PHD Research Bureau 2 - PHD Chamber of Commerce · PHD Research Bureau 6 Indian Merchandize Exports Grew By 2.29% In November 2016: / v ] [ u Z v ] Ì exports have continued with

1 PHD Research Bureau



A fascinating feature of Indian Foreign Trade policy is continuity wherein remarkable alterations are pursued in a series of timely micro changes. Consequently, these recent proactive edifications corroborated the merchandize trade deficit for the period April January 2016-17 to get softened by 29.7% to value at USD 28.38 billion compared to USD 54.187 billion during April January 2015-16.

growth figure of 4.32% in January 2017 to value at USD 22,115.03 million compared to USD

witnessed slight expansion, growing by 10.7% to value at USD 31,955.94 million in January 2017 compared to USD 28,866.53 million during same period previous year.

The export of services during December 2016 was valued at USD 13.804 billion, registering a growth rate of 3.49% compared to 1.72% during November 2016; and Import of services were valued at USD 8.294 billion, registering a growth rate of (-) 0.35% compared to 8.37% during November 2016. The trade balance in Services (i.e. net export of Services) for December, 2016 was estimated at USD 5.510 billion.

I alling rupee because of the adverse effects of demonetization, are expected to grow this year with a rise in global demand. The commerce ministry has suggested a revision in the export basket and focusing on labour-intensive products rather than raw materi -largest trading partner, with which India had a USD61 billion current account deficit in 2015-16. Indian Defense Ministry is expecting exports to grow to USD 2 billion by 2019-20.

On the investments front, D 100 billion fund to enter public market investing in India. Further, IFC invests USD 125 million and USD 15 million and , respectively. Asian Development Bank signs agreement with Government for $500 million Bihar Bridge across Ganga.

Substantiating integration with the world economies, Cabinet approved Agreement between India-Uruguay regarding Cooperation and Mutual Assistance in Customs Matters. Further, India and MERCOSUR step up efforts to expand trade pact, Japan has given its nod to assist Chennai, Ahmedabad and Varanasi to transform into Smart Cities and UK for Government to Government cooperation for smart city development.



1. 6

2. 13

3. Developments in Bilateral trade and Investments 14

4. India and WTO 17

5. Policy Developments 18

6. Macroeconomic Developments 21

7. Miscellaneous 23

Trade Acronyms


Indian Merchandize Exports Grew By 2.29% In November 2016: exports have continued with commendable growth rate in three straight months, registering growth figure of 2.29% in November 2016 to value at USD 20,009.58 million compared to USD 19,560.92 million during November 2015. have continued with commendable growth rate registering growth figure of 4.32% in January 2017 to value at USD 22,115.03 million compared to USD 21,199.02 million during January 2016.

The cumulative value of exports for the period April-November 2016-17 stood at USD 174.922 billion as against USD 174.740 billion registering a negative growth of 0.1% over the same period last year.

Services Exports Contracted By (-) 4.9% In October 2016: The export of services during October 2016 was valued at USD 13.113 billion, registering a growth rate of (-) 4.9% compared to 2.93% during September 2016.

Merchandise Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Apr-Jan 16-17

Exports (USD billion) 21.52 22.9 23.5 20.1 23.9 22.1 174.92 Growth (%) -0.30 4.62 9.59 2.29 5.72 4.32 - 0.1 Imports (USD billion) 29.19 31.2 33.7 33.1 34.3 31.9 241.10 Growth (%) -14.09 -2.54 8.11 10.44 0.46 10.7 - 8.44 Trade Balance (USD billion) -7.67 -8.3 - 10.16 - 13.01 -10.37 -9.84 -38.07

Services Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Exports (Receipts) (USD billion) 12.775 13.381 13.77 13.12 13.34 13.81 Imports (Payments) (USD billion) 7.409 8.054 8.30 7.68 8.32 8.29 Trade Balance (USD billion) 5.366 5.327 5.46 5.43 5.01 5.51


Source: PHD Research Bureau; Compiled from Ministry of Commerce

FDI Equity Inflow grew by 22% during April December 2016: Total Foreign Direct Investment (FDI) inflows stood at USD 18.196 billion during October December 2016, including Equity inflows, Re-invested earnings and other capital. FDI equity inflow stood at USD 14.22 billion during the same period. FDI Equity Inflows grew by 22% during April December 2016. During April 2000 December 2016, cumulative amount of FDI inflows stood at USD 472.199 billion, wherein USD 324.357 billion accounted for Equity Inflows.

Non-Petroleum Export Grew By 2.1% In November 2016: Non-petroleum exports in November 2016 were valued at US$ 17602.33 million against US$ 17232.25 million in November 2015, an increase of 2.1 %. Non-petroleum exports during April - November 2016-17 were valued at US$ 155713.51 million as compared to US$ 152923.93 million for the corresponding period in 2015, an increase of 1.8%.

The growth in exports for USA (0.25%), Japan (9.81%) but China and EU exhibited negative growth of (-10.15%) and (-0.57%) respectively for September 2016 over the corresponding period of previous year as per latest WTO statistics.

India to Continue with Curry Leaf Exports to EU: After a hiatus of three years, India will resume export of curry leaves to the European Union. The exports will now entail quality checks including lab tests and Agmark certification. In 2013, the EU had banned importing curry leaves from India, citing concerns related to high pesticide residue. India exports almost 1.2 lakh kg of curry leaves to the EU.


Indian spices exports grew by 7% during H1-FY17: According to Spices Board of India, Indian spices exports were boosted by large shipments of chilli, nutmeg, mace, cumin and garlic, spices witnessing a growth of 5% in volume and 7% in value in the first half of 2016-17 compared previous year. Export of spices rose to 4,37,360 tonnes valued at Rs 8415.97 crore in first half of 2016-17 compared with 4,14,780 tonnes worth Rs 7892.65 crore in the first half of last year. Garlic exports contributed substantially to the overall growth during the period, after rising 132 per cent in value terms and 55 per cent in quantity. The exports of nutmeg and mace grew by 81 per cent in quantity as compared to last year and saw a 69 per cent increase in value. Cumin exports rose by 49 per cent to 68,600 tonnes, as compared to 45,894 tonnes during the same period in the previous year. Turmeric, apart from fennel and celery, also contributed significantly to the total spices exports during April-September 2016. The export of value-added products like curry powder and paste as well as spice oils & oleoresins also increased during the period.

