India Parliament

Addressing the G20 Trade and Investment Ministerial summit, Prime Minister Narendra Modi emphasized the need for balanced competition between large and small e-commerce businesses. He called for empowering small enterprises to seamlessly integrate with global supply chains while highlighting India’s proposal to create a Generic Framework for Mapping Global Value Chains. The framework aims to assess vulnerabilities, minimize risks, and enhance resilience in the wake of the COVID-19 pandemic and geopolitical tensions.

With the world economy facing unprecedented challenges, PM Modi stressed the collective responsibility of G20 nations to restore confidence in international trade and investment processes. He underscored the significance of Micro, Small, and Medium Enterprises (MSMEs), which contribute 60% to 70% of employment and 50% of the global Gross Domestic Product (GDP).

In his address, Prime Minister Modi introduced the ‘Jaipur Initiative,’ designed to provide essential market information to MSMEs. He expressed confidence in the upgraded Global Trade Help Desk to bolster MSME participation in global trade. Additionally, PM Modi highlighted the growth of global cross-border e-commerce and its challenges for smaller players and consumers, emphasizing the need for equitable competition and improved grievance handling mechanisms.

PM Modi commended the efforts to establish ‘High-Level Principles for the Digitalization of Trade Documents,’ which can facilitate cross-border electronic trade measures and alleviate compliance burdens.

Concluding his address, Prime Minister Modi expressed confidence in the G20 Trade Ministers’ ability to guide the global trading system towards a more representative and inclusive future. The ministers are expected to collaborate on a communique during their two-day meeting.

Inflationary Tensions Expected to Linger in Upcoming Months, Caution Urged by Finance Ministry.

The finance ministry has issued a cautionary note, indicating that the persistent pressures of inflation might endure for the following months, necessitating heightened vigilance from both the Reserve Bank of India (RBI) and the government.

As the economy progresses, internal consumption and investment demand are projected to retain their roles as growth drivers. However, the interplay of global uncertainties and domestic disruptions casts a shadow over the inflation outlook in the coming months. The finance ministry’s Monthly Economy Review report for July, unveiled on August 22, underscores the importance of enhanced watchfulness from both the government and the RBI.

These comments from the financial realm follow closely in the wake of recent data revealing a surprising surge in vegetable prices, propelling India’s headline retail inflation to a 15-month peak of 7.44 percent in July, compared to 4.87 percent just a month earlier. This unanticipated uptick in Consumer Price Index (CPI) inflation compelled swift action from the government to curb the ascent of essential food prices. Notably, a 40 percent export duty on onions was introduced on August 19 to discourage exports and guarantee a sufficient domestic supply.

Experts foresee CPI inflation to hover above the 7 percent mark in August, although there are some indications of easing prices. The government has even initiated the sale of tomatoes at reduced prices in major consumption centres. Nevertheless, the expectation is for inflation to decline markedly in anticipation of the festive season, with some economists predicting a sub-5 percent rate by October.

Yet, prior to this projected decline, price hikes are predicted to exceed previous forecasts. On August 10, despite the Monetary Policy Committee (MPC) maintaining the policy repo rate at 6.5 percent for the third consecutive meeting, the RBI elevated its inflation projection for July-September by a substantial 100 basis points to 6.2 percent.

However, the inflation forecast adjustment proved to be outdated in light of the July inflation figures released on August 14. An article penned by RBI staff on August 17 indicated that inflation was now expected to average “well above 6 percent” in the July-September period.

The finance ministry’s monthly report added a hopeful perspective on the situation, stating that the recent price surges in specific food items were likely to be transient. It anticipates a decline in tomato prices with the influx of fresh stocks by the close of August or early September. Additionally, augmented imports of tur dal are foreseen to temper the inflation in pulses. These factors, along with the ongoing efforts of the government, are poised to usher in moderation in food inflation in the months ahead.

