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☆ Indian gold demand loses lustre in peak festive season as prices rally
▼ + stars: | 2023-10-31 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

India is the world's second-largest gold consumer, and a drop in purchases could limit a rally in global prices . Local gold prices jumped this week to 61,396 rupees per 10 grams, near the all-time high of 61,845 rupees hit earlier this year. In the December quarter, demand is expected to be lower than last year's 276.3 metric tons, Somasundaram said. From January to September, gold demand fell by 3.3% to 481.2 metric tons due to sluggish demand in the first half. In 2023, demand could fall to around 700 metric tons, the lowest in three years, down from 774.1 metric tons a year ago, he said.

Persons: Anushree, Somasundaram, Rajendra Jadhav, Miral Organizations: REUTERS, Rights, Gold Council, PR, Thomson Locations: Delhi, India, Rights MUMBAI

☆ India's fiscal position remains solid, headline inflation to stay within target - ministry
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

A labourer carries a sack at a wholesale market in the old quarters of Delhi, India, June 7, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsNEW DELHI, Oct 23 (Reuters) - India's fiscal position remains solid with steady revenue growth, and headline inflation is likely to remain within the target band, the government said on Monday. "Rationalisation of revenue expenditure has enabled the front-loading of capital expenditure while keeping the market borrowing programme tied to the budgeted target," the report said. Headline inflation was also likely to remain within the target band, the report said, due to the downward trajectory observed in core inflation. While sluggish global demand is affecting India's trade, this is projected to recover in the second half, said the report adding that India's forex reserve position is "comfortable" and external account "robust".

Persons: Anushree, Downside, Nikunj Ohri, Shilpa Jamkhandikar, Christopher Cushing, Mike Harrison Organizations: REUTERS, Reuters, Thomson Locations: Delhi, India, DELHI

Trudeau said that Canada was "actively pursuing credible allegations" linking Indian government agents to the murder of a Sikh separatist leader in British Columbia in June. "Obviously we're concerned about making sure (the sales) get executed," Price said, adding that he's not aware of any cancellations. Due to India's poor crop, lentil prices are high, but since Trudeau's comments Indian offers for Canadian supplies have dropped 6% to around $770 per metric ton, Price said. India consumes around 2.4 million metric tons of lentils annually, but local production falls short at 1.6 million tons, said Bimal Kothari, chairman of India Pulses and Grains Association. "Inflation within the pulses group is currently very high, making Canadian lentils a critical need for India.

Persons: Amit Dave, Justin Trudeau, Trudeau, Nitin Gupta, Kevin Price, Parrish, Price, Bimal Kothari, Rod Nickel, Rajendra Jadhav, Timothy Gardner Organizations: REUTERS, Rights, Canadian, Industry, Olam Agri, Indian, Canadian Global Affairs, Heimbecker, Association, Thomson Locations: Delhi, India, Rights WINNIPEG , Manitoba, MUMBAI, New Delhi, Canada, British Columbia, Olam Agri India, Winnipeg, Canadian, Australia, Mumbai, Winnipeg , Manitoba

"I will match your offer and commit today to open an office," Saudi Investment Minister Khalid Al Falih said after India's trade minister Piyush Goyal invited Saudi Arabia to set up an office of its sovereign wealth fund, Public Investment Fund (PIF), in GIFT City. Goyal also said he would suggest that his ministry starts an investment promotion office in Riyadh. During the Crown Prince's visit India and Saudi Arabia signed 50 initial pacts in various fields and agreed to form a joint task force for $100 billion in Saudi investment in India, originally announced by the Crown Prince in 2019. Half of the planned $100 billion is earmarked for a delayed refinery project along India's western coast, an Indian foreign ministry official said. He said Saudi Arabia is looking to invest in sectors including oil, gas, petrochemicals, new energy, technology, manufacturing and defence.

