Shipping goods to and from Mumbai and Jawaharlal Nehru (JN) ports located just a few nautical miles apart on the western coast will be hit for at least a week after a collision between two ships on Saturday led to cargo containers toppling into the channel, besides leading to an oil spill.
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Trade ministers from India and the ten south-east Asian nations will meet in Vietnam later this month to speed up negotiations so that an agreement could be signed on services during the India-Asean summit in October.
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Industry bodies including FICCI, CII and Assocham have reacted strongly to US senator Charles Schumer's comments on Indian IT giant Infosys saying the remark is not only uncalled for but unacceptable to India Inc.
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Yields have fallen by 10-20% over the last 25 years in some locations.
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Political tension notwithstanding, Pakistan is keen to improve economic and trade relations with India.
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Exports from the 27-member European Union (EU) to India shot up by 28% to 10.6 billion euro in the period January-April 2010 from 8.3 billion euro in January-April 2009 according to EuAsiaNews.
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The wait is now over for the US investors, who want to bet on the Indian stock markets, with the Chicago Mercantile Exchange starting the trade in Nifty Futures from Monday. The Chicago Mercantile Exchange (CME) is introducing two new contracts — E-mini and E-micro S&P CNX Nifty (Nifty 50) Futures — designed to access the Indian market opportunities.
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Indo-German bilateral trade, which witnessed a decline in 2009, is likely to recover this year despite the ongoing crisis in the European Union.
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India is all set to sign a Comprehensive Economic Cooperation Agreement (CECA) with Malaysia by 2010-end. The agreement is expected to be signed when PM Manmohan Singh visits Malaysia later this year. The CECA will enhance the flow of trade and investment between these countries and ensure easier movements of professionals.
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Bilateral trade between India and France is expected to rise with French firms starting to supply nuclear reactors and participating in Indian infrastructure and other projects, French Ambassador Jerome Bonnafont said.
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African and Indian companies will meet this year at the Southern African International Trade Exhibition (SAITEX) to further cement trade relations between the two emerging economic powers. SAITEX, the largest international trade show in Africa, takes place at Gallagher Convention Centre in Midrand, near Johannesburg from 25 to 27 July 2010.
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India and Iran are close to firming up a bilateral investment protection treaty to boost investments and trade between the two countries, visiting Iranian ministers said.
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The Minister of National Economy of Oman, Ahmed bin Abdul Nabi Macki said that Oman's future expectations are to focus on activating and increasing bilateral trade significantly between India and Oman and encourage reciprocal investments as well as exert efforts to foster joint ventures covering major investment projects.
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India and Bangladesh will soon set up 'haats' (markets) along their international border in the northeast to boost local business and trade between the two neighbours, officials said here Monday.
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By accounting for over 14 per cent of Dubai's imports, India was its largest trade partner in the first four months of this year, figures released Sunday show.
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Sri Lankan government is intending to extend its economic ties with India, by signing a new trade deal, once concerns are addressed. This new initiative has come after 10 years of the first free trade agreement, which was signed with the neighbour, averred a government minister.
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India will add 20 million hectares to its forests in the next 10 years to help tackle the impact of climate change in a "big way", Union Forest and Environment Minister Jairam Ramesh said Friday after unveiling the ambitious Green India Mission in Guwahati.
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India’s joining the international action against Iran, including the fourth round of United Nations’ sanctions imposed last week, do not seem to be correlated to the growing economic relations between the two countries. Trade between India and Iran has increased from $2.2 billion in 2000-01 to over $13 billion in 2008-09.
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Lack of progress in remediation of the Union Carbide's pesticide plant site in Bhopal is an "impediment" to improving trade and investment between India and the United States, says the U.S-India CEO Forum.
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With bilateral trade between India and South Africa pegged at $7 billion at present, the two countries look to achieve the target of $10 billion by 2012, said the Union Commerce Minister, Mr Anand Sharma, at the India-South Africa CEOs Forum attended by the South African President Mr Jacob Zuma.
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Although Governments of India and Sri Lanka have shown keen interest in expediting their mutual trade pact, the Comprehensive Economic Partnership Agreement (CEPA) is likely to get delayed after local business leaders have expressed grave concerns over its impact on Sri Lankan economy.
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India on Friday impressed upon important WTO members, including the US, that reaching a multi-lateral agreement for opening the trade is essential to strengthen the global economic recovery.
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Diplomats of the Association of Southeast Asian Nations (ASEAN) will soon visit the northeastern states to explore possibilities of promoting tourism and trade, officials said here Monday.
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The country's agriculture sector recorded the lowest growth in five years, at 0.2 per cent, in fiscal year 2009-10 due to widespread drought.
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To facilitate trade and economy and for trans-border passengers, India is building six integrated customs check posts (ICCP) along its border with Bangladesh, Pakistan and Nepal, said A.E. Ahmed, secretary (Border Management) in the Home Ministry during his visit to the state recently.
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India's overseas trade is dominated by the US dollar and the greenback will naturally remain a major component of India's foreign exchange reserves, Reserve Bank of India (RBI) deputy governor K C Chakrabarty said today.
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Minister for forests and environment Jairam Ramesh believes India is building an important link between climate change and biodiversity by creating an Indian version of the IPCC.
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India and Asean are going to start discussions on including services in the ambit of the free trade agreement (FTA) when senior trade officials from the 10-member block visit New Delhi next month.
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India and Thailand are likely to restart talks on a full-fledged free trade agreement including goods, services and investments. Talks on an FTA were suspended after the two sides implemented a limited agreement involving just 82 items six years back.
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Finance minister Pranab Mukherjee evoked from history two visions of their future before business leaders from Indian and Pakistan at the Aman Ki Asha Indo-Pak Business Meet on Tuesday.
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By formally declaring their willingness to take the European Union (EU) to the World Trade Organization’s (WTO) dispute settlement court last week, India may be using the looming legal dispute as leverage to control the free trade (FTA) negotiations which have hit a snag on social issues.
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Trade between India and China is expected to touch the $60-billion mark by the end of this year, said a news report , citing Chinese Consul General Wang Donghua. "There could be some disputes between the two countries, but I am optimistic that it would not affect trade relations between us," he was quoted as saying.
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India and Brazil launched a trade dispute against the European Union and the Netherlands on Wednesday over the seizure of generic medicines in transit.
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Long-running Doha trade talks need to be pushed forward to help the world economy emerge from the global economic crisis, the head of the World Trade Organization (WTO) said on Sunday.
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The government will consider next month a proposal for setting up the country's first financial services sector special economic zone (SEZ).
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The Indian Railways is on the verge of running into a cash deficit with its gross traffic earnings for 2009-10 showing a fresh shortfall of Rs 1,700 crore.
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A 10-year study by Chinese scientists on the long-term impact of Bt cotton shows an increase in a class of cotton pests traditionally considered minor or relatively harmless to Bt cotton.
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Donor countries on Wednesday pledged a record $4.25 billion over the next four years for the Global Environment Facility, the world’s largest public green fund that helps developing countries tackle climate change.
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India and Singapore are aiming to double their bilateral trade to $32 billion in the next five years, Commerce Minister Anand Sharma said here Tuesday.
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Bilateral trade between India and China is expected to touch the $60-billion mark by end-this year, a senior Chinese diplomat said on Thursday.
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India has chosen to play down the comments of a key US official who held it responsible for holding up an agreement at the World Trade Organisation along with China and Brazil.
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Australia and India are to push ahead with negotiations on a free trade agreement that is expected to help Canberra balance its increasing reliance on trade with east Asia, particularly China.
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India’s greenhouse gas (GHG) emissions rose by 58 per cent between 1994 and 2007 with the energy sector contributing over half of the emissions, a new government report said.
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More than forty-five non-governmental organizations (NGOs) have voiced concern over the involvement of the World Health Organization (WHO) in the issue of "counterfeit" medical products, which they said will have adverse consequences for access to affordable medicines while also failing to address the very real problem of proliferation of pharmaceuticals with compromised quality, safety and efficacy.
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Both India and Brazil on Wednesday have taken the first step towards raising a dispute at the World Trade Organization against the European Union and Netherlands over the seizure of generic medicines by customs authorities in EU member-countries, while the medicines are in transit to other developing countries.
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China would have been left completely isolated at last December's climate summit in Copenhagen, if it had not been for India's backing, Minister of State for Environment and Forests Jairam Ramesh has said.
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India today sought recognition of its professionals, such as doctors, nurses, accountants and architects, in Singapore even as the two countries set a target of doubling their $16-billion trade in the next five years.
Commerce ministers from the two countries launched the second review of the India-Singapore free trade and services agreement, officially known as the Comprehensive Economic Cooperation Agreement (CECA).
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Environment Minister Jairam Ramesh faces flak back home for his support to boosting trade with Beijing, the Chinese media has come out in his favour pressing for removal of "needless restrictions" on country's investment in India.
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India's trade deficit stood at $7.83 billion in March and at $102.1 billion in the 2009/10 fiscal year, the government said in a statement on Monday.
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The trade association of the South Asian countries has asked Islamabad to grant most-favoured nation (MFN) status to India, which would not only bring down the cost of imports, but give Pakistani exports an access to the vast Indian market.
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A little over two weeks after European Union (EU) authorities rejected a 52,000-tonne export consignment of Indian grapes worth Rs 300 crore, the issue is yet to be resolved.
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India Inc expects the economy to grow by 7.5 to 8.5 per cent during the current fiscal fuelled mainly by rising capital investment and expanding exports, a CII survey has said.
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Bilateral trade between India and Brazil is expected to cross six billion dollars this year, the Brazil-India Chamber of Commerce has said.
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Australia took a significant step on Monday towards inking the free trade agreement (FTA) with India by assuring the UPA government that the Kevin Rudd administration would take into account India’s concerns in agriculture in the trade agreement.
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Opening up of JETRO Office in Chennai would further strengthen the bilateral trade and economic cooperation between India and Japan said H.E Mr Masayuki Naoshima, Hon'ble Minister, METI, Japan in his special address at the Session on ‘India – Japan Cooperation' & Inaugural Ceremony of JETRO Office in Chennai, organised by the Confederation of Indian Industry (CII) in association with Japan External Trade Organisatin (JETRO).
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India is planning to drag the European Union to the World Trade Organisation (WTO) independently of Brazil, despite claims made by the EU that it was changing its customs regulations to prevent seizure of drugs exported by India while in transit to third countries like Brazil and Nigeria.
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India is lobbying hard with EU members to block a legislation that will make it tougher for the country’s pharma companies to export medicines to the 27-nation grouping.
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The United States Patent and Trademark Office (US PTO), which along with the US Embassy in India had tied up with multinational pharmaceutical company Pfizer in holding meetings across the country last year pushing a TRIPS-plus agenda, has expressed regret over the US PTO's alliance with a private company for conducting such meetings in India.
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While all eyes are on a possible meeting between Prime Minister Manmohan Singh and his Pakistani counterpart on the sidelines of the 16th SAARC summit, the foreign secretaries of the eight-member regional grouping began their meeting in Thimpu on Sunday to consider the fineprint of two draft agreements on trade and environment expected to be signed at the summit on April 28-29.
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The government will soon move a proposal for a 550-km-long road along the India-Nepal border to promote trade between the two countries, Home Minister P Chidambaram said in Pantoka, Bihar on Saturday.
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India's monsoon forecast is optimistic, K.C. Chakrabarty, one of the deputy governors at the Reserve Bank, said on Monday.
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Emerging economies, including China and India, were given a greater voice at the World Bank, as member nations approved a slight shift of voting shares in favour of developing countries, while agreeing to raise more money for global aid.
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Environment ministers of the BASIC bloc -- Brazil, South Africa, India and China -- have said that a legally binding global agreement to limit climate change needed to be completed by 2011, noting that the world could not wait indefinitely for the US to finalise its legislation on the issue.
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Driven by an estimated 8.4% growth in the fourth quarter, the economy is expected to grow by 7.1% in the just-concluded fiscal and by a robust 9.2% in the current financial year, the leading economic think-tank CMIE has said.
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Wholesale price-based inflation remained below the psychological two-digit scores inching up marginally to 9.9% in March from 9.89% in the previous month.
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Potential for trade between New Zealand and South Asia is "enormous", says a new report from the Asia New Zealand Foundation.
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Bangladesh has called upon India to make good its commitments to freer trade, and remove barriers that have created a significant trade imbalance favouring Indian exports.
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India will launch a formal dispute against the European Union (EU) at the World Trade Organisation (WTO) over EU seizures of Indian generic drugs, a senior trade ministry source said on Tuesday.
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Officials from India and Japan have resolved several stumbling blocks to their proposed free trade pact, raising prospects for its signing in 2010.
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India is poised for an economic growth of 8.2% in 2010 but rising inflation will remain a concern, the Asian Development Bank (ADB) said in a report.
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The proposed free trade agreement (FTA) between India and Israel would boost trade and economic ties, Ambassador of Israel to India Mark Sofer said today.
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Canada will be important country in nuclear cooperation with India; Roy McLaren, Chairman, Canada-India Business Council, Former International Trade Minister of Canada
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A host of public interest, health and patients groups in India have urged US president Barack Obama to immediately cease the activities of United States Patents and Trademark Office
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South Korea's trade with India has almost doubled since a free trade deal went into effect Jan 1, the Korea Customs Service said Tuesday.
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US Treasury Secretary Timothy Geithner has begun his first visit to India since assuming office.
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The Netherlands today called for increased cooperation with India in the fields of automobiles and agriculture besides further strengthening the bilateral economic ties.
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The sharp appreciation of the rupee has caught exporters on the wrong foot, as many of them kept their positions open or partly covered. Garment exporters, for instance, only partly hedged their positions (10-30 per cent), leaving the bulk of these open.
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Reduce luxury and service taxes on tourism that account for 40–45 per cent cost of the average tour package for foreigners, industry chamber Ficci has demanded ahead of the Great Indian Travel Bazaar-2010, starting April 11.
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The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged the government to exempt companies from paying service tax on marketing and sales promotions in rural areas.
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As for telecom, Airtel is not the first Indian entrant to the African market as Essar has already launched its YU brand in Kenya and is planning to be a pan-African player. Telephone density ranges from 14 percent in Congo to 123 percent in Gabon though most countries are in the lower ranges. In the consumer goods sector, Marico has already acquired a hair products brand in Egypt while Godrej has bought Tura, a soaps and lotions brand that is a household name in Africa.
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External Affairs Minister S.M. Krishna will discuss the key issues with China, including the boundary issue, issuing of stapled visas to Indians from J&K and bilateral relations, during his four-day visit to China, which begins today.
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US Treasury Secretary Timothy Geithner will try to strengthen bilateral ties with India during talks in New Delhi this week, but his visit may be overshadowed by Washington's tense relationship with China.
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Ahead of the unveiling of the new foreign direct investment (FDI) policy, industry lobby ASSOCHAM has urged the government to remove excise and local levies on exports and set an achievable shipment target for the next fiscal.
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Government on Wednesday announced incentives worth Rs 625 crore for exporters of garments, engineering, electronics and agro products even as the country’s merchandise exports rose by an impressive 34.8 per cent growth in February at USD 16.09 billion.
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Blamed by his Cabinet colleagues, particularly surface transport minister Kamal Nath, of stalling projects, environment minister
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The country's current account deficit rose by $2.8 billion to $30.3 billion during April-December 2009 over the same period last year, mainly on account of the global financial meltdown that hit exports and other inflows, the Reserve Bank of India (RBI) said today.
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Government will raise the prices of petrol by 1.1% from Thursday in major cities that will migrate to Euro IV-compliant fuel, a government official said, to help oil firms recover investment made for plant upgrade.
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Malaysia and India are on track to sign the Comprehensive Economic Cooperation Agreement (CECA) to boost bilateral trade, the former's trade and industry ministry has said, amid officials readying for a third round of talks beginning here tomorrow.
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A visiting Chinese industry delegation got off to a contentious start as Indian industry representatives complained about the gross "imbalances" in Indo-Chinese trade.
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The move by India's top telecom player Bharti Airtel to acquire the African assets of Kuwait's Zain marks the biggest foray of a domestic company into the continent. The landmark deal, estimated at $10.7 billion, raises the level of Indian investments in Africa to $16.7 billion.
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Himalayan glaciers retreated by 16% in the last nearly five decades due to climate change, investigations by India’s scientists in selected basins in four states has revealed. The retreat of Himalayan glaciers and loss in a real extent were monitored in selected basins in J&K, Himachal Pradesh, Uttaranchal and Sikkim, under a programme on space-based global climate change observation by Indian Space Research Organisation (Isro).
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In a strongly worded article published on the Guardian website, Rajendra Pachauri, the chairperson of the UN-sponsored Intergovernmental Panel on Climate Change (IPCC), has hit out at those in "positions of power and responsibility" who are trying to portray "dedicated scientists as climate criminals".
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Commerce and Industry Minister Anand Sharma today expressed confidence that the size of Indian economy is likely to double to USD 2.5, trillion by 2015.
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India has expressed optimism that two-way trade with Pakistan can exceed its "rather unsatisfactory" current level by ten times despite the deadlock in bilateral relations post 26/11 Mumbai terror attacks.
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Minister for Roads and Transport Kamal Nath said here that the next decade will be the "decade of infrastructure" in India and invited Canadian investors to participate in it.
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Singapore companies "have much to offer" to India in developing of special economic zones (SEZs), according to the City-State's Trade and Industry Minister Lim Hng Kiang.
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The U.S. has called upon India to open up its markets and further liberalise trade policies in order to strengthen bilateral ties. Speaking at a conference organised by the Asia Society here on Saturday, Assistant Secretary of State Robert Blake mentioned four areas where India should change its laws to make the market more open and receptive to foreign capital: increasing the cap on foreign direct investment, reducing agricultural import barriers, lowering barriers to infrastructure development (by developing a long-term debt market and removing local content requirements) and reducing regulatory barriers to business.
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The Reserve Bank of India (RBI) is likely to take tougher action than Friday's revision in its key policy rates if headline inflation aggravates, says chief statistician Pronab Sen.
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Developed countries with big budget deficits must start now to prepare public opinion for the belt-tightening that will be needed starting next year, the No. 2 official at the IMF said on Sunday.
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India is ready to file a case against the EU's Customs regulations at the World Trade Organisation, as talks have failed to resolve the issue of wrongful confiscation of Indian generic medicines at European airports, a government official has said. India has all its documents required for filing the case ready and is now awaiting approval from the Brazilian authorities before it jointly approaches the WTO.
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In a bid to tame the price rise by sucking excess money out of the system, the Reserve Bank of India Friday hiked two major policy rates by 25 basis points each, a move that industry said could impact growth.
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Public interest groups in other countries like Thailand have joined the similar groups in India in their campaign against the proposed the Free Trade Agreement (FTA) between India and European Union (EU), holding that it will have an impact on the access to medicines across the globe.
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India is the second largest growing economy after China, but it will overtake its neighbouring country by 2018, the Economist Intelligence Unit (EIU), the research arm of London-based Economist magazine, said Tuesday.
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India's economy is rebounding strongly from the effects of the global financial crisis and conditions are now in place for a gradual tightening of monetary policy to anchor inflation expectations, the International Monetary Fund said in its latest Article IV consultation paper issued Wednesday.
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India's strategic location in the Indian Ocean and proud martial traditions will make it a dominant player in South Asia and the Middle East in the next 25 years, a Pentagon report has said.
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The environment and forests ministry (MoEF) plans to launch a National Green Tribunal along with a network of specialised environment courts across the country, which could be crucial in tackling India's deteriorating environmental record.
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India-Pakistan trade has been reduced to a trickle with traders reluctant to travel across the border in view of the heightened tensions between the two countries and heavy security checks that goods are subjected to on both sides of the border.
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India's problem is not lack of knowledge but the lack of successful transition from research-based knowledge to sustainable commerciality, Union minister for environment and forests Jairam Ramesh said.
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The Reserve Bank of India (RBI) has signed an agreement with the International Monetary Fund (IMF) under which it would purchase upto $ 10 billion in IMF notes that would boost the multi-lateral institution's lending capacity to help its members weather the global financial crisis.
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India is among the world's top three preferred investment destination, but equity caps limit the size of potential inflows, according to a Columbia University report.
