US INDIA TRADE
Last year, the US imposed duties on steel and aluminium; there was no retaliation from India
On June 1st 2019, US Ended India’s $5.6 billion trade concessions under the Generalised System of Preferences (GSP) programme
Now, India has retaliated with tariffs on 28 American products around 400 Million $
How US would react now is the focal point
India US trade is worth 142 Billion $ in 2018
US is India’s largest export market, accounting for about 20 per cent of the total
Niti Aayog council meet which was held yesterday –the agenda was to make India a $5-trillion economy by 2024
The Panel discussed with all state chief ministers to recognise their core competence and work towards raising GDP targets right from the district level. Export is an important element in the progress of developing countries and therefore both the Union and state governments should work towards growth in exports to raise per capita income
Tap the untapped export potential in North Eastern States
Empowerment and ease of living have to be provided to each and every Indian
Need to tackle drought and piped water available to every rural home by 2024
We need work on water conservation and raising the water table, India is facing the worst water crisis in its history and millions of lives and livelihoods were under threat. About 600 million face high-to-extreme water stress and about 200,000 people die every year because of inadequate access to safe water, a crisis that will only get worse
To double Farmers Income -fisheries, animal husbandry, horticulture and cultivation of fruits and vegetables need to be focused to realise the government’s commitment to doubling farmers’ income by 2022.
There is need for structural reform in agriculture for higher corporate investment, better logistics and ample market support for farmers
India’s trade deficit expanded to a six-month high of $15.4 billion in May, with import growth outpacing export growth following a 37% jump in gold imports.
According to data released by the commerce ministry on Friday, exports grew 3.93% in May, while imports rose 4.31%. Exports have been in low single digits in six out of the last seven months, barring March when it grew in double digits.
Exports – $29.99 Billion
Imports – $ 45.35 Billion
Rising crude oil prices, amid sanctions on Iranian oil imports, could further increase imports and put pressure on India’s current account deficit
Forex reserves nears lifetime high; up $1.7 bn to $423.5 bn
Gold reserves were unchanged at $22.95 billion, according to the RBI data.
Wholesale Inflation Falls to 22-mth Low
The decline in the wholesale inflation rate to 2.45% from 3.07% in April
India’s economic growth (GDP) slumped to a five-year low of 6.8% in fiscal 2019.
The Reserve Bank of India last week cut its key policy rate by 25 basis points, the third such reduction this year, to give a boost to demand.
China Factories see Slowest Growth in 17 Years
China’s industrial output growth slowed to the weakest pace since 2002 and investment decelerated, highlighting the headwinds the economy is facing as it grapples with the US tariff war
GST Council is set to meet on June 20th, ahead of budget July 5th 2019
This will be the first meeting of the council to be chaired by Nirmala Sitharaman after she took over as union finance minister in the new government
More Items likely to go Off Highest GST Slab (28%) In an attempts to stave off a slump in demand
Car and two-wheeler cos to shut plants for several days this quarter to reduce unsold inventory
India’s top manufacturers of passenger vehicles and two-wheelers have announced factory shutdowns stretching over several days in the ongoing quarter, which could help them, reduce unsold inventory in a weak market but make it tough for the automobile industry to achieve its production and growth targets