Persons: Amit Dave, Narendra Modi, Khalid Al Falih, Piyush Goyal, Prince Mohammed bin Salman's, Goyal, Crown Prince, Falih, Shivangi Acharya, Nidhi Verma, Blassy Boben, Ed Osmond, Susan Fenton Organizations: Gujarat International Finance Tec, REUTERS, Indian, Saudi Investment, Public Investment Fund, Crown, United Arab Emirates, Saudi Aramco, Thomson Locations: Gujarat, Gandhinagar, DELHI, Saudi Arabia, New Delhi, Dubai, Hong Kong, City, Falih, Delhi, Saudi, Riyadh, India, Indian, Maharashtra

☆ U.S. trade chief flags concerns over India's license mandate for laptop, tablet imports
▼ + stars: | 2023-08-27 | by ( Shivangi Acharya | ) www.reuters.com time to read: +1 min

U.S. Trade Representative Katherine Tai addresses the media during the Indo-Pacific Economic Framework meeting in Detroit, Michigan U.S. May 27, 2023. Tai's intervention comes amid worries the licensing regime could impact shipments from the likes of Apple (AAPL.O) and Dell (DELL.N) and force firms to boost local manufacturing. Tai was in India to join the G20 trade ministers' meeting last week in the western state of Rajasthan. India's new licensing regime, which is due to come into effect on November 1, aims to "ensure trusted hardware and systems" enter the nation. It also seeks to reduce dependence on imports, boost local manufacturing, and in part address the country's trade imbalance with China, according to an Indian government official.

Persons: Katherine Tai, Rebecca Cook, Tai, Piyush Goyal, Shivangi Acharya, Sharon Singleton Organizations: Trade, Detroit , Michigan U.S, REUTERS, DELHI, Apple, Dell, India's Trade, World Trade Organisation, Thomson Locations: Detroit , Michigan, India, Rajasthan, China, U.S, New Delhi

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. An RBI official communicated this message verbally to foreign exchange dealers at a seminar this month, four sources said. The central bank is "keen that volumes of such trades go up" and "has assured the market that they will be ready to support banks with INR-AED trades," this banker said. "The RBI is telling banks to first encourage large clients and corporates to start INR-AED trades because their balance sheets are relatively stronger," another banker said.

Persons: Francis Mascarenhas, corporates, Siddhi Nayak, Jaspreet, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, United Arab, Reuters, Reserve Bank, Indian Oil Corp, Abu Dhabi National Oil Co, Siddhi, Thomson Locations: Mumbai, India, Rights MUMBAI, DELHI, United Arab Emirates, UAE, dirhams, Abu Dhabi

☆ India's imports from China across at least 25 major commodity groups rise on year
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 9 (Reuters) - India's imports from China across at least 25 major commodity groups such as consumer electronics, auto components, and iron and steel products rose in fiscal 2023, the government told parliament on Wednesday. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's concerted efforts to reduce its trade deficit with China since border tensions flared in 2020. Imports of electronics instruments from China grew 14% year-on-year in fiscal 2023, while imports of organic chemicals imports and iron and steel products rose 9% and 12.3%, respectively, as per the statement. Imports of all listed commodity groups were higher than shipments in fiscal 2021. India's trade gap with China widened 13.5% in fiscal 2023 year-on-year, as India's strong domestic demand continued to support Chinese imports while COVID lockdowns in China crimped imports from India.

Persons: Shivangi Acharya, Janane Organizations: Thomson Locations: DELHI, China, India

REUTERS/Mukesh Gupta/File PhotoNEW DELHI, July 14 (Reuters) - India will not impose countervailing duty (CVD) on select steel products imported from China despite a recommendation from trade officials and lobbying from local steel manufacturers, a government source told Reuters. The decision by the finance ministry aims to protect steel consuming firms from higher prices even though it could hurt local steel manufacturers, the source said. In April DGTR - which is India's trade ministry's arm that investigates unfair trade practices - recommended CVD on some stainless steel flat products. The finance ministry has rejected the recommendation despite steel purchases from China touching a six-year high in April-May period, with imports rising 62%. India's finance and trade ministry did not immediately reply to emails sent after office hours.

