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India's foreign ministry is consulting with departments on their appetite for fertiliser and gas from Cairo as part payment for the credit line, an Indian official said. India, the world's second-largest wheat producer, banned wheat exports in May 2022 to help control rising domestic prices, rescinding a plan to export 3 million tons of wheat to Egypt in the year 2022/23. The other sources from India and Egypt did not wish to be identified as they are not authorised to speak to the press. India's external affairs ministry, finance ministry, trade minister, and Egypt's foreign ministry and trade ministry did not immediately respond to requests for comment. India exported $4.11 billion of goods to Egypt in the last fiscal year, while importing $1.95 billion.

Persons: Narendra Modi's, Ali Moselhy, Moselhy, Rajendra Jadhav, Conor Humphries Organizations: Reuters, Indian, Thomson Locations: CAIRO, DELHI, India, Egypt, Delhi, Cairo, New Delhi, Russia

☆ Most G20 nations see banking system sound as bloc talks financial stability - official
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, June 14 (Reuters) - Most G20 member nations are of the view that banking systems and regulations in their countries are steady, India's chief economic advisor said on Wednesday. "Most country members who spoke expressed the view or the hope that their individual country regulations and banking systems were sound, and they don't anticipate any trouble," V. Anantha Nageswaran said after the bloc discussed financial stability risks. Reporting by Shivangi Acharya and Nikunj Ohri; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Anantha Nageswaran, Shivangi Acharya, Nikunj, Nivedita Organizations: Thomson Locations: DELHI

The government expects growth could remain around 6.5% in the current fiscal year, despite risks emerging from a global slowdown. Asia's third-largest economy expanded faster than the forecast of 5.0% by economists in a Reuters poll in the last quarter of the 2022/23 fiscal year through March, up from a revised 4.5% in the previous quarter. She added growth numbers, however, reflected optimism for the Indian economy despite global headwinds. Reuters GraphicsFederal government spending, constituting about 10% of GDP, rose 2.3% year-on-year in the latest quarter, compared with a revised 0.6% contraction in the previous quarter. Currently, 45% of India's workforce is employed in the farm sector, which contributes just 15% to the economy.

Persons: Anantha Nageswaran, Sakshi Gupta, Narendra Modi, Economists, Sarita Chaganti Singh, Shivangi Acharya, Nishit Navin, Emelia Sithole, David Holmes Organizations: Reserve Bank of India, Reuters, Reuters Graphics Federal, Monitoring, Thomson Locations: DELHI, India, HDFC, Mumbai, New Delhi, Bengaluru

☆ India's RR Kable files for IPO to raise up to $27.5 million -draft prospectus
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 7 (Reuters) - Indian wire and cable maker RR Kabel Ltd., backed by private equity firm TPG, filed for an initial public offering on Sunday, seeking to raise up to $27.53 million, according to its draft prospectus filed to India's market regulator and seen by Reuters. RR Kabel, India's fifth largest branded wires and cable manufacturer, plans to use funds raised through the IPO to repay or prepay borrowings, in part or in full, from banks and financial institutions, according to the prospectus. TPG Asia VII SF Pte Ltd, a U.S.-based private equity firm, holds a 20.99% stake in RR Kabel and will sell some of its stake in the IPO, the prospectus shows. RR Kabel's business is primarily business-to-consumer sales of wires and cables products. ($1 = 81.7200 Indian rupees)Reporting by M. Sriram and Shivangi Acharya; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ India's Paytm focused on reaching financial milestone 'in near future,' CEO says
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 7 (Reuters) - Indian digital payments firm Paytm (PAYT.NS) aims to become "free cashflow positive in the near future," chief executive Vijay Shekhar Sharma said in a letter to shareholders on Sunday. "This has been possible by disciplined resource allocation and focusing on what has become our core revenue and growth driver - payments and financial services distribution business," he said. Positive free cash flow is when a company has sufficient funds to invest back into the business for growth. Paytm's parent, One 97 Communications Ltd (PAYT.NS), said revenue rose to 23.35 billion rupees ($285.80 million) in the three-months ending March 31, from 15.41 billion rupees a year earlier. The advent of early-stage artificial general intelligence (AGI) in 2023 will help bring efficiencies in the business, Sharma said.