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A proposed bilateral trade agreement between India and Indonesia has been put in cold storage as the Southeast Asian nation expressed its inability to resolve domestic opposition to such a pact. A joint study group set up by the two countries had strongly favoured a comprehensive bilateral trade agreement.
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The government plans to create an inter-ministerial body to resolve contentious scientific issues on the impact of global warming on India.
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India's trade with the Arab countries dropped to Rs.6 trillion ($120 billion) during 2008-09 from Rs.7.9 trillion in the previous year, parliament was informed Wednesday.
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The Reserve Bank today said the government borrowing for the next fiscal is unlikely to pose any major challenge to it, provided it remains within the budgeted target. "We don't expect the government borrowing requirements to be a huge challenge...(however) there is risk if private sector demand and government borrowing requirement go up more than expected, and capital inflows also become lower than expected. These are among the risks we have to keep a watch on," RBI deputy governor Subir Gokarn told reporters here.
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South Asian countries, including India, should reduce visa restrictions, non-tariff barriers like product quotas and improving customs procedures to boost private sector-led growth and unlock the region’s vast economic potential, says a study.
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With the revival of economy in Europe, the Indo-German bilateral trade is expected to double over the next 10 years from about $20 billion currently.
"We expect the bilateral trade between India and Germany to double in the next 10 years... The trade between the two countries has increased at an exponential rate in the last few years, though it was affected last year due to global financial crisis," German Ambassador to India Thomas Matussek told PTI.
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India and the US are set to significantly expand bilateral trade in strategic and high technology areas after a meeting in Washington next week of the India-US High Technology Cooperation Group (HTCG), its first since President Barack Obama took office.
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South Africa will pit its tourism minister Marthinus van Schalkwyk against Indian environment secretary Vijay Sharma for the key post of UN's climate change chief.
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After Finance Minister Pranab Mukherjee altered duties on auto fuels to raise revenues, the Oil Ministry is pressing for new ways to compensate state-owned retailers for losses they suffer on selling fuel below cost price.
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India's export of engineering goods grew by over three per cent to $2.84 billion in January 2010 compared to the year-ago period on improved demand from the US and European markets.
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Capitalising on the investor friendly climate that the government has generated by the way of a progressive Budget and other economic policies, newly-elected FICCI President Rajan Bharti Mittal said his chamber will join forces with the government to stretch out to the global community to hardsell India as a prospective FDI destination and encourage Indian MNCs to invest abroad.
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Government today said the Copenhagen Accord does not have a legally binding character and is just an input to the multilateral negotiations under the UN Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol. "The Copenhagen Accord could not be adopted by parties (UN member nations) and was only noted by them. The interest of developing countries like India remains protected in the decision taken by the Conference of Parties at Copenhagen," Environment Minister Jairam Ramesh told the Rajya Sabha.
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The G20 major rich and emerging countries have been broadly successful in holding protectionist pressures in check in recent months but must remain vigilant, the World Trade Organization (WTO) said on Monday.
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India could emerge as the fourth-largest manufacturing economy of the world, if the sector grows by 11 per cent for the next 15 years, a report said.
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The U.S. Environmental Protection Agency, the Government of India, and India's Federation of Indian Chambers of Commerce and Industry are hosting the 2nd Methane to Markets Partnership Expo in New Delhi from March 2- 5, 2010. The event has attracted attendees from 30 countries and showcases more than 150 opportunities for capturing and using methane, a greenhouse gas more than 20 times as potent as carbon dioxide, as a valuable clean energy resource.
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India has allowed exports of 20,000 tonnes of non-basmati rice to Sri Lanka and 25,000 tonnes to Nepal, the government said in a statement on Wednesday, partly lifting the ban on shipment of regular grades.
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With BASIC countries — Brazil, South Africa, India and China — emerging as an influential grouping in climate change negotiations, Mexico, Argentina and Indonesia have expressed interest in associating themselves with the group. But the April meeting of BASIC, which to be held in Cape Town is unlikely to broaden the alliance.
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Painting an optimistic forecast for the economy in the medium to long run, the Economic Survey for 2009-10 has said the country has bounced back from the global economic slowdown and is on its way to returning to the robust growth path of around 9 per cent seen before the global crisis slowed it down in 2008.
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The Dubai debt crisis is likely to have "some impact" on India's exports and imports as the gulf region is the country's largest trade partner, the Economic Survey 2009-10 has said.
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The Centre is expected to show a 5.7% fiscal deficit in Budget 2010-11 on Friday, according to a report of the 13th Finance Commission. Released a day before finance minister Pranab Mukherjee makes his Budget speech in the Lok Sabha, the report also strongly pitched for introducing a goods & services tax (GST), while at the same time advising the Centre not to do so piecemeal.
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No big bang was expected and none came. Mamata Banerjee’s 2010 Railway Budget had a lot of social welfare projects and reiteration of the ministry's intent to implement a lot of projects that have been in the pipeline over the last few years. Mamata's budget proposals stretched from small welfare measures such as starting creches and hostels for women employed with the railways to setting aside of money for ten auto ancillary hubs, & building of the western freight corridor.
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Reserve Bank of India, which has increased its gold holdings to diversify its reserves, looks set to be a buyer again when the
International Monetary Fund begins selling 191.3 tonnes of the precious metal amid volatility in major currencies.
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The Fertliser Industry today said the reduction in freight charges is unlikely to benefit farmers and manufacturers, but may help the government in bringing down its subsidy bill marginally. "The cut in freight charges on fertiliser will not have any impact on farmers and companies," Fertiliser Association of India Director General Satish Chandra told PTI.
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A far-reaching free trade agreement will be "ready to be signed" between India and the European Union by the end of this year even as child labour and intellectual property rights regime in this country remain sore points, EU ambassador here Daniele Smadja has said.
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In a joint venture with India, a power plant will be set up in Bangladesh in three years to produce 1,320 MW.
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The Prime Minister's Economic Advisory Council forecast on Friday 12 per cent growth at $88 billion in India's exports in the second half of the current fiscal.
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A pilot project to e-auction wheat under the open market sale scheme (OMSS) would be launched by the Food Corporation of India early next week. Sources told FE that initially the process would be launched in Delhi and Andhra Pradesh.
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Rumours of his unhappiness and impending departure had been swirling around the Capital even before last December’s Copenhagen summit but Shyam Saran finally decided to call it quits on Friday. The Special Envoy of the Prime Minister on Climate Change “has been permitted to demit office from Friday, March 14”, a terse announcement from the PMO said.
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The food processing sector attracted over Rs 9,000 crore Foreign Direct Investment (FDI) during the April-November period of the current fiscal, the highest ever so far.
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Inflation is likely to move into double-digits in March and touch 10 per cent due to supply constraints in food items coupled with lower base effect, industry body Assocham said.
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Climate change looms large on India‘s horizon, and its agricultural scientists are fast at work, devising ways to mitigate its effects. A major national symposium on climate change and rain-fed agriculture had its inaugural function on Thursday morning at the Central Research Institute for Dryland Agricultural (CRIDA) in Hyderabad.
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Peace between India and Pakistan is not only necessary for sustaining economic growth but also vital for building pluralistic democracies and sustaining the integrity of both states, says a new World Bank report.
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Yvo de Boer, the UN's top climate change official, says he will resign after nearly four years in the post.
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India has offered $250 million as soft line of credit and offered 20,000 tonnes of rice to Nepal. This is in addition to 50,000 tonnes of wheat and 10,000 tonnes of yellow peas, sources said.
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The US will associate itself with the Copenhagen climate accord even if India and China do not do so, top US Climate envoy said today, as he described it is an important document though it was not formally adopted. "Copenhagen Accord, we think is a very important document that was produced very importantly through the intervention of leaders, a great number of leaders from countries there.
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The units and developers of special economic zones for exports will be subjected to the same penal laws as exporters and importers elsewhere in the country are, a government notification has said.
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India's industrial output grew at its fastest pace in at least a decade in December, in further evidence of a strong economic recovery that could allow the government to follow the Reserve Bank in withdrawing stimulus.
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India has expressed the hope that the two-way trade between India and the Arab countries may strengthen fast to double to US$ 230 billion by 2014 from the current level of US$ 114 billion.
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The UN climate change panel has admitted to having imprecisely stated in a key report that 55 per cent of The Netherlands is under sea level, saying that is only the area at risk of flooding.
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The text of the civil nuclear cooperation pact has been approved by India and the UK. The deal is expected to be concluded in near future. It was finalized after a meeting that took place between Peter Mandelson, the British Business Secretary; and Anand Sharma, the Union Commerce and Industry Minister of India.
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The Reserve Bank of Australia (RBA) views the Indian economy as an engine of growth for the Australian exporters. The nation has experienced massive rise in coal exports to India in last few years and expects it to grow significantly in near future.
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According to Sharad Pawar, the Union agriculture minister, Bt. Brinjal can be introduced in India, as GEAC by conducting a set of tests and trials has proved that the seed is harmless.
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A senior official at International Monetary Fund (IMF) holds that India and China with registering 7 and 10% growth, in the same order, are playing effective role in the economic recovery of the world.
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In last one year to January 23, the food price index has seen a rise of 17.56%. The continuous rise in the food inflation has necessitated the government to announce effective steps in the forthcoming budget to control further price hikes.
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New Delhi: Talks on a free trade agreement (FTA) between the European Union (EU) and India are stuck on the issue of additional market access, although the EU said progress had been made during the eighth round of negotiations in New Delhi late last month.
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Several developing countries are understood to have expressed their concerns about the Copenhagen Accord, or the manner in which the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat or the UN Secretary-General and the Danish Prime Minister have written to them about the Accord. The concerns were raised in separate letters that the countries have written to the various persons concerned.
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A new report has found failing to tackle climate change will have a greater impact on supermarket prices than an emissions trading scheme (ETS).
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The British Premier, Gordon Brown said that India is an example of global success and is heading towards prosperity. He added, "The astonishing pace of change, the dynamism and excitement that it is generating and the potential to do great things is a tribute to all Indians".
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A business delegation from India is on a visit to Trinidad and Tobago to explore trade and joint venture opportunities there. The delegation organized many seminars related to the events of small business development in the nation.
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India suffers the crop loss of Rs 1,40,000 crore worth on yearly basis due to pests and diseases. The Agrochemicals Policy Group (APG) shows that fake or sub-quality insecticides worth Rs 1,400 crore were marketed in the nation in 2009, as against Rs 1,200 crore in the year 2008
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Government estimates show that inflation could go beyond 9% mark by the end of March. According to official data, decline in farm output is adding to high rates of inflation
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The Obama administration has concluded its first year in office and on this auspicious occasion, White House said that partnership with India is very crucial for the US. Both the nations are looking forward to strengthen their ties with each other
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As India gets ready to host the important meeting of the BASIC countries — India, China, South Africa and Brazil — on Sunday to decide on a collective strategy for the way forward in 2010 following the Copenhagen Accord of December 18, 2009 at the 15th Conference of Parties (COP15), Prime Minister Manmohan Singh is understood to have sent a strong reply to the letter the Indian government received on the definitive follow-up action to the Accord from Danish Prime Minister Lars Lokke Rasmussen and United Nations Secretary-General Ban Ki-moon.
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The furore over the validity of data used by UN's Intergovernmental Panel on Climate Change (IPCC) has taken some of the sheen off the
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Nobel prize-winning institution's reputation
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After challenging the drug patent rights in Europe and US, the domestic pharmaceutical corporations have now decided to challenge patents given to those companies in India, which have their base in other nations.
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The environment ministers of BASIC bloc including India, South Africa, Brazil and China would meet in Delhi to hash out the climate change plans as a consequence to previous month’s Copenhagen accord.
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According to the reports of Association of Natural Rubber Producing Countries (ANRPC), constantly changing climatic conditions may pose a threat to rubber production across the world. A continuous fall in the supply of natural rubber has been seen in the year 2009.
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After recording almost 20% rise, food inflation eased at 18.22% towards the end of 2009. But, the high prices of products like potatoes, pulses and cereals did not let the householders take a sigh of relief.
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According to Scientist, Founder and Director, Centre for Cellular and Molecular Biology, Hyderabad, Dr Pushpa Bhargava, India’s export market for vegetables and fruits may suffer a loss, which is worth Rs 1,00,000 crore, if it adopts genetically-modified food crops.
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Notwithstanding that farm sector in India suffered massive loss on account of drought and flood situations, the chairman of PMEAC C Rangarajan believes that Indian economy would post a growth of 7-7.5% this fiscal
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To improve their trade relations, India and Japan have decided to conclude the discussions on the Comprehensive Economic Partnership Agreement (CEPA) by 2010. The need to ease visa rules was also discussed.
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Homemade items and traditional food products will soon be available at the farmers’ market at NGO Colony adjacent to Dindigul. Consumers will be able to buy these products along with vegetables at one place.
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Food inflation, for the week concluded on December 19, has touched 19.83% due to an increase in potato and pulse prices. In the 2nd week of the month of December, it had retreated to 18.65%.
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The domestic pharmaceutical industry has urged the government to withdraw a study launched by the World Health Organization (WHO) in consultation with the Union ministry of health on implementing 'Data Exclusivity' in India.
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A group of 125 non-governmental organisations from 50 countries is calling on the governments participating in the mini-ministerial trade talks in India over the next two days to reject the further liberalisation of food and instead promotepolicies
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For the first time in 13 months, the country’s oil import bill registered a positive growth rate of 7.3 per cent, though the overall import continued to fall at $22.88 billion (Rs 1,06,640 crore) in November compared to $23.48 billion (Rs 1,09,440 crore) in the same month last year.
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Dyeing unit in Tirupur is planning to go on a strike for indefinite period from December 25. The strike will affect the production of the apparel. However, according to some sources, the manufacturers and exporters who acquire dyed fabrics from outside the unit will not be affected by the strike.
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The core sector posted 5.3% growth in November as against 0.8% last year. Commerce and Industry Minister Anand Sharma said the core sector is consistently doing well and will be able to keep up the momentum
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The national biofuel policy has been approved by the government. This policy aims at growing the native biomass feedstock for biofuel manufacture. The policy draft for this has been designed by the Ministry of new and renewable energy (MNRE).
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Easing food inflation has brought smiles on the faces of the consumers. But, RBI is still under pressure to roll out a tighter monetary policy in the coming month. In second week of December, food inflation stood at 18.65%, which was a tad less than 19.95% in the week continuing till December 5.
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According to Maharashtra sugar cooperatives, retail sugar prices are likely to remain high in 2010 as well in spite of the several attempts made by the government to control rising prices. Maharashtra contributes about 35% to the total sugar production of the nation.
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Garment exports from India declined by 17% in October to $603 million in comparison to the last year, as the country is facing tough competition from China, Bangladesh and Vietnam due to higher fabric pricing in the local market.
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Climate change discussions came to a halt after India and other developing countries walked out of the conference, contending that the developed nations were trying to shirk responsibility in dealing with global warming.
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It seems difficult to expect any early relief from rising food prices, as the scenario may become even worse in next few months. According to the statistics of the Government, food inflation reached 19.05% in the 4th week of November as against 17.47% previous week on account of rising prices of potatoes, pulses and onions.
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High Commissioner for New Zealand in India, Rupert Holborow said that India and New Zealand are preparing to “formally begin a free trade agreement negotiation next year”. According to him, the first round of study is done, and the Prime Ministers of both the countries are in favor of this idea.
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An effort of the Pharmaceutical companies to form guidelines to self-regulate the practice of treating doctors with lucrative gifts is seeing troubles. Pharma association of small companies has criticized the initial draft proposal.
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With the first week of Copenhagen climate change talks coming to an end, the focus is now partly moving towards Brussels, where EU leaders will meet to sort out differences on climate policy.
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The Union Cabinet is planning to launch a carbon market in India. In order to fulfill this plan, the Cabinet has given its approval to amend the Energy Conservation Act, 2001, to urge major polluting industries to go for a clean-up programme.
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With talks making the rounds during 10th India-EU summit to complete FTA as soon as possible, India has declared that only trade and investment related issues will be discussed in the summit and not the ones like child labor and environmental laws.
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Wal-Mart is leaving no stone unturned to make its entry into Indian retail landscape. The chairman of Wal-Mart Stores S Robson Walton in a meeting with Prime Minister Manmohan Singh in New Delhi urged the government to allow investment in multi-brand retail.
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The commerce ministry’s statement has shown that the yearly food price inflation has increased up to 13.39% in the week concluding on October 24. Previous week, the food price inflation stood at 12.8%.
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The agitated sugarcane growers in Uttar Pradesh are flexing their muscles to intensify protest to obtain better price for their output. Recently, in Mahapanchayat (also known as elders’ meeting), the farmers said if the deadlock over SAP and FRP extends beyond November 9, they will start obstructing the highways and rail traffic in different parts of the state from November 10 onwards.
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India and France signed the Indo-French Civil Nuclear Cooperation Agreement in Paris on September 30, 2008. The deal gives the reprocessing rights of the spent nuclear fuel from the French nuclear reactors under safeguards.
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According to Mr Sam Pitroda, chairman of the National Knowledge Commission, India needs to follow the traditional model in the healthcare system to reach the poor masses and overcome its shortcomings in this area.
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Fredrik Reinfeldt, the Swedish premier, is on three-day visits to New Delhi to take part in the 10th summit between India and the group of 27 European Union (EU) nations. During the meet, Indian Prime Minister Manmohan Singh and his Swedish counterpart Fredrik Reinfeldt will discuss about economic meltdown, economic ties and climate change among others.
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The reports claim the proposed free trade agreement with the Association of South Asian Nations (Asean) features no “negative” list for protecting the important interests of small farmers, who cultivate commercial crops including spices and plantation produce. However, these reports have been denied by the Commerce Ministry.
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As stated in the biyearly World Economic Outlook of the International Monetary Fund (IMF) released in Istanbul, the growth of Indian economy is estimated to be 6.5% in 2010 supported by healthy domestic demand and increasing private investment.
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The Indian finance minister Pranab Mukherjee said that it is true that India fought back global economic meltdown better than other nations, but in order to achieve a significant recovery it has to depend on rich nations.
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The sugarcane farmers in western Uttar Pradesh have refused to accept the plans of the State and Union governments and also the prominent sugar lobby. The farmers have already shown their disapproval for the rates announced by the state government of Uttar Pradesh.
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Aurobindo Pharma, an Indian pharmaceutical company, has been given permission by South African (SA) Medicines Control Council to manufacture and sell two drugs in that nation. The firm will produce Auro Ampicillin injection and Auropidone tablets in South Africa.
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Ron Kirk, the US trade official, said that the United States wants India to adopt a liberal stance towards financial sector and improve its intellectual property rules to allow better flow of trade and investment in the nation.
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India and other nations have refused to accept the concerted efforts of the United States, Australia, and Canada to create a draft of the commitments in Doha services talks on the basis of the points put forth by trade ministers during the unsuccessful ministerial meet last year.
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India and Norway inked a MoU to offer co-operation to each other in the sphere of climate change and the proper execution of the clean development mechanism (CDM) plans incorporated in 1997-Kyoto Protocol.
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India and China have sealed a 5-year pact in order to fight together the climate change issues and to arrive at a consensus on international climate deals. The nations have introduced Joint Working Group (JWG). The group will be responsible for organizing yearly meets in China and India.
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A continuous increase in the food rates has become a matter of concern. Potato rates have grown by over 104% and sugar prices by 45% in last one year. Onion rates grew by 35%, pulses by 23%, rice by 13% and milk by 10%. Processed food articles have also become costly.
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The Indian government is trying to make medicines accessible to the poor at an affordable rate. The union minister has advised the various state governments to intimate doctors at government dispensaries and hospitals to recommend drugs only by their generic names avoiding branded ones.
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The Indian environment minister Jairam Ramesh in a confidential letter to the Prime Minister has suggested that India should delink itself from the Kyoto Protocol, separate itself from G77, which is a group of 131 growing nations, and take actions for greenhouse gas emission control under a fresh deal without stressing on funds and technology.
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The association representatives reported that the Consortium of Indian Farmers’ Association (CIFA) has approached the government to declare the sugarcane rates ahead of planting seasons and thus to help peasants decide on the viability of the crop.
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India and US are holding discussions to enhance their trade deal to make best use of each other’s potential. The areas in focus are science and technology, infrastructure, space research, energy, agro processing and improved technology collaboration.