Persons: Mukesh Gupta, Nikunj Ohri, Conor Humphries Organizations: REUTERS, Trade, Reuters, Trade Organisation, Jindal Stainless Ltd, Steel Authority of India, Thomson Locations: Jammu, DELHI, India, China

☆ It's not just China —India's now pushing a de-dollarization narrative by touting the use of the rupee for trade
▼ + stars: | 2023-07-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

India's pushing to internationalize the Indian rupee, according to a report from its central bank. The US dollar has been the world's reserve currency since the Second World War, playing a crucial role in the world's trade and financial system. In its Wednesday report, the RBI working group encouraged the opening of rupee-denominated accounts for non-residents in India and overseas. While the macro geopolitical environment is spurring countries to seek alternative currencies to trade with, there's long been uneasiness over the dollar's outsized dominance in global trade and finance. Just 0.01% of India's trade in goods was settled in the rupee last year, Bloomberg reported on Friday citing people familiar with the matter.

Persons: —, It's, India's, Narendra Modi's Organizations: Service, Reserve Bank of India, Bank of International, Bloomberg Locations: China, Russia, India, Moscow

☆ Indian government meets Foxconn, Samsung, Reliance to improve PLI scheme
▼ + stars: | 2023-06-28 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

REUTERS/Carlos Garcia RawlinsNEW DELHI, June 28 (Reuters) - The Indian government met large global firms such as Foxconn (2354.TW), Samsung Electronics (005930.KS) and Reliance Industries (RELI.NS) to find ways to boost manufacturing in the country with its production-linked incentive (PLI) scheme. The PLI scheme, introduced in late 2020, is Prime Minister Narendra Modi's main industrial policy to boost manufacturing. The government has so far announced incentives for 14 sectors including electronics and technology products, pharmaceutical drugs, and drones, among others, drawing investments totalling 625 billion Indian rupees ($7.62 billion) until March 2023, per the statement. Investments under the PLI scheme are expected to rise further to 2.74 trillion rupees as it runs its course, according to government estimates. With more than 1.97 trillion rupees earmarked for incentives, payouts totalled 29 billion rupees until fiscal 2023 across eight industries.

Persons: Carlos Garcia Rawlins, Piyush Goyal, Narendra, Shivangi Acharya, Janane Organizations: REUTERS, Samsung Electronics, Reliance Industries, India's Trade, Dell, Nokia Solutions, Investments, Thomson Locations: Taipei, Taiwan, DELHI, New Delhi

☆ Companies are betting on a demand rebound in second half of year, DHL says
▼ + stars: | 2023-05-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

That marks the second consecutive month that U.S. imports increased and are higher than 2019 levels, according to data provided to CNBC from Descartes Datamyne, a global trade data platform. The combination of a slow ramp up from "Zero Covid" in China and the reopening of manufacturing plants in the country delayed exports. The top Vietnamese imports in the latest data are wrought iron fencing and plant stands, imported for companies including Home Depot. Black jewelry bags for Zales and men's and boy's t-shirts for Nike rounded out the list of U.S. imports data from China, Vietnam, Thailand, and India reviewed by CNBC. In April, the trade data shows that vitamins and containers of pencils were bound from India to Walmart , and zip polos and t-shirts for Guess .

Apple mainly assembles iPhones in India through Taiwan contract manufacturers but plans to expand into iPads and AirPods, as it looks to cut reliance on China. His comments came after a meeting on Wednesday with Apple Chief Executive Tim Cook in the capital, New Delhi. He inaugurated an Apple store in New Delhi on Thursday two days after opening its first outlet in Mumbai, the commercial capital. "We've come here only to see Tim Cook," said Manika Mehta, 32, an Android phone user who queued at the Delhi store. I'm drawn to Tim Cook, seeing the man he is and the journey."

