promoting economic prosperity and progress.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Watch | India counters UN Human Rights Chief’s claims on country’s elections

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The ‘concerns’ expressed by the UN’s top human rights official over India’s electoral process are ‘unwarranted’ and do not align with the reality of the world’s ‘largest democracy,’ the country said on Monday.

At the 55th session of the Human Rights Council in Geneva, the UN High Commissioner for Human Rights, Volker Turk, expressed concern about growing limitations on civil liberties in India. Ambassador Arindam Bagchi, India’s Permanent Representative to the UN in Geneva, highlighted Turk’s remarks on the forthcoming general elections, emphasising that in a democracy, healthy debate was expected. He underscored the importance for authorities to make decisions based on facts, not influenced by propaganda.

Bagchi highlighted that India’s electoral process has been marked by a high degree of people’s participation and full faith in the electoral mandate by all. “In fact, we are privileged that many across the world seek to learn from our experience and aspire to emulate it,” he said. He expressed certainty that, as has often been the case in the past, the Indian populace will exercise their voting rights to elect a government that they feel can most effectively embody their aspirations.

India’s Statement in today’s General Debate at #HRC55 pic.twitter.com/SjrXikVAbB

— India at UN, Geneva (@IndiaUNGeneva) March 4, 2024

In his global update, Turk acknowledged India’s unique electoral scale, with an electorate of 960 million people, and appreciated the country’s secular and democratic traditions along with its great diversity. Despite Turk’s positive remarks, he also voiced concerns about ‘increasing restrictions’ on the civic space and expressed worries about hate speech and discrimination against minorities, especially Muslims, in India.

The senior Indian diplomat in Geneva stated that India’s democratic principles and constitutional values are rooted in plurality, diversity, inclusivity, and openness. He highlighted the presence of independent institutions, including a strong judiciary, dedicated to safeguarding the rights of all individuals. He emphasised that India, representing one-sixth of the global population, has been a leader in promoting and protecting human rights. He added that India’s approach is guided by its cultural ethos, which considers the world as a unified family.

Bagchi pointed out that India’s commitment to this cause was evident in its recent actions, such as aiding its allies and partners globally during the pandemic, providing disaster relief and support during crises in different nations, engaging in development projects worldwide, and its presidency of the G20 last year, during which it advocated for the concerns of the Global South.

Bagchi highlighted India’s role as a voice of reason in a world plagued by conflicts and wars, emphasizing its consistent advocacy for dialogue and diplomacy. He stressed that peace is essential for the most vulnerable to aspire to a better future, where their basic needs are fulfilled, and their human rights are safeguarded. Bagchi expressed India’s support for the renewed emphasis on addressing shared global challenges, including reforming multilateral governance structures such as international financial systems, enhancing technical assistance and capacity building, promoting sustainable development, and prioritising peace.

India is gearing up for the 2024 general elections, likely to take place between April and May. In light of this, Turk emphasised the crucial need, especially before elections, to maintain an open environment that facilitates meaningful participation from all individuals. He also commended the Indian Supreme Court’s recent ruling on campaign finance schemes, which upheld the principles of right to information and transparency.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Why Ed Yardeni recommends investing in India rather than China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ed Yardeni, President of Yardeni Research, advises investing in India as a better bet than China as it’s tough to boost an economy struggling with a property downturn.

In an interview with CNBC-TV18, Yardeni highlighted the difficulties China faces in reviving its economy amidst the property slump but anticipates further efforts from the Chinese government to stimulate growth.

“We know that from what happened in Japan, we know that from what happened in the US when we had our property depressions. It takes five to seven years to come out of it before the deflationary consequences ease off,” Yardeni noted.

China is set to unveil its growth targets for 2024 and strategies to bolster its slowing economy during its annual political gathering this week.

Also Read | Can India be what China was in the early 2000s? Insights from Manulife’s Rana Gupta

However, Yardeni said, China is an important source of global deflation bringing inflation down. So, people are looking around for economies that are still doing reasonably well and have good futures ahead of them, “and the US stands out, as does India.”

China might need more help to reach its growth goal this year. The Ministry of Finance will release its budget report on Tuesday, showing how much Beijing is willing to do to support the economy.

Also Read | China to unveil GDP target, avoid ‘Bazooka’ stimulus at meeting

China has typically kept its official deficit at or below 3% of GDP to manage its finances and avoid risks. Recently, some economists have suggested raising this limit. Last year, China increased its budget deficit to 3.8% of GDP, which many saw as a positive move.