The finance ministry also emphasized the need to monitor the external sector to bolster India’s merchandise exports in the face of subdued global demand. Although services exports are projected to continue thriving, geopolitical and geo-economic concerns are anticipated to persist, underlining the importance of maintaining macroeconomic stability. This stability is essential to prevent excessive increases in interest rates, reinforce India’s appeal as a domain of performance and promise for both domestic and international investors, and sustain a steady trajectory of economic growth.

New Delhi: Quelling the fervor surrounding the notion of BRICS nations adopting a shared currency, Foreign Secretary Vinay Mohan Kwatra has cast doubts on the feasibility of such a move. During an exclusive media briefing, Kwatra steered the discourse away from a united currency and emphasized BRICS’ emphasis on bolstering trade using individual national currencies.

Kwatra expounded, “The substantive facet of our trade and economic dialogues within BRICS has predominantly centered on amplifying trade conducted in our respective sovereign currencies. This approach diverges significantly from the intricacies associated with contemplating a shared currency.”

The notion of a common currency within BRICS has ignited fervent discussions, with influential figures like Brazilian President Lula da Silva and Russian Foreign Minister Sergey Lavrov rallying behind the concept. Some view this prospect as a potential contender to the dominance of the US dollar in global trade.

President Lula da Silva advocated for the idea during an address in April, stating, “I wholeheartedly support the creation of an intra-BRICS trade currency, akin to the euro crafted by the Europeans.”

Russian Foreign Minister Sergey Lavrov echoed this sentiment in January, asserting, “Responsible and self-respecting nations recognize the stakes involved and perceive the shortcomings of the current international monetary and financial architecture. They aspire to forge their own mechanisms that ensure sustainable growth, insulated from external dictates.” Lavrov went on to elaborate on the possibility of establishing a currency framework within the confines of BRICS.

However, India has exhibited a cautious stance on this matter in the public arena. External Affairs Minister S Jaishankar declared that the topic of a unified BRICS currency has not even grazed the surface of their discussions. Kwatra’s statements now seem to reaffirm the consortium’s commitment to intensifying trade interactions conducted through separate national currencies.

Honorable Prime Minister Shri Narendra Modi, in his address to the nation on the 77th Independence Day on August 15, 2023, highlighted India’s strengths of demography, democracy, and diversity, which he referred to as the “Triveni” capable of fulfilling the nation’s dreams. He emphasized that the ongoing first year of the Amrit Kaal provides an opportunity for India to dedicate efforts towards shaping the next 1000 years.

PM Modi emphasized that India’s progress is not confined to major cities like Delhi, Mumbai, and Chennai, but extends to tier-2 cities where the youth are equally contributing to the nation’s advancement. He assured the youth that ample opportunities exist for them to succeed, and the country is ready to provide as many opportunities as they require. Addressing recent disturbances in the North East, particularly in Manipur, the Prime Minister expressed solidarity with the state and highlighted efforts towards restoring peace through dialogue. He conveyed that both the central and state governments are working diligently to find a peaceful solution to the challenges faced in Manipur.

PM Modi commemorated those who contributed to India’s struggle for freedom, and he noted that the country is celebrating the 150th birth anniversary of revolutionary leader Sri Aurobindo, along with other significant milestones like Swami Dayanand Saraswati’s 150th birth anniversary, Rani Durgavati’s 500th birth anniversary, and Meerabai’s 525th anniversary in the same year.The Prime Minister highlighted India’s current rise and development, stating that the nation’s progress is evident through global recognition and increased confidence in the country. He stated that India’s capabilities and potential are instrumental in shaping the evolving global order, especially following the COVID-19 pandemic, where India’s resilience and innovation are being acknowledged by experts and rating agencies worldwide.PM Modi emphasized the importance of holistic healthcare, acknowledging the significance of Yoga and Ayush on a global scale. He spoke about India’s role in the technology-driven world and various sectors such as renewable energy, space exploration, and advanced technologies.