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India may be dragged to the WTO once again by EU, which is seeking for tax reduction on the imports of wines and spirits from Europe. In the year 2007, India had cut the extra custom duty on imports but had raised the basic custom duties from 100% to 150%.
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The government data reveal that WPI (wholesale price index) has grown by 0.92% in a year to Oct. 3, exceeding last week’s yearly increase of 0.7%. This comparison was based on the average forecast of a 1.46% increase in a Reuters poll.
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The Prime Minister of India, Manmohan Singh, said that the worst phase of Indian economy is over. The steps that were taken to check rising food prices are also showing results. He also seemed confident about normal harvest.
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Pharmaceutical companies specializing in technology are preparing for further means to combat counterfeiting of drugs. The companies are coming up with new platforms and stricter laws to launch an offensive against them.
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Addressing the issue raised by the exporters regarding the increasing value of rupee that is causing negative impact on the overseas exports, the central government said that the appreciation in the value of rupee indicates economic strength of the nation and it could not do much as long as the unit rose and dipped in a range.
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Government data reflects that WPI increased by 0.7% in one year to September 26, below than the annual growth of 0.83% in previous week. The results were compared with the average prediction of 0.99% rise as revealed in a poll conducted by Reuters.
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UN food agency in its proposed investment plan has indicated that growing nations need $83 billion investment per year in order to cater food to the expected population of 9.1 billion by 2050.
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The Deputy PM of Thailand Korbsak Sabhavafu is hopeful of the expansion of the free trade agreement (FTA) between India and Thailand to include services and investments too. Currently, the agreement includes free trade on 82 articles.
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The WIPO member states have given their consent on the fresh and stronger mandate for the Intergovernmental Committee (IGC) on IP on Genetic Resources, Traditional Knowledge and Folklore, which would now deal with texts-oriented negotiations on an international legal instrument directed to protect these resources.
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The continuous confiscations of drugs exported from India to destinations like Nigeria and Brazil in transit by the Dutch authorities may force India to file an official case against the European Union (EU), requesting WTO to build EU customs regulations that are in conformity with the internationally accepted norms.
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The quota system of the IMF will be revised to increase the voting rights of the developing nations like India and China among few others. The position of the G20 will be strengthened to help it tackle the task of global recovery more efficiently.
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BRIC nations including Brazil, Russia, India and China organized a meeting of the finance ministers to discuss issues that need to be tackled by the World Bank and the International Monetary Fund in this situation of global economic crisis. The Finance Ministers reached consensus on several important issues relating to shift in voting rights in quota system in favor of the emerging markets and developing countries (EMDCs).
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The Free Trade Agreement sealed by India and the Association of South East Asian Nations (ASEAN) includes some such provisions that can cripple the position of India, in particular the rubber industry of Kerala, as Malaysia and some other nations that feature in ASEAN will oversupply the Indian market with their rubber and force the Indian rubber out.
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The State Trading Corporation of India, one of the government companies that look after the pulse import business, has announced tenders to sell 18,660 metric tonnes of imported pulses in the local markets. The last date of the bid has been scheduled to be October 9.
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The sales for fertilizer products declined at least by 33.5 lakh tonnes during the kharif season due to the drought situation that loomed large over about half of the nation. This also affected the scope of utilizing farm nutrients.
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India has asserted that it would take every possible step to conclude the climate change talks that would be held at Copenhagen in coming December. It has also added that it’s "not a deal-breaker".
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Jairam Ramesh, the Union Minister for Environment and Forests, says India will step out of the COP15 summit, if the foreign nation continues to press India over legally binding emission reduction targets. He holds that the fundamentalist mindset of the European nations will ruin the Copenhagen agenda.
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At the G-20 meet, due to take place at Pittsburgh, the leaders of the largest economies would mull over their efforts to deal with global economic crisis. At this important summit, India is expected to take up a more pro-active role in managing the global economy.
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According to government reports, the wholesale price index (WPI) grew to 0.37% in a single year to September 12. The annual inflation rate was 12.42% in the corresponding week in 2008.
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India has made its presence felt in the global fruit market by growing largest volumes of fresh produce comprising fruits and vegetables. The nation has become the biggest producer of banana. Better technology and marketing network provided under National Horticulture Mission (NHM) have helped India augment its production growth of fruits and vegetables.
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The center will decide on the relaxation of the plant quarantine restrictions presently imposed on the imports of wheat, only after getting an estimate of the paddy output in the nation. The paddy crops would be harvested from next month onward.
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The chief of World Trade Organisation (WTO), Pascal Lamy will go to the G-20 meet, which is due to be held at Pittsburgh. His message to the G-20 leaders is that the failure to complete Doha trade agreement would be ‘hard felt’ by the world economy suffering crisis from 1930s.
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Robert Zoellick, the president of World Bank, said that India and China along with other growing nations have performed substantially to control the situation of financial crisis. He also informed that as world economy can no longer depend on the US consumers alone, it is necessary to look for numerous poles of growth.
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Trade ministers held a meet on Thursday to find a way that can help conclude the Doha round trade talks by 2010. There were 35 ministers in the meeting. The main objective of the meet was to clear India’s stand on the trade deal and convey a message that it’s not a spoiler in the discussions.
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India, which has taken a strong stand against US to protect poor farmers against imports surge, will also have to persuade EU in order to come up with proper safeguards in the Doha talks.
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Presidents of India and Russia on Thursday came up with their plans to increase the volume of trade between the countries to $10 billion next year. Pratibha Patil, the Indian President, told that India’s economy concentrated more on western markets and consumers in past “while ignoring the great potential that always existed'' between the two nations.
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Hike in the food items like vegetables, sugar and pulses has pushed inflation further into the negative zone. The inflation has reached -0.21% for the week that concluded on August 22. This was a hike of 74 basis points over the last week.
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The stand of India and developing nations on the issue of climate change has managed to garner support of the UN agency for the first time. UN in its World Economic and Social Survey Report 2009 has mentioned that rich nations had already exhausted more than their part of carbon budget and required to include strict emission reductions, if the fresh climate deal was to be impartial.
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The Foreign Trade Policy (FTP) has given a nod to the export-oriented units (EoUs) to secure finished commodities for consolidation and manufactured products. However, this is subject to some safeguards. Previously, only manufacturing activities were allowed in the EoUs. Trading or procurement was not allowed.
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According to US the contributions of India and China, the two Asian giants, are very important in concluding the summit on climate change successfully. The summit is scheduled to be held in Copenhagen in December.
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Finance Minister, Pranab Mukherjee, holds that the summer crop production can fall about 15 to 20%. However, he also maintains that economy can grow over 8% in the coming fiscal, if no adverse situation takes place.
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According to RBI, poor monsoon and lower rate of farm production will intensify the worst inflationary scenario. The government will also come under pressure to raise expenditure on subsidies and other relief provisions.
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The Civil society organizations have sent a letter to the Confederation of Indian Industry (CII), asking it to be careful while forming relationship with multinational corporations and rich countries that want to impose stronger intellectual property (IP) enforcement laws in India. The Civil society organizations are headed by Centre for Trade and Development.
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India is planning to organize a small ministerial meeting of the World Trade Organization (WTO). The meeting will be held between 3rd and 4th September in the city of New Delhi. This step by India is considered important, as per revival of the multilateral trade negotiations of the Doha Round is concerned.
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Jairam Ramesh, who is a minister for environment and forests, is on a three-day official visit to China to chalk out a common strategy on climate change and make way for a two-sided co-operation in the fields of environment and forestry.
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The Mashelkar Committee report about the patent laws, which was re-designed in recent times to amend some moot "technical errors", has landed into fresh troubles. Some Patent experts hold that the opinions of Carlos M Correa of Brazil were ‘misinterpreted’ in the committee’s report to support the decision that the patent laws of India could not be restricted.
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According to Pranab Mukherjee, the Union Finance Minister, India’s free trade agreement with ASEAN is not a threat to domestic products of the country. He said that the deal was sealed to encourage economic growth for the country and not to jeopardize it.
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The rate of inflation as evaluated by the wholesale price index on an annual basis has belied the impact of the increase in food prices to remain checked within sub-zero levels. Nevertheless, economists opine that inflation has hit the lowest point.
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The commodities that may fall short of meeting demands will be imported by the government of India. The step would be taken to fight off the situation of drought in India, which may result in decline of the agricultural items and food grains.
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Cashew export witnessed a fall of about 21% in the month of July this year. The key factors behind this decline in the export of this luxury item are considered to be global economic downturn and weak US dollar.
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Addressing the concern of looming drought situation in India, the government said that it would "respond appropriately" to allay tension and would hike the Minimum Support Price (MSP) of the products like pulses and cereals in order to assist farmers.
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India is working towards building a ‘rainbow coalition’ with 153 member countries of WTO. This initiative has been taken to complete the Doha trade deal, which is considered important for economic recovery.
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The FTA has finally been signed between India and the Association of South East Asian Nations (ASEAN) after six years of negotiations. The free trade agreement is said to be more advantageous for the ASEAN than India.
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The challenge of food security has been well handled at the national level with building increased buffer stocks. National Food Security Act also backed the most recent proposal of the Food security and considered “Right to Food” as an integral component.
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Companies engaged in rural retail business are affected by irregular monsoon. The sales in the agricultural and apparel segments have dipped considerably. Nominal decline in the sales of FMCG products has also been noticed.
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Peterson Institute for International Economics conducted a study on the trade deal of Doha round. According to the study, the successful completion of the Doha round could push the global economy by $300 to 700 billion on yearly basis.
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It is the ninth week in a row, when inflation has remained in the negative territory recording -1.74% for the week concluded on August 1. This has been the lowest in three decades. Nevertheless, food items like cereals, pulses, vegetable and fruits continued to be expensive.
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India will obtain the equivalent of about $4.78 billion as part of its share of Special Drawing Rights (SDR) of International Monetary Fund (IMF) worth $250 billion to proffer liquidity to the world economic system that is facing recession woes.
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Standard & Poor's holds that India’s economy will register a positive growth in the years 2009 and 2010. The credit for this can be attributed to the domestic demand that survived global financial crisis.
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The forecast on the shortfall of sugar production in India this year has paved way for the hike of the sugar price at the international level. The rate of raw sugar grew by 3% to 21.55 cents a British pound.
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The free trade agreement between Indian and other Asean nations has attracted political opposition from India. The Asean countries are also not very happy with certain arrangements of the two-sided agreement. All these are likely to cause delay in signing of this agreement.
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India has witnessed a considerable trade asymmetry with Thailand. India and Thailand have sealed an Early Harvest Program (EHP) in the month of September, 2004. After signing the deal, India’s export to Thailand increased to $1.8 billion in 2007-08 from $901.4 million in 2004-05. However, over the same time periods, Thailand’s exports to India grew by $2.3 billion (2007-08) from $865 million (2004-05).
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India is prepared to complete the negotiations at the Doha round of World Trade Organisation at the unofficial meeting which is expected to take place between 3rd and 4th September. The commerce ministry official emphasized that India would be sticking to its previous stand on the provision.
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India is working towards concluding a service trade agreement with the other South Asian Association for Regional Cooperation (Saarc) nations. An inter-ministerial meet will be organized to discuss the main points of the agreement which in turn will help to take decision on the introduction of the service sector in the other countries in the region.
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According to Kamal Nath, the Minister of Road Transport and Highways, the country has enough foodgrain in reserve to tackle even the weakest monsoon scenario. The words from the minister have allayed the fears about food crisis in India.
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Comprehensive Economic Partnership Agreement (CEPA) is to be signed between India and South Korea in Seoul. The agreement is expected to open doors for trade and investment between the two nations.
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The Coconut Development Board has been assigned the status of the export promotion council. This change in the status is expected to increase the sell of the coconut and coconut items in the overseas market.
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Dr Jagdish N. Bhagwati, Professor of Economics at Columbia University, New York, says India should take the steps to conclude the negotiations of the Doha round of World Trade Organisation. He opines that India should improve its stand on the negotiation of SSM (special safeguard measures).
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A pharmaceutical exports deal is likely to be signed between the governments of India and Nigeria. Nigeria occupies eighth position as per the consumption of Indian drugs in the world is concerned.
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The Finance Minister of India, Pranab Mukherjee, said that the economic strategy of the government had helped the nation to survive the adverse effect of current global downturn. He also added that no one could ever think that the powerful US economy can face such crisis situation.
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The Indian government has given its approval for the import of raw sugar for another eight months in order to boost the supply of sweetener in the domestic market. This will not be subject to export obligation. The Center has also allowed the private trade to import refined sugar duty-free.
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Manmohan Singh, the Prime Minister of India, said that it’s the guiding worldwide action that the global temperature should not go beyond the two degrees Celsius mark. He added that this principle is "entirely in line” with the India’s stand on global warming.
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Anand Sharma the commerce and industry minister said that government may provide more sops to revive the export sector facing slowdown. This will feature in the Foreign Trade Policy (FTP) expected to be introduced next month.
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The government fears that the weak and irregular monsoon in different parts of the country can create a bad impact on the rice crop. However, to deal with this situation, government is making a contingency plan.
The government fears that the weak and irregular monsoon in different parts of the country can create a bad impact on the rice crop. However, to deal with this situation, government is making a contingency plan.
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Inflation is marking negative trend with recording 1.17% for the week concluded on July 11. The last week it stood at 1.21%. Last year around this week, inflation was recorded at 12.13% for the week concluded on July 12, 2008.
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The Indian government has given its approval for the development of cutting edge communication satellite worth Rs 500 crore. The satellite will be developed to facilitate telecom connections with small Ku-band terminals functioning across the country.
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The 6 core infrastructure sectors in India grew by 6.5% in the month of June. The strong performance of cement and steel industries helped in the growth of this sector. The infrastructure sectors consisting of coal, power, refining, crude oil, cement and finished steel measured up to 27% in the Index of Industrial Production (IIP).
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The shortfall in the total production of the pulses is only 0.1 million tonne (mt) in 2007 and 2009. In India, the pulse production was 14.76 mt. This year, the pulse production in India dipped down to 14.66 mt. But this little variation in the growth rate has set the pulse prices high by minimum of 18% for chana in only about three months.
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It was suggested in WTO report that contingency trade-defensive provisions can be made under the World Trade Organisation (WTO) but these arrangements need careful and cautious treatment in times of financial crisis also.
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Indian Prime Minister, Manmohan Singh, in a meeting with US secretary of state Hillary Clinton, stated that US and the other developed countries should not encourage the Intellectual Property Rights (IPR) to interrupt the transfer of technology. He maintains technology plays key role in fighting the challenges posed by climate change and making provisions for the food security for the populations.
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India will be launching its nuclear-powered submarine very soon. The trial session of the submarine will take place at Vishakapatnam sea port on July 26. The Indian Prime Minister, Manmohan Singh, will attend the launching ceremony of this powerful vessel.
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India and the other Asian countries have finally taken a step forward to implement India-ASEAN FTA agreement, the free trade agreement. As of now, only the signature formality is pending. The implementation process is likely to start from January 1, 2010.
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India, along with other countries who have not signed NPT, is likely to miss out on the provision of availing enrichment and reprocessing (ENR) items. The reports suggest that US has asked G8 to inhibit the transfer of such items to those countries.
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On Friday, the G8 and G5 countries conducted a meeting to discuss the food security pledging to mobilize US $20 billion over the period of three years. The Global Food Security and Regional Organisations’ said that nations would work towards bringing an ambitious, comprehensive and balanced conclusion of the Doha Development Round.
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The Indian Prime Minister, Manmohan Singh, at the G8 summit organized in L’Aquila, Italy, said that India would put in its best effort to fight climate change. He added that in order to get better results of the negotiations made at Copenhagen, India would seek the co-operation of other countries also.
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The export sector in India recorded a growth of US$ 168.70 billion in 2008-09. This was an increase of 3.4 % over last financial year. The Commerce and Industry Minister says that the worst period for Indian exports seems to end now.
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India Inc is optimistic of witnessing growth, however, at a slower rate. The auto, gas and oil sectors in India are the main players in capital expenditure. Telecom sector, power projects, engineering sector and capital goods have made interesting investments.
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The Secretary of State Hillary Clinton will be visiting New Delhi late this month to discuss the role of India in the progress of climate change. According to US Senator, both India and China are the key players and without them a global agreement would be incomplete.
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The estimation by International Monetary Fund suggests a rise in Indian economy at a rate of 5.4 per cent and 6.5 per cent in the years 2009 and 2010, respectively. Indian economy is likely to gain momentum in the year 2010, as the growth rate is expected to reach 6.5 per cent.
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A fall in the consumption rate of the pulses in India has touched over 53 per cent. It was pointed out that the cultivation of pulses, since the beginning of Green Revolution in 1967, has been low among the major crops grown in the nation. It is assumed that if conditions remain same, the per capital consumption rate of pulses may see further fall of 10 kg per year by 2010.
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President Obama would be heading a meeting attended by 17 country group members comprising the worst polluters of the world in Italy. A top Indian climate official, Dinesh Patnaik, said that according to India, the declaration would be directed to demonstrate the intention of the developed countries to reach to a consensus. for a robust result at Copenhagen.
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The Union Railway Minister has devised plans to start off double decker coaches for inter-city transport. Introduction of 18000 new wagons for the railways in the Fiscal Year 2010 is also on the cards. Jindal Steel, Texmaco, Siemens, Titagarh Wagons as well as BEML could be gained from such policies.
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It is necessary to go back to the FRBM targets for minimizing the fiscal deficits probably by 2010 to 2011. The Survey also mentioned the need of restoring 3 percent of GDP by the earliest. . Leaving marginal amounts for the coming year, most of the farm loan waiver amounts would be paid out in 2009-10.
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Punj Lloyd, the Construction and Engineering major has grabbed three deals valued at Rs.1,873.18 crore ($392 million) from the Housing and Infrastructure Board of Libya. , Vimal Kaushik stated that with the same client, it is their third infrastructure project.
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World bank extended a help of $400 million loan for financing India’s Small and Medium Enterprises (SMEs) which met critical challenges for accessing adequate and timely financing on competitive terms. A majority of the work has been refocused in response to the effect of these successive crises.
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A 28-month ban on the export of wheat was lifted up today by the Government of India. The record purchase of rice and wheat would surely help in releasing the huge stock of wheat. Three trading agencies PEC, MMTC and STC have been assigned a quota of 300,000 tonnes of wheat each for export by March 2010. In 2008-09 FCI had attained a record of 25 million tonnes of wheat.
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Prior to the Copenhagen climate change summit, a high-level meeting is scheduled to be held in Delhi jointly organised by India and the United Nations Department of Economic and Social Affairs. A technology transfer mechanism is expected to be devised. At a climate change summit in Bonn, the developing countries including India had proposed an amendment to the Kyoto Protocol. Shyam Saran also asserted the need. The Copenhagen summit is to be held this December after 3 peraratory summits.
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The India economy is expected to recover post-September. This was informed by the head of the economic advisory council of the Prime Minister. The Reserve Bank of India expects an economic growth of 6 percent in the present fiscal year; though the last financial year had witnessed a growth of 6.7% of Indian economy.
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On Friday the India rupee saw a hike of India currency by 11 paise against the US currency. The US dollar weakened against important Asian currencies in the global market. The Indian ruppee rose up to 11 paise to quote at 48.49 a dollar over yesterday's close of 48.60 at the Interbank Foreign Exchange market. Yesterday the Sensex had ended lower by 0.53 percent.
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India's IT companies are attracted by the multi-billion dollar business opportunity through the help of smart cards. The citizen ID card programme is proposed by the Unique Identification Number Authority of India or UIDAI. IT majors like Infosys and TCS have confirmed their active participation in bidding for the project.
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The fourth Forum of Emerging Markets saw the meeting of major influencers and decision makers. The commercial banks were trying to channelize the huge funds with the Reserve Bank of India (RBI) according to Deepak Parekh, the chairman of the HDFC bank. Montek Singh Ahluwalia, the deputy chairman of the Planning Commission, also emphasized the kickstart of the Indian economy in the third quarter of the current year. One of the panel members of the meeting would be Bimal Jalan.
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According to India's power secretary on Tuesday, the Government of India is planning for a mandatory labelling of energy efficiencies for cars by this August. The energy labels would prove beneficial to consumers eyeing for the quality car. This move is initiated by the Government for helping in conservation of energy.
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The domestic currency made a profit of 3 paise against the American currency dollar. According to the forex dealers, the prediction for the markets to open on a positive note buoyed the rupee sentiment. The markets witnessed a weak basket of Asian currencies against the greenback, capped gains.
