KOLKATA: The year 2018 is expected to be a good year for exports on back of global trade boom, feels Ravi P Sehgal, who has taken over as the new chairman of the EEPC India, the apex organisation of the country's engineering exporters.
"The global trade is heading into a boom , as we usher in 2018 which promises to be full of opportunities and growth for the Indian exporters, making it imperative to add competitive pricing and technological strength to our exports," Sehgal said in a release issued by EEPC on Wednesday.
"The good news is that , as the IMF has outlined, that the global trade has grown at a faster clip than the overall world output growth, as the US, Eurozone , Japan and China are witnessing a resurgence in economic activity. All these markets are very important destinations for the Indian export basket, including the engineering goods , which are among the largest contributors to the country's export consignments," said Sehgal who is also the managing Director of Carnation Industries Limited.
The new EEPC India chairman said while the robust growth in world trade would be a theme in 2018, and which needs to be fully exploited by India, there is a need to be on a guard against increasing protectionism in the top economies.
"EEPC India will work actively with the commerce ministry to engage with the US, Britain and the EU to sort out any policy issues that may act as barriers to our shipments," he said.
Sehgal also said that he would seek cooperation and support from the finance ministry to immediately resolve exporters' issues relating to piling up of refunds of the GST. "We have to ensure that our exporters should not miss out any global opportunity for the sake of cash flow. This is possible only when the GST glitches are removed".
Cumulative value of Indian exports for the April-November 2017-18 period was $196.48 billion as against $175.41 billion registering a growth of 12.01%. Growth in November was even more impressive at 30% while the engineering exports increased by over 43% during the month.
Source:- The Economic Times
New Delhi: India is working towards increasing its trade and investments in the South East Asian region, especially in the hydrocarbon sector, oil minister Dharmendra Pradhan said on Wednesday.
Speaking at a conference on India-Asean strategic partnership and the Act East policy, the minister said that India was in talks with Indonesia for partnering in its oil refining industry and liquified natural gas (LNG) industries. The move, the minister said, was part of New Delhi’s efforts to step up ties with the Asean region, a rich source of crude oil and natural gas for India.
Pradhan said state-owned oil marketing firms were in the process of enhancing their retailing business in the region, adding that India had recently dispatched its first shipment of diesel to Myanmar.
Asean, India’s fourth largest trading partner, accounts for more than 10% of the country’s total trade. Foreign direct investment flows into India from this block between April 2007 and March 2015 touched $32 billion, the minister said.
Jitendra Singh, minister of state for development of north eastern region, who was also present at the event, said the government was working on a single window clearance system for trade between the North-East and Asean nations.
New Delhi will be hosting all the 10 Asean leaders for a commemorative summit marking 25 years of ties with the grouping in January. The leaders will also be chief guests at India’s Republic Day celebrations on 26 January. India is looking to play a more active role in the Indo-Pacific region and will be pushing for deeper strategic cooperation with Asean to balance the China-dominated power dynamics in the region, said two people familiar with the development on condition of anonymity.
Key issues including effectively tackling the threat of terrorism, boosting maritime security cooperation and enhancing connectivity will be the other areas of deliberations at the forthcoming summit in January.
NEW DELHI — India's software-to-steel conglomerate Tata Group and U.S. industrial giant General Electric have signed a partnership to make jet engine parts in India, the companies announced Thursday.
Under the agreement signed on Nov. 29, but not made public until Thursday, the two firms said they would build components for CFM International's LEAP engines used in commercial jets.
CFM is a joint venture between GE and French company Safran Aircraft Engines.
Tata and GE will also pursue military engine and aircraft system opportunities for the India market, the companies said in the statement.
India, the world's largest defence importer, wants to build more of its hardware in country and reduce reliance on costly military purchases.
Under a new policy, it is inviting global military manufacturers to set up shop as minority partners in India.
Under the strategic partnership model it hopes to manufacture fighter jets, armoured vehicles, helicopters and submarines locally.
Airbus Group, Lockheed Martin, Saab and the Naval Group are some of the companies eyeing potential deals, worth tens of billions of dollars, across these categories.
The government hopes these deals can boost local manufacturing, create jobs and bring key defense technologies to India.
Source:- India Abroad
NEW DELHI, Dec. 13 (Xinhua) -- India has invited the heads of state or government of all the 10 members of the Association of Southeast Asian Nations (ASEAN) to its Republic Day parade and celebrations on Jan. 26 next year, sources said Wednesday.
India showcases its military might at its Republic Day parade every year on Jan. 26, and it will be the first time ever that so many world leaders will attend the same event as chief guests with Indian President Ram Nath Kovind and Prime Minister Narendra Modi.