☆ India to invite fresh bids for import quotas for UAE gold
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, April 27 (Reuters) - India's government said on Thursday it will invite fresh bids for quotas to import gold from the United Arab Emirates (UAE) with a concessional duty agreed under a trade pact between the two countries. The quotas are for the import of 140 tons of gold from UAE in total in the financial year that started on April 1 with a duty that is one percentage point lower than India's standard 15% gold import duty, the government said in a statement. India is the world's second-largest gold consumer and imports the bulk of its gold. Under the agreement, over a period of five years, the quota to import gold at a lower duty from UAE will be raised to as much as 200 tons. Reporting by Shivangi Acharya; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Indian police arrest radical Sikh preacher
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, April 23 (Reuters) - Indian police have arrested Sikh separatist Amritpal Singh after hunting for him for more than a month, a police statement said on Sunday. Police have accused Singh and his supporters of attempted murder, obstruction of law enforcement and creating disharmony and said he had been on the run since mid-March. “Amritpal Singh (has been) arrested in Moga, Punjab. Further details will be shared by Punjab Police,” the state police said on Twitter, urging the public not to spread fake news. Reporting by Manoj Kumar and Shivangi Acharya; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ India home minister challenges account of 2019 deadly attack on military convoy
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, April 23 (Reuters) - Indian Prime Minister Narendra Modi's government has nothing to hide concerning a deadly attack on a military convoy in Kashmir in 2019, India's home minister said. Malik informed Modi that the attack was a failure on the government's part but was asked to stay silent, he told local news outlet the Wire. Home Minister Amit Shah, speaking in a roundtable discussion on the India Today TV programme, said the credibility of the comments needed to be questioned. Kashmir is a Muslim-majority region at the heart of decades of hostility between nuclear-armed India and Pakistan. Reporting by Shivangi Acharya and Manoj Kumar; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Thomas White/IllustrationMUMBAI/NEW DELHI, April 3 (Reuters) - A surge in India's services exports, which hit a record high in the October-December quarter, is expected to shield the economy from external risks as a slowing global economy will likely weigh on the country's merchandise exports. Services exports will likely surpass goods exports by March 2025, he said. Reuters Graphics Reuters GraphicsIT services still accounted for 45% of India's total services exports in April-December. EXTERNAL SHIELDThe continued rise in services exports is likely to help rein in India's current account deficit. There is room for further growth with India's share in world commercial services exports currently just at around 4%."

☆ 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.

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said settlement in "dirham is okay." The second official said that India cannot allow settlement in yuan till the relations between the two countries improve. The five officials did not say whether there were also economic reasons behind India's reluctance to accept yuan settlement. Two banking officials, aware of the matter, said the Reserve Bank of India (RBI) is not keen on foreign trade settlement in yuan, and confirmed that the government has discouraged them from using the currency. They also said Russia was keen on yuan settlement as it helps them in purchases of goods from China.

☆ India, Australia aim to boost critical mineral trade in broader deal - ministers
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, March 11 (Reuters) - India and Australia aim to expand trade in critical mineral to help them achieve their goals on reducing carbon emissions, as they seek a broad trade pact, Indian Commerce Minister Piyush Goyal said Saturday. "India is short of critical minerals. Critical minerals, along with space technology and opportunities in the digital sector, will be key areas of the planned deal, Farrell said. India and Australia hope to complete by year's end an ambitious, comprehensive trade deal that has been stuck in negotiations for over a decade. It would expand on a free trade deal the two signed last year, the first between India and a developed country in a decade.

☆ 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.

NEW DELHI, March 10 (Reuters) - Boeing Co (BA.N) said on Friday it would set up a facility in India to convert 737 passenger planes into dedicated freighters to tap into regional and global demand for the service. The investment, which adds to the U.S. manufacturer's expansion into India on top of a record plane order by flag carrier Air India, comes despite a global economic slowdown that has weakened the global air cargo market. The International Air Transport Association (IATA) said global cargo demand in January fell almost 15% year-on-year. He did provide any details about when the facility would be set up or the size of the investment. The planned facility comes amid a push by Boeing to expand in India, including a $24 million investment to set up a logistics centre for aircraft parts.

☆ 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.

U.S. Secretary of State Antony Blinken told Russian Foreign Minister Sergei Lavrov to end the war and urged Moscow to reverse its suspension of the New START nuclear treaty, a senior U.S. official said. The Russian foreign ministry said Lavrov and Blinken spoke "on the move" for less than 10 minutes at the end of the closed-door session, and did not engage in any negotiations, Russian news agencies reported. Blinken later told a news conference he had told Lavrov to engage in diplomacy during the unscheduled encounter. [1/6] U.S Secretary of State Antony Blinken (top L) walks past Russian Foreign Minister Sergei Lavrov (lower) during the G20 foreign ministers' meeting in New Delhi on March 2, 2023. French Foreign Minister Catherine Colonna said the war in Ukraine had hurt "almost every country on the planet, in terms of food, energy, inflation".

[1/6] A man arranges the flags kept outside the venue for G20 foreign ministers’ meeting in New Delhi, India, March 2, 2023. The Russian foreign ministry said Lavrov and Blinken spoke "on the move" but did not hold negotiations or a meeting, Russian news agencies reported. News of the exchange came at the end of the day-long G20 meeting which, as expected, was overshadowed by the Ukraine war. "Unfortunately, this meeting has again been marred by Russia’s unprovoked and unjustified war against Ukraine," Blinken said. French Foreign Minister Catherine Colonna said the war in Ukraine had hurt "almost every country on the planet, in terms of food, energy, inflation".

