Category — Politics

India Ratifies UN’s Convention for Goods Transit

India is the 71st signatory to the United Nations’ TIR (Transports Internationaux Routiers) Convention, an international transit system that facilitates the seamless movement of goods throughout countries in Asia and Europe.

TIR is the global standard for goods customs transit managed and developed by IRU, the world road transport organization. IRU, will work closely with all relevant stakeholders in India on training, development, and outreach efforts to prepare the country in six months in implementing the convention said Umberto de Pretto, secretary general of IRU.

A Truck

India recently ratified the trade facilitation agreement of the World Trade Organization, and this move will help India access transnational multi-modal connectivity.

Kazem Asayesh, senior advisor on TIR and Trade Facilitation said, “The TIR system has been facilitating trade and international road transport for over 60 years, by allowing customs-sealed vehicles and freight containers to transit countries, without border checks.”

A study in the United Nations Economic and Social Commission for Asia and the Pacific region estimated that implementing TIR can generate economic benefits ranging from 0.14 to 1.31 percent of national GDP, reports the Times of India.

June 22, 2017   No Comments

Lockheed Martin Offers to Make F16 Fighters in India

Maryland-based Lockheed Martin announced that it can  jointly manufacture its F-16 Block 70 fighter jets with Tata Advanced Systems Limited, India. The agreement was signed on the sidelines of the Paris Air Show 2017 and it will provide India the opportunity to produce, operate and export F-16 Block 70 aircraft, the newest and most advanced version of the combat-proven multi-role fighter.

India proposes to acquire 150 new warplanes for $12 billion, and Lockheed and Tata confirmed to CNNMoney that F-16 production in India will move forward only if Lockheed wins the order.

Highlights of the Deal:

  • Lockheed says, “F-16 production in India supports thousands of Lockheed Martin and F-16 supplier jobs in the U.S.”
  • This partnership supports Prime Minister Narendra Modi’s ‘Make in India’ initiative
  • India stands to become the manufacturing and export base for all F-16s worldwide: 26 countries where 3,200 F-16s are currently flown

CNNMoney quotes a Tata spokesman who said that Lockheed and Tata are also in talks to make F-16 components in India if the air force deal doesn’t materialize.

fighter jets

June 20, 2017   No Comments

India May Implement Food Fortification Regulations

The Food Safety and Standards Authority of India (FSSAI) is promoting the introduction of micro-nutrients in staple foods to fight malnutrition.

“We are trying to encourage brands to fortify their products. We are targeting five staple foods including rice, wheat, milk and edible oil for fortification,” FSSAI CEO Pawan Kumar Agarwal said at an interactive session with the Bharat Chamber of Commerce on food safety.

Business Standard reports that currently the government does not have any plans to make fortifying staple foods mandatory, but it will monitor the situation. “If voluntary acceptance is low then government may take steps to make it mandatory,” added Agarwal. 

If you have any queries or need more information on the Food Safety and Standards (Fortification of Foods) Regulations 2017, please contact us and we will respond.

Logo for Fortified Foods

June 20, 2017   No Comments

President Trump to Meet PM Modi on June 27

Prime Minister Narendra Modi is set to hold his first meeting with U.S. President Donald Trump on June 27. Modi will also address a couple of business meetings organized by the U.S.-India Business Council and CEOs’ Forum.

The agenda for the meeting with the President will focus on trade and economic ties between the two countries; H1B visas; and defense ties. In April, U.S. National Security Advisor H. R. McMaster visited India and met Modi. He emphasized the importance of the U.S.-India strategic relationship and reaffirmed India’s designation as a ‘Major Defense Partner.

US and India Flags

It is likely that India will sign two defense pacts — the Communications Inter-operability and Security Memorandum of Agreement, and the Basic Exchange and Cooperation Agreement, reports BusinessLine.

 

June 14, 2017   No Comments

India Tops Global Retail Development Index

India has overtaken China to secure the top position among 30 developing countries on ease of doing business, according to AT Kearney‘s the 2017 Global Retail Development Index, now in its 16th edition.

This index ranks the top 30 developing countries for retail investment worldwide and analyses 25 macroeconomic and retail-specific variables. India’s rapidly expanding economy, its relaxing of foreign direct investment rules and a consumption boom are the key drivers for India’s top ranking in the  Global Retail Development Index reports the Economic Times. India’s retail sector has been growing at an annual rate of 20 percent. Total sales surpassed the $1 trillion mark last year and the sector is expected to double in size by 2020.

 “The study is unique in that it not only identifies the markets that are most attractive today, but also those that offer future potential,” said management consulting firm AT Kearney. “India’s top ranking is a clear vote of confidence in its retail market and vast growth potential,” said Debashish Mukherjee, Partner with A T Kearney and Head of the Consumer Industries & Retail Products Practice for India.

India Tops GRDI 2017

June 13, 2017   No Comments