Trade

Amit Bhardwaj, 49, the former Chief Information Security Officer at Lumentum Holdings Inc, traded on the misappropriated MNPI himself and tipped his associates with this same information so that they could place profitable trades in Lumentum's acquisition targets, a Department of Justice said in a statement.

The country's trade deficit, however, narrowed to $17.43 billion in February, according to data released by the Commerce Ministry. This is the third consecutive month when exports have fallen. Imports also witnessed a fall by 8.21 per cent to $51.31 billion compared to $55.9 billion recorded in the corresponding month last year.

Merchandise export also fell in December 2022 by 12 per cent to $34.48 billion as against $39.27 billion in the corresponding period of last year. Imports in December 2022 also witnessed a fall to $58.24 billion as against $60.33 billion of the corresponding period of last year.

The trade deficit narrowed month-on-month (MoM) in November to $23.89 billion as against $27.58 billion in October, while up only 13 per cent year-on-year (YoY), said Amnish Aggarwal, Head-Research, Prabhudas Lilladher.

Both the leaders are expected to begin the sixth round of FTA negotiations. The negotiations would aim to cut tariffs and facilitate financial and legal services by UK in India. Badenoch will also meet business leaders to seek their feedback regarding the trade pact.

Friday saw markets gain close to 1,180 points on BSESENSEX and 320 points on NIFTY. This not only wiped out the losses but also helped in the week closing with gains. BSESENSEX gained 844.68 points or 1.39 per cent to close at 61,795.04 points while NIFTY gained 232.45 points or 1.28 per cent to close at 18,349.70 points.

Amendments in the foreign trade policy and handbook of procedures have been made to allow for international trade settlement in Indian rupees i.e. for invoicing, payment and settlement of exports and imports in Indian rupees. The allowance has been made to allow grant of exports benefits and incentives and fulfilment of export obligation under the foreign trade policy.

The Ministry of Industry and Trade of India reported that trade turnover between Russia and India exceeded $18.2 billion in the first five months of the fiscal year. The surge in trade between the two countries made Russia the country's seventh largest trade partner, rising from 25th place with a total trade turnover of $13.1 billion in 2021.

Existing equity investors Nuveen and the ASN Microkredietfonds advised by Triple Jump also participated in the funding round. With this funding, Kinara Capital aims to grow 5 times by 2025 and reach an asset under management (AUM) of Rs 6,000 crore.

Commending the increase in penetration of digital payments in the country, Modi said that women entrepreneurs of the village are accepting digital payments with Paytm and have QR codes outside their shops. The Prime Minister was addressing a rally after laying the foundation stone of various developmental projects at Mana village, which is considered the last village at the border between India and China, during his two-day state visit last week.