India allows 8,424 tonne raw sugar exports to US: The government has permitted export of 8,424 tonne raw sugar under its tariff-rate quota (TRQ) to the US, which enables shipments to enjoy relatively low tariff. TRQ is a quota for a volume of exports that enter the US at relatively low tariffs. After the quota is reached, a higher tariff applies on additional imports. The quantity of raw sugar (8,424 tonnes) to be exported to USA under TRQ up to September 30, 2017 has been notified. India enjoys duty-free sugar exports to the US for up to 10,000 tonnes annually under preferential quota arrangement. India, the world's second biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well.

Indian coffee shipments scaled a record 3.6 lakh tonnes in calendar 2016: shipments in calendar 2016 touched a new high of 3.6 lakh tonnes (lt) boosted by a record domestic output and a surge in re-exports. Though the shipments grew 17 per cent in volumes over previous year, the growth in dollar term realisations was a little less than 3 per cent on account of volatile prices. In rupee terms, the exports were up eight per cent. In 2016, the total arabica shipments grew 18 per cent to 51,648 tonnes (43,785 tonnes in 2015), while the robusta exports were up by a fifth at 2.01 lt (1.67 lt). The instant coffee shipments, including re-exports, were up 14 per cent at 1.06 lakh tonnes (93,698 tonnes). Re-exports were up 24 per cent at 81,485 tonnes (65,724 tonnes). Italy was the largest buyer accounting for close to a fourth of Indian coffee shipments, followed by Germany, Russia and Belgium.

Defence Ministry eyeing exports worth USD 2 bn by 2019-20: Buoyed by potential orders from countries like Bangladesh, the government has set an ambitious target of achieving $2


billion worth of exports in defence products by 2019-2020. Shri Manohar Parrikar said that his ministry is looking for newer areas of export apart from the conventional weaponry shipments. He said the government is looking to export items for bridge laying for the armed forces and for setting up of defence equipment production factories in other countries.

Shrimp exports to South Africa may take a hit over presence of Vibrio cholera bacteria: Seafood exporters and Marine Products Exports Development Authority (MPEDA) is

South Africa following the rejection of Vannamei shrimp export consignment. The issue of rejection of Vannamei shrimp consignment following the detection of Vibrio cholera in the shipment by National Regulator for Compulsory Specification (NRCS) was brought to the notice of the visiting High Commission delegation. Though South Africa accounts for only 1-2 per cent of Indian shrimp exports, it is an emerging market as far as seafood exports are concerned

Exports poised to grow on global demand rise: on the falling rupee because of the adverse effects of demonetization, are expected to grow this year with a rise in global demand. The commerce ministry has suggested a revision in the export basket and focusing on labour-intensive products rather than raw materials. This

-largest trading partner, with which India had a USD61 billion current account deficit in 2015-16. Sectors such as hardware, electronics, pharmaceuticals, textiles and auto components are expected to witness a growth in exports.

Apparel exports to meet target of $30 bn in next 3 yrs: According to Chairman of AEPC, garment export is poised to register a positive growth in 2017-18. The garment

export industry is poised to grow in 2017; the initiatives announced by the government along with the good quality products aided by innovative design prowess will drive the change for the industry. The growth will also help in meeting the target of Rs. 6000 crore and create 1 crore jobs set up by Prime Minister, Shri Narendra Modi, in a special package for the Apparel Export Industry. In 2015-16 the share of textiles and apparels in total exports increased to 15 percent from 13 percent in 2013-14. Capacity has been expanded with seven new Common Effluent Treatment Plants with Zero Liquid Discharge technology in last two years covering 3000 SME units. Also eight apparel and garment making centres were set up in all NER (North- Eastern) States and Sikkim for promoting garment manufacturing in NER (North-East).


Gems and jewellery exports up 10% in Apr-Nov period: Exports of gems and jewellery grew by about 10 per cent to $ 23.5 billion during April-November period of the current fiscal, driven largely by rising demand in India's major export markets like the US and Europe. In April-November period of 2015-16, exports from the sector stood at $ 21.5 billion, according to the data from Gems and Jewellery Export Promotion Council (GJEPC). The rise in April-November period was mainly supported by exports of cut and polished diamond. It rose to $ 15.4 billion during April-November 2016-17 from $ 13.7 billion a year ago.

Natural rubber exports may cross 5000 tonne in 2016: According to State-run Rubber Board, Natural Rubber (NR) exports from India are likely to cross 5,000 tonnes in 2016 with the international rubber price staying higher than the domestic prices. Exports gained momentum in November- -biggest consumer of

-biggest rubber producer. India produced 655,000 tonnes of NR in the 2014-15 crop year. Higher imports of NR into the domestic market has led to a sharp decline in prices hurting more than 12 lakh growers involved in growing natural rubber.

Steel exports up three-fold in January 2017: -fold increase to 0.889 million tonnes (mt) in January this year, compared to the year-ago month. The massive jump in exports comes amid government providing extensive support to the domestic steel industry by way of various trade remedial measures including anti-dumping. The country shipped out 5.865 mt in the first 10 months of the ongoing fiscal, registering an increase of 71 per cent. Exports in January 2017 (0.889 mt) was up 224 per cent over January 2016 and was up by 19 per cent over December 2016. Export of total finished steel was up by 71.1 per cent in April-January 2016-17 (5.865 mt) over the same period of last year.

Coffee exports up on global price recovery: India's coffee export and re-export was 46,000 tonnes, as against 43,436 tonnes a year before. With less production in Brazil due to drought and increasing demand in global markets, coffee export from India since January 1 has risen around six per cent in volume and 15 per cent in value over the same period a year before. According to Coffee Board data, from January 1 to this Tuesday, our coffee export and re-export was 46,000 tonnes, as against 43,436 tonnes a year before. In value terms, $119.2 million (Rs 805.3 crore) from $103.3 mn (Rs 699.4 crore).



imports also witnessed tremendous expansion, growing by 10.44% to value at USD 33,018.45 million in November 2016 compared to USD 29,196.41 million during same period previous year. also witnessed slight expansion, growing by 10.7% to value at USD 31,955.94 million in January 2017 compared to USD 28,866.53 million during same period previous year.

Cumulative value of imports for the period April-November 2016-17 was USD 241.101 billion as against USD 263.314 billion registering a growth of (-) 8.44% over the same period last year.

Services Imports Contracted By (-) 7.51% In October 2016: Import of services was valued at USD 7.68 billion, registering a growth rate of (-) 7.51% compared to 3.1% during September 2016. The trade balance in Services (i.e. net export of Services) for October, 2016 was estimated at USD 5.433 billion.

Overall trade deficit for April Nov 2016-17 is estimated at USD 28.38 billion, which is 41.1% lower than the level of USD 48.21 billion during April November 2015-16.