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India will carry on with its its telecom growth with the sector's revenue to surge more than $30 billion by 2013. The telecom subscriber base would be crossing 770 million connections top grow at a CAGR of 14.3 percent from 452 million in 2009. Gartner expects the mobile market penetration to increase to 63.5 per cent in 2013 from 38.7 per cent in 2009.
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The Commerce and Industry Minister, Anand Sharma, had informed Hillary Clinton, the US Secretary of State the need for a “fair” global trade deal under the World Trade Organization (WTO). This has in turn generated a breakthrough in Doha round of talks. Sharma had also invited Ron Kirk at the meeting of G-20 ministers. The need for strengthening bilateral trade is also essential.
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With Government of India's recovery plan, coffe platation sector has reason to celebrate. The main states of coffee growth like Karnataka, Kerala and Tamil Nadu have been impinged hard by the fall in the global requirement for coffee and low domestic production. Anand Sharma, the Commerce and Industry Minister, is already aware of the problems.
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In the present economic downturn, job seekers are shifting to public sector employment, as it offers increased job security and better growth prospects. Sixth Pay Commission which has substantially increased the pay packages of government employees which is almost in parity to their private sector counterparts and this has increased attraction for public sector jobs.
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Amidst the global economic slowdown, spices exports from India have crossed the mark of Rs. 5,000 crore in 2008-09. According to the Spices Board Chairman V J Kurien, 4,70,520 tonnes of spices was exported from India that was valued at $11.68 billion (Rs 5,300.25 crore) as against 444,250 tonnes valued at $11.01 billion (Rs 4,435.50 crore) in the last fiscal.
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Government of India has given clearance to 23 FDI proposals on the recommendations of the Foreign Investment Promotion Board (FIPB). The proposals entail a total FDI inflow worth Rs. 564.80 crore.
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33rd Ministerial Meeting of the Cairns Group was held in Bali, Indonesia to discuss on how to reinvigorate the Doha Development Round of negotiations. It was a three day meet from 7 to 9 June 2009 in which the ministers recognized the good work done up till now in agricultural negotiations.
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India is keen on resuming talks on the WTO's stalled Doha Round, stating that the negotiating text for global trade will serve as the starting point to hold further talks. According to an official statement, Commerce and Industry Minister Anand Sharma is scheduled to hold discussions with WTO Director General Pascal Lamy tomorrow.
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Exports of passenger cars from the country increased by 41.64 per cent in May, due to robust performance by Maruti Suzuki, although domestic sales increased by a meager 2.48 per cent. According to the data by the Society of India Automobile Manufacturers (SIAM), passenger car exports from the country stood at 29,619 units in May this fiscal as compared to 20,911 units during the corresponding period last year.
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Welcoming the government's 100-day programme that lays emphasis on sectors that have been majorly affected by the global financial meltdown, industry body Ficci today said President Pratibha Patil has unveiled a growth-centric agenda for the new UPA government.
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In a proposal aimed at reviving the bio-heritage of the city, the Delhi Development Authority (DDA) is planning to set up four bio-diversity parks, including one in the Northern Ridge. Covering a large area of land, these parks will be combined with existing heritage sites.
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According to a recent report by financial services major Morgan Stanley, The Indian market is likely to outperform its global peers and the benchmark Sensex could hit the 19,000-level by the end of this year.
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Ahead of US Under Secretary for Political Affairs William Burns’s visit next week, India and the US are known to have resolved their differences on “substantive issues” over the End-user Verification Agreement between the two countries and are planning to sign the agreement during US Secretary of State Hillary Clinton’s visit in July.
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Chairman of Morgan Stanley Asia Stephen S Roach expressed his optimism on Indian economy over that of China. He said that India has made tremendous improvement in the recent years on the macro developments, especially with an increase in foreign direct investments, higher savings and improvement in infrastructure in the share of India in GDP.
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Outsourcing revenues from the telecom sector in India are set to grow at a Compounded Annual growth Rate (CAGR) of 31% to nearly $2 bn in 2012, according to the study done by Ernst & Young to study the growth potential of the domestic BPO industry.
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Backed by weak Indian currency and increased demand for low-cost generic medicines, drug exports have gone up by 30.7% over the previous year for the first 10 months of 2008-09 ended January 2009.
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The international trade minister of Canada said that the country is poised to sign a deal with India to sell nuclear technology and materials to India. The pact will open up the lucrative Indian market to Canadian nuclear exports.
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An exhibition cum business forum will be held in the Nigerian capital, Abuja, by the end of this year that will be organised by industry body Federation of Indian Chambers of Commerce (FICCI) with its Nigerian counterpart. About 400 leading Indian companies and business players are likely to participate.
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After taking oath as the senior-most minister in Prime Minister Manmohan Singh's cabinet. Finance Minister Pranab Mukherjee said that all the ongoing infrastructure projects shall be revisited, and recalibrated when required, to achieve the desired results.
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India and the Association of South East Asian Nations (Asean) have resolved their differences over Free Trade Agreement (FTA) on merchandise goods and are now ready to sign the pact which is scheduled for the month of October this year.
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The World Trade Organisation (WTO) will hold its seventh session of its Ministerial Conference in Geneva, Switzerland on 30 November that will continue till 2 December 2009. Discussions would revolve around the theme “The WTO, the Multilateral Trading System and the Current Global Economic Environment”.
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For urban uplift, the World Bank has agreed to offer aid to the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) of around $5 billion. Details of the loan in respect of the rate of interest are still being worked out; however the urban development ministry has got in-principle approval from the finance ministry.
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Things could look up for the tourism industry with the new Government in place. Secretary for Tourism, Mr Sujit Banerjee, told media that the top priority could be according the sector its long overdue infrastructure status.
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Global auto-makers are picking up talent from their Indian research and development centres for deputation to their headquarters. Companies such as Renault, Nissan, Honda and Suzuki are using the skills of their Indian staff to work on some of their global models in their headquarters.
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To give push to the retarded economy, the re-elected UPA government is keen on speeding up the process of constructing highways and rail freight corridors in its current term. The government's priority list includes developing 40,000 km of roads and increasing India’s capacity to produce railways rolling stock.
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The new coalition government is hopeful of getting the approval of Parliament for the union budget for 2009/10 by the end of July, said Cabinet minister Palaniappan Chidambaram. He said further, "We hope that we will be able to pass the full budget by July 31."
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The historic Indo-US civilian nuclear deal is on the right track, though New Delhi is yet to complete a couple of formalities in regard to the deal, said a top US diplomat who is soon going to head the South and Central Asia Bureau of the State Department.
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US President Barack Obama believes that India is a global power and is therefore keen to establish strategic ties with New Delhi to meet the global challenges of the 21st century along with the regional issues, a top US diplomat has said.
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There has been a reversal in the three week long trend of inflation which has now witnessed a decline to 0.48% for the week ended May 2 however prices of essential food items such as cereals, pulses and vegetables continues to remain high.
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To promote bilateral trade between India and Chile, Chile aims to deepen the preferential trade agreements, said the country's ambassador Alfonso S Navarro. He also said that the signing of the FTA agreement will give India an opportunity to increase its exports to the country.
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India and Britain have decided to take up five projects to study the impact of climate change in India on water resources, agriculture, forests, industry, sea level and human health and undertake regional projects to develop adaptation policies.
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Despite the global financial crises that has hit South Africa hard, India is continuing to expand its economic ties, said senior Foreign Ministry officials accompanying Vice-President Hamid Ansari for the presidential inauguration ceremony of Jacob Zuma.
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Manufacturing sector is witnessing an upward trend with key sectors such as fertilizer, steel and two-wheelers returning to moderate growth from negative trends between the third and fourth quarter of 2008-09, said the CII- ASCON survey.
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The worst is over for the Indian economy and credit has again started flowing into key sectors, said O P Bhatt, the chairman of the country's largest lender State Bank of India (SBI). SBI has seen a net rise of Rs 9,121 crore for 2008-09 as against Rs 6,729 crore in the last fiscal, recording a rise of 35.5 per cent.
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Despite economic slowdown and slump in the housing sector, the cement sector continues to be steady and is geared to add 50 million tonnes capacity this year, a top industry official has said.
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India, the world’s largest small car producer, is set to gain from the recent decision taken by some countries such as Germany, France, the UK, Italy and South Korea to give tax breaks and fiscal incentives to people buying small fuel-efficient cars.
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Inflation rate for the week ended April 18 this fiscal has gone up and this is due to rise in prices of primary articles, especially food items. The wholesale price index (WPI)-based inflation rate increased by 0.57 per cent as against 0.26 per cent in the previous week.
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The index of the six core industries namely crude oil, petroleum refinery products, coal, electricity, cement and finished carbon steel—has turned positive and saw growth of 2.9% in March 2009 over same period last year.
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According to the latest Tourism Satellite Accounting (TSA) research released by the World Travel and Tourism Council, India is now one of the most preferred destinations in the eyes of global tourists with Mumbai appearing in almost every travel itinerary to the country.
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The total volume of garment exports of India in the financial year 2008-09 stood at $10.13 billion recording an average growth rate of 4.6 per cent over the previous fiscal despite slowdown in demand in the US and European economies, reeling under recession.
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The Indian economy is expected to grow at the rate of 6.5-6.9% in fiscal year 2010 due to the revival in investments and consumption demand, however inflation may rise, said an economic think-tank. NCAER said that the fiscal stimulus can boost the Indian economy.
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India's natural gas production is expected to grow by over 60 per cent in the current fiscal on the back of higher output from Reliance Industries. The Centre for Monitoring Indian Economy (CMIE) said, "In 2009-10, we expect domestic natural gas output to grow by a robust 60.5 per cent to 52,239 million cubic metres (mcm)".
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The Reserve Bank of India (RBI) has further eased the external commercial borrowing (ECB) norms for banks for issuing ‘no objection’ under the Foreign Exchange Management Act (FEMA), 1999.As per the new relaxed norms, the banks can issue ‘no objection’ as part of corporate guarantee in favour of the overseas lessee and to operate lease for import of aircraft, helicopters and engines.
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Referring to the Indian publishing industry, the Indian High Commissioner to the United Kingdom Shiv Shankar Mukherjee said it is growing at an impressive rate of 30 per cent every year. At a reception hosted in the honour of leading writers and publishers on the eve of the three-day London Book Fair, he said "we come out with about 70,000 titles every year".
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According to the global rating agency Fitch, "demand for infrastructure in India will far exceed availability for the foreseeable future. Long-term economic value of many of these assets remains strong."
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Tulsi Tanti, who has made an incredible contribution in promoting the non-conventional sources of energy and is popularly called the "Wind man of India", has been conferred with CIF Chanchlani Global India award 2009 for his outstanding performance.
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Not shaken by the global financial meltdown, hospital chains in the eastern region, will complete their expansion projects over the next two years. Healthcare majors such as the Calcutta Medical Research Institute (CMRI), BM Birla Heart Research Centre, Medica Synergy Limited (MSL) are on track with expansion plans.
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Foreign Institutional Investors (FII), who had turned away from the Indian equity market last year, seem to be returning back. Since the beginning of the current financial year, they have already invested more than Rs 1,000 crore into the domestic stocks.
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Pharma exports were valued at 1.01 billion dollars in the month of December, the highest in the first nine months of 2008-09. As per the Pharmaceuticals Exports Promotion Council (PHARMEXIL), the total exports surged by 46.3 per cent to 1.01 billion dollars in December from 609 million dollars in the corresponding period last fiscal.
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The US has shown its deep interest in the Indian proposal to create a global network of climate technology centres and is of the say that it deserves to make it to a UN climate change agreement scheduled for later this year.
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At the time when most of the global auto players are striving hard to regain their position, car makers in India have succeeded in expanding their presence overseas. Exports from India have registered a whopping growth rate of 57.04 per cent in the last fiscal.
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Tata Nano, the world's cheapest car, is up for sale from today. The dealers are quite confident of its strong demand. Bookings are open to place orders. Due to limited production from the existing plants, Tata Motors said a large number of customers may not get their shiny new Nanos until 2010 and the firm can sell just up to 50,000 Nano cars in the first year.
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Global drug major GlaxoSmithKline has given the open proposal to the Indian drug makers to join its patent pool' programme aimed at developing low cost drugs for 16 neglected tropical diseases (NTDs) in poor countries.
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India along with Japan and China is among the top five countries in the Asia-Pacific region to sign up merger and acquisition deals (M&A) in the first quarter of this fiscal, , despite the economic slowdown that has impacted the overall mergers and acquisition (M&A) activity in the region.
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According to the recent survey done by the Federation of Indian Chambers of Commerce and Industry (Ficci), at the time when most of the industrial sectors are expecting negligible growth in exports during 2009-10, pharmaceutical exporters have forecast a rise of 16 per cent.
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According to the Planning Commission, if adequate measures are taken to increase public investment it can give a good boost to the country's economy and propel the growth rate to 7.4 per cent in 2009-10, even as international agencies have lowered their projections for the country's growth.
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The finance ministry of India has set a goal to make Mumbai, the new global financial nerve centre once the world finally gets out of the global economic turmoil. It has been decided at a time when the two prime economies New York and London have lost their supremacy in consequence of the collapse of a number of Western banking giants.
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Reliance Industries will soon transform the country's energy scenario when it will start producing natural gas from its Krishna Godavari basin fields. This project will also give the government USD 28 billion (Rs 1,40,000 crore) in profit share and royalty over the life of the field.
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G20 Summit has raised hopes amongst all that it will bring stability, growth and also generate greater number of jobs. This event has has given Gordon Brown a chance to show to the world that the United Kingdom has the capability to overcome the crisis.
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According to the Deputy Governor Rakesh Mohan, the Reserve Bank of India (RBI) is expecting the Indian economy to bounce back and record a growth rate over 8 per cent once the bad phase of current global financial meltdown passes.
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Production of crops is likely to rise by 1.7 per cent during the fiscal year 2010, said Center for Monitoring Indian Economy (CMIE). According to a CMIE report, "Food grain production is expected to increase by 1.1 per cent. Of this, wheat production is projected to remain at the same level of 80-million tonnes as estimated for FY 09."
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There has been some growth in infrastructure as it shown some signs of ‘marginal revival’ as higher demand for finished steel and increased output by petroleum refineries fuelled the growth of the six core industries which grew by 2.2 per cent in February as against 1.4 per cent in the month of January.
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India has signed its biggest defence deal with Israel for the purchase of a state-of-the-art air defence system. The deal was signed on February 27 and it has been officially acknowledged by the Israel Aerospace Industries (IAI). As per the deal, Israel will develop and manufacture seaborne and shore-based systems against missile attack on India.
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The government of India has given its approval for 26 foreign investment proposals worth 10.43 billion rupees. According to a government statement, the proposals have received clearance on the recommendation of Foreign Investment Promotion Board (FIPB), which met on March 20.
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India has suggested a strategic partnership between Indian and U.S. business focusing on three Rs - renewables, reusables and recyclables to meet the two challenges of climate change action and energy security.
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According to an official source, Brussels-based Europe India Chamber of Commerce has criticized the European Union's restrictive visa policy towards Indian business people and called for improvements, as it goes against the spirit of EU-India strategic partnership, said the Secretary General of the Euro-India trade body Sunil Prasad.
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The central government is taking all the necessary initiatives to make India a leading pharmaceuticals innovation hub by the year 2020. It has been estimated that to accomplish this goal, the country would need10,000 crore ($2 billion), for which a substantial public-private partnership would be required, said
Ashok Kumar, Union Secretary, Department of Pharmaceuticals.
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International Monetary Fund (IMF) is expecting India's inflation to hover around 2 percent in the fiscal year 2009-10. This is expected to happen on account of declining commodity prices and weakening demand resulting from economic slowdown.
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India and the US should further their economic cooperation amid the global financial meltdown despite rhetoric coming out of Washington in favor of protectionism, said Mr Sunil Mittal, Chairman of Bharti Enterprises who is also heading a visiting CII delegation.
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India and Chile are looking forward to make a big move towards transforming the preferential trade agreement (PTA) signed in the year 2006 into a free trade agreement (FTA), said the visiting Chilean President Michelle Bachelet. Both the countries have agreed to double the bilateral trade within the span of next five years.
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Despite the deteriorating level of foreign direct investment all over the world, India still continues to remain a preferred destination for foreign direct investors. According to the latest data, the flow of FDI in India has been constant and touched $2.7 billion in Jan 2009 as against $1.4 billion in the previous month.
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Foreign investment inflows into India have grown by 90% in the first eight months of the current fiscal year indicating that the country continues to be a lucrative destination for making investment despite the financial crisis that has taken a toll on the entire world.
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Vaccines, which were once considered to be a low margin business, are now been increasingly recognized as one of the more lucrative segments in the pharmaceutical industry. Multinational companies like MSD Pharmaceuticals, GlaxoSmithKline (GSK), Novartis and Pfizer are increasingly looking forward to entering into the Indian vaccine market.
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Due to large scale layoff in the construction sector, many people in the rural areas have lost their jobs. In the wake of this, the Indian government is planning to set aside greater funds for creating rural jobs and it is projected to be higher by 33 percent than what was originally budgeted for the financial year 2009-10.
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There has been a sharp fall in inflation which has dropped down to 2.43 percent, the lowest in over six years. This has happened as the prices of food items like pulses, dairy products and edible oil dipped further in the last week of February.
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It is expected that the gems and jewellery sector which had been declining due to the global economic meltdown and reduced exports will start recovering soon on account of revival of demand in the major market of America.
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Official sources revealed that biotech companies like Avesthagen and Biocon are in talks with global players to out-license various projects in their R&D pipeline. All these initiatives are taking place at the time when pharma companies, too, seem unable to find takers for their molecules in a challenging business environment.
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Inflation has fallen to a seven-year low rate of 3.03% for the week ended February 21. The prices of several food items and specific manufactured products such as metals and transport equipment fell sharply during the week. Annual wholesale inflation fell from 3.36% to 3.03 % the previous week which is much lower than the rate of 5.69% recorded in corresponding week last year.
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Despite the ongoing issue of Ranbaxy in the US drug market, many of the Indian pharma companies have received drug approval from the US Food and Drug Administration (USFDA). According to the official data, drug approvals given to Indian firms were 30 per cent of total generic medicine approvals given by the US Food and Drug Administration (FDA) during 2008, higher than the 26.5 per cent share in 2007.
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According to the Center for Monitoring Indian Economy (CMIE), it is expected India Inc would grow and there will be increase in the total volume of sales and profitability. t is expected that the aggregate net profits of Indian corporates would increase by 74.4 per cent. The PAT margin will also improve to 7.7 per cent from 4.8 per cent in FY 09, CMIE's monthly review report said.
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European union (EU) has kept all the options open as to how to help the developing world pay for climate- change protection, which is preventing them from reaching a new United Nations accord. As per the UN projections as cited by the EU, the developing world would require s much as 54 billion euros ($68 billion) a year by 2030 to counteract and mitigate the effects caused by climate change.
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National Plan on climate change has been drafted consisting of eight missions and the exercise is close to finalization, said Shyam Saran, Prime Minister’s Special Envoy for Climate Change. He also told media that in regard to this, discussions have been held with the scientists, technologists, academia and the community representatives and their opinions have been taken.
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Inflation has dropped down to a 15-month low rate of 3.36 percent from 3.92 percent, which is the lowest rate since December. This has happened as a result of the sagging economy which has bought about a fall in the prices of several food grains. There has been a fall in the prices of maize by five percent, fruits and vegetables by two percent and barley by three percent and thus the food articles have turned cheaper by 0.3 per cent.
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Chairperson of the Apollo group of Hospitals, which is a major health care group Prathap C Reddy who is also the head of the Confederation of Indian Industries (CII) said in a conference that health care sector can be the cure pill of India in the current situation when its economy is sagging.
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The State Bank of India (SBI) the largest lender bank in the country is forced to lower its credit targets for small and medium enterprises (SMEs) in the wake of slowdown in economy. Despite the current financial turmoil, the bank has plans to raise its market share by 100 basis points every year.
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India Inc has welcomed the new interim foreign trade policy that includes several trade facilitating measures such as rise in the number of nominated agencies, declaring Surat as a town of export excellence and increase in limit of personal carriage of jewellery which are expected to take up the economy of the country and enable it to come out of the current financial crisis.
