Exports climb 10.3% reversing 5-month slowdown

Exports climb 10.3% reversing 5-month slowdown

India’s merchandise Exports grew 10.3% year-on-year to $23.8 billion in August, reversing a declining trend witnessed for five straight months, data released by the Commerce Ministry on Friday showed. The jump in shipments was driven mainly by engineering goods, petroleum products and chemicals as well as an improvement in demand in overseas markets.

GST challenges flagged

However, the Federation of Indian Export Organisations (FIEO) said it was worried about future growth as the order booking position from October was not encouraging — owing to rising global uncertainties, rupee volatility and challenges on the domestic front including those stemming from the Goods and Services Tax (GST).

ExportsWhile 26 out of 30 major product groups were in positive growth territory in August, labour intensive sectors such as gems and jewellery, leather, apparel and handicraft either posted negative growth or modest growth, which is a worrisome sign, said G. K. Gupta, president of FIEO, the apex body for the country’s exporters.

Mr. Gupta said in a statement that “exporters have stopped taking orders with least or no working capital at their disposal due to blockage of funds under GST and uncertainties looming large on refunds for the months of July to October.” He called for an in-depth sectoral analysis to pinpoint factors responsible for decline in such sectors to help all employment generating, small and micro exporters.

T. S. Bhasin, chairman of the country’s apex body for engineering exports, EEPC India, said in a statement: “A pick up in exports during August augurs well for the Indian exporters who seem to be benefiting from recovery in major global markets, including the key economies of the U.S. and Europe.”

He further stated, “Our export performance can be further enhanced if problems arising out of the GST regime implementation are addressed, as that would improve competitiveness of the Indian shipments. It is time to make the best out of the global pick up in economy, more so, when our domestic economy is showing signs of low demand and slow investment.”

Meanwhile, goods imports grew 21.02% during August to $35.46 billion. This resulted in the trade deficit widening to $11.6 billion, from $7.7 billion in August 2016. However, the shortfall was lower than the $11.45 billion seen in July.

August data was in continuance with the positive growth exhibited by goods exports since September 2016. While their performance has been staying in the positive growth territory for the previous 11 months, what gave a greater relief to the exporting community was that the 10.3% growth in August had reversed the trend of a fall in growth for five consecutive months since 27.6% in March – down to a minuscule 3.9% in July mainly due to the weakness in many labour-intensive segments.

In August 2017, the major commodity groups of exports showing positive growth over the corresponding month of last year were — engineering goods (19.53%), petroleum products (36.56%), organic and inorganic chemicals (32.41%), drugs and pharmaceuticals (4.21%), and ready-made garments of all textiles (0.56%). Non-petroleum and non gems & jewelry exports rose 14.47% to $17.74 billion, the Commerce Ministry said. Major commodity group of imports showing high growth in August 2017 were — petroleum, crude & products (14.22%), electronic goods (27.44%), machinery, electrical & non-electrical (18.35%), gold (68.90%) and pearls, precious & semi-precious stones (30.88%). Oil imports during August jumped 14.22% to $7.75 billion, while non-oil imports during the month rose 23.07% to $27.7 billion.

Goods exports during April-August 2017-18 increased by 8.57% to $118.57 billion, while imports for the same period grew 26.63% to $181.71 billion. Trade deficit during April-August was $63.1 billion almost double the $34.3 billion in the corresponding period of the last fiscal.

NEW DELHI, SEPTEMBER 15, 2017

Hard work is more powerful than Harvard : Modi

Hard work is more powerful than Harvard : Narendra Modi

Modi’s remark comes against the backdrop of Nobel Laureate Amartya Sen’s comment that demonetization is a “despotic action that has struck at the root of economy based on trust.”

Prime Minister Narendra Modi on Wednesday said, “ Hard work is more powerful than Harvard” as the latest GDP data shows demonetisation did not affect growth rate, rather the figures improved.

Hard work, microstat“On the one hand are those [critics of note ban] who talk of what people at Harvard say, and on the other is a poor man’s son, who through his hard work, is trying to improve the economy,” he said at an election meeting in Maharajganj.

“In fact, hard work is much more powerful than Harvard” he said.

Mr. Modi’s remark came against the backdrop of Professor of Economics and Philosophy at Harvard University and Nobel laureate Amartya Sen terming demonetisation a “despotic action that has struck at the root of economy based on trust.”

On February 28, the government pegged the GDP growth at a higher than expected 7.1% for 2016-17, despite the cash blues, which was higher than China’s 6.8% for October-December period of 2016, making India retain the tag of the world’s fastest growing economy.

On the electoral politics in Uttar Pradesh, Mr. Modi said the electorate had ensured the BJP’s victory in the first five phases and now they would give surplus votes as “gift and bonus” in the remaining two rounds.

“I request the voters of the State to give the rest of the two phases as bonus to the party. This is similar to the chillies and coriander leaves, which the vegetable seller gives to the buyer as bonus,” he said drawing applause from the crowd.

