KEY TRENDS • Oxfam India's 2023 India Supplement report on poverty and inequality in India reveals that the gap between the rich and the poor is widening. Following the pandemic in 2019, the bottom 50 per cent of the population have continued to see their wealth chipped away. By 2020, their income share was estimated to have fallen to only 13 per cent of the national income and have less than 3...
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The great gamble on the Russian oil price cap -Prashanth Perumal
-The Hindu The West’s attempt to cut Russia’s oil revenues without drastically affecting global oil supplies may be too fine a balancing act in the longer run The Group of Seven (G7) countries, the European Union and Australia have imposed a price cap on Russian sea-borne oil to make it harder for Russia to fund its war against Ukraine. Under the plan, which took effect on December 5 , Western companies that...
More »What is in store for India’s imports?
There is some respite expected for India in terms of prices of imported commodities. This may ease the depletion of its foreign exchange reserves. The country has faced a widening of its merchandise trade deficit from US$ -17.91 billion to US$ -26.91 billion between October 2021 and October 2022. The commodity price data provided by the World Bank in December 2022 (termed as The Pink Sheet) shows that energy prices plummeted by...
More »Big push for GM crops -Devinder Sharma
-The Tribune US spearheading move to force developing countries to open up to imports The US filed a fresh complaint against India at the World Trade Organisation (WTO) last week. In its submission, the US sought withdrawal of India’s import restrictions on genetically modified (GM) foods, including rice and apples. It said the demand for a non-GM certificate was disrupting American agricultural exports. This comes at a time when for no apparent...
More »Trade pacts: India’s FTA thrust lacks clarity -Abhijit Das
-The Hindu FTAs are about pursuing economic goals. They should have little to do with achieving social or geo-strategic objectives After hurtling for many months towards finalising the India-UK FTA by Diwali, a substantial trade deal appears unlikely by this deadline. Instead of bemoaning this as a missed chance, it should be taken as an opportunity for introspecting India’s approach to FTAs, particularly with the developed countries such as the UK, European...
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