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The signing of the bilateral trade agreement between India and ASEAN that was scheduled late this month has been postponed and will now be signed during the India-Asean summit that will be held in the month of April this year. However, the Commerce and Industry Minister Kamal Nath said, there are certain issues like the number of tariff cuts to be brought about annually that need to be sorted out much before the agreement is signed.
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The inflation rate based on the annual Wholesale Price Index has dropped down to a 13-month low, dipping below the mark of 4 per cent. This situation has happened primarily because of the low inflation rate in the primary articles sector and manufacturing products sector that raised the expectations that Reserve Bank of India would further cut down the interest rates.
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Union Commerce and Industry Ministry, Department of Commerce, Additional Secretary R Gopalan said during the inauguration of the 'India Maritime Summit 2009' that India's trade deficit which was expected to cross $100 billion mark during the current fiscal would drop down to $75-80 billion in 2009-2010.
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US President Barack Obama is all set to collaborate with other countries like India and China to address the urgent issue of climate change. He has emphasized that countries need to develop a clean green technology for producing electricity which can be accomplished only if the different countries get together and work towards it.
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The government of India plans to monitor and keep an eye on the import of unreliable devices that are procured at a very high cost. According to Union minister for science and technology Kapil Sibal, there is a great potential in India to tap the fast growing market by developing its health care services and devices industry.
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The Union Cabinet has given approval to the proposed FDI norms allowing the foreign forms entering into joint ventures with the Indian companies to raise their equity and have a larger stake in the venture.
The decision to consider the proposed norms and amend the policy guidelines was taken by the Cabinet Committee on Economic Affairs (CCEA).
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To support the economy, the Central government is planning to raise additional funds of Rs 46,000 crore. This is happening due to rising expenditure and declining revenues. Mr Ashok Chawla, Secretary in the Department of Economic Affairs told media that they have already had a discussion with the Reserve Bank of India (RBI) regarding this issue.
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India is expected to add 70, 000 MW Power in the current plan period said Kirit Parikh, member of Planning Commission. Though, it is less than the targeted 78.700 power generation capacity, however, the achievement is quite satisfactory as compared to the progress made in the previous plan period.
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The World's First Traditional Knowledge Digital Library (TKDL), India has completed the task of documenting over two lakh medical formulations of Ayurveda, Siddha and Unani as a measure to protect them from piracy. Scientists and researchers from the Council of Scientific and Industrial Research (CSIR) and Union health ministry's department of Ayush have translated information on the traditional Indian medicines into five global languages namely English, Japanese, French, German and Spanish.
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The National Rural Employment Guarantee Scheme (NREGS) that was launched three years back has helped reduce the impact of changes in the climate. A lot of projects in regard to water conservation have been taken up by the government which has given employment to thousands of unskilled workers who've returned home due to slowdown in infrastructure and other sectors.
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The major players in the Indian Fertilizer industry have decided to work jointly with global fertilizer manufacturers and supplier to ensure there is good supply of fertilizers in the international market and the rates are competitive.
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The analysts of the current economic crisis say that India Inc is expected to witness a further downfall in the coming quarters due to fall in the demand from the real economy and hike in the interest costs. Profits are likely to show a sharp drop in future due to slow revenue growth.
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UN Chief Ban Ki-moon visited India and attended the climate change conference held in Delhi in which he warned that if India fails to tackle the issue well, it will lead to global economic upheaval. He also appealed nations to reach an agreement in regard to carbon emission cuts.
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The Head and the Managing Director of International Monetary Fund (IMF) Dominique Strauss Kahn is of the say that Asian economies which have been badly affected by the global economic crisis will recover by the year 2010. however, he has also warned that nations completely dependent upon exports will find it tough to move on.
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Union Health Minister Anbumani Ramadoss has announced that from next year it will be made mandatory to send all the doctors who have completed their MBBS and wish to pursue higher studies to rural areas. This initiative aims to improve health care in rural sector.
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The Reserve bank of India (RBI) is planning to formulate guidelines for allowing the government banks to have a stake in the private sector and enter into private equity businesses. According to a source, the guidelines are almost ready and the announcement is expected by the end of the current financial year.
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According to the International Monetary Fund (IMF), the two prime economies India and China are likely to witness a growth rate of over 5 percent which will prevent the world economy from recording a negative growth rate. However, the expected rate is less than what was anticipated in November last year.
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The Commerce Secretary G.K. Pillai told media that India will drag the European Union to the World Trade Organization for violating the patent norms and preventing its companies from selling generic drugs. He said so citing the infringement of patents in the past.
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India and the ASEAN countries are likely to sign up the Free Trade Agreement (FTA) on February 26 for allowing tariff free trading with respect to around 4,000 products traded between the two sides. Economic ministers of Asean have invited Kamal Nath, the Commerce and industry minister of India to sign the pact.
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According to the Finance Minister, banks have adequate liquidity and RBI has recently injected Rs 3,88,000 crore into the system but the problem lies in its distribution or transfer of funds that needs to be done more effectively.
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According to the UN officials, the world is facing a severe food shortage which has raised the number of affected people to 963 million, up from 923 million last year. The increase in the number can be attributed to climate change, rise in the prices of food items and high cost of agriculture.
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A diplomat told that during the visit of the External Affairs Minister of India Pranab Mukherjee to Bangladesh next month, the two countries will most likely sign up two agreements on bilateral trade and investment promotion and protection.
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When Barack Obama took over the office of President, Indian prime Minister Manmohan Singh expressed his congratulations and invited Obama and his wife Michelle to visit India. He laso said that he looks forward to working with the US president to "address regional and global issues of common concern".
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Obama's talks regarding harnessing the power of sun, wind and soil to fuel cars and run factories has given some hope to Indian companies taking up green technology projects. The country is optimistic that in the near future, the growth in the carbon sector would pick, leading to greater demand generation for carbon credits from India.
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According to the head of the U.N. climate panel Rajendra Pachauri, the inadequate supply of power to the poor nations is one of the prime factors responsible for holding back the world's fight against poverty
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Due to the global financial crisis, the economy of India is expected to grow at a rate between 4.7 and 6 percent in this financial year. The untied Nations has urged India and other developing nations to adopt 'counter cyclical policies' to bring their economies out of the emergency.
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As measured by the Wholesale Price Index (WPI), the rate of inflation has fallen to a 10-month low of 5.24 per cent for the week ended January 2, giving hope to people that RBI would further cut down the interest rate and create greater demand in the economy.
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The Indian IT sector is expected to witness a further slowdown and it is likely that it will dip down to half as against 25% last year. The reason for slowdown is reduction in the capital expenditure and delay in the investments on latest technology. All this will lead to a major downfall of IT sector and trim down its growth to 13 percent.
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To make the process of giving the approval to the Indian drug manufacturers to produce and sell medicines to the US speedy and to provide greater protection to the consumers, US Food and Drug Administration (USFDA) opened its office in New Delhi and is now looking forward to open another soon in Mumbai.
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Indian Government is considering the plan to give more sops to the export sector, as they are facing severe slowdown in the demand for their products and they are in dire need for a further stimulus package, Ashwani Kumar, the Minister of State for Industry told to the PTI.
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The global pharma companies are cutting down on their cost of operations, shutting down plants and even downsizing. Now, many of these players are convincing the Indian pharma companies to set up their units in their countries.
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India said that by the year 2030, it will produce about 60,000 megawatts of nuclear energy after signing the nuclear deals with other countries.
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Indian Economists and government advisors are expecting the country to see an economic growth rate of 7 percent this fiscal year by the month of March despite the global economic slowdown.
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The Delhi High Court (HC) has asked the drug controller general of India (DCGI) not to grant permission for manufacturing and marketing to generic drug makers who are engaged in the business of producing drugs which already have their patents in India.
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According to a recent industry survey, the level of India's exports will drop down further in the first half of year 2009 due to aggressive pricing by Chinese exporters, coupled with lack of credit flow and cancellation of orders.
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Government of India plans to do away with certain Foreign Direct Investment (FDI) norms to boost the inflow of money. The department of industrial promotion & policy (Dipp) has decided to free specific sectors and is considering the idea of scrapping the PN-1 which makes it mandatory on the part of foreign investor to seek no-objection certificate (NoC) from its current Indian joint venture partner before agreeing to work with another Indian company engaged in similar business.
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In this financial year, subsidy to the fertilizer companies is expected to reach the level of 1,02,000 crore from Rs 45,659 crore in 2007-08, which is almost Rs 14,000 crore less than the revised estimate, even as the government says it remains vigilant to thwart any profiteering strategy of global farm nutrient sellers.
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India Inc is planning to increase the level of FDI in manufacturing sector. in response to this, the Industry chamber Indian Chambers of Commerce and Industry (FICCI) has called for an elaborate action plan. The level of FDI in India from the period between January 2000 and September 2008 was $3.4 bn per year in the manufacturing sector as against $40 bn FDI in China.
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Nepal is expected to face an energy crisis of 16 hour blackout in times to come. To cope with this emergency situation, it is planning to import power from India. At present, Nepal is facing blackout for 12 hours which is likely to shoot up to 16 hours, official sources said
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Indian Space research Organization (ISRO) will be soon launching a satellite exclusively for monitoring the climatic conditions and it will be set by jointly by ISRO and the French space agency CNES (Center National d'Etudes Spatiales) in the year 2009.The Indian Remote Sensing Satellite (IRS) named 'Mehga Tropiques' would be built and launched by ISRO and this satellite would help to study the tropical atmosphere and its associated phenomena
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Gujarat has come out with its livestock policy acting upon the decision of the Indian Government. As per the policy, the average intake of proteins per person per day must increase from 10 gm to 20 gm. This will help organize the dairy and poultry sector and also give boost to the income of the rural farmers enabling them to build their self-sustenance capabilities.
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The India Government has planned to promote the IT sector and give boost to the smaller players by extending the blanket tax exemption to the software companies. The Software Technology Parks of India (STPI) scheme that grants a ten-year income-tax holiday under Section 10A of the Income-Tax Act is expected to continue beyond its March 2010 deadline
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The economists are of the say that inflation is likely to dip down to below 2 percent by the end of this fiscal year. This is due to the slowdown in demand and sharp fall in the prices of manufactured goods and commodities.
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Lok Sabha has passed the Agricultural and Processed Food Products Export Development Authority (Amendment) Bill, 2008 authorizing the Agricultural and Processed Food Products Export Development Authority (APEDA) to take appropriate measures towards protecting the Intellectual Property Rights (IPR) of special agricultural products including basmati rice and preventing their trademark infringement by foreign traders and manufacturers.
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The Government of India has granted bonds worth Rs 4,000 crore as subsidy to the Fertilizer companies as a measure to compensate them for selling off their key agricultural input to the farmers at much lower prices. Out of all the bonds issued, Indian Farmers Fertilizer Co-operative Ltd has got the maximum bonds worth Rs 2,106 crore.
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Nobel laureate Joseph Stiglitz asked the two emerging countries namely India and China to harness the power of G20 Forum and use it to bring about a change in the global financial structure. He also stressed on the need to develop a new global financial system that can do maximum good to maximum numbers and not just benefit a few privileged people.
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According to the Washington based Association, The Institute of International Finance (IIF), the global economy is expected to shrink by 0.4 percent next year and this will happen for the first time in decades in a "severe" 2009 recession. It is believed that it will be the most severe recession in the modern economic history.
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Inflation rate has dropped down to 6.64 percent to the relief of everyone with 0.5 percent fall in the index rate of food articles and 0.1 percent rise in the index rate of non food articles. There has been a decline of 0.1 percent in the index rate of textiles and 0.6 percent fall in the chemicals and other chemical products group.
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According to the estimates of UN Meteorological Agency, year 2008 could be the tenth warmest year since the recording of climate began in 1850. The combined sea-surface and land-surface air temperature for the year 2008 is approximately 0.31°C higher than the 1961-1990 annual average of 14°C.
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Environment Ministry proposes the idea of introducing Genetically Modified (GM) crops in the market. However, this is not agreeable to the Health Minister Anbumani Ramadoss and he is of the say that he will keep resisting it. He has also made his stand known to the top health officials.
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Farmers from different agri-tourism societies formed the Maharashtra State Agri and Rural Tourism Federation(MART), a federation of co-operative societies and farmers at the Agriculture Development Trust near Baramati. National Bank for Agriculture and Rural Development (NABARD) has agreed to contribute Rs.15 lakh for developing the necessary infrastructure.
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The slowdown in the global generic market has posed a challenge for the Indian companies operating in the US and UK. There has been a dramatic fall in the prescription sales growth of generics drugs and it has fallen from 11.4% last year to 3.6% this year.
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According to a government body forecast, in the wake of the slowing world economy and slump in the domestic market, it is likely that the Indian pharma exports will fall by 5 percent and touch Rs 36,096 crore as the original projection of Rs 38,214 crore.
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According to the World Bank forecast, the world economy will witness a further slowdown and the trade volume will drastically fall and is likely to contract by 2.1 percent in the year 2009. Such a grim picture has been seen for the first time in 26 years since the first decline in the global economy in1982.
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According to the official sources, it is known that the European Union (EU) has delayed the proposed plan of allowing the EU companies to offset Greenhouse Gas Emissions (GHG) by making systematic investment in the conservation project of the tropical forests.
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At the UNFCCC Summit held in December to discuss on how to help the developing nations reduce their level of green house gas emissions, UNFCCC Executive Secretary, Yvo de Boer, warned: "Cheap, dirty technology will become the new subprime".
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The market for organic products is growing in the US and Europe offering good opportunity to the Indian farmers and exporters to reap its benefits.
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No real decision has been taken for now at the UNCC meet held in Poznan, Poland this year to discuss on the issue of climate change.
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The Indian government has announced the opening of 20 new Biotechnology Parks in India to promote research work in the field of biotechnology and and its applied fields.
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Indian pharma companies have urged the Ministry of Chemicals and Fertilizer to allow them to increase their drug prices in the wake of high procurement cost of the bulk drugs.
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As per the version of the US Agriculture Secretary Ed Schafer, the US and China are expecting Doha round of climate talks to be completed by the end of this year.
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United Nations economists have called for deep reforms of the global financial system including stronger regulation of the financial institutions, an overhaul of the international reserve system, adequate international liquidity provisioning and a more inclusive global economic governance to prevent the recurrence of the current global economic crisis.
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Considering the untapped potential to increase the trading activities between India and the SAARC member nations,. The Economic Times hosted a conference to discuss on this issue.
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Indian pharmaceuticla sector witnessed an export turnvoer of $150 billion in the last fiscal year and it is expected to grow at the same levle this year also.
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The secret negotiations between India and the European Union on signing the Free Trade Agreement (FTA) caused resentment among certain Indian groups and they have asked for a halt in negotiations.
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The Government of India plans to bring out a detailed manual for the systematic processing of patent applications by January 2009 in the wake of smoothening the patent procedures.
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Notwithstanding the pressure of global financial crunch, India would demand from the developed countries to allocate greater funds towards climate change mitigation and adaptation under the United Nations Framework Convention on Climate Change (UNFCC) schedule in the forthcoming meet to be held in Poznan, Poland next month.
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The government of India has decided to open its own retail outlets for distributing popular medicines such as antibiotics, anti allergic medicines and painkillers at half their market price to the common people. Efforts are being made to establish such stores all across the country in every district.
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India will host the fourth world congress which will be the first global meet to be conducted in Asia. It will be held in New Delhi from Feb 4 to 7 to discuss on the issue of conservation of agriculture and its likely benefits.
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According to the government, Indian agricultural sector is likely to grow at 4 percent in the year 2008-09 just like it happened last year despite all the problems and challenges facing India such as the delay of monsoons and shortage of fertilizers.
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The ministry of health and family welfare is planning to invest $50 million to make the drug regulatory process paperless. The proposed e-governance intitative is likely to bring more efficiency and transperency in the working of Central Drugs Standard Control Organization’s (CDSCO).
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India has signed up an agreement with Nepal for setting up its own "power trading entity"on the lines of Power Trading Corporation (PTC India Ltd.). In this power deal, India will have a 30 per cent equity stake, while the rest will be owned by Nepal.
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India's consumer market is quite dynamic with changes taking place in the demand pattern from time to time. The country is all set to become a $450 billion retail Market by 2015.
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According to India, G20 group consisting of the developed and developing nations has replaced the G7 group as the world's most important financial body, and it will play a significant role in tackling the current global economic problems.
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The committee appointed by the Ministry of Chemicals & Fertilizers to negotiate for the prices of the overseas patented drugs in the domestic market is expected to take a soft stand and allow the multinational pharma companies to voluntarily exercise price control and set their prices much lower in India as compared to other countries.
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Inflation dipped to 8.98 per cent for the week ended November 1, sharply below the previous week's annual rise of 10.72 percent and a drop of almost 4 per cent from its August peak. Inflation is down by more than 1.5 per cent, on account of declining prices of fuel and manufactured goods.
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India will have to be careful while imposing special additional duty (SAD) on imported items after a WTO Appellate Body’s ruling that this duty is inconsistent with world trade norms, say trade experts.
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India's IT industry is insulated from the financial crisis that has hit many economies globally and need not worry about the downturn as “we have a strong knowledge base” and the established market players here would not be affected, a top industry body official said.
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India Inc sees this as an opportunity for the US to regain moral leadership and use that power to comprehensively address not just the global financial crisis, but the environmental and political crises as well.
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US President-elect Barack Obama's aggressive agenda on health care may prove to be a growth pill for the Indian generic industry.
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Emerging economies will be the next to tumble in the world financial crunch, International Monetary Fund Dominique Strauss-Kahn has written in article published in Vienna-based Der Standard. Emerging countries are facing additional problems.
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According to Finance Minister P Chidambaram, Indian exports might be affected by the slump in the US growth rate, but the impact would be lesser compared to the Chinese economy.
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India plans to strengthen its rural tourism project so as to expose the country's unique rural way of life to foreign visitors.
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United Nations Secretary General Ban Ki-Moon has urged developed countries not to neglect climate change as they tend to a global economic slowdown and called on rich nations to help poor countries prone to global warming.
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The Asian Development Bank (ADB) warned that growth in Asian economies will slow further next year amid weaker demand for their exports, adding that the world could easily slide into a global recession.
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The global financial crisis could take its toll on millions of people suffering from HIV/AIDS, as they will die if major donors battling the slowdown cut funding even for six months, the head of the United Nations' AIDS agency said.
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An innovative power project in Bhutan that will produce clean energy for export to India and increase electricity coverage to rural areas has been supported by the Asian Development Bank (ADB)
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The growth in world merchandise trade slipped to 6 per cent, owing to weakening demand in developed countries, realignments in exchange rates and fluctuations in the prices for commodities, such as oil and gas, introduced uncertainties into the global markets in 2007.
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The US has called on India and China to play a leading role, along with the US, to help successfully conclude the stalled Doha round of trade talks, besides the post-Kyoto framework on climate change.
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India suffered a setback in a wine and spirit dispute with the US as the WTO appellate body ruled in favour of the American contention that New Delhi is levying excess duties on the alcoholic drinks than allowed by the multilateral agency.
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UN Secretary General Ban Ki-Moon is of the view that the outcome of the WTO talks should be pro-poor and leadership from all the sides, including India, is urgently required to revive the global trade negotiations.
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Due to the current financial crisis, inflation has come down to 10.68% for the week ended October 18 from 11.07% the previous week.
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Both Antarctica and the Arctic are getting less icy because of global warming, scientists have said in a study that extends evidence of man-made climate change to every continent.
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The Government has decided to reconsider the aspects of the Bill that seeks to enable the universities and research institutions to patent government-funded research, before the Bill is tabled in Parliament. Science and Technology Minister Kapil Sibal said the Bill needs to be looked at again to put checks on bureaucratic control.
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The breast cancer drugs that entered the Indian market, one of world's largest manufacturers of affordable and generic drugs, after a patent law came into effect in 2005 are prohibitively expensive. The NGOs want the government to look into the pricing of drugs to ensure that women who need them get these medicines at affordable prices.
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UN Secretary-General Ban Ki Moon, along with chief executives of key UN institutions, has called for a meaningful and well-coordinated reform of the international financial system.
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According to a new United Nations Environment Programme survey, 90% of young people around the world think global leaders should do “whatever it takes” to tackle climate change. The survey questioned 12- to 18-year-olds in five countries (Brazil, India, Russia, South Africa, and the United States), all key players in upcoming international climate negotiations.