Oil Imports Grew By 5.89% In November 2016: Oil imports during November, 2016 were valued at US$ 6837.76 million which was 5.89 % higher than oil imports valued at US$ 6457.37 million in November 2015. Oil imports during April-November, 2016-17 were valued at US$ 53276.41 million which was 13.51% lower than the oil imports of US$ 61596.76 million in the corresponding period last year.

Non-Oil Imports Grew By 11.7% During November 2016: Non-oil imports during November, 2016 were estimated at US$ 26180.69 million which was 11.70% higher than non-oil imports of US$ 23439.04 million in November, 2015. Non-oil imports during April-November 2016-17 were valued at US$ 187825.19 million which was 6.89% lower than the level of such imports valued at US$ 201717.60 million in April-November, 2015-16.

Jeera exports grew to 1,00,000 tonnes during April December 2016: As per industry data, India exported about 100,000 tonnes of the spice during April to December and more than 20,000 tonnes of additional export would be possible during the next two months. As against this, India's total jeera exports were 98,000 tonnes in 2015-16. Further, jeera prices have gone up the past few days as arrivals have fallen due to lower production, not cash crunch. Jeera is currently trading at Rs 3,300-3,650 a 20 kg at the Unjha mandi of Gujarat


and daily arrival has been reported at about 1,200 bags of 55 kg. Jeera prices have gone up by Rs 200 a 20 kg in a week.

Oil Imports From Iran Slide 19% In November, Saudi Regains Top Supplier Slot: Overall, India imported an average 4.28 million bpd of crude in the January-November period of 2016, up 7.6 percent from 3.98 million bpd a year ago. Shipments from Tehran, Western sanctions against which were lifted earlier this year, were about 620,000 barrels per day (bpd) oil in November. India's average Iranian oil imports in April-November - the first eight months of India's financial year - rose 126 percent to 532,100 bpd, the data showed. Tehran's share in overall purchases jumped to 12.5 percent from 5.9 percent.

EU nations fail to sign new investment pact with India: According to Shrimati Nirmala Sitharaman, India had informed the EU a year in advance about the expiry of the old pacts by the end of March 2017. request for a renegotiation of the Bilateral Investment Promotion and Protection Agreements (BIPA) its member-nations had entered into with New Delhi earlier, uncertainties loom over protection to fresh investments made by companies in each

, 2017. India had signed a total of 83 bilateral investment treaties (BITs) since 1994, including those with some of the EU members. Separately, India also recently revised its Double Taxation Avoidance Agreement (DTAA) with Singapore, having tweaked its tax treaties with Mauritius and Cyprus earlier last year. These revisions are mainly aimed at curbing misuse of the provision for avoiding double taxation.

FPIs may face up to 40% tax on Indian investments: A government clarification on indirect transfer of shares seems to have unnerved foreign portfolio investors as they could end up

As per the clarification issued on last Wednesday, if the shares of an Indian company held by a fund constitute more than 50% of its total assets, and the value of the holding exceeds Rs 10 crore, indirect transfer of these shares abroad would be taxed in India.

US$ 100B fund to enter public market investing in India: Japanese internet and telecoms giant Soft U$100 billion Vision Fund will make public market investments in India. SoftBank's Vision Fund, which boasts the largest corpus for any fund by size, will set up one of its four offices in New Delhi.The London-headquartered fund, headed by India-born Rajeev Misra , will also operate from San Francisco and Tokyo and is expected to hire people locally, where SoftBank already has a 25 member team working on investments related to the solar industry.


IFC invests US gies: TFinance Corporation (IFC) announced that with its Global Infrastructure Fund it will invest US$125 million in equity in Hero Future Energies, the renewable energy division of Hero Group. IFC estimates that this will allow Hero to establish 1 GW of solar and wind plants in India over the next 12 months. The developer currently clams a presence in 12 Indian states, with an installed capacity of over 360 MW.

IFC invests US : IFC, a member of the World Bank Group, has confirmed its investment into edtech startup Byju's. According to the company's official website, the investment consists of up to $15 million in equity for a minority stake in the Bengaluru-based company. This will enable Byju's to further their plans and expand to international markets. This investment was part of the talks when Chan-Zuckerberg initiative, founded by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, made an investment in Byju's, this September. The $50 million round that CZI co-invested along with Sequoia Capital, Sofina, Times Internet, and Lightspeed Ventures, was CZI's first investment in Asia.

India-EFTA trade deal talks to begin in January 2017: With India and the EFTA members resuming talks for the long-stalled proposed free trade agreement last month, senior officials of the four-nation bloc will visit India in January to iron out differences related with the pact. The four European Free Trade Association (EFTA) members are - Switzerland, Iceland, Norway and Liechtenstein. Negotiators of both the sides would discuss issues such as intellectual property rights (IPR), number of goods on which duties will either be eliminated or reduced significantly. EFTA wants India to commit more in IPR in the agreement, which is officially dubbed as Trade and Economic Partnership Agreement (TEPA). They were also demanding for data exclusivity, which India is completely opposed to.

Cabinet approves Agreement between India-Uruguay regarding Cooperation and Mutual Assistance in Customs Matters: The Union Cabinet has approved signing and ratifying an Agreement between India and Uruguay regarding Cooperation and Mutual Assistance in Customs Matters. The Agreement will help in the availability of relevant information for the prevention and investigation of Customs offences. The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries, said a Cabinet release. The draft Agreement takes care of Indian Customs' concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value declared, the authenticity of certificates of origin of goods and the


description of the goods traded between the two countries. Uruguay is an important trading partner of India among members of the MERCOSUR, a trading block in Latin America. India signed a Preferential Trade Agreement (PTA) with the MERCOSUR which came into effect from 1st June, 2009.

Vegetables from Kerala get an NOC to Europe: The EU has lifted the ban imposed on the export of taro, bitter gourd, snake gourd and eggplant from the country. Now, the CIAL authorities, in particular, can afford a full-hearted chuckle. The Kochi airport is the second largest exporter of vegetables and fruits from India after Mumbai airport. The annual

exports to the EU - approximately US$1.9 million.

US diplomat Nisha Desai Biswal to visit India for talks on bilateral issues: Nisha Desai Biswal, one of the top ranking Indian-American officials in the outgoing Obama administration, will make her last official visit to India this week to discuss a range of bilateral and global issues, in a bid to deepen strategic Indo-US partnership.

Indian packaging industry aims to reduce import of packaging material to zero: About 80 per cent of cold-form blister packaging is currently imported and the aim is to bring that figure down to zero. The more than $25 billion Indian packaging industry, growing at a rate of about 10 per cent, is initiating major steps to develop innovative packaging for all segments, but mainly for pharmaceutical and food products, even as the country bids to radically boost its exports. These efforts are aimed at reducing the import of packaging materials and to produce those materials in India so that the country becomes self-reliant and emerges as a key supplier base for the world.