The Prime Minister lauded the nation’s achievements under his leadership, mentioning India’s economic growth from the 10th to the 5th position globally. He highlighted steps taken to combat corruption and promote economic stability.PM Modi announced the upcoming launch of the Vishwakarma scheme aimed at supporting individuals with traditional skills, with an allocated budget of 13,000 to 15,000 crore rupees. Additionally, he mentioned plans to increase the number of Jan Aushadhi Kendras from 10,000 to 25,000. Acknowledging the contributions of various segments of society, including women, farmers, labourer’s, and workers, the Prime Minister outlined the challenges posed by the ongoing pandemic and inflation crisis, and the measures taken to address them.

PM Modi stressed the importance of collective responsibility in promoting probity, transparency, and impartiality to achieve India’s development goals, while also condemning corruption, nepotism, and appeasement as detrimental factors. He highlighted India’s global philosophies such as “One Sun, One World, One Grid” for renewable energy and advocated for global cooperation and unity, especially through India’s assistance during the pandemic.

Looking ahead to India’s 100th Independence Day in 2047, PM Modi expressed his aspiration for a developed India, urging the nation to collectively work towards achieving this goal. He emphasized that national character and integrity are integral to the country’s progress and development. The Prime Minister commended India’s armed forces for their preparedness and efforts in ensuring national security. He concluded his address with a vision of a united and prosperous India, encouraging citizens to continue the legacy of freedom fighters by contributing to the nation’s growth.

As a part of the 77th Independence Day celebrations, around 1,800 special guests, including nurses farmers and fishermen, and 75 couples in traditional attire have been invited at Red Fort in Delhi.

Honourable Prime Minister Narendra Modi will lead the country in celebrating the 77th Independence Day from the iconic Red Fort in Delhi on Tuesday. As part of the celebrations, around 1,800 people from different vocations, with their spouses, were invited as special guests.

All These special guests include over 400 Sarpanches of more than 660 villages; 250 from Farmer Producer Organisations’ scheme; 50 participants each of Pradhan Mantri Kisan Samman Nidhi Scheme and Pradhan Mantri Kaushal Vikas Yojana; 50 Shram Yogis (construction workers) of the Central Vista Project, including the new Parliament building; 50 each Khadi workers, those involved in construction of border roads, making of Amrit Sarovar and Har Ghar Jal Yojana as well as 50 each primary school teachers, nurses and fishermen.

Some of these special guests are scheduled to visit the National War Memorial and call on Minister of State for Defence Ajay Bhatt as part of their stay in Delhi. The initiative has been taken in line with the Government’s vision of Jan Bhagidari, a release from the Ministry of Defence said.

As many as 75 couples from each state/Union Territory (UT), in their traditional attire, have also been invited to witness the ceremony at Red Fort. During the celebrations, PM Modi will unfurl the national flag and deliver the customary address to the nation from the ramparts of the historic monument.

Selfie points dedicated to different schemes and initiatives of the government have been installed at 12 locations, including National War Memorial, India Gate, Vijay Chowk, New Delhi Railway Station, Pragati Maidan, Raj Ghat, Jama Masjid Metro Station, Rajiv Chowk Metro Station, Delhi Gate Metro Station, ITO Metro Gate, Naubat Khana and Sheesh Ganj Gurdwara.

The schemes/initiatives include Global Hope: Vaccine and Yoga; Ujjwala Yojana; Space Power; Digital India; Skill India; Start-up India; Swachh Bharat; Sashakt Bharat, Naya Bharat; Powering India; Pradhan Mantri Awas Yojana and Jal Jeevan Mission, the release said.

As part of the celebrations, an online selfie contest will be led by the Ministry of Defence on the MyGov portal from August 15 to 20. People are encouraged to take selfies at one or more of the 12 installations and upload them on the MyGov platform to take part in the contest.

Twelve winners, one from each installation, will be nominated on the basis of the online selfie contest. The winners would be given prize money worth of Rs 10,000 each, the statement further stated.