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South Asian economies could benefit hugely if they unlocked their energy potential, Bangladeshi business leaders have said. But the politics of mistrust in the region and internal inefficiencies in some member countries of the SAARC have kept these opportunities out of reach, they said.
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Countries are coming round to the need for a global system of financial rules because the credit crisis has shown that purely national solutions are not enough, WTO head Pascal Lamy has said.
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There are concerns that an economic pact between India and Sri Lanka has been indefinitely put off. Officials in New Delhi have said the Lankan government has developed cold feet on signing the Comprehensive Economic Partnership Agreement due to resistance from its Leftist allies and businesses.
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Agriculture Minister Sharad Pawar said conversion of foodgrains and edible oil seeds for producing biofuel would create food security concerns, with the diversion of agricultural land for growing biofuel plants likely to end up being self-defeating.
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The present global crisis shows that the financial system has become a beast that must be tamed by governments, and excessive financial innovation turned into “financial weapons of mass destruction”, according to an UNCTAD assessment of what it calls “the crisis of a century”.
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Biofuel policies and subsidies should be urgently reviewed to preserve the goal of world food security, protect poor farmers, promote broad-based rural development and ensure environmental sustainability, the UN Food and Agriculture Organisation has said.
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WTO head Pascal Lamy has suggested world powers hold a summit like the historic Bretton Woods economic gathering to tackle the world financial crisis.
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There is a growing backlash against intellectual property rights and international rules aimed at protecting innovation and ideas in certain parts of the globe, several pharmaceutical and other innovator companies have said.
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Despite a slowing global economy, Britain was the top destination in Europe and number two in the world for inward investment last year, attracting more than a trillion dollars, a UN report says. And India placed number six in the list of investors in Britain.
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Negotiations at the WTO on opening trade in industrial goods resumed on October 2 with the election of a new chairman for the talks.
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In a letter to WTO head Pascal Lamy, India's Commerce and Industry Minister Kamal Nath has summarised his views of the stalled Doha Round of trade talks and defended India’s firm stance on the agricultural special safeguard mechanism.
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The EU's appeal to the WTO against discriminatory taxes levied by certain states in India on foreign liquor has made the Centre spring into action. The commerce department is in talks with the Maharashtra, Goa and Tamil Nadu governments on how to redress the situation.
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India’s merchandise exports in August increased by 27% and stood at $16 billion as against $12.61 billion in the same month of the previous year.
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The free trade agreement in goods, for which negotiations have been wrapped up, will be signed between India and the 10-nation ASEAN around December 18 this year, MoS for Commerce Jairam Ramesh has said.
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According to Commerce and industry Minister Kamal Nath, a landmark trade and investment agreement will be reached by India and the 27-nation EU by next year, and bilateral commerce between the two sides will be doubled to $100 billion.
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Experts are of the view that though global financial and credit crisis has added new risks to the world economy threatening to dampen global foreign direct investment flows, India would still remain a hotspot for global investors.
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To sustain the economic growth of 8%, the country's agriculture sector needs to grow at 4% in the next 4-5 years, a government official has said.
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The conclusion of the prolonged WTO Doha round talks could be delayed for another two to three years if world leaders don’t reach a significant advance this year, Brazil’s Foreign Affairs Minister Celso Amorim has said.
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Developing world leaders have said that escalating food costs were exacting a heavy toll on the poor and called for global action to reverse the trend, which threatens to undermine economic growth.
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The WTO long-running Doha round is in trouble after failing to reach a breakthrough in July but cannot be written off completely, diplomats and business lobbyists have said.
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The European Parliament has urged the EU to negotiate a free trade deal with India by the end of the year. EU lawmakers voted 392-44 in favour of the motion with 20 abstentions before a EU-India summit scheduled for September 29 in the French city of Marseilles.
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India has renewed its commitment to work closely with Africa to meet the diverse challenges faced by the continent and to enable it to achieve its development targets.
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The Government is targeting record production of wheat for the second year in a row. The Centre has set a target of 78.5mn metric tonnes, compared with an estimated 78.4mn tonnes this year, India's Agriculture Ministry has said.
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India, Asia's third-biggest economy, banned the import of milk and milk products from China on concern that they may be contaminated with the toxic chemical melamine that has killed four infants.
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UN head Ban Ki-moon on September 24 opened the General Assembly's annual high-level debate by urging world leaders to work together to solve the most pressing and intractable problems, from climate change and the energy crisis to entrenched poverty and the conflict in Sudan's Darfur region.
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Global FDI flows will fall 10% this year from their 2007 record as major companies scale back spending plans, the United Nations Conference on Trade and Development has said.
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The EU filed a new complaint at the WTO against Indian taxes on wine and spirits a year after dropping a similar complaint, saying India is still keeping European alcohol from its market.
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India expects no breakthrough in global trade talks before the November US Presidential elections, the government's junior industry minister has said.
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The Council of Scientific and Industrial Research has launched an innovative ‘Open Source Drug Discovery’ programme to combat the scourge of infectious diseases that afflict the developing world.
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A weak rupee and doubling of exports from special economic zones to Rs1.25 trillion help India attain its annual export target of $200 billion for FY09, Commerce and Industry Minister Kamal Nath has said.
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The Philippines faces serious threats of climate change as the rising temperature and sea level will devastate most of the archipelago's ecology system, a US space scientist has warned.
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As part of yet another attempt by WTO chief Pascal Lamy to clinch a global trade deal this year, officials of the key seven members of the world trade body, including India, US and EU, are reverting to Geneva on September 17 with “real Doha issues” back on the table.
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India and Nepal may discuss the broad contours of a new trade treaty during Nepal Prime Minister Pushpa Kamal Dahal’s (Prachanda’s) first official visit to New Delhi since taking office last month.
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India wants the US to abide by a WTO ruling in the “shortest possible time” to end an anti-dumping measure that has put a financial burden on the Indian shrimp industry.
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To address the issue and concerns on counterfeiting and piracy in medicines, industrial body FICCI has formed a brand protection committee comprising members from industry majors. FICCI would be working with the ministry of consumer affairs for the purpose.
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Negotiations for a market-opening pact between India and EU will resume this week, ahead of summit talks between Prime Minister Manmohan Singh and French President Nicolas Sarkozy in Paris later this month.
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WTO chief Pascal Lamy has said he has received clear signals from India and the US that they want to reengage on negotiating modalities for the Doha round after a failed July ministerial. He is considering such a meeting of senior officials on agriculture for the first or second week of September.
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India has signed the International Coffee Agreement 2007 in London. The agreement aims to strengthen the ICO’s role as a forum for inter-governmental consultations, facilitate international trade through increased transparency and access to relevant information, and promote a sustainable coffee economy for the benefit of all stakeholders and particularly of small-scale farmers in coffee producing countries.
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India's exports accelerated at the fastest pace in three months in July as companies shipped more gems, auto parts, medicines and other manufactured products to overseas markets.
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As international development agencies, donors and civil society groups head to Ghana to discuss improving aid effectiveness, the World Bank is calling for immediate action to drop restrictions on food assistance.
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The much-awaited free trade agreement of ASEAN is bound to affect import and export of several commodities in India.
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A central licensing authority to avoid giving manufacturing approval to similar-sounding brand names or brands that have changed their composition has been planned to be set up by the government.
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The latest KPMG report titled, 'Climate Change -- The Impact and Opportunities for Indian Industry', says Indian companies will have to undertake concerted preparations for imminent large-scale 'greening' of the economy, or else face financial losses.
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Officials from the G20 group of industrialised and developing nations wrapped up a weekend meeting in Rio De Janeiro, Brazil, on August 31, 2008, that examined the effects of slowing world economic growth and climbing inflation.
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As ministers from over 100 countries gather in Ghana to review how effective aid is in helping developing nations deal with poverty, many economists argue the answer is elsewhere -- in freeing up trade.
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Stressing that inequalities in living standards are responsible for the death of people on a ‘grand scale’ across the world, the WHO said Kerala is really doing well to improve its health scenario.
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Indian economic growth moderated to 7.9% in the first quarter of current fiscal against 9.2% a year ago and slowest in three years as rising borrowing costs impacted manufacturing and some other sectors.
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The India-ASEAN free trade deal has left farmers in Kerala a worried lot. The state government too is flustered by the impending impact the agreement would have on the farming community.
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The United States and 19 US companies will visit India and China next month on a clean energy and environment trade mission, the Commerce Department has said.
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ASEAN has concluded a deal for free trade in goods with India, the bloc's seventh-largest trading partner, ministers have said.
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“Melting Himalayan glaciers, rising sea levels and depleting fresh water sources as a result of global climate change are posing grave threats to food production and economic development in the populous South Asia region, experts have said.
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India wants the chair for Doha agriculture negotiations, Ambassador Crawford Falconer, to oversee the senior official-level talks for breaking the deadlock on all contentious farm issues.
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India and ASEAN are concerned over the stalemate in WTO talks but the solution lies with developed countries, Commerce and Industry Minister Kamal Nath said in Singapore.
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“A six-day round of talks yielded good progress in important areas towards a global agreement for tackling climate change,” the United Nations has said.
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Kerala is first in India to introduce a state-level policy on intellectual property rights (IPR). Now, the state government is introducing IPR as a compulsory subject in schools and universities.
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Thailand former health minister Mongkol Na Songkla is of the view that developing countries should join hands to jointly secure patents for essential drugs to allow them to produce original drugs by themselves instead using of the compulsory licensing mechanism to break patents on expensive drugs.
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According to World Bank's findings, some 40 lakh people of Bangladesh have been pushed down under the poverty line anew by the recent food-price rises due to natural disaster on the domestic front coupled with volatility on the international market.
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South-East Asian trade ministers are meeting in Singapore this week to find ways to better linkages and advance talks with some of their biggest economic partners as they seek to form a EU-styled community.
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India has set a goal of achieving $660 billion merchandise exports by 2015, maintaining an annual growth rate of at least 23%.
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A latest UN report has appealed to government leaders to take urgent action to ensure that weather-related hazards, which are becoming more intense and frequent due to climate change, do not lead to a corresponding rise in disasters.
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World trade negotiators need to bounce back quickly from a failed meeting in July to have any chance of reaching a deal by the end of the year, the WTO head has said.
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India’s trade envoys to the WTO are comfortable with the proposed norms on concentration of tariff cuts, but are firm that the sectoral proposals at the Doha Round will have an adverse impact on the country’s economy.
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The latest round of UN-sponsored global climate change negotiations kicked off on August 20, 2008, in Accra, the capital of Ghana, according to the UNFCCC press release.
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The government is hopeful of controlling inflation under the 13% mark as wheat and rice stock position was comfortable and prices of some food items are coming down.
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US Trade Representative Susan Schwab has been asked by Senator Diane Feinstein, D-California to investigate whether the US ethanol import tariff violates the WTO rules.
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Brazilian Foreign Minister Celso Amorim has said the world trade talks that collapsed last month are not dead, even as he focused attention on shoring up the South American trade bloc Mercosur.
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Bangladesh Commerce Adviser Dr Hossain Zillur Rahman has stressed the need for building trade capacity to utilise the opportunity that came out in the recent WTO talks.
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The Centre will soon hold talks with India Inc to get their response on the proposed inclusion of market-opening provisions called ‘sectorals’, aimed at mandatory reduction or elimination of duties in some infant and vulnerable sectors — in the final agreement at the Doha Round talks of the WTO.
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Australian Prime Minister Kevin Rudd has urged the US to take more action on climate change and become more involved in the global debate on the issue.
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World Bank chief Robert Zoellick has suggested limits for a proposed agricultural safeguard that torpedoed WTO trade talks last month, saying the world's poor need a successful Doha Round.
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India’s exports of agricultural and processed food products have jumped by 38% to Rs 28,906 crore in 2007-08 fiscal mainly due to a significant jump in shipments of coarse cereals, according to a latest official data.
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India could lose between seven and seventeen per cent of its income from farming because of climate change, a new study has claimed.
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A record number of scientific inventions have been patented in the country during the last financial year. The tally of patents is nearly twice that of the year before.
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Having wrapped up long-drawn negotiations on free trade agreement for merchandise goods with ASEAN, India will push for greater market access for services and investment in the Southeast Asian trading bloc.
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The wording of a report intended to summarise last month's abortive trade talks on industrial goods has upset the US, making any early resumption of the negotiations harder.
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India, China and Brazil have come a long way in global trade negotiations emerging as “big brothers”, WTO head Pascal Lamy has said.
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It is ironic that the talks would stumble over a safeguard measure. Safeguards have been a permanent feature of the multilateral trading system. They were part of the GATT 1947 agreement in its Article XIX.
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India has indicated to the WTO its readiness for another go at reaching a world trade agreement provided the flaws in multilateral rules are effectively addressed and removed.
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India cut the number of items on its “sensitive” list of goods that are banned from trading in South Asia after leaders from the region pledged last week to cut barriers to spur growth.
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WTO talks need to resume soon to build on existing compromises, New Zealand’s WTO ambassador Crawford Falconer has said.
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A World Health Organisation committee has initiated steps to take India on board while proposing a change in the definition of counterfeiting at the next World Health Assembly.
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Experts discussed various methods of controlling carbon dioxide emission and business opportunities associated with the process during a seminar organised by the CII on August 11.
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The next round of United Nations climate change negotiations is set to begin in Accra, Ghana, from August 21 to August 27, 2008.
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The failure of the Geneva meeting of the WTO in July notwithstanding, a fresh attempt might be made by members this year to strike a deal on opening up markets in industrial and agricultural goods as well as services.
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Global trade talks under the WTO may have collapsed once again, but many big global retail chains as well as local facilitating producer companies in India are signing agreements with cotton and basmati rice farmers on ethical business practices under the Fair Trade Labelling Organisation.
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The EU and the UN have completed all the tests necessary to link their respective schemes for trading emissions of the greenhouse gas carbon dioxide by the end of the year, officials in Brussels have said.
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After three years of strenuous talks, negotiations for the free trade agreement between Association of South-East Asian Nations (ASEAN) and India were finally concluded on August 7.
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The US has appealed a WTO decision upholding Indian import taxes on products such as Napa Valley wine and Jack Daniel's whiskey.
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Brazil's President Luiz Inacio Lula da Silva has said he had contacted the US and Chinese presidents to discuss reviving the global trade talks, which collapsed last month. Lula said in Beijing that he also intended to talk to Indian Prime Minister Manmohan Singh.
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The Colombo Declaration said the members emphasised their commitment to implement South Asia Free Trade Agreement “in letter and in spirit” to enable the SAARC to contribute to the dynamic process of Asia’s emergence as the power house of the world.
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The WTO talks may have broken down but it seems all is not lost. World Trade Organisation Director General Pascal Lamy will be in India next week.
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In the wake of the collapse of the WTO ministerial conference in Geneva, Commerce Minister Kamal Nath has said bilateral free trade agreements and regional trade agreements with the US would not be affected adversely.
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India will give a major push to deepening trade ties among South Asian Association for Regional Cooperation countries at the coming summit in Colombo, according to sources.
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Commerce Minister Kamal Nath has described the failed global trade talks at Geneva as a “serious setback to the developing nations” and said the US undermined the issue of livelihood security.
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WTO head Pascal Lamy spoke of “a collective responsibility” to reflect on next steps and said the progress made in agriculture, NAMA and other subjects should be preserved. Echoing the comments of the Director-General, the members said the Doha Round should continue.
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The 15th SAARC Summit, scheduled for August 2 and 3, would come out with a declaration on “food security” and deliberate on the “collective action on modalities of dealing with menace of terrorism”.
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The failure by trade ministers from 30 countries to seal a deal on the world trade talks does not mean the end of the Doha Round of negotiations, which has been going on for over seven years, WTO head Pascal Lamy has said.
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The collapse of global trade talks for the third time in as many years may be only a bump in the road for world commerce, which continued to expand while negotiations sputtered.
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Agricultural lobbyists didn't want to give up federal subsidies to see the WTO negotiations succeed. But that doesn't mean they are happy the talks collapsed on July 29.
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China blamed “selfish” wealthy Western nations on July 30 for the latest failure to conclude long-running talks to free up global trade, while Asian rival Japan pointed the finger at the region's emerging giants.
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Amid tense moments, the nine-day WTO talks collapsed on July 29 as India and China refused to come under the US pressure to yield on the issue of giving safeguards to farmers against surge in imports. “There is no use beating about the bush. This meeting has collapsed,” WTO chief Pascal Lamy said.
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In the most significant development on Sunday, July 27, the 7th day of WTO talks, groups representing about a 100 developing countries issued a joint statement criticising the points in the Lamy draft on SP and SSM, and demanded that their own proposals be taken on board instead.
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A conference convened in London by the Global Markets Institute, a research wing of Goldman Sachs, put “resource scarcity - competition for water, food and energy in an era of climate change” at the top of its list, ahead of income inequality, financial integration, demographic transition and rising protectionism.
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International NGO ActionAid has appreciated the strong stand taken by India at the WTO talks in Geneva to protect farmers in developing countries, and has condemned “the strong pressure from international forces” on India “to accept a bad deal”.
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The finger-pointing and the blame game have begun at the WTO meeting in Geneva. Trade ministers have briefly broken up their meeting, to meet once again. Without naming them the US has accused India and China of unraveling the talks. India says it is the US that is digging in its heels. China says finger-pointing is dangerous for the talks.
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Merchandise exports from India and 175 other developing countries under a preferential duty regime stand to benefit longer, with the EU extending the popular scheme by two years.
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The Green Room meet started with discussion on SPs and SSMs. There was a reluctance on part of the US to any further concessions to the developing world while on the contrary it insisted on a more comprehensive ‘peace clause’ with an offer to restrict subsidies to $15 billion beyond which they said cannot go. The G-33 group remained united and demanded no reduction on special product lines.
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United Nations chief Ban Ki-moon has warned against investing too heavily in growing crops for biofuels at the expense of food production.
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Asking India not to succumb to the pressure of developed countries, particularly the US and EU, at the Doha Round of trade talks, a leading NGO has dubbed the give and take in WTO texts as “unfair” and “unequal”.
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Some intellectual property rights holders and their representative governments are looking with concern at the drive to hold discussions on draft modalities for IP issues in this week’s WTO mini-ministerial.
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The future of manufacturing is in low-cost youthful Asian economies, and the US and Europe should abandon ideas of propping up uncompetitive industries, Commerce Kamal Nath has said.
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Ministers from the member states of the WTO have failed to achieve a breakthrough, WTO head Pascal Lamy has said.
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Two top leaders of the US Senate have cast further doubts over efforts at the WTO to conclude the Doha trade talks at the current mini-Ministerial, and in effect have challenged the capacity of USTR Susan Schwab to make any binding commitments on behalf of the US Congress.
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Leaders of Indian domestic industries have voiced strong concerns over the demands made by developed countries in the NAMA negotiations at the WTO.
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US President George Bush and India's Prime Minister Manmohan Singh have discussed the need for leading trading nations to contribute to a breakthrough in the Doha Round of world trade talks, the White House has said.
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Initially there had been indication that the Brazil was keen for the deal if the NAMA is able to give the right signal. There was a possibility that the Lamy Text will be released on Friday. However, developed countries were reluctant on the level of ambition across NAMA since they indicated that agriculture is giving too much and they need quid pro quo either in services.
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All eyes will be on Commerce Minister Kamal Nath as he makes his delayed arrival on July 23, 2008, at WTO talks in Geneva which have so far yielded little convergence between the rich and poor countries.
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India has rejected the US offer to cut its overall trade distorting farm subsidies to US $15 billion a year, saying the move would not help as it still gives America enough headroom to increase the incentives.
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Farmers from Europe, Africa, Asia and Canada warned the WTO on July 22, 2008 that a trade deal being negotiated this week could ruin small farmers, harm the environment and increase hunger.
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An Indian entity's four-year-old bid to secure geographical indication (GI) status for basmati rice has failed. This has made the premium variety vulnerable to unauthorised use of its name and patent claims elsewhere.
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The US is resisting efforts at world trade talks to expand protections for geographical food names, such as Parma ham. It is also objecting to attempts to require patent seekers to disclose the source of genetic resources or traditional knowledge used to make drugs.