India, MERCOSUR step up efforts to expand trade pact: India and the MERCOSUR bloc, comprising Brazil, Argentina, Uruguay and Paraguay, have stepped up efforts to expand

t. The two sides exchanged lists of items where each wants greater market access. A PTA is a limited free trade agreement where partner countries reduce import duties on a few identified products for the other. While the PTA between India and MERCOSUR is presently limited to just 450 products, the two sides have raised their ambitions manifold and are now aiming at providing preferential access to about 3,000 items. bloc in 2015-16 were $3.4 billion, while imports were $6.6 billion. This was just a fraction of

the same year.


South Korea lifts import tariffs for eggs to ease egg shortage: South Korea's import tariffs on egg products has been cut to zero as part of the government's efforts to ease an egg shortage sparked by the country's worst-ever bird flu epidemic. ministry said on Tuesday the tariff cut will be applied to a total of 98,600 tonnes of eight types of egg products including fresh eggs, liquid egg and egg powder until June 30 and, if necessary, it will consider extending the period. At present, tariffs of 8 percent to 30 percent are imposed on imported egg products but Korea has not imported fresh eggs since 1999.

Saudi bans Indian poultry products on bird flu scare: Four weeks after the World Organization for Animal Health reported an avian influenza outbreak, Saudi Arabia has temporarily banned imports of poultry products from India. The Ministry of Environment, Water and Agriculture of Saudi Arabia has decided to impose a temporary ban on the import of live birds, hatching eggs and chicks from India due to the outbreak of highly pathogenic avian influenza. Such bans, however, are periodically reviewed and lifted in three months. Saudi Arabia is the second largest importer of poultry products from India and exporters fear other importing countries might follow suit. But with exports

ban may not be significant. Data compiled by APEDA showed a steady increase in Indexports of poultry products from $92.53 million in 2013 -14 to $117.40 million in 2015-16. Exports of poultry products to Saudi Arabia have also moved up from $7.94 million in 2013-14 to $14.63 million in 2015-16. Saudi Arabia contributes around 15 % of poultry products after Oman with a share of over 26 %.

Japan to assist in making Chennai, Ahmedabad and Varanasi Smart Cities and UK for Government to Government cooperation for smart city development: Japan has decided to be associated with the development of Chennai, Ahmedabad and Varanasi as smart

Kenji Hiramatsu during his

Commissioner of United Kingdom Mr. Dominic Asquith also met Shri Venkaiah Naidu and discussed converting into action the MoU signed between the two countries during the recent visit of British Prime Minister to India Ms. Teresa May, on cooperation in urban development sector. He said institutionalizing Government to Government cooperation for smart city development has huge potential.

Asian Development Bank signs agreement with Government for $500 million Bihar Bridge across Ganga: An agreement between Asian Development Bank and Government was signed for the construction of a new bridge across the river Ganga at $500 million. The


bank had approved $500 million loan for the bridge in June this year. ADB in a statement said that the bris expected to provide an important link between the north and south of Bihar and even with Nepal. It also said that over nine million people would be benefitted from the bridge. Moreover, according to the statement, the construction of the bridge will facilitate travel and will be proved beneficiary for the people who have to travel to the south of the state for jobs.

EU lifts three-year ban on Indian vegetables, including eggplant, taro: The European Union (EU) has lifted the three-year ban on the import of such Indian vegetables as eggplant, taro, bitter and snake gourd. The ban expired in December 2016, and EU has confirmed that it will not continue. The EU had imposed a ban on mangoes in 2014 due to concerns over consignments infested with fruitflies. Later, on monitoring the Indian consignments, and following the campaigns held by India's mango sector and EU exporters, the ban on the fruit, which lasted seven months, was lifted in 2015. Meanwhile, EU will continue to keep an eye on the imports of vegetables from India for a period of six months this year. In 2013, 386 issues were reported. These decreased gradually as the vegetables were banned by the EU. In 2016, there were only 70 issues.

India, Rwanda seal strategic partnership pact: India and Rwanda today signed a strategic partnership declaration after visiting Rwandan President Pual Kagame and Prime Minister Narendra Modi held wide-ranging talks on the issues covering bilateral relations, and India's increasing engagements as a development partner for Africa. Both sides also agreed to hold high-level exchanges with increased periodicity, double bilateral trade in five years, cooperate to promote investments in mutually beneficial projects, collaborate closely on counter-terrorism cooperation including blocking financing of terrorist activities, removing safe havens for terrorists and preventing money laundering.

India has pledged to provide 130,000 tons of wheat to Afghanistan: Officials from the Ministry of Agriculture, Irrigation and Livestock (MAIL) said that the wheat will be stockpiled for emergency purposes. Afghanistan needs nearly six million tons of wheat annually. Of this, 4.5 million is from the domestic market and the remainder is imported from neighboring countries

India to put pressure on WTO to focus on food security issues: India has decided to increase pressure on the World Trade Organisation to expedite negotiations on food security matters to ensure that these are not thrust to the background at the next


Ministerial meet in Buenos Aires in December. Commerce Minister Shrimati Nirmala Sitharaman has called for a meeting of officials dealing with WTO issues, including the team representing India at the WTO headquarters in Geneva, to come up with a work plan. According to Sitharaman, the Ministry will carry out a stock-taking exercise of all developments at the WTO post-Nairobi and decide how to move ahead. New Delhi will also have to work out how to ensure the continuation of the on-going Doha round of talks, with several development issues on the agenda, which many want developed countries want scrapped.

WTO's Trade Facilitation Agreement comes into force: Ratified by 112 nations, more than two-thirds of all member nations, the deal will ease trade processes, bring down barriers to trade and enhance the capacity of the developing world to better engage with the global trading network. The 164 member nations of the WTO account for more than 97 per cent of global gross domestic product (GDP) and 96.8 per cent of global trade. Therefore, the TFA is expected to significantly change the global trade scenario with international customs practices becoming streamlined and easier trade movement being enforced.

FSSAI investigating entry of imported foods in market without approval: Upon receiving reports of the entry of imported food items into the markets without the requisite approvals, the Food Safety and Standards Authority of India (FSSAI) are conducting an enquiry into the matter. The apex regulator began conducting surveys across markets in metropolitan cities such as Delhi and Mumbai to seek information about such foods and their importers, and is now doing so in other cities. FSSAI has received a number of complaints, particularly about water (which is tested on a number of parameters according to ISO standards). However, despite failing the tests, several consignments have found their way into the domestic markets.