[1/5] A man walks past a model of G20 logo outside the finance ministry in New Delhi, India, March 1, 2023. Germany responded saying it would counter Russian "propaganda" at the G20 meeting. The foreign ministers meeting comes days after a meeting of finance chiefs of G20 countries in Bengaluru that was also overshadowed by Russia's war in Ukraine. An EU source separately said the EU delegation would not support a statement at the G20 meeting if it did not include condemnation of the war. The G20 includes the wealthy G7 nations as well as Russia, China, India, Brazil, Australia and Saudi Arabia, among other nations.

[1/3] FILE PHOTO-Russian Foreign Minister Sergei Lavrov speaks during a meeting with heads of foreign media outlets in Moscow, Russia, February 15, 2023. Last July, Russian Foreign Minister Sergei Lavrov walked out of a G20 foreign ministers’ meeting, also in Bali, after the West strongly denounced the war. The G20 bloc includes the wealthy G7 democracies, as well as Russia, China, India, Australia, Brazil and Saudi Arabia among other countries. The foreign ministers' meeting will also be watched for how tensions between Washington and Beijing play out, including over the Ukraine war. "It is unlikely that G20 foreign ministers can agree on common language suggesting ways and mechanisms to deal with the situation in Ukraine," he said.

BENGALURU, Feb 25 (Reuters) - G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. Russia, which is a member of the G20, refers to its actions in Ukraine as a "special military operation", and avoids calling it an invasion or war. Host India is also pressing the meeting to avoid using the word "war" in any communique, G20 officials have told Reuters. "We need absolute clarity, this is a war initiated by (Russian President Vladimir) Putin," he said. A senior G20 source said negotiations over the communique were difficult, with Russia and China blocking proposals made by Western countries.

BENGALURU, Feb 25 (Reuters) - There are some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option. "On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors," IMF Managing Director Kristalina Georgieva told reporters after the roundtable she co-chaired with Indian Finance Minister Nirmala Sitharaman. Apart from restructuring debt, regulating cryptocurrencies is another priority area for India, which Georgieva agreed with. "We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued," Georgieva said. "There has to be very strong push for regulation... if regulation fails, if you're slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk."

☆ India's push to regulate crypto gains IMF, U.S. support at G20
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBENGALURU, Feb 25 (Reuters) - A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks. "We haven't suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," Yellen said. Earlier, IMF Managing Director Kristalina Georgieva told reporters after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman that banning crypto should be an option. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. On Thursday, the IMF laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies legal tender status.

BENGALURU, Feb 24 (Reuters) - G20 financial leaders must condemn Russia's aggression against Ukraine, French Finance Minister Bruno Le Maire told Reuters in an interview on Friday, adding that Europe was working on new sanctions against Moscow. Speaking on the first day of the G20 financial leaders meeting near Bengaluru, Le Maire said, "Sanctions will be more and more efficient, more and more effective". Le Maire said that India's purchase of discounted Russian oil has reduced Moscow's oil revenues. On the G20 communique, Le Maire said, "The purpose is to stick to the wordings of 2022 in Bali. Russia, which is a member of the G20, refers to its actions in Ukraine as a "special military operation", and avoids calling it an invasion or war.

Participants at the meeting, however, are likely to focus on the war in Ukraine. The G20 bloc includes the wealthy G7 democracies, as well as Russia, China, India, Brazil and Saudi Arabia. French Finance Minister Bruno Le Maire told Reuters that G20 financial leaders must condemn Russia's aggression against Ukraine and that Europe was working on new sanctions against Moscow. G7 chair Japan's finance minister, Sunichi Suzuki, told reporters that the group would closely monitor the effectiveness of sanctions and "take further actions as needed". German Finance Minister Christian Lindner said the pressure on Russia must be kept high to "completely isolate" Russia's economy.

BENGALURU, Feb 24 (Reuters) - The United States and China will hold deputy-level talks between their finance officials on Friday to discuss debt and other issues on the sidelines of a G20 finance meet in India, two sources familiar with the matter told Reuters. U.S. Treasury Secretary Janet Yellen said on Thursday, ahead of a meeting of G20 finance ministers and central bank governors near Bengaluru, that communication between the United States and China was important for "the sake of the entire globe". China's Ministry of Finance and its central bank did not immediately respond to a request seeking comment. The United States has repeatedly criticised China over what it considers to be "foot-dragging" on debt relief for dozens of low-and middle-income countries including Sri Lanka. China, the world's largest bilateral creditor, urged G20 nations on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to "resolve the problem in a comprehensive and effective manner."

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