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Sri Lanka has said an economic pact with India “is yet to be finalised”, even as New Delhi was hopeful that the long-awaited Comprehensive Economic Partnership Agreement would be signed on the sidelines of the upcoming SAARC summit.
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The East Asia Summit (EAS), a “leaders-driven forum” with India, as also China and Japan in its fold, “is studying the feasibility of a free trade area among its 16 countries.”
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There are strong indications that the developing countries’ resolve to stand united during the mini-ministerial meeting is getting thinner and thinner. Though the NAMA text attracted the most heated discussions, the talks at Geneva continue to progress at the rate of unequal and unfair terms as the developing countries are being asked to cut their industrial tariff disproportionately.
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India’s drug regulator is collaborating with its US counterpart to improve its functioning in areas like monitoring drugs for adverse reactions, regulating medical equipment and devices, and increasing its international reach.
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Brazil is willing to wait for four years to secure a better deal on the negotiating table at the WTO, its Foreign Minister Celso Amorim said in Geneva on July 19.
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On the eve of the mini-Ministerial meeting in Geneva, India said level of cuts in agricultural subsidies and industrial tariffs may be negotiated beyond the range proposed in the draft texts if there is consensus among the rich and developing nations.
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India has blamed the “astronomical” farm subsidies in the rich countries for “systematically undermining” the agricultural productive capacity and “devastating” the food security in developing nations.
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India has said it would not give away concessions committed to developing countries even if it means “breakdown” of negotiations at the WTO meeting of trade ministers on July 21, called for infusing urgency into Doha trade talks.
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Amid uncertainty over the mini-ministerial meeting beginning July 21, the US and EU trade chiefs have sought India's assistance to break the deadlock over sectoral tariff elimination and the anti-concentration provision in return for supporting New Delhi's demand on enhanced flexibilities for SPs and SSM.
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Ahead of the WTO mini-ministerial meeting, services negotiations chairperson ambassador Fernando de Mateo of Mexico issued a report in the form of a draft services text on July 17.
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The ASEAN may endorse a continued push for free trade agreements during talks this weekend, a draft document has said.
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Commerce and Industry Minster Kamal Nath has welcomed talk of US willingness to make “enormous” reductions in farm support, but said he had serious concerns ahead of do-or-die ministerial talks next week on opening up world trade.
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The WTO's highest appeals court has upheld India's core complaint against the United States' enhanced bond requirement on Indian shrimp exports as a violation of the trade body's anti-dumping rules.
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The bottom line of farmers will be hit hard and food prices will be forced up by the Federal Government's proposed Emissions Trading Scheme, despite a reprieve for the agricultural industry until 2015, the Pastoralists and Graziers Association (Australia) says.
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In an industrial development scoreboard prepared by the a United Nations Industrial Development Organisation, India ranks 41 out of 100 different economies in terms of competitiveness of its industry in a liberalising world.
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The WIPO has called on India to become a signatory to the two Internet treaties which will provide for global protection of the rights of copyright holders, performers and producers of phonograms.
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While the economic growth in India is perceived as an opportunity, the same in China is seen more as a threat, a WTO report has said.
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India has finalised its game plan for the WTO Ministerial Meeting next week in Geneva with Prime Minister Manmohan Singh reviewing the country's negotiating strategy for the crucial Doha Round talks.
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Even as the Indian industry is objecting to ‘dilution’ of flexibilities given to the country for protecting sensitive products in the Doha Round of trade talks, WTO head Pascal Lamy has said there is enough room in the latest draft negotiating text to protect the country’s sensitivities.
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India's drugs regulator has decided to abandon his own proposal to link marketing approvals for non-patented versions of a drug to its patent status, called patent linkage, dropping a plan that led to heated debate and intense lobbying from industry factions and public health advocates.
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WTO mediators circulated new negotiating texts on July 10, 2008, that will serve as the blueprint for an outline deal in the Doha Round, trade officials said.
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Biofuels are to be blamed for global food prices escalating by 75%, according to a 'secret' World Bank report.
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As the British government announces Professor Ed Gallagher's review of biofuels, ActionAid calculates that 260 million people are at risk of hunger as a direct result of the rich world's drive to grow alternative fuels for cars and trucks.
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India is growing enormously and the current 9% growth rate may sustain over the next few years and even (it) might increase to 11% by 2011-12, Professor Arvind Panagariya of Oxford University Press has said.
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India imposed the maximum measures and ordered the highest number of probes into dumping of goods from different countries, including China, during July 1 to December 31, 2007, a WTO report has said.
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India on June 30, 2008, unveiled its climate change action plan which does not set target reduction of greenhouse gas emissions but seeks to promote sustainable development through use of clean technologies.
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Commerce Minister Kamal Nath has said a proper offer by the US on overall trade-distorting domestic support (OTDS) during the forthcoming WTO mini-Ministerial would be around $7 billion, in contrast to the range of $13-16.4 billion which is contained in the May text of the Chair of the agriculture negotiations.
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The developed countries' concerns and sensitivities are being constantly accommodated as the means to attain “convergence” in the WTO negotiations on agriculture, while many outstanding issues of interest to developing countries are still unresolved, complained the G20 at an open-ended agriculture meet at the WTO.
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Is the mini-Ministerial beginning July 21 really a “Ministerial”? In fact, only 20 to 30 Ministers are believed to be invited to attend it. It is unclear who they are and how they are selected. Even the Trade Negotiations Committee and General Council are not given the list of Ministers. Many delegates have been asking one another whether their country has been invited.
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Ahead of a meeting of trade ministers of select WTO member states later this month, India and EU have said they are committed to a global trade deal that takes account of services, farm and industrial goods.
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India's national action plan to confront climate change can help reduce the country's dependence on fossil fuels, a leading environmentalist UN panel on climate change chairman RK Pachauri has said. The plan's emphasis on developing solar energy was a step in the right direction.
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US farm exporters will mainly gain access to markets in other rich countries under a likely WTO deal, new studies released on July 8, 2008, by three major agricultural institutes have said.
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Five big emerging economies have called on the G8 to reduce its greenhouse gas emissions by 80-95 per cent below 1990 levels by 2050.
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The WTO will issue revised proposals for a deal on agricultural trade later this week reflecting progress in a host of technical details in recent weeks, the WTO mediator in farm talks has said.
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Commerce Minister Kamal Nath has warned WTO Director-general Pascal Lamy about the dangers of rushing into the proposed ministerial meet on July 21 without resolving innumerable issues in different dossiers of the Doha negotiations as a recipe for failure.
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When the G8 meet in Toyako, Japan, to discuss ways to slow down the pace of climate change, they could not have found an issue better than the current spurt in the crude oil price to keep them focussed, as there is growing pressure to reduce energy consumption to protect earth.
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The bilateral trade between India and the US is expected to more than double to touch $100 billion in the next three-four years, outgoing US consul-general Michael Owen has said.
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The US and EU are raising pressure on developing countries to incorporate environmental goods in the ongoing NAMA negotiations. Sources said pressure to incorporate the list of environmental goods in the NAMA negotiations is forcefully on, not only during WTO negotiations but also at key environmental meetings.
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The G-20 is unhappy with the agriculture draft modalities, saying Agriculture Negotiations chairman Ambassador Crawford Falconer's draft modalities (TN/AG/W/4/Rev.2) establish obligations regarding the provision of data.
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The Indian industry may face a setback in opposing the draft text on liberalising markets in industrial goods circulated in the WTO recently. The text may form the basis for negotiations in the mini-ministerial beginning later this month, if the NAMA chair is unable to produce a fresh text.
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Goods from India, Brazil and 23 other developing countries will no longer receive US duty-free treatment, the United States Trade Representative's office has said.
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Despite an increase in bilateral trade, Britain's trade sector is losing its market share in India as more and more Indian firms are diversifying their trading partners in Asia and Africa, a new study has said.
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Member states of the WIPO began a comprehensive review of issues relating to the international patent system. Maximiliano Santa Cruz of Chile chaired the meeting, and 85 member states and 24 observer delegations attended it.
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Speaking in Vancouver at the Wall Centre on June 23, 2008, the UN assistant secretary-general for economic development lashed out at a process that many world leaders have touted as a possible solution to skyrocketing food prices.
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According to US Bureau of Labor Statistics, the cost of food items and oil has more than doubled in the past two years, and market speculation is to be blamed for this escalation in prices of the commodities.
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The world food prices have roughly doubled in the past three years, while witnessing an alarming 85% increase between April 2007 and April 2008, UNCTAD in its report has said.
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India has told WTO chief Pascal Lamy that New Delhi will not remain silent if issues like disclosure of provisions for genetic material, fishery subsidies and services are not resolved satisfactorily.
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WTO members must make “maximum effort” in the next few weeks to ensure that a July ministerial meet could lead to a breakthrough in the Doha Round trade negotiations, WTO chief Lamy has said.
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WTO head Pascal Lamy has called trade ministers to Geneva for one more try to push the Doha Round trade negotiations over the line before the US and Europe change governments.
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A large number of gaps still remain in global trade talks, Commerce and Industry Minister Kamal Nath has said. He added that he hoped trading partners would have moved closer to each other by next month.
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The US may appeal against the clean chit given by a WTO panel to India's additional import duties on foreign wines and spirits. The EU may also revisit a similar case against India which it suspended last year.
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Rural Development Minister Raghuvansh Prasad Singh has suggested a new formula to contain price spiral. According to him, the government should act in time and see that the prices of cereals in the retail Markets should not cross over 6%.
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Brazil and other developing countries have complained that agriculture proposals at the WTO do not open up markets enough, dimming prospects of a deal being reached this year.
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A bilateral agreement on Intellectual Property Rights (IPR) cooperation between India and Singapore will be signed soon, Commerce and Industry Minister Kamal Nath has said.
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India, China and other developing nations have told the US and the EU that the developing world will not agree to an anti-concentration proposal that would severely whittle away their flexibilities in Doha package on market-opening for industrial goods.
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According to the World Economic Forum's Global Enabling Trade Report 2008, India has been ranked 71st in global enabling trade index due to tariff barriers and corruption-ridden border administration that oversees flow of goods.
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India’s fight for tightening the Trips Agreement to check bio-piracy is slowly gaining support from more WTO members. Over 100 members want speedy negotiations for disclosure and extension of Geographical Indications as part of the Doha negotiations.
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The WTO may come out with a new revised negotiation text each on agriculture and industrial goods by the end of this month to ensure a successful conclusion to the Doha Round talks.
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As the future of the EU's reform project hangs in balance following Ireland's rejection of the Lisbon Treaty, doubts are being cast whether Brussels will be able to sell the Doha agreement to its member states.
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Senior trade officials are at last getting to grips with thorny issues involving manufactured goods, the WTO head has told diplomats.
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WTO talks on industrial goods, a crucial element in efforts to seal a new global trade deal, must speed up, European Trade Commissioner Peter Mandelson has said.
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A day after the country's inflation rate hit a 13-year high, Finance Minister P Chidambaram has warned against “panic” and promised more measures to tame prices.
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The WTO Dispute Settlement Body has adopted the reports of the Appellate Body and compliance panel in relation to a dispute brought by Brazil against the US on its subsidies on upland cotton.
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The ambassador overseeing an important area of global free trade talks has said he will leave his post in August, adding pressure on WTO members to settle their issues before he goes.
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India and other developing nations are ready for a deal on the Doha Round of trade negotiations if the US agrees to cut farm subsidies by just one dollar, Commerce and Industry Minister Kamal Nath has said.
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India could be 40 times bigger by 2050, and may also have the potential to be larger than the US by that time. However, to achieve this, India needs to implement many changes, a global research report has said.
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While climate change is already threatening development, livelihoods and the very existence of many developing countries, there is not yet a sense of urgency among governments, said the Group of 77 and China at the closing of the meeting of the group on long-term cooperative action at the UNFCCC.
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WTO head Pascal Lamy now maintains that it is rather early to set the dates for a ministerial meeting to finalise the modalities for reducing agricultural subsidies and import as well as industrial tariffs, trade envoys have said.
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The Committee of Agriculture chairman Crawford Falconer has deferred the next meeting of the agriculture negotiations scheduled later this week. He hopes to hold the meeting in the middle of next week.
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The US has asked India and Brazil, the two developing economies, to bring “more” to the table at Doha by way of “increased responsibility” and “positive contribution”.
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The US and India nudged each other for concessions that may bring a global trade deal, while expressing optimism that a breakthrough may be around the corner.
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As WTO trade talks on cutting farm subsidies and industrial tariffs reach a critical juncture, farm leaders in India have said the country should quit the Doha negotiations if the livelihood concerns of its farmers are not addressed in the Round.
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The US has accused India of working behind the scenes for the demise of the ongoing Doha Round of WTO talks.
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A WTO dispute panel has rejected a complaint brought by the US against India over duties on wines and spirits.
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The Confederation of All India Traders has requested Prime Minister Manmohan Singh to make national trade policy to safeguard interests of small traders.
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Brazilian foreign minister Celso Amorim has said the G20 group of developing nations are not stalling the world trade liberalisation talks, but have put forward proposals to allow negotiations to continue.
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The US and the EU have said the Doha Round of global trade talks could collapse due to stubborn attitude of some big developing countries.
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A delegation from an Indian multinational has visited Islamabad to explore the opportunities of investing in Pakistan.
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A WTO panel has upheld last year's ruling, which said the subsidies helped US cotton farmers undercut foreign competitors.
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World Trade Organisation Director-General Pascal Lamy has said that developed and developing countries could still wrap up the Doha Round of talks on a global trade deal this year.
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The gap in NAMA at the WTO between developed and some key developing countries remains wide. There are a few chances that there can be convergence of views in the next few weeks, going by the reactions of countries to the May 19 draft modalities.
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The ongoing WTO talks will not result in India opening up the legal services sector to foreign companies, Commerce Secretary Gopal Pillai has said.
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India may target 5% of global trade by 2020, Commerce and Industry Minister Kamal Nath has said.
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The UNCTD in its report released at the World Food Summit in Rome, on June 4, said the recent global food crisis is a wake-up call for developing countries and international community and they can convert it into an opportunity to strengthen the global agriculture production.
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The WTO has issued a revised text on the services sector. The short draft is mostly in brackets that indicates areas which need to be negotiated and offers more discussions on areas of interest to developing countries.
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Commerce Secretary GK Pillai has termed the new proposals as too “complicated” and said said that it may be difficult to support a draft World Trade Organisation accord on cutting agriculture subsidies.
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While G20 group of the developing countries, including India, will pay in Doha agriculture negotiations, the gains for farm exporting nations are huge, agriculture trade negotiators have said.
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Europe's farm chief has said the revised negotiating text on agriculture for a world trade deal lacks balance in core areas that prevents progress.
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India has said it is ready for a Ministerial meet of the WTO, but, a lot of work is still need to be done to narrow the differences and converge on the recently issued revised farm and NAMA texts before identifying a safe landing zone.
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The farm loan waiver scheme has been modified by the Finance Minister according to which Farmers with over two hectares will get a one-time settlement rebate of 25%, subject to their paying the balance in three instalments by June 30, 2009.
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The India-US bilateral trade is expected to touch $60 billion in the coming years, an American diplomat has said.
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India has rejected the key proposals in the revised drafts on agriculture and non-agriculture market access circulated at the World Trade Organisation on May 19, 2008.
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The chairs of the agriculture negotiations and the NAMA negotiations at the WTO issued new revised draft negotiating texts on May19, 2008. There aren't basic changes in the two texts from the February drafts.
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The European Commission has asked India to move ahead with its plans to open up its economy to European exports under a planned bilateral trade agreement between the two trade powers.
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The US Congress passed the Farm Bill on May 19. The bill will cast a long shadow over Doha negotiations at a time when WTO delegates are struggling to complete agriculture and NAMA modalities.
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The World Trade Organisation has asked the US to cut trade barriers and increase exports to boost its economy. The trade body added that the US had not fulfilled all its commitments, though it is a strong supporter of the world trading system.
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The UN Commission has reviewed India's position after 17 years and described it as “poor”. The panel also asked India to try harder towards realising civil rights.
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To catch up with China, India is launching a sensatisation, national awareness and consultancy programme in which universities, laboratories, state-level chambers of commerce and industry, patent attorneys and scientific community will also be roped in.
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On may 16, 2008, Ukraine became the 152nd member of the World Trade Organisation. The country began its accession negotiations in 1993.
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India has warned that the development agenda of Doha Round of global trade talks are at the core of the efforts to conclude it by the next few months.
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Indian trade experts have backed WTO chief Pascal Lamy's prognostics that the world food crisis can be resolved through a global trade pact that centers around correcting free market distortions.
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India and Turkey have opposed in World Trade Organisation talks the proposal of some developed countries of making process of determination of special products more transparent.
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It is still possible to reach a deal on long-delayed world trade negotiations before the end of this year, World Trade Organisation chief Pascal Lamy has said.
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India and the US have agreed to settle the contentious issues of farm subsidies and market access under the Doha Round of negotiations for a world trade deal, Commerce Minister Kamal Nath has said.
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WTO Members “have only a few weeks, not months” to conclude framework agriculture and industrial goods trade pacts to conclude the Doha Round this year. However, chances are bleak that trade ministers could be gathered in Geneva by May-end to finalise 'modalities' deals.
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An FTA may be concluded between India and the EFTA by early 2009. Apart from trade in industrial and agricultural goods and services, implementation of intellectual property rights regime would be area of focus.
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The fight against climate change should not become the new nuclear non-proliferation treaty, prime minister's special envoy Sham Saran has said.
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Preparations for a “signalling” conference to move forward the services negotiations in the WTO started on May 5, 2008, and members are participating in preparation meets for a round of bilaterals meeting.
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The Government has rejected recent attempts to link trade to climate change and said countries like India would not accept the move if industrialised nations tried to use climate change to restrict trade.
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Inflation rose to 7.57%, 42-month high in mid-April and the finance minister has said the government is prepared to take further steps to tame prices.
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After meeting his 10-member ASEAN counterparts in Bali in Indonesia, trade minister Kamal Nath said that India is close to seal a free trade deal with Southeast Asian countries.
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Interest of India's farmers will not be compromised in the ongoing Doha Round of Trade negotiations, the government has said. It also assured no “trade-offs” for gains in other areas of the negotiations.
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The International Monetary fund has given developing countries a small 2.7% increase in their voting rights, multilateral lending agency's managing director Dominique Strauss-Kahn has said.
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The negotiations on the proposed FTA between India and the European Free Trade Association would be concluded by year-end, Commerce and Industry Minister Kamal Nath has said.
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India's need to stem inflation has left its neighbours stranded, as countries, including Nepal, facing a severe crisis of essential commodities like rice and cement whose exports have been restricted.
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Trade ministers from India and the US are set to meet next week to discuss ways to achieve a breakthrough in the stalled Doha round of talks.
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The US wants to include labour and environment standards in the proposed bilateral investment pact with India. While India wants to structure the accord similar to agreements that it has with other countries, the US wants to structure it like the investment chapter in the Nafta.
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Countries participating in the Global System of Trade Preferences among Developing Countries (GSTP) have no objection with a line-by-line 20 to 40% cut on tariffs, with the coverage to be at least 70% of their dutiable tariff lines.
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India will provide to the Agreement on South Asia Free Trade Area member countries duty reductions from zero to five per cent within 10 years, MoS for Textiles E V K S Elangovan has said.
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There was a 60% chance that a world trade deal will be struck by the end of the year, Britain’s minister for international trade Gareth Thomas has said.
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A panel of gender experts trade specialists and politicians called for policies to free the poor, women and other marginalised groups from persistent restraints regrading jobs, decision-making, and access to business finance.
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Negotiators from governments across the world have been haggling for over six years over cuts to farm subsidiaries and barriers to agri trade in talks at the WTO.
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The final meeting of the NAMA negotiating group before the issuing of a new modalities draft was held at the WTO on April 14, 2008. The group Chair said differences in opinions were the same as before.
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The TRIPS Council Special Session Chair has said he is making a factual report on the negotiations on a multilateral register for Geographical Indications for wines and spirits for the upcoming “horizontal process” on the Doha Round.
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Italians companies are looking for trade prospects in Indian markets for selling their products like farm implements and machinery and food processing technology. Italy, too, is considering to boost its exports of food products.
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India and Egypt have agreed to cooperate in the areas of agricultural research, extension, cooperatives, agricultural finance and credit, fertilisers, modern irrigation systems, agricultural machinery. They also discussed the probabilities to establish JVs.
