India, US very close to trade deal: Trump | WeForNews | Latest News, Blogs India, US very close to trade deal: Trump – WeForNews | Latest News, Blogs
Connect with us

Business

India, US very close to trade deal: Trump

Published

on

New York, Sep 25 : India and the US are very close to concluding a trade deal, and a larger deal is set to be finalised in some time, US President Donald Trump said on Tuesday, as teams from both sides were engaged in negotiating a limited trade package.

Answering queries from reporters ahead of a bilateral meeting with Prime Minister Narendra Modi, Trump, asked if a trade deal was in the offing, said: “Well, I think very soon.

“We’re doing very well. And Bob Lighthizer (United States Trade Representative) who’s right here, was negotiating with India and their very capable representatives. And I think very soon we’ll have a trade deal.

“We’ll have the larger deal down the road a little bit, but we will have a trade deal very soon,” he said.

His statement comes as India’s Commerce Minister Piyush Goyal was in New York City to hold talks with Lighthizer and team on Tuesday.

Earlier, Trump said that he and Modi “have many things to discuss. One of them, and perhaps in our case, one of the biggest ones is trade. We do a lot of trade together and we’re working on that.”

PM Modi, in his remarks, said that “As far as trade is concerned, I’m very happy that the day before yesterday, in Houston, in my presence there was an agreement signed by the Indian company, Petronet, for an amount of $2.5 billion, which is the amount of investment that the Indian company is going to do in the energy sector.

“And this will mean that in the years to come, in the decades to come, this will result in trade of an amount of $60 billion and create 50,000 jobs, which I think is a very big initiative taken by India.”

Trump’s presence at the Howdy Modi event in Houston, the hub of the US’ oil and gas sector, on Sunday was significant. On Saturday, India’s Petronet inked a deal with US liquefied natural gas (LNG) developer Tellurian Inc for up to five million tonnes of LNG through equity investment in Driftwood Holdings, a subsidiary located in Louisiana.

The agreement was inked on the sidelines of a meeting between Prime Minister Modi with oil sector CEOs in Houston. According to the MoU, Petronet will make an investment to purchase an interest in Driftwood Holdings that will give Petronet the right to purchase up to 5 million tonnes per annum of LNG from Phase I or Phase II of the project.

To a question on ironing out the trade issues, MEA spokesperson Raveesh Kumar said on Monday night: “When President Trump and PM Modi met last they had a broad understanding that the issues on trade must be resolved quickly, and those discussions are ongoing.”

Trump has complained of high tariffs imposed by India on US products, including a 50 per cent tariff on Harley-Davidson motorcycles.

In 2018-19, India’s exports to the US stood at $52.4 billion, while imports were $35.5 billion. The trade deficit has dropped from $21.3 billion in 2017-18 to $16.9 billion in 2018-19.

Addressing the Howdy Modi on Sunday, Trump had said that both sides are working to make their nations “even more prosperous than ever before”.

“The economic miracles are taking place. Indian companies are supplying tens of thousands of jobs across a range of industries. In 2018 JSW Steel announced it would invest $500 million to revitalize a shuttered steel plant.”

“We welcome India’s role in investment in our lone star state,” he said, referring to Texas.

Referring to Indian investment in the US, he said: “India has never invested in the US like it is doing today. And I want to say it’s reciprocal, because we are doing the same thing in India.”

Trump said the US is working to expand American exports to India, one of the fastest growing markets.

“We are committed to ensuring that Indian people have access to the finest goods in the world, products stamped with Made in USA.”

On oil and gas exports to India, he said that crude exports have grown by 400 percent and LNG continues to “soar at record numbers”.

Business

Gold Rates and Silver rates, November 24: Yellow metal price struggles today by 0.23%, check here

n MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram.

Published

on

Gold Wealth Price

Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram.

Gold Rates and Silver rates, November 24: Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

  • CITY 24 KARAT 22 KARAT
  • CHENNAI ₹52,034 ₹47,674
  • MUMBAI ₹50,950 ₹49,950
  • BANGALORE ₹51,441 ₹47,161
  • DELHI ₹53,637 ₹49,197
  • KERALA ₹51,468 ₹47,148
  • HYDERABAD ₹51,454 ₹47,144
  • KOLKATA ₹52,537 ₹50,127
  • PUNE ₹50,805 ₹48,355

GOLD PRICE IN INDIA (*MCX) ₹49,504 ₹45,379

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

Continue Reading

Business

Proposal to allow corporate houses to set up banks a ‘bombshell’: Rajan, Acharya

They also said that the proposal is “best left on the shelf”.

