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Modi govt throws battered telcos a Rs 42,000-cr lifeline

The deferred amounts to be paid by telcos will be without increase in the time period, the FM said.

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Nov 21, 2019, 04.23 AM IST

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RCEP did not address outstanding issues, concerns of India: Piyush Goyal

“During the 3rd RCEP Leaders Summit which was held on November 4 in Bangkok, India stated that the current structure of the RCEP did not reflect its Guiding Principles or address the outstanding issues and concerns of India, in the light of which India did not join RCEP,” Piyush Goyal said in a written reply to the Lower House.

RCEP did not address outstanding issues, concerns of India: Piyush Goyal

Piyush Goyal in a written reply to the House said that during the th...

Govt recognised 7,141 startups till Nov 5: Piyush Goyal

Sector-wise, the highest of 1,351 start-ups are from information technology followed ...

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  • He further said both India and Europe also offer an opportunity to help kick-start economic growth in the world. "We have lots of opportunities together and I hope we can look for a greater engagement. We have both comparative and competitive advantages," he said. Goyal was addressing the India-Europe 29 Business Forum, organised by CII.

    Goyal said that the UPA government was willing to make India a part of RCEP ‘without going into details of how it would impact’ India’s interest. This was checked when Nirmala Sitharaman, as commerce minister in the last government, wrote in an official file India’s interests would be impacted by China and other RCEP members.

    “The proposal is presently under consideration,” he said in a written reply to a question in Lok Sabha on whether the government proposes to provide foreign exchange loan at cheaper rate of interest to the exporters.

    External Affairs Minister S Jaishankar and Commerce and Industry Minister Piyush Goyal briefed BJP MPs on the issues in the parliamentary party's first meeting in the Winter session. Modi did not attend the meeting. BJP sources said Jaishankar told MPs that Modi's foreign visits have boosted India's standing and furthered the country's interests.

    From revival measures to RCEP, from tax changes to trading rules for eCommerce, Sitharaman & Goyal are two ministers in the Modi cabinet whose decisions have made headlines and impacted bottom lines. In less than a fortnight, business leaders will get the opportunity to listen to these two policymakers, who directly influence the country's policy changes.

    "Under the circumstances and visualising it as a price war, we suggest it is the high time when the government must step in and enforce the fundamental of Minimum Operating Price which is the price consisting of landing price, operational cost and reasonable profit margin and below the MOP no product should be sold in the market," CAIT said in the letter.

    "I would like to highlight the adverse impact of predatory pricing indulged by some e-commerce players which adversely impact millions of small retailers. It is important for e-commerce to follow the letter and spirit of the law," Goyal said at the BRICS trade ministers meeting. He further added that the need of the hour is to develop digital infrastructure.

    Blaming the UPA for the higher tariff concessions given to Asean earlier, Goyal said changing the stance overnight was not possible. The minister said that India decided to opt out of the deal as small industries and other sectors such as pharmaceutical, chemical and textiles opposed it.

    RCom, Tata Teleservices (Maharashtra), Sanwaria Consumer, IL&FS Engineering and Vadilal Industries will be among companies that will disclose quarterly results on Thursday.

    The much-needed progress is believed to have been made during the meeting between the Union Commerce and Industry Minister Piyush Goyal and US Trade Representatives Robert Lighthizer in Washington DC on Wednesday.

    Immediate issues that need attention are likely to be discussed during the visit in the run up to a larger trade deal, sources said. While India and the US have ruled out any structural reason or major issue holding back a bilateral trade deal, the two have been embroiled in a series of trade spats, both bilaterally and at the World Trade Organization.

    With Brexit on the agenda of UK companies, 26 per cent said that they planned to do more business with India as a direct result of the UK leaving the EU. This will be a further boost to the flow of goods, services and investment between the two countries, the UK India Business Council (UKIBC) said.

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