For the entire interview, watch the accompanying video

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India expects WTO Ministerial’s outcome document to cut cost of cross-border remittances

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Remitting money from developed countries to developing and lesser developed countries (LDCs) may get cheaper if the proposal by India and many other developing countries on remittances is accepted at the 13th WTO Ministerial Conference in Abu Dhabi.

With overwhelming support on the issue of cheaper remittances by LDCs and developing countries, government sources told CNBC-TV18 that India is hopeful of seeing some positive development on the issue in the WTO outcome document. The final scheduled day of the WTO Ministerial is on February 29.

In its draft ministerial declaration, India’s submission on cross-border remittances has outlined the socio-economic need for such a move, pointing out that 78% of the total amount in remittances in 2023 went to low and middle-income countries. India’s proposal aims to reduce the cost of remittances from the current 6.18% to less than 3%, in line with the United Nations’ Sustainable Development Goals (SDGs) target.

However, government sources pointed out that the European Union (EU) has given an alternative proposal on financial inclusion, which may dilute any reform in the area of cross-border remittances.

Stating that the EU’s proposal aims to tax remittances to LDCs and developing countries and benefit financial institutions in the developed world, sources added that development-related paragraphs are also being blocked by the EU in the name of non-trade issues like labour laws and women’s participation.

As per a World Bank report, India was the highest recipient of inflows of overseas remittances in 2023 worth $125 billion, with the cost of remittances ranging between $7 billion to $8 billion.

A WTO outcome on the issue can reduce the cost and speed of overseas remittances for all developing and less developed countries. India also feels that it is unlikely that there will be any outcome on any alternative dispute settlement mechanism, as the country blocking proposals to resolve the issue, the United States, is going to polls in November this year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lilly could launch obesity drug in India by 2025, says CEO David Ricks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Eli Lilly expects to launch its obesity drug tirzepatide in India as early as next year, the US drugmaker’s CEO David Ricks told Reuters on Wednesday, February 28.

When asked about potentially partnering with others to bring the drug to the market, Ricks said the US drugmaker was “open to any way to reach more patients as long as it makes sense for the company and we can supply the market.”

The drug is sold under the brand name Mounjaro for diabetes and Zepbound for weight-loss in the United States.

India should boost patent protection, get rid of redundant policies and create a social safety net to win more investment from global drugmakers, Ricks said in his keynote address at the BioAsia conference in Telangana.

Lilly and Danish rival Novo Nordisk make highly effective and popular drugs for diabetes and weight-loss, which belong to a class of treatments known as GLP-1 agonists.

In 2023, a top Novo Nordisk official told Reuters it is targeting to bring its blockbuster weight-loss drug Wegovy in India in 2026.

The global market for these treatments is expected to reach at least $100 billion by the end of the decade, according to analyst estimates.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India ranks fourth in global measles outbreak — what’s causing it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Measles is a highly contagious viral airborne disease caused by a virus that spreads easily through the air and can lead to severe complications and death. The virus can affect any person but is most common in children, especially those below the age of five.

According to the Centers for Disease Control and Prevention (CDC), around 136,000 people, mostly children, died of measles in 2022. In recent months, there has been a major outbreak of measles in several countries, including India, with multiple cases reported daily.

As per the provisional data reported to the World Health Organization (WHO) as of early February 2024, India stood fourth among the top countries with measles outbreaks. The country reported 12,301 cases between July–December 2023. The maximum number of cases in the said period was reported in Yemen (18,464), followed by Azerbaijan with 13,721 cases and Kazakhstan (13,195).

Country                                Number of cases             

Yemen                                                  18,464.

Azerbaijan                                           13,721.

Kazakhstan                                         13,195.

India                                                      12,301.

Ethiopia                                                10,060.

Russian Federation                            7,720.

Iraq                                                        7,601.

Pakistan                                               7,027.

Kyrgyzstan                                          5,777.

Indonesia                                            3,205.

Why Measles cases are rising

One of the major reasons behind the increased risk of measles outbreaks is the COVID-19 pandemic, the CDC said. As per the available data, more than 61 million doses of measles-containing vaccine were postponed or missed between 2020 and 2022 due to delays in supplementary immunisation activities related to COVID-19.

“The COVID-19 pandemic led to setbacks in surveillance and immunisation efforts. The suspension of immunisation services and declines in immunisation rates and surveillance across the globe left millions of children vulnerable to preventable diseases like measles,” WHO states.