A few days back, the Prime Minister spoke of the possibility of a hung Assembly in the State, saying that the Samajwadi Party and the Bahujan Samaj Party were waiting for such an opportunity for bargaining. This prompted Chief Minister Akhilesh Yadav to comment that after dreaming of 300-plus seats, Mr. Modi is now talking about a fractured verdict.

-PTI, MAHARAJGANJ (U.P.) MARCH 01, 2017

PM clears 17000 cr air defence missile deal with Israel

PM Narendra Modi clears Rs 17,000 crore Air Defence Missile Deal with Israel

PM Shri Narendra Modi has given the green-signal to purchase an Air Defence Missile System from Israel as part of a plan to protect India from enemy aircraft.

PM, microstatIndia will acquire the Medium Range Surface to Air Defence Missile (MR-SAM) system from Israel at a cost of Rs 17,000 crore.

As part of the plan, the Army will induct more than five regiments of MR-SAM, which will have around 40 firing units and over 200 missiles.

“In a meeting of the cabinet committee on security headed by the Prime Minister, the proposal for procuring the MR-SAM air defence system for the Army was approved,” India Today quoted an official as saying.

The MR-SAM system, jointly developed by DRDO and Israeli Aircraft Industry, reportedly can shoot down enemy aircraft between 50 to 70 km range.

“The delivery of the first system for the Army units will begin in 72 months of the signing of the contract and they would be ready for deployment in field areas by the year 2023,” the report said citing sources. India and Israel are jointly developing similar systems for the Air Force and the Navy.

WHAT’S NEW?

As per the proposal cleared by the government, the Army will induct over five regiments of the MR-SAM missile which will have around 40 firing units and over 200 missiles of the system. “The delivery of the first system for the Army units will begin in 72 months of the signing of the contract and they would be ready for deployment in field areas by the year 2023,” said the sources.

A DRDO laboratory under scientific advisor to defence minister and missile systems head G Sathish Reddy has been instrumental in developing the target homing system with the Israeli firms and involves a lot of make in India element in the programme. India and Israel are jointly developing similar systems for the Air Force and the Navy.

The Air Force had got clearance for its MR-SAM programme in 2009 and the deliveries will begin after delays in the project. The Navy programme is known as Long Range Surface to Air Missile system (LR-SAM) and would be set on its warships.

Hyderabad-based Bharat Dynamis Limited will produce the missiles of the system while many other Indian industries like Bharat Electronics Ltd, Larsen and Toubro, TATA group will contribute in the production for many systems and sub-systems in it. A new production facility to deliver 100 missiles a year has been established for such type of long and medium range surface-to-air missiles at BDL.

The Army will deploy these air defence systems to provide protection to vital assets and points across the country.

-February 23, 2017, New Delhi

Donald Trump sworn in as 45th President of United States

Donald Trump sworn in as 45th President of United States

Donald Trump was on 20 January, 2017 sworn in as the 45th President of the United States during a historic transfer of power. The Republican leader will succeed Democrat Barack Obama, who served two terms as president of the nation. In his swearing in speech, Donald Trump addressed the challenges ahead of him and vowed to get the job done as he thanked outgoing president Obama and first lady Michelle Obama for being “magnificent” during the presidential transition.

Donald Trump

Donald Trump reassured the citizens that he was going to get power back to the American people. He focused on the people and promised to get their wealth back. He claimed that the inauguration day was not just a transfer of power for him but a transfer of power to the people who have long borne the ills of the wealth and power being concentrated in Washington.

“We are not merely transferring power. We are transferring power from Washington DC and giving it back to you the people. For too long, a small group has reaped the rewards while the people have borne the cost. Washington flourished but the people did not share in its wealth. The establishment protected itself. There was little to celebrate for struggling families all across our land; that all changes starting right here and right now because this moment is your moment and it belongs to you and to everyone gathered here. This is your day,” he said.

Emphasising on people having the power while he is President, he said, “Our government is now controlled by the people. January 20, 2017 will be remembered as the day the people became the rulers of this nation again. Forgotten men and women will no longer be forgotten.”

Reiterating his campaign stance, he vowed to ensure that jobs for Americans come before jobs for foreign nationals. “That is the past, now we are looking only to the future,” he said, adding, “From this day onward, it’s going to be only America first. Every decision will be made to benefit American workers and American families.”

Addressing the “reasonable” demands of a “righteous” people, he also acknowledged that for many Americans the reality is different. He said that many are still living in poverty, factories have been shut amounting to lack of jobs, education system that is inaccessible to some and the young lives that have been robbed of opportunity due to drugs, gangs and crimes will all be taken care of in his regime, saying he will fight for them all with every breath in his body.

“I will fight for you with every breath in my body and will never ever let you down. America will start winning again like never before. We will follow two simple rules: Buy American and Hire American,” he said.

Trump also talked about the military and said they will no longer be protecting other people’s borders and lives and that the safety of Americans will come first. He also said that subsidies to other countries have helped make the world better but at the cost of America and that will stop with him.