Removal of Minimum Export price on export of potatoes: According to DGFT, export of potatoes, fresh or chilled at serial number 50A of Chapter 7 of schedule 2 of ITC (HS) classification of export and import item shall be permitted without any minimum export price (MEP).

Amendments in import policy of items classified under Chapter 41 and 43 of ITC (HS), 2012 schedule-I:


Source: PHD Research Bureau; Compiled from DGFT

Deletion of Kuth root (12119046) from MEIS schedule: According to DGFT, kuth root having ITC (HS) 12119046 appearing at Sl. No. 506 of appendix 3B of MEIS has been removed with immediate effect.

Amendments in procedure for claiming duty credit scrips under chapter 3 of FTP 2009-14: According to DGFT, procedure for claiming duty credit scrips under chapter 3 of FTP 2009-14 for shipments where LEO date is upto 31/03/2015 but date of export is on or after 01/04/2015 underwent some changes.

Claiming Chapter 3 benefits under FTP 2009-14: If the date of export was after 31/03/2015, it would be ineligible for chapter 3 benefit under FTP 2009-14.

Claiming Chapter 3 benefits under FTP 2015-20: If Let Export Order (LEO) date is on or prior to 31/02/2015, it is not eligible for MEIS benefit under the FTP 2015-20.

Allocation of quantity for export of preferential quota sugar to USA under TRQ quota: DGFT has allocated a quantity of 8424 MTs of raw sugar (at 98 degree pol), out of non-levy (Free sale) quota for export under tariff rate quota (TRQ) to USA for the US fiscal year 2017 (October 1, 2016 to September 30, 2017).


DGFT has extended the MEIS benefit at 5% FOB for Onions fresh or chilled under ITC (HS) code 07031010 for further 3 months, viz. exports till 31st March 2017.

Modification of system for certification of origin of goods for European Union Generalised System of Preferences (EU-GSP): The European Union has introduced a self certification scheme for certifying the rules of origin under GSP from 1/1/2017 onwards. Under the registered Exporter System (REX) being introduced from 1/1/2017, exporters with a REX number will be able to self-certify the statement on origin of their goods being exported to EU under the GSP Scheme. The registration on REX is without any fee or charges and this system would eventually phase out the current system of issuance of certificates of origin by the competent authorities listed under FTP 2015-20 by 1/1/2018.

DGFT notifies of corrections in SION of Engineering products: DGFT has notified the corrections in SION C172, C244, C248, C270, C271, C272, C472, C473, C1834, C1835, C1836, C1855, C1856, C1939, C1984, C2034, C2035, C2036, and C2037 of Engineering products in the Handbook procedures volume II.

Exporters to get 90% GST duty refund within seven days: The Finance Ministry has agreed to refund 90% of the duties paid by exporters in the process of manufacturing items for export within a period of seven days under the Goods and Services Tax (GST) regime. The issue was raised at a meeting of state industry ministers under the Trade Promotion and

Sitharaman. Commerce secretary Smt. Rita Teaotia told the state ministers that the revenue department has given an assurance that the revamped ICE::GATE (e-Commerce Portal of Central Board of Excise & Customs) portal would make sure refunds are made on time. If duty refunds could not be made within seven days, then government will pay interest to exporters. However, it is yet to be decided how much interest will be paid to exporters in such a scenario.

Government exempts imported Point-of-Sales machine from BIS labeling: To facilitate cashless payments, government has exempted imported Point of Sales machines from mandatory BIS-labelling till March 31 to expedite their shipments. The Ministry of

non- nditions.


Growth in GDP during 2016-17 is estimated at 7.1% as compared to the growth rate of 7.6% in 2015-16: Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs. 121.55 lakh crore, as against the Provisional Estimate of GDP for the year 2015-16 of Rs. 113.50 lakh crore, released on 31st May 2016. The growth in GDP during 2016-17 is estimated at 7.1 % as compared to the growth rate of 7.6 % in 2015-16.

First Advance Estimates of GVA at Basic Price by Economic Activity (At 2011-12 prices) (Rs crore)

Industry 2014-15 ( 1st RE )

2015-16 (PE)

2016-17 ( IstAE)

Per centage change over previous year

2015-16 2016-17

1. Agriculture, forestry & fishing 1,584,293 1,604,044 1,669,833 1.2 4.1

2. Mining & quarrying 296,328 318,377 312,663 7.4 -1.8

3. Manufacturing 1,667,069 1,821,926 1,957,026 9.3 7.4

4. Electricity, gas,water supply& other utility services

216,970 231,228 246,188 6.6 6.5

5. Construction 854,636 887,957 913,918 3.9 2.9

6. Trade, hotels, transport, communication and services related to broadcasting

1,833,997 1,998,292 2,117,867 9.0 6.0

7. Financial, real estate & professional services 2,039,460 2,248,845 2,450,391 10.3 9.0

8. Public administration, defence and Other Services

1,234,737 1,316,522 1,485,151 6.6 12.8

GVA at Basic Price 9,727,490 10,427,191 11,153,038 7.2 7.0

Source: MOSPI, RE: Revised estimates PE: Provisional Estimates; AE: Advance Estimates

Indirect Tax collections grew by 25% and Direct Tax Collections grew by 12% during April-December 2016: Indirect Tax collections (Central Excise, Service Tax and Customs) up to December 2016 indicate net revenue collections of Rs. 6.30 lakh crore which is 25% more than the net collections for the corresponding period last year. Till December 2016, 81% of the Budget Estimates of indirect taxes for FY 2016-17 has been achieved. Direct Tax collections up to December 2016 indicate net revenue collections of Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. Till December 2016, 65.3% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

November 2016 core infra grows at 4.9%: The core infrastructure grows at 4.9% in November 2016 as against 6.6% in October 2016. The combined Index of Eight Core Industries stands at 178.2 in November, 2016, which was 4.9 % higher compared to the index of November, 2015. Crude Oil and Natural gas growth stands at (-) 5.4% and (-) 1.7% respectively in the month of November 2016. In cumulative terms, core infrastructure industries registered a growth of 4.9% during April-Nov 2016-17 as against 2.5% during the corresponding period of the previous year.


Net FII investments stands at about (-) USD 3989 million in December 2016: The net FII investments in the month of December 2016 stands at about (-) USD 3989 million as against about (-) USD 1243 million in December 2015 which is representing a growth in FII outflows by about 221%. While, the net FII investments were at about (-) USD 5786 million in November 2016.

istered at about US$ 484.3 billion at end-September 2016: At end-decline of US$ 0.8 billion (0.2 per cent) over the level at end-March 2016. The fall in external debt during the period was due to commercial borrowings and short term external debt. However, on a sequential basis, total external debt at end-September 2016 increased by US$ 4,768 million from the end-June 2016 level.

