New Delhi, 12th February, 2018 (WAM) – The UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US Dollar or any other foreign currency and trade directly in UAE Dirhams and the Indian Rupee.
The agreement will mean large savings for business communities on both sides as trade between the UAE and India soars to new highs.
India’s Ambassador to the UAE, Navdeep Suri, said that this is in addition to the agreements and memoranda of understanding which were signed during Prime Minister Narendra Modi’s just-concluded two-day visit to Abu Dhabi and Dubai.
"There were two other agreements that have been finalised. One is a currency swap agreement where India and UAE – it is an agreement between the two Central Banks – and the agreement has been completed and it is going to be exchanged through letters. Under this, businesses from the two sides will be able to trade directly in Rupees and in Dirhams and not have to go through US Dollars which means that there is a saving for business community. It makes trade between the two countries more competitive," Suri said while reviewing Modi’s visits to the UAE, Jordan and Palestine along with India’s new Foreign Secretary, Vijay Gokhale, for Indian reporters.
Although the Dirham has a fixed peg to the US Dollar, the currency swap agreement between the UAE and India could favourably impact trade between the two countries as the Trump Administration in the US cements further an expansionary fiscal policy and the US Federal Reserve considers rate hikes.
The impact of US policies on the Indian Rupee would be greater and favourable to trade with the UAE since the Indian currency’s value is not pegged to the US Dollar but is determined by a basket of currencies.
The rationale for the currency swap agreement is evident from UAE-India trade figures. From a mere $182 million in 1982, the current level of bilateral trade amounted to about USD 53 billion, according to a joint statement released at the end Modi’s visit.
Another agreement which has been finalised and will be signed this week is "between the Financial Intelligence Units which commits both countries to work more closely together in money laundering, in preventing money laundering that takes place," Suri said.
About this agreement, the joint statement said "the two sides welcomed the finalisation of an MOU on cooperation in the exchange of financial intelligence related to money laundering, associated predicate offences and terrorist financing."
Source:- Emirates New Agency
The newly-launched Manchester- India Partnership (MIP) aims at connecting Indian companies with northern England to further trade, investments, science and innovation cooperation between the two nations.
The MIP is a public-private initiative designed for building closer ties between Manchester and India encompassing the full scope of country-to-city ties, including trade, investment, science and innovation, connectivity and culture.
"A major target of the MIP will be to encourage direct air connectivity between the two countries to further broaden the existing economic and cultural links, with the Manchester airport, which is the sixth largest European gateway to India," Manchester airport chief executive Andrew Cowan said.
Addressing the India-UK Createch summit that celebrates and explores the convergence of creativity and technology,held here recently, he said, "we are having discussions with the government of India, and a number of airlines have shown keen interest in direct flights between Manchester and India."Meanwhile, many English companies have shown keen interest to invest in India and have signed 58 million pounds worth of commercial deals in technology and creative sectors during the summit.
"Britain has shows its world-leading capabilities in the creative and tech sectors, while continuing to build strong ties with the fast-growing Indian economy.
"Over 60 British companies have travelled to India during this month-long celebration of Createch and met hundreds of Indian companies," British minister trade and export promotion minister Baroness Rona Fairhead said.
Addressing the summit, she said the discussions held at the summit demonstrate "our commitments to continuing to forge creative, new technology-led partnerships between Britain and India."
As an economic success story, the creative industries contributed 92 billion pounds to the British economy in 2016 and employed over 1.9 million.
Britain is the largest investor among the G20 nations in India and India is the fourth largest investor in England, she added.
Around 1,000 delegates from film, advertising, healthcare, industrial design, music, gaming and immersive technologies sectors attended the summit and have entered into commercial deals worth 58 million pounds.
Some of the top such deals include those inked by the Producers Guild of India with the Producers Alliance for Cinema and Television of England.
Source:- Money Control
Home Minister Rajnath Singh today hailed India’s youth for taking the country forward among the global leaders. Speaking at the Foundation Day ceremony at MJP Rohilkhand University in Bareilly, the senior BJP Minister said that India has majority of its population in the under-35 age category which possesses the power of taking it forward in the world. “Bharat ek aisa desh hai jo yuva shakti mein dhani bhi hai aur bhaagyashaali bhi. Humaare desh ko aage leke jaane ki urja jo hai woh humaari 2/3rd janta mein hai (India is a nation thatg is very rich in the power of youth and is also very lucky to possess it. Two-thirds of the population of the country has the energy to take the country ahead),” Union Home Minister Rajnath Singh said in Bareilly.