“For many decades, we’ve enriched foreign industry at the expense of American industry. Subsidized the armies of other countries while allowing for the very sad depletion of our military. We’ve defended other nation’s borders while refusing to defend our own, and spent trillions of dollars overseas while America’s infrastructure has fallen into disrepair and decay. We’ve made other countries rich while the wealth, strength, and confidence of our country has disappeared over the horizon. One by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind. The wealth of our middle class has been ripped from their homes and then redistributed across the entire world. But that is the past. And now we are looking only to the future,” he said.

He reinforced the importance of being loyal to the country and being patriotic, regardless of what colour they are. “It is time to remember that old wisdom our soldiers will never forget: that whether we are black or brown or white, we all bleed the same red blood of patriots, we all enjoy the same glorious freedoms, and we all salute the same great American Flag,” he said.

Addressing Radical Islamic Terrorism, he also vowed in his speech to eradicate is completely. “We will reinforce old alliances and form new ones – and unite the civilized world against Radical Islamic Terrorism, which we will eradicate completely from the face of the Earth,” he said.

He promised safety to Americans and said that if they all are united, America will be unstoppable. “At the bedrock of our politics will be a total allegiance to the United States of America, and through our loyalty to our country, we will rediscover our loyalty to each other. When you open your heart to patriotism, there is no room for prejudice. The Bible tells us, “how good and pleasant it is when God’s people live together in unity.” We must speak our minds openly, debate our disagreements honestly, but always pursue solidarity. When America is united, America is totally unstoppable,” he said.

He ended his speech by summing up his speech by promising again full attention to the people, their hopes and dreams, their voice and hailing his campaign promise of making America great again.

“So to all Americans, in every city near and far, small and large, from mountain to mountain, and from ocean to ocean, hear these words: You will never be ignored again. Your voice, your hopes, and your dreams, will define our American destiny. And your courage and goodness and love will forever guide us along the way. Together, We Will Make America Strong Again. We Will Make America Wealthy Again. We Will Make America Proud Again. We Will Make America Safe Again. And, Yes, Together, We Will Make America Great Again. Thank you, God Bless You, And God Bless America,” he ended.

Hours before his swearing-in ceremony, Trump tweeted, “It all begins today! I will see you at 11:00 A.M. for the swearing-in. THE MOVEMENT CONTINUES – THE WORK BEGINS!” The President-elect also met outgoing President Barack Obama at the White House. Obama told Trump that it was good to see him. They exchanged pleasantries, and Melania Trump brought a gift for Michelle Obama.

–  New Delhi | January 21, 2017|

Qualcomm to invest $8.5 million in India for digitisation

 Qualcomm to invest $8.5 million in India to support PM Narendra Modi’s vision of digitisation

Technology major Qualcomm has announced that it will invest $8.5 million in India, with an aim to expand its digital design initiatives in the country. The Design in India challenge was announced back two years ago in 2015 and had around 400 participating members. Today, at an event, three startups among the top 10 participants who were shortlisted, won a prize money of $100,000 each. The event was also attended by Union minister for Law and Justice Ravi Shankar Prasad and NASSCOM President R. Chandrashekhar.

QualcommThe startups which won the prizes were iFuture Robotics, Uncanny Vision and Carnot Technologies. During the event, John Han, senior vice president and GM, Qualcomm technology Licensing said that the company is very passionate about innovation and it is evident in the fact that it invests a lot of money in risky research and development projects. He added that Qualcomm is committed to supporting PM Narendra Modi to help the Indian ecosystem become a digitally empowered society.

At the event, Ravi Shankar Prasad said that Indians are now more desirous of technology than ever before. He said that India is ready for innovations in digital designs. He asked the young entrepreneurs to work more towards India-focused research including rural health and education. He also talked about how Adhaar card’s technological prowess is now admired globally. Prasad also insisted on the need of more human resource in the area of research and talked about how the government is trying to create an ecosystem suitable for startups. He also asked Qualcomm to make a chip which is integral to the Aadhaar itself.

Among the prize winners, iFuture Robotics is a startup which makes industrial automation robots which read environment data to move and deliver objects in warehouses which reduce labour cost as well as human injuries from heavy machinery. Uncanny Vision demonstrated an intelligent surveillance camera which can solve many security problems in places like ATMs.

The camera uses machine learning to detect human actions for face and movement. Meanwhile, Carnot technologies is a telematics startup for low-cost bikes. The machine that they presented could connect a bike to a user’s smartphone which can be useful for the safety of the vehicle even during emergency situations.

In the next initiative, Qualcomm with its Design in India Challenge II will be supporting companies in fields like Rural technology, payment methods, agricultural technology, health, biometric and more. The company will also enable mobiles and Internet of Things vendors from India by giving them better Camera, RF and Audio design technology. The company said that it will launch a new Innovation lab in Hyderabad and expand its existing one in Bangalore.

Courtesy: http://www.financialexpress.com/| January 17, 2017