453

Jaitley Blames Global Factors Responsible For Depreciation Of Rupee

New Delhi: In a face-saving move, Union finance Minister Arun Jaitley blamed depreciation of rupee to a combination of global factors, including trade war and internal policy decisions of the United States.

After the government on Friday evening announced five-pronged strategy to deal with the slide in currency and widening current account deficit (CAD), the Indian rupee Monday plunged 67 paise to end at 72.51 against the US dollar. The rupee had plunged to a low of 72.70 to a dollar in intra-day trade. It had closed at a one-week high of 71.84 on Friday.

413

India’s Move For Liberal Agricultural Exports To Require Fixing Permanent Threshold Quantities

New Delhi: India’s proposed move towards a liberal agricultural exports regime will require the government to fix permanent threshold quantities of farm commodities. It will be free from any kind of trade restrictions.

If implemented, this will be a critical shift away from past policies because the country will have to keep a certain level of farm exports going even when the supplies are low, for example during drought.

Interministerial consultations are currently on to finalise a new commerce ministry-anchored policy on farm trade, in step with the government’s target of doubling farmers’ income by 2022.

334

India’s Loadings From Iran For This Month To Drop To Less Than 12 mn Barrels

New Delhi: India’s loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions.

Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November.

204

Former Fortis Healthcare Promoter To Withdraw NCLT Petition Against Elder Brother

New Delhi: As desired by his mother, former Fortis Healthcare promoter Shivinder Mohan Singh said that he decided to withdraw his petition in NCLT against elder brother Malvinder Mohan Singh and ex-Religare chief Sunil Godhwani.

Shivinder had earlier this month filed an application before the Delhi bench of the National Company Law Tribunal (NCLT) alleging that collective and ongoing actions of Malvinder and Godhwani led to a systemic undermining of the interests of the companies and their shareholders.

164

Trump Administration To Negotiate ‘New And Better Trade Deals’ with India

New Delhi: To address an irritant in bilateral relations that has gone against growing convergence and closeness in defence and strategic matters, the Donald Trump administration is in the initial stages of negotiating “new and better trade deals” with India.

“A number of administration officials just recently came back from India. They expressed their willingness to negotiate new and better trade deals, and those conversations are at the beginning stages,” White House spokesperson Sarah Sanders told a news briefing on Monday.