Indian Economy : News,Discussions & Updates
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India's maize exports up 22% YoY, hit all-time high of $816.31 mn in FY22
The export of maize has touched USD 816.31 million in first ten months of the current fiscal 2021-22 (April-January), already exceeding the USD 634.85 million achieved during the last financial year
War no bar: India clears global pariah Russia’s move to invest in Indian corporate debt
Russian entities will pay for these investments through an RBI account that has accumulated pending payments for defence purchases made from Moscow.
theprint.in
This is where our humble farmers from Punjab got it totally wrong. I'm waiting to see fresh protests unfold demanding a share of the windfall the government is likely to make . @Maler ; @Cole_phelps
Can't stress the importance of this devt. enough.... We currently import around 75-80% of our API needs, from China. This is the one hyper-critical, easily weaponisable field, which the Chinese can use to give sleepless nights to hundreds of millions of Indians, in the event of any kind of Sino-Indian conflict. Still a long way off before achieving considerable self-sufficiency here, but I hear around 45+ companies are currently onto this... and its dedicated PLI has given a lot of impetus......
@_Anonymous_, @Nilgiri, @randomradio
There's no reason why within a few yrs we should cease to import completely. Technology or know how & know why isn't a barrier here only cost is .
It all began during ABVs era when the Chinese were massively under cutting prices of API & Indian manufacturing was crying hoarse asking for protection vide anti dumping norms which was totally ignored , given this was the time of grand reconciliation between India & China , where for recognition of TAR as part of PRC , the latter recognised Sikkim as part of India .
I personally know of at least 3-4 such manufacturers who either went bust or switched to other products. What began during ABVs time was completely & successfully accomplished by the Chinese during MMS's UPA-1 & here we are .
Chinese understood capital subsidy and jobs lot better than India did for 20+ crucial years....and the bulk inertia this would provide (often packaged as "competitiveness" by the neo-libs who profit from this stuff).
Frankly disgusting how badly India let this continue.
This will be a tough and slow fight on this matter this decade....hopefully forces and flows cascade for it.
There's a larger more sinister explanation to this , aside from what you've posted. Bureaucratic ineptitude & inertia , FTA's galore , neo libs like Montek Singh apart ( btw he still maintains India blundered by not signing the RCEP) , it was our considered foreign policy in those days that dictated much of our economic policy especially w.r.t China, more so around 2006 when our domestic mfg started facing the full brunt of the Chinese mfg sector, subsidies et al.
This was the time of our gang of 3 namely Shyam Saran, SS Menon & Nirupama Rao. While the first two can be described as realists even if deferential to China, the lady is frankly an idiot. Just go thru her T/L on Twitter. She's still advocating reconciliation with China without explicitly saying so. Frankly I don't understand how's it diplomats like MSA MK Bhadrakumar & her get to be part of the IFS & at least in her case get so far ahead.
So what happened in 2006 ? Those incursions which were occasional suddenly increased exponentially within that year in the backdrop of our negotiations with the US on the N deal & 123 agreement. Incidentally MSA once revealed on a news channel or print media how Bo Xilai came calling in the dead of night on MMS & Sonia , as a special emissary of Hu Jintao, apart from our foreign service mandarins during our negotiations with the US on the N deal warning us of the US trap & how we didn't face any threat from China on account of N weapons finally imploring us to abandon the deal in favor of an Asia only leadership, a phrase just now echoed by Wang Yi during his visit here & part of the SOP of China vis a vis India.
I wonder if MSA ever considered the fact that disclosing this information to a news agency would ever get people to think in what esteem did the Chinese establishment hold the Indian establishment for can you think of an MSA dashing off to Islamabad in similar circumstances if they were negotiating such a deal with the US using the same set of arguments as Bo.
Returning to 2006 , China openly questioned the accession of J&K to Indiia, declared not only Tawang but entire AP as their territory & that they shared only ~ 2500 kms border with India which implicitly meant they didn't recognize J&K as a part of India , issued stapled visas to residents of AP & J&K, denied visas to armed forces personnel who served in J&K traveling to China for joint forces exercises , etc .