Last year, a report by the WHO and CDC stated that around 11 lakh children in India missed their first dose of the measles vaccine in 2022. The first COVID-19-positive case was reported in India in January 2020.

India logged as many as 40,967 cases of measles in 2022, the report highlighted.

Another reason behind the outbreak is that the measles virus belongs to the Paramyxoviridae family and is very well known for its rapid transmission, TOI reported.

A person infected with measles can potentially spread the virus to nine to 18 others, making the disease even more contagious than the coronavirus.

Symptoms

The usual symptoms of the disease begin around 10–14 days after exposure to the virus. One of its most visible symptoms is rashes on the body. Others are:

1. Running nose.
2. Cough.
3. Red and watery eyes.
4. Small white spots inside the cheeks.

The symptoms of the disease usually last five days before fading, while most of the deaths from the disease are from complications related to it.

During pregnancy, if a woman catches measles, it may result in the premature birth of her newborn with low weight.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lok Sabha elections 2024: Congress-AAP agree to share seat-sharing formula for Delhi, Gujarat and Goa

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahead of the 2024 Lok Sabha elections, Congress and the Arvind Kejriwal-led Aam Aadmi Party (AAP) announced their seat-sharing formula in the national capital and other states at a joint press conference on Saturday.

Out of the seven Lok Sabha seats in Delhi, AAP will contest four seats, while the Congress will file candidates in three seats.

The two parties are part of the Indian National Developmental Inclusive Alliance (INDIA), which was announced in July last year to take on the ruling National Democratic Alliance (NDA), led by the Bharatiya Janata Party (BJP), in the upcoming general elections.

The four seats that the AAP  contest in the national capital are West Delhi, South Delhi, New Delhi, and East Delhi. The Congress party will field its candidates from Chandni Chowk, North East Delhi, and North West Delhi, Congress leader Mukul Wasnik, said at a joint press conference.

Wasnik said that even though the two parties will fight on different election symbols, they will work to ensure success on all seven seats in Delhi.

In the last two Lok Sabha elections (2014 and 2019), the BJP has won all seven Lok Sabha seats in the national capital by huge margins.

AAP and Congress have decided to contest Lok Sabha polls separately in Punjab,  AAP leader Sandeep Pathak said at a joint press conference.

The Congress will contest both Lok Sabha seats in Goa and a lone seat in Chandigarh, Congress leader Mukul Wasnik said.

Meanwhile, AAP has already announced its candidates for two Lok Sabha seats, Bharuch and Bhavnagar in Gujarat, and the South Goa parliamentary constituency.

With just days left for the announcement of the Lok Sabha elections, the INDIA bloc has been busy holding discussions over the seat-sharing formula.

“Today the country needs a strong alternative. This alliance has been formed in the interest of the country. This election will be fought by the INDIA bloc. The BJP’s calculations will go wrong because of the alliance,” Pathak said.

Recently, Congress and Akhilesh Yadav’s Samajwadi Party announced that the grand old party would field 17 candidates in Uttar Pradesh. The Samajwadi Party and other INDIA bloc partners will get the rest of the 63 seats.

However, Kejriwal earlier announced that AAP would contest all 13 seats in Punjab.

The INDIA bloc has already lost the support of Janata Dal (United), led by Bihar Chief Minister Nitish Kumar, and Jayant Chaudhary’s Rashtriya Lok Dal. The two parties have joined hands with the BJP

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India urges nationals to stay away from conflict zone in Ukraine

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India on Friday, February 23, said it was in touch with Moscow for early “discharge” of Indians working as support staff to the Russian Army, and urged its nationals to stay away from the conflict zone in Ukraine.

The comments by External Affairs Ministry spokesperson Randhir Jaiswal came following a report that some Indians are working as support staff to the Russian Army in the conflict zone.

“We are aware that a few Indian nationals have signed up for support jobs with the Russian Army,” Jaiswal said.

He said the Indian embassy in Moscow has regularly taken up this matter with the relevant Russian authorities for their “early discharge”.

“We urge all Indian nationals to exercise due caution and stay away from this conflict,” he said.

According to media reports, several Indians have been working as security helpers in the Russian military, and they were forced to fight with Russian soldiers in certain areas along Russia’s border with Ukraine.

All India Majlis-E-Ittehadul Muslimeen (AIMIM) leader Asaduddin Owaisi had urged the External Affairs Ministry to rescue the Indians. “Sir Dr S Jaishankar kindly use your good offices to bring these men back home. Their lives are at risk & their families are justifiably worried,” Owaisi said on X.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow