Skip to content
Search

Latest Stories

Arun Jaitley: Trade war will help India emerge as bigger trading and production hub

India’s finance minister Arun Jaitley said on Friday (28), that the ongoing global trade war may have caused for an initial instability in the global market, but will gradually provide opportunities for India as a largest trading and production hub.

Delivering a speech at the annual session of PHD Chamber of Commerce in New Delhi, Jaitley said some global economic trends do adversely impact the domestic market, but moving forward, such trends will open up avenues for the country to grow at a faster rate.


India must closely watch the situation in the global market as to when the challenge turns into an opportunity, Jaitley said in his video conference speech.

Analysts opine that the ongoing trade war between the US and China could turn Indian goods, like machinery, electrical equipment, vehicles and transport parts, chemicals, plastics and rubber products, competitive in the US market.

Expressing his concern over rising crude oil prices in the international market, Jaitley said increasing crude oil prices also pose a hurdle for the Indian economy, since India is a net importer of crude oil. It depends on imports to meet its fuel needs.

India’s is the third biggest crude oil importer in the global market and recent upward trend in the crude oil prices are inflating domestic transport fuel rates in a strong demand environment. Brent, the benchmark for half of world's oil, surged to $80 per barrel from $ 71 in the last five weeks.

“Notwithstanding these challenges, I'm quite certain that in the days and years to come, there are great opportunities for India in order to grow,” the finance minister said.

More For You

UK economy contracts unexpectedly in January

Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)

UK economy contracts unexpectedly in January

BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less