(IIP) expanded by US$ 14.8 billion during July-September 2016: Net claims of non-residents on India (as reflected by the net IIP) increased by US$ 14.8 billion over the previous quarter to US$ 367.6 billion as at end September 2016.This change in the net position reflected a US$ 27.3 billion increase in the value of foreign-owned assets in India vis-à-vis a US$ 12.5 billion increase in the value of

US$ 564.8 billion as at end-September 2016 exhibiting an increase of US$ 12.5 billion over previous quarter mainly due to increase of US$ 8.5 billion in Reserve assets and US$ 5.2 billion in currency and deposits, even as direct investment declined by US$ 3.2 billion during the quarter. Foreign-owned assets in India increased by US$ 27.3 billion over the previous quarter to US$ 932.4 billion as at end-September 2016 mainly due to the increase in direct investment and portfolio investments in India by US$ 17.6 billion and US$ 11.6 billion, respectively. Effects of Exchange Rate movement: Variation in exchange rate of rupee vis-a-vis other currencies affected change in liabilities, when valued in US$ terms. There was a net equity inflow of US$ 17.8 billion during the period. However, equity liabilities increased by US$ 23.9 billion from US$ 421.7 billion in June 2016 to US$ 445.6 billion in September 2016.

Government provisionally increased by 2.4% in Q3 of FY 17 on Q-o-Q basis- Internal debt constituted 92.6 per cent of Public Debt as at end-December 2016, while marketable securities accounted for 83.6 per cent of Public Debt. About 26.6 per cent of outstanding stock has a residual maturity of up to 5 years at end December 2016, which implies that over the next five years, on an average, around 5.3 per cent of outstanding stock needs to be repaid every year. Thus, rollover risk in the debt portfolio continues to be low. The


implementation of budgeted buy back/ switches in coming period is expected to further reduce roll over risk.

-17: Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs.121.65 lakh crore, as against the First Revised Estimate of GDP for the year 2015-16 of Rs.113.58 lakh crore, released on 31st January 2017. The growth in GDP during 2016-17 is estimated at 7.1% as compared to the growth rate of 7.9% in 2015-16. Real GVA, i.e, GVA at basic constant prices (2011-12) is anticipated to increase from Rs. 104.70 lakh crore in 2015-16 to Rs. 111.68 lakh crore in 2016-17. Anticipated growth of real GVA at basic prices in 2016-17 is 6.7% against 7.8% in 2015-16.

January 2017 fiscal deficit stands at 105.7% of actuals to BEs --The gross fiscal deficit of the Central government stands at 105.7 % of the actuals to budget estimates (BEs) at the end of January 2017 as compared to 95.8 % of the actuals to budget estimates in the corresponding period of the previous year. The primary deficit was registered at 474.4% of the actuals to budget estimates at the end of January 2017 as compared to 191.6 % of the actuals to budget estimates during corresponding period of the previous year. The revenue receipts at the end of January 2017 of the central government stands at 73.3% of the actuals to budget estimates as compared with 77.2 % of the actuals to budget estimates at the end of January 2016.

January 2017 core infra grows at 3.4% -- The core infrastructure grows at 3.4% in January 2017 as against 5.6% in December 2016. The combined Index of Eight Core Industries stands at 191.8 in January, 2017, which is 3.4 % higher compared to the index of January, 2016. Crude Oil and Natural Gas growth stands at 1.3% and 11.9% respectively in the month of January 2017

World Bank forecasted that Global Growth Edges Up to 2.7 Percent Despite Weak Investment: Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid

January 2017 Global Economic Prospects report. regional growth is expected to pick up modestly to 7.1 percent in 2017 with continued support from strong growth in India. Excluding India, growth is expected to edge up to 5.5 percent in 2017, lifted by robust private and public consumption, infrastructure investment, and a rebound in private


investment. India is expected to post a 7.6 percent growth rate in FY2018 as reforms loosen domestic supply bottlenecks and increase productivity.

MAccelerators: meeting with various incubators and accelerators to gather feedback hear their concerns and address key challenges faced by them in the Startup ecosystem. This is in continuation to her previous initiative to reach out to various stakeholders of the ecosystem. Some of the key points of discussion and suggestions that came up during the interaction were:

Umbrella recognition of incubators, accelerators, co-working spaces and mentors as

Service tax exemption is being currently provided to incubators duly recognized by Government; it should be extended to other incubators as well.

The requirement of seed stage funding for Startups was highlighted. Incubators should be given grant by Government to help Startups at the initial stages. E.g. PRISM under DSIR which gives a grant of Rs. 2 lakhs for startups at the seed funding stage is extremely helpful; a similar seed stage funding from 5-10 lakhs for startups was proposed.

Startups registered with incubators need to get their valuation done which is a financial burden on them. Startups below a particular threshold may be exempted from the same.

Greater corporate engagement with incubators may be facilitated. Section 35(2AA) of Income Tax Act may be extended to incubators as well. Marketing and funding support to startups is critical, hence a separate fund for

incubators needs to be created especially through CSR mandate for corporates. A Central repository of all schemes and funds available under the Government for the

benefit of startups should be created. State Governments and municipal bodies may be requested to extend relaxed

procurement norms to startups. The current Foreign Contribution Regulation Act (FCRA) regulations prohibit charitable

trusts to use the foreign funds received by them as investment in startups as such investments are treated as speculation.

Schedule for holding General Elections of the Legislative Assembly: The terms of the Legislative Assemblies of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh are normally due to expire as follows:


9.3% Growth in Foreign Tourist Arrivals in November 2016 Over the Same Period in 2015: 9.3% growth in Foreign Tourist Arrivals (FTAs) in November 2016 over the same period in 2015. USA accounts for highest share of tourist arrivals followed by UK and Bangladesh in November 2016. Rs. 14,474/- crore Foreign Exchange earned through tourism in November 2016. Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of Nationality-wise, Port-wise data received from Bureau of Immigration (BOI) and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India. The following are the important highlights regarding FTAs and FEEs from tourism during the month of November, 2016. FTAs during the Month of November, 2016 were 8.91 lakh as compared to FTAs of 8.16 lakh during the month of November, 2015 and 7.65 lakh in November, 2014. There has been a growth of 9.3% in November, 2016 over November, 2015.

India is the second largest arms purchaser after Saudi Arabia: As India embarks on a massive modernization plan for its defence forces, it has emerged as the second largest purchaser of arms among developing nations after Saudi Arabia, a latest Congressional report has said. Between 2008 and 2015, India purchased defence equipment worth $34 billion, which is a distant second after Saudi Arabia's USD 93.5 billion, said the report 'Conventional Arms Transfers to Developing Nations 2008-2015' released by Congressional Research Service (CRS).