☆ Exclusive: India's Bank of Baroda stops clearing payment for above-cap Russian oil - sources
▼ + stars: | 2023-04-04 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

"Bank of Baroda is extremely cautious in settling payments for Russian oil bought (at levels) above the price cap," one of the sources said. After Western sanctions on Moscow for its invasion of Ukraine, Indian refiners have been gorging on discounted Russian oil. Russia has replaced Iraq as the top oil supplier to India in the last few months, data from trade sources showed. It was not clear if Axis Bank had also stopped settling trades for Russian oil sold above the price cap. India does not recognise the Western price cap on Russian oil, a senior oil ministry source said last month.

NEW DELHI, March 20 (Reuters) - India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said. That forced state refiners to fill the void and meet demand at home by selling fuels at government-capped lower prices. "We would like to extend it ... we want private companies to sell diesel and petrol in the Indian market. Why should only state-run companies suffer when all Indian refiners are buying discounted Russian oil," the official said. Reporting by Nidhi Verma and Nikunj Ohri; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ India using SWIFT global payment system to settle Russia dollar trade - source
▼ + stars: | 2023-03-15 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, March 15 (Reuters) - Indian companies are using the SWIFT global payment system to settle dollar payments with Russia, a top trade official said on Wednesday, even though many Russian banks are blocked from the network due to Western sanctions. The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade, making it harder for Russian companies to do business. “We are using SWIFT for dollar payments," the official, who did not want to be named, said, when asked about the payment gateway being used for Russian payments. The official did not give more details about the banks that Indian traders were using to make the dollar payments. India has been using varied currencies to settle trade with Russia since the war in February last year.

☆ U.S. seeks closer India tech ties; no China "decoupling"- U.S. commerce secretary
▼ + stars: | 2023-03-10 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, March 10 (Reuters) - India could become a key supplier of electronic parts and hardware for the United States, U.S. Commerce Secretary Gina Raimondo said on Friday, adding that Washington was not seeking a "technological decoupling" from China. "We want to deepen our technology relationship with India," she said after both countries signed a memorandum of understanding to cooperate in the semiconductor sector. India has been seeking to attract more investment in the chipmaking and display sector under a $10 billion incentive plan. She also said she would announce a number of "substantial investments" by U.S. firms in India, without giving any details. Reporting by Shivangi Achary; writing by Miral Fahmy; editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ India, US to sign memorandum of understanding on semiconductors
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, March 9 (Reuters) - The United States and India will sign a memorandum of understanding on semiconductors as both countries discuss coordination of investment and continue dialogue around policies to spur private investment, U.S. Commerce Secretary Gina Raimondo said on Thursday. Raimondo, who is on a four-day trip to India, is accompanied by the chief executive officers of 10 U.S. companies and is scheduled to meet India's trade minister on Friday. The two nations will map the semiconductor supply chain together and identify opportunities for joint ventures and technology partnerships, Raimondo added. Last year, the South Asian nation raised fiscal support for new local semiconductor facilities to cover 50% of project costs. Reporting by Shivangi Acharya, writing by Tanvi Mehta; Editing by Toby Chopra and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Taiwan's Foxconn seeks chip, EV cooperation with India
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

Taiwan's Foxconn, the world's largest contract electronics maker and formally called Hon Hai Precision Industry Co Ltd, said Liu had visited India from Feb. 27 to Saturday. "My trip this week supported Foxconn's efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles," Liu said in a statement. Foxconn has ambitious plans to make EVs, and is also looking to make chips. He did not mention any new concrete investment plans in the country, and Foxconn has not announced any since his trip. Currently, iPhones are assembled in India by at least three of Apple's global suppliers - Foxconn and Pegatron (4938.TW) in Tamil Nadu, and Wistron in Karnataka.