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The WTO chief has said long-running talks to open up world trade are closer than ever to conclusion, but the timing of the crucial meeting of ministers to strike the deal remains uncertain.
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China and Pakistan have agreed to improve economic cooperation and enhance bilateral trade. President Musharraf has said the two countries are close to signing another FTA on trade and services.
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The contribution of India to world gross domestic product in purchasing power parity terms has been reduced by the International Monetary Fund to 4.6% in 2007 from the earlier 6.4%.
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Russia is keen on increasing bilateral trade with India to $10 billion by 2010 from the current $5 billion, Russian Federation's Ambassador Vyacheslav I Trubnikov has said.
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India's annual rate of inflation touched a 41-month high of 7.41% for the week ended March 29. It was 7% the week before. The reason for this high inflation is higher food and commodities prices.
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India wants the rich countries to massively lower their greenhouse gas emissions and provide more financial and technological help to the developing countries to deal with the climate change problem.
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Because of spiralling global prices and government's move of drastically reducing tariffs on many agricultural items, India's position at the farm talks for negotiations in the WTO may be weakened.
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India has scrapped import duties on several food and other products and banned export of non-basmati rice to boost supply and stem increasing inflation.
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The World Bank has called the growing economies of China, India and Brazil “the new stakeholder” and vowed to come to the rescue of these developing countries “if the credit storm and liquidity drought sweeps their way”.
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South Asia may expect a rise of over six times to $20 billion from only $3 billion at present in its annual trade volume if there is better regional cooperation among countries, a World Bank official has said.
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The World Health Organisation has said that global warming will have “serious and damaging” impact on human health. Air quality will suffer and respiratory diseases will be aggravated.
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Indian herbal market is registering a rapid growth and may hit Rs 14,500 crore by 2012 and exports to Rs 9000 crore with a compound annual growth rate of 20% and 25% respectively, a study says.
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Indian farmers supported by their counterparts from other countries have asked for agrarian reforms for the benefits of small and marginal landowners. They said their farmlands should not be confiscated for SEZs or any industrial use.
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The government is likely to raise the statutory minimum price for sugarcane to over Rs 120 per quintal (Rs 125 a quintal + Rs 30 as bonus) for the 2008-09 season.
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India may finalise a free trade agreement with the the ASEAN within next three months, Commerce and Industry Ministry Kamal Nath has said. Only a “few things” still needed to be looked into before a deal is struck with the ASEAN, he added.
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The first formal talks for the replacement of the Kyoto climate change agreement held recently in Bangkok closed with plans for another seven rounds of negotiations in the next 18 months to tackle global warming.
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A CII survey has said that exports from India may touch $200 billion by 2009, maintaining the annual growth of 20% for the period of 2004-09. Stability without any mid-term policy changes will make it happen, the polled CEOs said.
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UNCTAD Secretary-General Supachai Panitchpakdi recently met Prime Minister Manmohan Singh and addressed a meeting. They also discussed UNCTAD’s work and mission on preparedness for UNCTAD XII, to be held from April 20-25 in Accra, Ghana.
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The economy of Pakistan may collapse in spite of the impressive domestic growth in the country, the World Bank has said. Bank’s officials say that Pakistan must take immediate action to prevent an economic collapse.
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India has termed the attitude of the World Trade Organisation as discriminatory towards allowing the sale of Indian whisky abroad. The government is in the process of negotiating the issue with the WTO and it would be resolved soon.
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Pakistan has invited India to finalise the $7.4 billion Iran-Pakistan-India pipeline project and Petroleum and Natural Gas Minister Murli Deora is likely to visit the neighbouring country next month to seal the IPI deal at the earliest.
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The Union Cabinet has approved duty-free import of eight million pieces of garments annually from Bangladesh, MoS for Commerce Jairam Ramesh has said. Import of six million pieces would be duty-free and a preferential duty levied on the remaining.
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New Zealand is looking forward to negotiating a free trade agreement with India and it attempts to augment trade in areas, including forestry, milk products and horticulture, New Zealand’s Minister for Agriculture, Forestry, Bio-security and Fisheries Jim Anderston has said.
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The government should be “cautious” before inking a free trade pact with China, as the tariff cuts will lead to the Chinese products flooding Indian markets. The government should not finalise the FTA in the next five years, Assocham’s study on “India’s FTA and the Indian Industry” has suggested.
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Though the occasion was World Economic Forum in Davos, Switzerland in January, UN Secretary-General Ban Ki-moon’s focus of address was increasing water crises. “A shortage of water resources could spell increased conflicts in the future,” he said.
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Developing countries have asked the WIPO to adopt a work plan to scrutinise “limitations and exceptions” to copyright, which would help establish a “consensus” on mandatory minimum levels of L&E for member states.
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Most of the World Trade organization members are ready to support the proposal to amend WTO’s TRIPS Agreement and include a disclosure requirement for patents applications relating to genetic resources and traditional knowledge.
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India has opposed the proposals of chair for Doha negotiations on market access to choose between the coefficients to be used in the formula to reduce industrial tariffs and the degree of flexibilities they can avail of to shield certain industrial products from the formula cuts.
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Key members of the WTO remained divided over how to conduct negotiations on the difficult issues in the Doha trade talks ahead of the ministerial meeting.
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India wants to conclude deals worth $10 billion with African states during a high-level three-day business conclave to be held in new Delhi from march 19.
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India has been excluded from a two-day meeting of the Group of Four, of which India is also part. The meet is to forge an agreement on the Doha trade negotiations in London. Other three countries are the EU, the US and Brazil.
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The government is looking at options to help exporters hit by a rise in rupee value, Commerce and Industry Minister Kamal Nath has said. He admitted that the annual export target of $160 billion could not be achieved this year.
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The Horizontal Process under WTO Doha talks has been deferred from the listed date of March 17 to sometime after Easter. Chances are that the process could be held anytime after March 23.
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The EU is not in a hurry to conclude free trade agreement (FTA) negotiations with India this year, EU officials have said.
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India announced pruning of its negative list from 744 items to 500 items for the least developed SAARC members. The move will enhance the scope of duty-free entry to the exports items from the countries like Bangladesh, etc.
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The USTR report has said the bilateral trade between India and the US is expanding, but there are challenges as well that American investors continue to face as India opens its market.
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Finance Minister P Chidambaram’s Budget 2008 includes something for everyone including agri loan waiver to farmers, increased income tax exemptions, and reduced auto prices for middle-class families. Also there in the budget are some unanswered questions, ‘which may spell trouble for this or the next government’.
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India has urged for more cooperation from the SAARC members in research and development in agriculture to meet the region’s ever-growing foodgrain demands.
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The number of patents filed under the World Intellectual Property Organisation Patent Cooperation Treaty rose to 156,100 by 4.7% in 2007, according to the WIPO. The number of patents filed from India plummeted by 17.45%, from 831 in 2006 to 686 in 2007.
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The US offers more temporary entry visas for Indian professionals if India agrees to provide US banks and other service companies increased access to its fast growing market.
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Talks between India and the US are under way on whether to negotiate a bilateral investment pact as part of ongoing efforts to enhance economic ties. But for now, the two countries have decided to hold another round of talks before moving ahead.
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The revised NAMA text has come under strong criticism from trade unions from NAMA-11 developing countries, as well as Latin America and the Caribbean. The range of coefficients in the Swiss formula for developing countries is their bone of contention.
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President Bush may have difficulty to obtain a Presidential “fast track trade authority” raising serious doubts about the status and value of negotiating positions of the US in the World Trade Organisation.
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It is too early for the US to think about a free trade agreement with India and right now it is difficult for India to do such an accord, United States Trade Representative Susan C. Schwab has said.
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British Columbia is setting up its trade office in India to promote business in the world’s second fastest growing country. After Ontario, BC will be the second Canadian province to do so.
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While speaking at the 80th FICCI Annual General Meeting, Commerce and Industry Minister Kamal Nath has said that India may finalise free trade agreements with the major economies in the region in a year.
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External Affairs Minister Pranab Mukherjee and his Brazilian counterpart Celso Amorim signed three agreements with Brazil covering infrastructure, poverty alleviation and sports. They also discussed a host of bilateral, regional and global issues.
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Speaking at the inauguration of the 80th annual meeting of the FICCI, Prime Minister Manmohan Singh said he was confident that the India economy would grow at 9% and inflation can be contained at acceptable levels.
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India is considering the BIPA-like agreement with the US to increase bilateral investments between the two countries. The US wants pre-investment national treatment for its investors, but India does not want to give same treatment to US investors as to Indian ones.
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Chief Adviser of Bangladesh’s caretaker Government, Fakhruddin Ahmed, has requested the Group of Eight (G-8) developed nations to grant access to their markets for all products from Least Developed Countries.
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India is constructing a new Trade and Exhibition Centre in Sharjah to promote trade and business in the Middle East and North Africa markets. The Commerce Ministry has given a green signal regarding this.
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India’s Commerce and Industry Minister Kamal Nath has said the government may set the export target for the next fiscal to around $200 billion. But, the precise target may be announced by March-end.
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Trade between India and the UK may reach $60 billion by 2020, British High Commissioner in India Sir Richard Stagg has said. The Indian economy has been witnessing a sharp growth and the UK is interested in establishing strong business ties.
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China has offered to build a pipeline to transport gas out of Iran gas, if India decides to withdraw from the multi-million dollar Iran-Pakistan-India gas pipeline project, media reports in Pakistan have said.
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India’s MoS for Commerce Jairam Ramesh has informed that Indian business houses’ investments of $2 billion in Sri Lanka are under discussion. He is leading a business delegation in the island country.
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India’s wait for a comprehensive trade and investment agreement with the 27-bloc European Union gets longer as differences have arisen over the items which would not be covered in the pact.
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The WTO has released the revised draft negotiating texts of the agriculture and NAMA negotiations. Trade body’s head Pascal Lamy said these documents are a step forward towards the launch of a vital new stage in the Doha Round talks.
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A latest survey by FICCI has said trade between India and Russia may witness an increase of over five times, to the tune of US $20 billion, by 2015, if hurdles like procedural issues are addressed.
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After reaching an agreement on a series of conditions with the EU, the WTO has approved the membership accession of Ukraine, which was signed by trade body’s head Lamy and Ukrainian President Yushchenko at a Geneva meet.
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India’s Minister of State for Commerce Jairam Ramesh would visit Sri Lanka to enhance trade relations between the two countries. An investment delegation will hold discussions with the Sri Lankan Government on trade opportunities for Indian firms.
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Citing the example of developing countries attracting foreign investments through their liberal policies, WTO chief Pascal Lamy suggested major economies to use Doha Round of global trade talks to boost confidence of world business.
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After the presidential elections, the US may change its foreign and trade policies. It would not follow market-oriented policies, become more protectionist in trade and go slow in its future bilateral and free trade agreements with other countries.
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US President George Bush has warned of vetoing the farm bill that proposes raised taxes and doesn’t cut subsidies given to richer farmers. The bill, according to administration officials, lacks reforms, spends too much money and raises tax.
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A WTO dispute settlement panel has dismissed a complaint by the US against India over the import duties on wine and spirits. The panel supported India that the excise duties levied by the US on foreign liquors were not cross-border measures.
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The Government of India is trying to accelerate free trade among the SAARC members. It wants to finish the ground preparations before SAARC summit in March when commerce ministers of these countries meet to enhance the investments and trade across the region.
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For the integration of the South Asian region, the World Bank has initiated steps to bring the nations on a common platform and fund their projects on trade, water management, energy and infrastructure.
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Trade relationship between India and United States has reached at new heights. In 2006-07, bilateral trade between India and USA touched $50 billion. US Exports grew by about 75% with FDI volume of $850 million. This positive trend in trade relationship between two countries is expected to grow in the year 2008.
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Factors such as multilateralism or bilateralism or regionalism have become the primary reasons behind dilemma in Nepal’s trade policy. As a solution to the problem of inadequate trade diversification, experts have emphasized on increasing number of bilateral trade agreements with the European and Asian nations.
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Swiss Economics Minister Doris Leuthard, who hosted an informal lunch meeting on the sidelines of World Economic Forum in Davos, Switzerland, said it was the high time that they should conclude the Doha Round in 2008 itself.
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Speaking at a session India’s International Agenda in Davos, Switzerland, Commerce Minister Kamal Nath informed the global leaders that India is exploring possibilities for trade and economic cooperation with China -- an emerging trade partner.
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India’s top BPO Companies are showing interest for expanding business in Sri Lanka, as the country possesses trained manpower. Both WNS and HDPI have already set up centers in Sri Lanka and operating since 2004. HDPI, which is the offshore captive of HSBC, has become the largest BPO Company of Sri Lanka. Also the third party vendors of Indian BPO Industry are trying to set up delivery centers in Sri Lanka in order to generate excess capacity for their business.
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Detection of the H5N1 bird flu virus in the western part of India has incurred a huge loss on largest producers and exporters of poultry products in the country. Culling of 500,000 birds has already taken place in the Navapur town where this virus was first detected. India suffered a lot in its export of poultry products following the ban of the same in countries such as Sri Lanka, Nepal and Pakistan. Government of India has also restricted movements of poultry products out of West Bengal.
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The Asian Development Bank has undertaken a project that will improve transport network in South Asian region by promoting trade and commerce as an important indicator of economic development. The Bank in collaboration with Japan will assist Nepal for preparing a project that will increase quality of air transport services on the one hand, and will develop rural transport infrastructure in the poorest districts in Sri Lanka on the other. From time to time bank’s funding on development projects in South Asia has helped a lot in reducing poverty and improving quality of life across the region.
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The China-ASEAN Business Council has said that trade between the Association of Southeast Asian Nations (ASEAN) and China touched US $202.6 billion-mark in 2007. It is an increase of 25.9% from the last years.
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Citing the World Bank’s premier annual compilation of data about development, new SAARC Chamber of Commerce and Industry president Tariq Sayeed says that the intra-regional trade figures for South Asia are the lowest in the world.
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Bangladesh High Commissioner Yasmeen Murshad has said that there is scope for Pakistani traders in Bangladesh where they can explore country’s potential in various economic areas including jute and rice.
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Indian Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao on January 14, 208, promised to strengthen trade, economic and military ties. India tried to put pressure on china on the issue of growing trading gap.
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China’s Assistant Minister of Commerce Chen Jian, while speaking at the China-India Economic, Trade and Investment Cooperation Summit in Beijing on January 14, 2008, has said that buying mission will be sent to India to boost imports by the Chinese government.
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Pakistan is planning a trade fair in India to boost bilateral economic ties that has been held hostage to various trade barriers and past hostilities between the two neighboursing countries.
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Sri Lanka has decided to halt export of pepper under the indo-Sri Lanka Free Trade Agreement as India has enforced of a cap of 2,500 tonnes a year.
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Key trade ministers are likely to meet and review the Doha round of trade talks in Switzerland on January 26, 208. Some of the major issues holding up a deal in the talks, launched at the end of 2001 to support world trade, are expected to be discussed.
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The United Nations in its report said that it expects healthy growth in Asia-Pacific economies in 2008. The report adds that a slump in the US can cause problems for the region.
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In November 2007, the GDP of South Asia was 8.4%, a little less than what it was in November 2006. But the region manages to continue with the momentum of recent fiscal and business-oriented reforms.
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The United Nations Conference on Trade and Development (UNCTAD) released a report on January 8, 2008 in which it said that mining and energy industries are likely to witness increased foreign direct investment (FDI) in 2008.
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Iran’s Ambassdor to Pakistan has said that Pakistan and Iran will finalise an agreement on a multi-billion dollar gas pipeline project that also involves India by January 25 this year.
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Trade officials from across South Asia gathered in Kathmandu on January 7-8 2008 to discuss non-tariff barriers (NTBs) under the South Asia Free Trade Area (SAFTA) framework. The meeting was organized to push forward negotiations on the issues that still keep trade from flowing unhindered within the SAARC region.
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Along the lines of SAFTA agreement reached during SAARC Summit at Islamabad in January 2006, the Government of India has undertaken significant import duty reductions effective from January 1, 2008. As per the agreement, duties on more than 4,800 items of import from the South Asian Countries have been reduced.
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The death of Pakistan opposition leader Benazir Bhutto has badly affected the export of wheat to Afghanistan. Adding to the woes of the Afghanistan Government, prices of the food grains are also rising in the international market.
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Approximately $2 billion rise in trade deficits in India during November 2007 has been attributed by economists to the lack of growth momentum in exports due to the rising rupee on the one hand and increase in imports on the other.
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Through an investment forum being organised in Beijing, Sri Lanka tried to project itself as a profitable investment destination. The Sri Lankan Embassy organised the event on December 28, 2007, to attract substantial amount of FDI from China.
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India vetoes a proposal by developing countries to adopt the draft modalities on Non-Agricultural Market Access (NAMA), issued by the market access Chair in July 2007.
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The eighth India-European Union summit in New Delhi, on November 30, 2007, saw leaders from both sides calling for successful completion of bilateral and multilateral trade talks and pledging to cut greenhouse gas emissions.
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A study commissioned by the UN agency International Fund for Agricultural Development (IFAD), estimates that remittances -- the portion of migrants’ earnings sent back to their families -- reach 10% of the world’s population, most of it in the developing world.
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The UNDP’s annual Human Development Report on the theme of climate change requires developing countries too to undertake emission cuts, as poor countries will be the most severely affected by global warming.
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Free Trade Agreements (FTAs) cause job losses and erode labour standards, says a campaign mounted by US labour activists who want Congress to put a moratorium on FTAs.
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The Preferential Trade Agreement (PTA) between Pakistan and Mauritius, effective November 30, 2007, includes margins of preferences on existing tariffs on several goods.
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The government of Bangladesh has formed two taskforces to assess and lobby a new US trade bill introduced in the Senate in October.
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Major sugar-exporting countries have approached the WTO to examine alleged subsidies the India government pays to its sugar exporters.
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British premier Gordon Brown told reporters during the Commonwealth heads of state meeting in Kampala that global trade talks could be clinched by January 2008.
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Indian Prime Minister Manmohan Singh announced a number of cooperative measures between his country and the 10-member ASEAN bloc with whom India is negotiating a free trade agreement, during the 6th India-ASEAN summit in Singapore on November 21, 2007.
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Brazil and Peru suggested at the WTO’s Committee on Trade and Environment that biofuels and organic food products should be considered ‘environmental goods’ subject to tariff cuts or elimination in the Doha Round.
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Negotiators are unlikely to reach an agreement on the India-ASEAN free trade agreement in time for the ASEAN summit in Singapore, on November 17-20, 2007.
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India’s commerce minister Kamal Nath has slammed some European NGOs, which have in recent campaigns accused Indian industries of violating human rights and labour laws.
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An EU proposal to make it mandatory by 2020 for 10% of all member states’ transport fuels to come from bio fuels threatens to force poor people in developing countries from their land and destroy their livelihoods, Oxfam warns
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Speaking in New Delhi on October 31, 2007, India’s commerce minister Kamal Nath expressed confidence that the Doha Round will be concluded soon.
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A visa row marred the start of talks between New Zealand and India officials on initiating a free trade agreement between the two countries.
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After months of wrangling the European Parliament endorsed on October 24, 2007 an amendment to Trade-related Aspects of Intellectual Property Rights (TRIPS) rules, to ease poor countries' access to essential medicines
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WTO Director-General Pascal Lamy has warned that negotiations in October-November 2007 probably represent governments' "last chance” to move the Doha Round to a successful conclusion.
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In a departure from the past, the World Bank’s latest World Development Report advocates a new ‘agriculture for development’ agenda.
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Two new papers on TRIPS and biological diversity and TRIPS are among the issues on the agenda at the October 23, 2007, meeting.
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Impact of trade policies on Pakistan’s market access to the EU, Generalised System of Preferences (GSP), anti-dumping duty, fisheries, and rice patent were among the issues discussed during the second meeting of the European Commission-Pakistan Sub-Group on Trade, in Geneva.
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Handicrafts and horticultural products from the Indian state of Kashmir will be exported to Pakistan as the governments of India and Pakistan allow trade across the LoC.
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In its second ‘World Economic Outlook’ report this year, the International Monetary Fund (IMF), a champion of gobalisation and liberalisation, says technology and foreign investment could be worsening income inequality in many parts of the world.
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