"The unusual step has been taken to commemorate the 70th year of India's independence from Britain as well as the 25th anniversary of India-ASEAN ties. And a day before, that is Jan. 25, Delhi will host the India-ASEAN Special Commemorative Summit," sources said.
In principle, all the ASEAN leaders have accepted India's invitation to attend the Republic Day parade on the iconic Rajpath overlooking the Rashtrapati Bhawan (presidential house) in the heart of the national capital, sources added.
India's ties with ASEAN countries have been on an upward trend, particularly in the areas of trade and investment.
While investment from ASEAN to India has been over 70 billion U.S. dollars in the past 17 years accounting for 17 percent of India's total foreign direct investment, India's investment in the bloc during the same period was more than 40 billion U.S. dollars.
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam are the 10 members of ASEAN.
Source:- Xinhua Net
Many of the cargo containers passing through India's busiest port in Mumbai have a small piece of Japan Inc. attached: Devices from NEC Corp. that can be tracked as the containers rumble through the interior of Asia's third-largest economy.
The partnership between NEC and the port illustrates the strengthening relationship between Tokyo and New Delhi. Japan is seeking growth markets, while India craves advanced technology and foreign investment. The leaders of both countries, Shinzo Abe and Narendra Modi, are also working to counter the growing regional influence of China -- an important economic partner to both but also historically a rival.
"We have the two largest democratic economies in this region, we respect international rules, openness and transparency -- these are basic principles that we share," said Kenko Sone, a former head of global communications for Abe who now serves as minister of economic affairs at Japan's embassy in Delhi.
With a young and growing population now at 1.3 billion people, India offers an enticing market for Japanese companies, as well as affordable labor for manufacturers looking even further west to Africa and the Middle East for new markets. India needs an estimated $1.5 trillion in infrastructure investment in just the next 10 years to help modernize its economy and lift more of its people out of poverty.
Japan is pouring money into India. Lending for development, particularly infrastructure, has grown nearly sixfold since 2001, totaling 366 billion yen ($3.2 billion) in 2015, the most recent year for which data is available. The two nations are working together on infrastructure projects that include the $100 billion Delhi-Mumbai Industrial Corridor and a Japanese bullet train to run between Mumbai and Ahmedabad in Modi's home state of Gujarat.
Foreign direct investment by Japanese companies has also soared, reaching $3.7 billion in 2016, its second-highest level ever. Though it slipped this year, over the past decade it has totaled $25.8 billion, a nine-fold increase over the previous 10-year period. Japanese manufacturers have flooded into auto clusters in Haryana and Rajasthan near Delhi, and into western Gujarat and southern Chennai.
India's young population is an attraction for Suzuki Motor Corp., majority owner of India's biggest car maker, Maruti SuzukiBSE -0.25 % India Ltd. The company makes about 1.5 million cars a year in India, but aims to produce 2 million annually in 2020, according to Satoshi Kasukawa, a Suzuki Motor spokesman.
"India's population is pyramid shaped, and it's possible for us to provide entry cars to young people," Kasukawa said.
Japanese manufacturers are increasingly using India to make products destined for other emerging countries. Many of Japan's major automakers are already selling India-made vehicles in Africa, while Hitachi Construction Machinery Co. has started distributing its machines in Africa after a joint venture with Tata Group went well, according to the Japan External Trade Organization.
With Abe fresh off an election victory and Modi predicted to win a second term in 2019, the alliance between the two countries is expected to grow for years. Political stability in both Japan and India gives the two nations confidence to build deeper economic ties while strengthening the strategic relationship, Japan's Sone said.
The two countries are also attempting to rival China's ambitious Belt and Road Initiative, creating the Asia Africa Growth Corridor in an attempt to grow export markets. Modi and Abe launched the initiative at a meeting of the Asian Development Bank in May 2017 -- shortly after China hosted various countries at a Belt and Road forum in Beijing.
Japan also hopes to sell defense technology, perhaps including Soryu submarines, to India as Modi tries to modernize his country's aging, largely Soviet-era military equipment. They have also stepped up military cooperation, with Japan joining the annual Malabar naval exercises with India and the United States in the Bay of Bengal, designed to protect "shared interests" in the region.
"India and Japan are in a sense front-line states of a rising and more assertive China," said Manoj Joshi, a distinguished fellow at the New Delhi-based Observer Research Foundation think tank. "The U.S. is an ocean away, the Europeans even further. Both know that by themselves they are not sufficient to balance China, but together they do not look all that bad."
Source:-The Economic Times