EPFO cuts interest rate cut to 8.65%: Despite the interest rate on savings via the

8.65%, it remains the most attractive investment option. Moreover, the interest earned is tax-free. While the interest earned from saving in a Public Provident Fund (PPF) is also tax-free, one cannot invest more than Rs.1.5 lakh annually. Given how interest rates on bank

State Date

Goa 18.03.2017

Manipur 18.03.2017

Punjab 18.03.2017

Uttarakhand 26.03.2017

Uttar Pradesh 27.05.2017


deposits have dropped, one-year money now fetches less than 7% and given the interest .

Services to form 25% of global trade by 2030: As economic and political headwinds slow global trade in commodities and manufactured goods, opportunities linked to services will be more and are expected to form 25 per cent of global trade in a sustained manner by 2030, a report by HSBC has said.

India slips to 143 in economic freedom index, behind Pakistan, says US thinktank India ranked 143 in an annual index of economic freedom by a top American thinktank, behind its several South Asian neighbours including Pakistan, as progress on market-oriented

report said despite India sustaining an average annual growth of about 7% over the past five years, growth is not deeply rooted in policies that preserve economic freedom. Putting

said progress on market-52.6 points is 3.6 points less than that of last year, when India ranked 123rd. Hong Kong, Singapore and New Zealand topped the index. Among South Asian countries, only Afghanistan (163) and Maldives (157) were ranked below India. Nepal (125), Sri Lanka (112), Pakistan (141), Bhutan (107), and Bangladesh (128) surpassed India in economic freedom.

Sixth Bi-monthly Monetary Policy Statement 2016-17 - On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 %. Consequently, the reverse repo rate under the LAF remains unchanged at 5.75 %, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 %. The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 % by Q4 of 2016-17 and the medium-term target of 4 % within a band of +/- 2 %, while supporting growth.

Cabinet apprised of Framework Agreement between India and Vietnam on cooperation in the exploration and uses of outer space for peaceful purposes - The Union Cabinet has been apprised of the Framework Agreement between India and Vietnam on cooperation in the exploration and uses of outer space for peaceful purposes. The Framework Agreement has been signed on September 03, 2016. The Framework Agreement will enable pursuing the potential interest areas of cooperation such as space science, technology and applications including remote sensing of the earth; satellite communication and satellite-


based navigation; space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology.

Cabinet approves rural households - The Union Cabinet has approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' (PMGDISHA) to make 6 crore rural households digitally literate. The outlay for this project is Rs.2,351.38 crore to usher in digital literacy in rural India by

Union Budget 2016-17. PMGDISHA is expected to be one of the largest digital literacy programmes in the world. Under the scheme, 25 lakh candidates will be trained in the FY 2016-17; 275 lakh in the FY 2017-18; and 300 lakh in the FY 2018-19. To ensure equitable geographical reach, each of the 250,000 Gram Panchayats would be expected to register an average of 200-300 candidates.

Cabinet apprised of MoU (Memorandum of Understanding) between India and France in the field of Science, Technology and Innovation - The Union Cabinet has been apprised of the signing of the Memorandum of Understanding (MoU) of Cooperation between Technology Development Board (TDB), Department of Science & Technology, Govt. of India and Bpifrance, a Public Investment Bank, France. The agreement will ensure exchange of best practices and setting up of coordinated measures to foster technological exchanges in the field of Science, Technology and Innovation through collaboration between companies, organizations and institutions of France and India.

Central Board of Direct Taxes (CBDT) signs four more unilateral Advance Pricing

Agreements (APAs) - The Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs) yesterday. The four APAs signed pertain to the Manufacturing, Financial and Information Technology sectors of the economy. The international transactions covered in these agreements include Contract Manufacturing, IT Enabled Services and Software Development Services. With this, the total number of APAs entered into by the CBDT has reached 130. This includes 8 bilateral APAs and 122 Unilateral APAs. In the current financial year, a total of 66 APAs (5 bilateral APAs and 61 unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.


Indian economy is expanding at a fast pace: OECD Economic Survey of India 2017 -- According to a new report from the OECD, the Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it. It hails

-20 countries. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive

various regions.

Government reduces 56 labour registers to 5 under various Labour Laws -- The Government has simplified the maintenance of Labour registers of about 5.85 crore establishments in agriculture and non- agriculture sectors. These registers are related to details of employees, their salaries, loans/recoveries, attendance etc. This exercise will drastically reduce the number of registers being maintained by these establishments from 56 to only 5 by doing away with overlapping/redundant fields. This will help these establishments to save cost and efforts and ensure better compliance of Labour Laws.

************


Trade Acronyms

ACP African, Caribbean and Pacific Group of States AD Anti-Dumping, AFTA ASEAN Free Trade Area APEC Asia-Pacific Economic Cooperation ASEAN Association of South East Asian Nations BIT bilateral investment treaty BOP Balance of Payments BRICS Brazil, Russian Federation, India, China, South

Africa CACM Central American Common Market CAGR Compound Annual Growth Rate CARICOM Caribbean Common Market CEMAC Economic and Monetary Community of Central

Africa CETA Comprehensive Economic and Trade Agreement CFC controlled foreign company CFIA Cooperative and Facilitation Investment

Agreement CFTA African Continental Free Trade Agreement CIS Commonwealth of Independent States COMESA Common Market for Eastern and Southern Africa CPI Consumer Price Index CSR corporate social responsibility CV Countervailing Duties, DOB Denial Of Benefits DTT double-taxation treaty EAC East African Community ECCAS Economic Community of Central African States ECOWAS Economic Community of West African States EFTA European Free Trade Association EPA economic partnership agreement ERP Effective Rate of Protection ES Export Subsidies, EU European Union FDI Foreign Direct Investment FTA Free Trade Agreement GATS General Agreement on Trade in Services GCC Gulf Co-operation Council GCR Global Competitiveness Report GDP Gross Domestic Product GLI Grubel Lloyd Index GTIS Global Trade Information Services GVC global value chain HHI Hirschman Index HS Harmonized Commodity Description and Coding

System IEA International Energy Agency IIA international investment agreement IMF International Monetary Fund IPA investment promotion agency IPFSD Investment Policy Framework for Sustainable

Development ISDS investor State dispute settlement ISIC International Standard Industrial Classification JV joint venture

LDC least developed country LLDC landlocked developing country M Imports M&As mergers and acquisitions MERCOSUR Southern Common Market MFN Most Favoured Nation MNE multinational enterprise NAFTA North American Free Trade Agreement NES Not Elsewhere Specified NTM Non-Tariff Measures or Non-Tariff Barriers OECD Organization for Economic Cooperation and