☆ Apple iPhones to be assembled at new plant in India's Karnataka state
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 3 (Reuters) - Apple Inc's (AAPL.O) iPhones will soon be assembled at another site in the southern Indian state of Karnataka and 300 acres have been aside to set up a factory, the state government said on Friday. Bloomberg News had earlier reported that Apple partner Foxconn Technology Group planned to invest about $700 million in the Karnataka site to ramp up local production. The state's investment promotion division said in a tweet that the move would generate 100,000 employment in the next 10 years. Currently, iPhones are assembled in India by at least three of Apple's global suppliers - Foxconn and Pegatron (4938.TW) in Tamil Nadu, and Wistron (3231.TW) in Karnataka. read moreReporting by Ashish Chandra in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Apple faces obstacles in move to boost India manufacturing - FT
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Apple Inc (AAPL.O) is facing challenges as it tries to increase production in India, the Financial Times reported on Tuesday, citing people familiar with the iPhone maker's operations. This 50% 'yield' does not meet Apple's goal for zero defects, FT reported, adding that the company's process of expanding in India has been slow in part due to challenges in logistics, tariffs and infrastructure. Apple and Tata Group did not immediately respond to a request for comment. Apple has bet big on India since it began iPhone assembly in the country in 2017 through Wistron Corp (3231.TW) and later Foxconn, in line with the Indian government's push for local manufacturing. Last month, India's trade minister said that Apple wants India to account for up to 25% of its production from about 5 - 7% currently.

The trade gap with China widened 28% in April-December 2022 from the same period a year earlier, as India's domestic demand continued to support Chinese imports while COVID lockdowns in China crimped imports from India. If a trading partner were found to have engaged in unfair practices, it would be necessary to introduce safeguards such as the imposition of anti-dumping duties, the official said. India's federal trade ministry and China's embassy in New Delhi did not immediately respond to requests for a comment. The officials said India would also intensify checks on imported goods to make sure they adhere to national quality standards, the two government officials added. The government is also likely to detail some of the steps to tackle the issue in the Feb. 1 budget.

☆ India, U.S. establish new trade group to bolster supply chains
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. Trade Representative Katherine Tai and India's Minister of Commerce and Industry, Piyush Goyal, poses for a picture before the start of their meeting in New Delhi, India, November 22, 2021. REUTERS/Adnan Abidi/PoolNEW DELHI, Jan 12 (Reuters) - India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint statement on Thursday. The United States will also consider India's interest in the restoration of beneficiary status under the U.S. generalized system of preferences program, the statement added. The Trade Policy Forum, revived in 2021 after a gap for four years, will reconvene on a ministerial level before end of 2023. The two countries said they mean to continue to work together on resolving outstanding trade issues.

Lower imports by the world's second-biggest consumer of the precious metal could limit gains in global prices trading near their highest in eight months. The drop in imports could help in bringing down India's trade deficit and support the rupee . In value terms, December imports plunged to $1.18 billion from $4.73 billion a year ago, he said. The country's gold imports in 2022 dropped to 706 tonnes from 1,068 tonnes a year ago, another government official said. Local gold prices hit a high of 55,365 rupees ($677.72) per 10 grams in December, not far from the all-time peak of 56,191 rupees hit in August 2020.

☆ India should allow gradual rupee weakening, use fx reserves 'judiciously' - govt adviser
▼ + stars: | 2022-11-07 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, Nov 7 (Reuters) - India's central bank should allow rupee to depreciate gradually and use foreign exchange reserves judiciously, the government's chief economic adviser V. Anantha Nageswaran on Monday. Nageswaran comment on the rupee and foreign exchange reserves is the first official government comment since concerns about dwindling currency reserves emerged earlier this year. India's foreign currency reserves have fallen from a peak of $642 billion to $531 billion partly due to dollar sales to support the rupee. “We should in the short-run allow the rupee to depreciate gradually and we should use forex exchange reserves judiciously,” Nageswaran said at an online event. “We should augment foreign exchange reserves and that will help with any contingencies,” he added.

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