In setback for India, China rejects proposal for bilateral trade in domestic currencies

Agencies
December 2, 2018

New Delhi, Nov 2: China has not accepted India's proposal to carry out bilateral trade in local currencies which was aimed at bridging the ballooning trade deficit with the neighbouring country, an official said on Sunday.

India's exports to China stood at only USD 13.4 billion, imports aggregated to USD 76.4 billion in 2017-18, leaving a trade deficit of USD 63 billion. It was USD 51.11 billion in 2016-17.

India had suggested China for renminbi-rupee trade to boost its exports and tackle the widening trade deficit concern.

"They have not accepted the proposal," the official said.

The issue was discussed in an inter-ministerial meeting in October. In the meeting, it was suggested to the Reserve Bank of India and the Department of Economic Affairs would look at the possibility of exploring renminbi-rupee trade with China.

India has also proposed trade in national currencies with some other countries, including Russia, Iran and Venezuela. New Delhi has trade deficit with these three countries, too.

The Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that the government should promote exports from India in the domestic currency.

"This will help in bridging trade deficit with countries like China," Gupta said.

Trade experts have stated that bilateral trade in domestic currencies will help India only in the case of those countries with which it has a trade balance.

"Trade imbalance should not be there with the country with which we want to do trade in the Rupee. It will not help in bridging the deficit. The partner country should have an opportunity to invest in India to use the rupee," said Biswajit Dhar, a professor at Jawaharlal Nehru University.

The Indian industry and exporters have time and again raised the issue of increasing trade deficit with China and have asked the government to seek greater market access for domestic goods in the Chinese market.

Recently, China has permitted exports of rice and sugar. But India wants to increase exports of several other items, including pharmaceuticals, engineering and services.

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News Network
March 7,2020

New Delhi, Mar 7: No country in the world says everybody is welcome, External Affairs Minister S Jaishankar said on Saturday, hitting out at those criticising India over the Citizenship (Amendment) Act.

Jaishankar criticised the United Nations Human Rights Council (UNHRC) for its criticism on the situation in Jammu and Kashmir, saying its director had been wrong previously too and one should look at the UN body's past record on handling the Kashmir issue.

"We have tried to reduce the number of stateless people through this legislation. That should be appreciated," he said when asked about the CAA at the ET Global Business Summit. "We have done it in a way that we do not create a bigger problem for ourselves."

"Everybody, when they look at citizenship, have a context and has a criterion. Show me a country in the world which says everybody in the world is welcome. Nobody says that," the minister said.

The external affairs minister said moving out of the Regional Comprehensive Economic Partnership (RCEP) was in the interest of India's business.

Asked about the UNHRC director not agreeing with India on the Kashmir issue, Jaishankar said: "UNHRC director has been wrong before.

"UNHRC skirts around cross-border terrorism as if it has nothing to do with country next door. Please understand where they are coming from; look at UNHRC's record how they handled Kashmir issue in past," he added.

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News Network
June 5,2020

New Delhi, Jun 5: Around 20 staff members of Delhi Metro Rail Corporation (DMRC) have tested positive for COVID-19, all of them are asymptomatic and are doing well, said DMRC officials.

In a statement, the DMRC said, "Along with the rest of the country, DMRC is also fighting the battle against COVID-19. Delhi Metro's employees have shown exemplary resilience in reporting back to their duties to keep the Metro system in all readiness for the eventual resumption of services."

"Some employees, scattered across the NCR have unfortunately been infected by the virus as well. They are all safe and recovering gradually. However, in this hour of crisis as well, the spirit of Delhi Metro continues to be high," the DMRC stated.

DMRC Managing Director, Dr Mangu Singh, in a message today asked all employees to adhere to social distancing norms and wished those afflicted with the virus a speedy recovery.

"This indomitable spirit will surely help the Delhi Metro, whenever we resume our services in the days ahead," said DMRC.

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News Network
May 23,2020

Karachi, May 23: Ninety-seven people were killed and two survived when a passenger plane crashed into homes in Pakistan's southern city of Karachi, health officials said Saturday.

The Pakistan International Airlines (PIA) plane had made multiple approaches to land at the city's airport when it came down in a residential area, damaging buildings and sparking a rescue operation that lasted into the night.

All passengers and crew had been accounted for and the bodies of those killed had been recovered from the crash site, the Sindh Health Ministry said, adding that 19 had been identified.

A local hospital earlier reported it had received the bodies of people killed on the ground.

The site remained cordoned off on Saturday morning.

The crash sent plumes of smoke were into the air as rescue workers and residents searched the debris for people and as firefighters tried to extinguish the flames.

An AFP reporter witnessed charred bodies being loaded into ambulances.

PIA said the plane lost contact with air traffic control just after 2:30 pm (0930 GMT) travelling from Lahore to Karachi.

The disaster comes as Pakistanis prepare to celebrate the end of Ramadan and the beginning of Eid al-Fitr, with many travelling back to their homes in cities and villages.

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