You ought to check on a video of Pranab Mukherjee who was the then FM IIRC trying to avoid a direct question desperately, avoiding eye contact with journos, where the Chinese ambassador openly endorsing Beijing's position declared Tawang & AP as Chinese territory on Indian soil . Such was the state of affairs then.
That's not all. In the midst of all this, Sonia & her children got an invite from the CCP to attend the Olympics in Beijing in 2007 as special state guests which they accepted & the only foreign policy expert to criticise it then was G Parthasarathy. I don't recall anyone else saying a thing. Most , in all probability , didn't even see the salience of this visit at a time like that or if they did, they pretty much ignored it & our pliant media, dumb as usual never noticed it at all.
The foreign policy establishment then commenced on a two pronged strategy - build up infrastructure on the border areas, strengthen the IA, increase the budget, fasten procurements & in the meanwhile appease China thru the good old tributary system by allowing them free unhindered access to the Indian market while thrusting even more agreements on them which limited their ability to manoeuvre on the LAC but definitely handicapped us more given our lack of infrastructure but more importantly lack of political will to stand up to China .
I remember reading on this somewhere around 2014-15 when the first visit of Xi to India to meet Modi who'd just taken power occurred & was accompanied by the PLA ingress into Ladakh which raised a storm out here with attendant criticism of Modi accusing the government of downplaying the incident.
I can't recall the author but it had to be either Brahma Chellaney or Bharat Karnad or PKS, most likely Chellaney but whoever it was , he succinctly summed up the entire situation till date then warning that these acts of appeasements especially deferring to the PLA by castration of the IA due to lack of political will & economic dependance thru looking the other way thereby emaciating Indian industry wouldn't go unrewarded in the future as when China did develop it's infrastructure & modernised the PLA as well as the other arms , they'd re enact 1962 & this time it wouldn't be only the 1959 claim line they'd stop at but in all all certainty, it would be all of Ladakh up until the base of Siachen & Tawang.
As if on cue a few years later Doklam happened. The rest of the story is known. The best part is the entirety of our media has not yet caught on to this especially our polymath masquerading as a journalist Clutterji & his acolyte the blonde with grey hair Jo Malhotra.
The ones at The Hindu who'd definitely be aware of it, given their pedigree & the fact they they're close to Beijing would choose to look the other way.
35/53 API's that India imports from China with near 100% dependancy in this field will now be manufactured by new plants which've been set up under the PLI scheme.
That still leaves 18 API's out of the net . Hopefully they'd be manufactured too in India pretty soon.
India's merchandise exports touched a record $40.38 billion, while imports rose to $59.07 billion, a government source said on Friday, referring to provisional trade data.
Monthly trade deficit in March was estimated at $18.69 billion, according to Reuters calculations.
Merchandise exports for the financial year 2021/22 ending in March touched $417.81 billion while imports rose to $610.22 billion, the source said.
www.reuters.com
Monthly trade deficit in March was estimated at $18.69 billion, according to Reuters calculations.
Merchandise exports for the financial year 2021/22 ending in March touched $417.81 billion while imports rose to $610.22 billion, the source said.
India's March exports touch $40.38 bln - govt source
India's merchandise exports touched a record $40.38 billion, while imports rose to $59.07 billion, a government source said on Friday, referring to provisional trade data.
"For Rs 1,400 Crore, Amazon Has Destroyed Rs 26,000-Crore Company": Future
Jeff Bezos & Amazon learning the costs of confronting Reliance in it's own den.
Jeff Bezos & Amazon learning the costs of confronting Reliance in it's own den.
Exports of $400 billion may help India break into top 15 in global merchandise export ranking
While engineering goods exports went up by nearly 50% vis-à-vis last year; export of cotton, handloom products, gems and jewellery and man-made yarn/fabrics registered a growth rate of 50-60%.