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6th weekly news economic times


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6th weekly news economic times

  1. 1. Presented by: Nitin Goel Weekly news Economic Times
  2. 2. Cheaper Indian goods in Canadian market after free trade deal  India will join China in filling up Canadian stores with cheaper goods once New Delhi and Ottawa sign a free trade agreement to do away with many taxes and duties.  The prime ministers of the two countries announced the start of talks for a comprehensive economic partnership agreement during their meeting on the sidelines of the G20 summit.  The two countries aim to push their trade more than three- fold from the current $4.2 billion in the next five years. While main Canadian exports to India include machinery, fertilizers, wood pulp and vegetables, Indian exports comprise garments, metals, precious stones and jewellery, and electrical equipment.  A free trade agreement is expected to add about $6 billion each to the economies of the two countries.  Canadian banks and insurance companies will benefit immensely from a free trade pact with one of the fastest
  3. 3. Services gains seen in pact with Malaysia  The India- Malaysia trade pact scheduled to be in place next year will help India gain substantially in services, especially in information technology , health, education and telecom. The gains will be both for professionals wanting to practice in the country and investors seeking to establish commercial presence there.  Getting a good deal in services is important for India as its trade pact with the 10-member regional grouping Asean, of which Malaysia is a member, implemented earlier this year does not include services.  Malaysia, like other Asean countries, has a lot to offer in the area of services and at present has not made strong offers multilaterally.  Services will be progressively liberalised on a preferential basis as per the agreement, with substantial sectoral
  4. 4. US, India to strengthen education ties  US president Barack Obama’s recent visit to India has signalled a strong commitment to build ties between the higher- education institutes of both the countries.  The idea is to enhance academic collaboration, expand curricular offerings and joint research with the Indian institutes.  The objective of this visit is to learn, first-hand, about the higher education system in India, and build bridges with potential partners.  Provide important tools and expertise, both to the 10 US institutions selected for this tour and to other campuses seeking to expand US-Indian academic partnerships.
  5. 5. Commerce department readies strategy to double exports  The government will roll out a three-year plan to double the country’s exports to $400 billion as it looks to address growing concerns over the burgeoning trade deficit.  The commerce department is preparing a strategy paper that will focus on sectors with growth potential such as engineering goods, chemicals and pharmaceuticals.  India’s exports may exceed the $200 billion target in the current fiscal year, after some key sectors recovered strongly in the last few months. Exports had suffered a big hit in 2008-end due to the global economic downturn.  The commerce ministry will set up a committee to rework the export-oriented units (EOUs) scheme to ensure that it remains attractive even after the tax sops lapse at the end of this fiscal year. EOUs should be remodeled because challenges and environment have changed.
  6. 6. India Economic Summit: Step up engagement with Africa say representatives of African nations  India must step up its engagement with the African nations to develop a meaningful partnership and look beyond it as a region to source minerals and agricultural produce.  India has been hesitant to take advantage of the nearly emerged Africa, especially countries that have come out of dictatorship.  The participants felt that the Indian companies should not only create employment opportunities for the African people but also impart skills to them so that it puts the African continent on a sustainable growth path.  Presently, trade and commercial ties between India and Africa are driven mostly by the private sector. This is in contrast to the strategy adopted by China, where the government takes the lead and its companies follow.