He added that India is touted as the fastest growing economy by every leading agency in its ratings. “Bharat ki tasveer poori duniya mein fastest growing economy ki tarah dekhi jaa rahi hai. Lekin kuch taakatein aisi hain jo isse kharaab kar rahi hain. Duniya ki saari agencies maanti hain ki India is the fastest growing economy of the world (India nis being seen as a fastest growing economy in the world. But, some powers are trying to tarnish India’s image. All the major agencies believe that India is the fastest growing economy of the world),” Home Minister Rajnath Singh said at the Foundation Day event of the university. The Home Minister lauded the efforts of the people who have reached greater scales in the arena of science and technology. He said that none of the countries have been able to reach that level.
Home Minister Rajnath Singh graced the 44th Raising Day function of Rohilkhand University in a grand manner today. He reached the University at 11.30 in the morning and inaugurated the 147-ft Tricolor flag. In addition to this, he also launched three projects. He was also joined by Union Minister Santosh Gangwar, Bareilly Mayor Dr Umesh Gautam. Rohilkhand University was turned into a fort for security arrangements of Rajnath Singh’s visit for the Foundation Day celebrations. In the program, more than 2000 thousand people, including NCC, NSS volunteer, students of the University, teachers were present.
As Prime Minister Narendra Modi is scheduled to inaugurate the longest container terminal in the country at Jawaharlal Nehru Port (JNP) on February 18, India is all set to take a giant step forward in terms of enhancing its containers handling capacity.
The first phase of terminal four is complete and this will add a capacity of 24 lakh containers per year, the most for any government-run Indian port.
Modi's inauguration of the first phase of container terminal four comes almost two and half years after he laid its foundation stone in October 2015. The one km long terminal will be able to dock mother vessels and handle the biggest container ships. It can handle three container ships at one go.
Source:- India Today
The State government has set a target to become a $1 trillion economy by 2025 from the current $400 million, Chief Minister Devendra Fadnavis said at the ongoing Magnetic Maharashtra Convergence 2018 global investors summit on Monday.
The existing members of the sub-nation $1 trillion club include England; Greater Tokyo; California, Texas and New York in the U.S.A.; and Jaingsu, Guangdong, Shandong in China.
Reaching there quick
Unveiling his vision for the ambitious target, Mr. Fadnavis said, “Maharashtra can be a $1 trillion economy by 2025, growing at a rate of 15.4%. Even if we grow at the current rate of 9.4%, we can still be a $1 trillion economy by 2029, but we want to achieve it four years earlier by accelerating the growth of the services sector.”
He said the services sector currently constitutes 59% to the State’s economy, while agriculture and industry sectors constitute 11% and 30%, respectively. “But we have to change this. By 2025, the services sector must grow from 59% to 67%, while the contribution of industry must come down to 27% and agriculture to 6%.”
Mr. Fadnavis said underpaid jobs in the agriculture sector should be converted into well-paid jobs in the services sector by enhancing the skills of people.
“We have to shift to a service sector economy. We need to go for employment-led growth. The digital economy has more potential for growth and it will soon cross the material economy. There are more jobs and opportunities in the digital economy and it will help us leapfrog into a $1 trillion economy,” the Chief Minister said.
The government has created policies to promote a digital economy, he said. The focus is on creating human resources for artificial intelligence and machine learning. The State is also setting up IT- and ITES-integrated cities to promote startups and create a conducive ecosystem.
He said the State has focused on high growth sectors such as clean energy, electric vehicles, robotics, aerospace and defence technologies.
The ease of doing business in the State has been helping it attract more foreign direct investment (FDI), and Maharashtra accounted for 51% of the FDI that came to India last year, according to the Chief Minister.
The government is improving connectivity between the underdeveloped areas of the State and JNPT to boost exports and faster movement of cargo. The dedicated prosperity corridor between Mumbai and Nagpur will take the State 20 years ahead, Mr. Fadnavis said. Plans are under way to set up 25 multi-modal logistics parks in the State. The infrastructure projects outside Mumbai are geared towards removing regional disparities, Mr. Fadnavis said.
“All this will help us join the $1 trillion club. And with this, we can contribute $1 trillion to the Prime Minister’s vision to make India a $5 trillion economy,” he said.
The Chief Minister’s preference for the service sector over manufacturing attracted criticism from Mahindra & Mahindra managing director Pawan Goenka.
“I see no reason why manufacturing will not grow more than the services sector. We should outperform [the service sector],” he said. “We must re-skill in future to ensure manufacturing growth, because the skill set required in the future will be different.” He said Maharashtra has a natural advantage for manufacturing because of the large consumption base in the State.
Source:- The Hindu