Published

on

Ragharam Rajan Viral Acharya

The RBI working group’s proposal to allow corporate houses to set up banks is a “bombshell” and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya.

They also said that the proposal is “best left on the shelf”.

“The history of… connected lending is invariably disastrous — how can the bank make good loans when it is owned by the borrower? Even an independent committed regulator, with all the information in the world, finds it difficult to be in every nook and corner of the financial system to stop poor lending,” the article said.

Last week, an Internal Working Group (IWG) set up by the Reserve Bank of India (RBI) made various recommendations, including that a large corporate may be permitted to promote banks only after necessary amendments to the Banking Regulations Act.

The IWG was set up to review extant ownership guidelines and corporate structure for Indian private sector banks.

Referring to the group’s proposal to allow Indian corporate houses into banking, the article said, “its most important recommendation, couched amidst a number of largely technical regulatory rationalisations, is a bombshell”.

“… it proposes to allow Indian corporate houses into banking. While the proposal is tempered with many caveats, it raises an important question: Why now?,” the article said.

The article — posted on Rajan’s LinkedIn profile on Monday — noted that the IWG has suggested significant amendments to the Banking Regulation Act of 1949, aimed at increasing the RBI’s powers, before allowing corporates houses into banking.

“Yet if sound regulation and supervision were only a matter of legislation, India would not have an NPA problem. It is hard not to see these proposed amendments as a subtle way for the IWG to undercut a recommendation it may have had little power over.

“In sum, many of the technical rationalisations proposed by the IWG are worth adopting, while its main recommendation — to allow Indian corporate houses into banking — is best left on the shelf,” they opined.

Also Read | S&P sceptical of allowing corporates into Indian banking sector
“Have we learnt something that allows us to override all the prior cautions on allowing industrial houses into banking? We would argue no. Indeed, to the contrary, it is even more important today to stick to the tried and tested limits on corporate involvement in banking,” the article said.

Further, Rajan and Acharya said that as in many parts of the world, banks in India are rarely allowed to fail — the recent rescue of Yes Bank and of Lakshmi Vilas Bank are examples. For this reason, depositors in scheduled banks know their money is safe, which then makes it easy for banks to access a large volume of depositor funds.

They noted that the rationales for not allowing industrial houses into banking are then primarily two. First, industrial houses need financing, and they can get it easily, with no questions asked, if they have an in-house bank.

According to Rajan and Acharya, the second reason to prohibit corporate entry into banking is that it will further exacerbate the concentration of economic (and political) power in certain business houses.

“Even if banking licenses are allotted fairly, it will give undue advantage to large business houses that already have the initial capital that has to be put up. Moreover, highly indebted and politically connected business houses will have the greatest incentive and ability to push for licenses,” they said.

The approach of the RBI regarding ownership of banks by large corporate/ industrial houses has, by and large, been a cautious one in view of serious risks, governance concerns and conflicts of interest that could arise when banks are owned and controlled by large corporate and industry houses.

For the first time in 2013, the RBI, in its Guidelines for Licensing of New Banks in the Private Sector, had prescribed several structural requirements of promoting a bank under an Non-Operative Financial Holding Company (NOFHC).

Continue Reading

Business

Amazon Quiz Answers Today, November 23, 2020: Answer and Win Rs.10,000 Amazon Pay Balance

Amazon quiz Answers Today, November 23, 2020: The Amazon Quiz for November 23, 2020, is live and today you have the chance to Win Rs.10,000 Amazon Pay Balance.

Published

on

By

amazon

Amazon quiz Answers Today, November 23, 2020: The Amazon Quiz for November 23, 2020, is live and today you have the chance to Win Rs.10,000 Amazon Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs.10,000 Amazon Pay Balance
Amazon Quiz Date: November 23, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 23, 2020

Question 1. The 2020 Women’s T20 Challenge played in Sharjah was branded as the ____ Women’s T20 Challenge. Fill in the blanks

Answer:- Jio

Question 2. Who is the Chairperson of the GST Council in India?

Answer:- Union Finance Minister

Question 3. One of the songs from the movie Laxmii starring Akshay Kumar is named after which famous building?

Answer:- Burj Khalifa

Question 4. To visit this place, which country do you have to travel to?

Answer:- Peru

Question 5. These guards protect what?

Answer:- Vatican City

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.