Global trade

The government recently set up the India Semiconductor Mission (ISM) and approved Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem in the country. The Rs 76,000 crore Production-Linked Incentive (PLI) scheme will be spread across six years. As part of the scheme, incentives worth Rs 2.3 lakh crore will be provided to position India as a global hub.

There is an air of Western triumphalism in the air as regards the effectiveness of Western sanctions against Russia, most particularly the freezing of Russia's $643 bn of foreign reserves, Wood said in his commentary, Greed and Fear.

Geopolitical risks emanating from the Russia-Ukraine conflict is expected to push India's import bill higher. Consequently, the trend will widen the country's Current Account Deficit. The crisis is expected to increase prices of mineral fuels and oils, gems and jewellery, edible oils and fertilisers. At present, India has a significant import dependence for these items.

Interacting with the industrialists and businessmen here, she said that the Centre is closing monitoring the situation as it is worried about the impact of the war on Indian exports and imports. Sitharaman said she would be in a position to comment only after a complete assessment of the situation is made by different ministries.

According to a WTO press release, the decision was taken by the organisation's General Council following the easing of the Covid-19 restrictions in the host country Switzerland. The exact dates of the meeting will be specified later.

As global equity indices slid, commodities, including crude oil, surged as geopolitical risks over Ukraine rippled through global markets. The Brent-indexed Crude oil prices crossed $96 per barrel, the highest in seven years.

US imports rose by 20.5 percent to $3.39 trillion in 2021 while exports climbed by 18.5% to $2.53 trillion, according to the department. The trade gap represented 3.7% of US gross domestic product in 2021, up from 3.2% in 2020, Xinhua news agency reported. "A surge in imports to fuel domestic demand for goods caused the trade deficit in goods and services to widen 27% in 2021 and reach its largest annual deficit on record".

"Of course, some may argue that there is still a considerable gap between India and Pakistan in terms of manufacturing strength, but with the improved BRI connectivity as well as the steadily growing investments by Chinese companies in Pakistan, the South Asian nation is well poised for a rapid facelift," the Global Times said in a report.

As many as 300,000 metric tons of rice are expected to be imported from India, and a further 100,000 tonnes from Myanmar in order to bring down the rice prices artificially inflated by several large rice millers, Gilma Dahanayake, additional secretary of the ministry of trade, was quoted as saying by the state-owned Daily News newspaper on Tuesday.

Pakistan Minister for Railways Azam Khan Swati along with Pak Foreign Minister Shah Mahmood Qureshi and Adviser to the Pak Prime Minister on Commerce Abdul Razak Dawood, inaugurated the Islamabad-Tehran-Istanbul (ITI) freight train at Margalla railway station. Ambassadors of Turkey, Iran, Kazakhstan and Uzbekistan were also present on the occasion.