Development OFC offshore financial centre OIA outward investment agency PAIC Pan-African Investment Code PR Preference Tariff Rate PTA Preferential Trade Agreement QM Quality Margin QR Quantitative Restrictions, RCEP Regional Comprehensive Economic Partnership RTIA regional trade and investment agreements SAARC South Asian Association for Regional Co-

operation SADC South African Development Community SAPTA South Asian Preferential Trade Arrangement SBA substantial business activities SDGs Sustainable Development Goals SEZ Special Economic Zone SG Safeguard measures, SHI Sectoral Hirschman Index SITC Standard International Trade Classification SPE special purpose entity SPS Sanitary and Phytosanitary Measures SSG Special Safeguard Measures, STE State Trading Enterprises TBT Technical Barriers to Trade TCI Trade Complementarity Index TIFA trade and investment framework agreement TII Trade Intensity Index TIP treaty with investment provision TISA Trade in Services Agreement TPP Trans-Pacific Partnership Agreement TRQ Tariff-rate Quotas, TTIP Transatlantic Trade and Investment Partnership UNCITRAL United Nations Commission on International

Trade Law UNCTAD United Nations Conference on Trade and

Development USD United States Dollar UV Unit Value WAEMU West African Economic and Monetary Union WEF World Economic Forum WITS World Integrated Trade Solution WTO World Trade Organization X Exports


Study/Project Team

Dr. S P Sharma Chief Economist and Director of Research

Mr. Rohit Singh Research Associate

Disclaimer

Trade and Investment Facilitator

be reproduced, wholly or partly in any material form, or modified, without prior approval from the Chamber.

It may be noted that this book is for guidance and information purposes only. Though due care has

it is strongly recommended that readers should seek specific professional advice before taking any decisions.

Please note that the PHD Chamber of Commerce and Industry does not take any responsibility for outcome of decisions taken as a result of relying on the content of this book. PHD Chamber of Commerce and Industry shall in no way, be liable for any direct or indirect damages that may arise due to any act or omission on the part of the Reader or User due to any reliance placed or guidance taken from any portion of this book.

Copyright 2017 PHD Chamber of Commerce and Industry

ALL RIGHTS RESERVED. No part of this book including the cover, shall be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of, and acknowledgement of the publisher (PHD Chamber of Commerce and Industry).


PHD Research Bureau

PHD Research Bureau; the research arm of the PHD Chamber of Commerce and Industry was constituted in 2010 with the objective to review the economic situation and policy developments at sub-national, national and international levels and comment on them in order to update the members from time to time, to present suitable memoranda to the government as and when required, to prepare State Profiles and to conduct thematic research studies on various socio-economic and business developments. The Research Bureau has been instrumental in forecasting various lead economic indicators national and sub-national. Many of its research reports have been widely covered by media and leading business newspapers.

Research Activities

Comments on Economic

Developments Newsletters Consultancy

Research Studies Macro Economy Economic Affairs Newsletter (EAC)

Trade & Inv. Facilitation Services (TIFS)

State Profiles States Development

Economic & Business Outlook (EBO)

Business Research Consultancy

Impact Assessments

Infrastructure Global Economic Monitor (GEM)

Investment Advisory Services

Thematic Research Reports

Foreign exchange market

Trade & Inv. Facilitator (TIF)

Releases on Economic Developments

International Trade

State Development Monitor (SDM)

Global Economy


Team, PHD Research Bureau

Dr. S P Sharma Chief Economist & Director of Research

Email id: [email protected]

Sr. No. Officers Name Designation Area

1 Ms. Megha Kaul Associate Economist Economic Affairs Committee (EAC) and Policy Developments

2 Ms. Rashmi Singh Associate Economist Global Economic Developments and Impact on India

3 Mr. Agraja Pratap Deputy Secretary (National and States)

4 Ms. Surbhi Sharma Sr. Research Officer Developments in Banking Sector, Forex and FEMA Affairs Committee

5 Ms. Mahima Kaushal Research Associate Business Policy and Environment, Developments in Financial Markets

6 Mr. Rohit Singh Research Associate & Investment Facilitation Services (TIFS)

7 Ms. Areesha Research Associate Macro-Economic Developments, Agriculture and Rural Development

8 Ms. Abha Chauhan Research Assistant States

9 Ms. Sunita Gosain Secretarial Assistant Secretarial & Administrative processes


Studies Undertaken by PHD Research Bureau

AA:: TThheemmaattiicc rreesseeaarrcchh rreeppoorrttss

1. Comparative study on power situation in Northern and Central states of India (September2011)

2. Economic Analysis of State (October 2011) 3. Growth Prospects of the Indian Economy, Vision 2021 (December

2011) 4. Budget 2012-13: Move Towards Consolidation (March 2012) 5. Emerging Trends in Exchange Rate Volatility (Apr 2012) 6. The Indian Direct Selling Industry Annual Survey 2010-11 (May

2012) 7. Global Economic Challenges: Implications for India (May 2012) 8. India Agronomics: An Agriculture Economy Update (August 2012) 9. Reforms to Push Growth on High Road (September 2012) 10. The Indian Direct Selling Industry Annual Survey 2011-12: Beating

Slowdown (March 2013) 11. Budget 2013-14: Moving on reforms (March 2013) 12. India- Africa Promise Diverse Opportunities (November 2013) 13. India- Africa Promise Diverse Opportunities: Suggestions Report

(November 2013) 14. Annual survey of Indian Direct Selling Industry-2012-13

(December 2013) 15. Imperatives for Double Digit Growth (December 2013) 16. Women Safety in Delhi: Issues and Challenges to Employment

(March 2014) 17. Emerging Contours in the MSME sector of Uttarakhand (April

2014) 18. Roadmap for New Government (May 2014) 19. Youth Economics (May 2014) 20. Economy on the Eve of Union Budget 2014-15 (July 2014) 21. Budget 2014-15: Promise of Progress (July 2014) 22. Agronomics 2014: Impact on economic growth and inflation

(August 2014) 23. 100 Days of new Government (September 2014) 24. Make in India: Bolstering Manufacturing Sector (October 2014) 25. The Indian Direct Selling Industry Annual Survey 2013-14

(November 2014) 26. Participated in a survey to audit SEZs in India with CAG Office of

India (November 2014) 27. Role of MSMEs in Make in India with reference to Ease of Doing

Business in Ghaziabad (Nov 2014) 28. Exploring Prospects for Make in India and Made in India: A Study

(January 2015) 29. SEZs in India: Criss-Cross Concerns (February 2015) 30. Socio-Economic Impact of Check Dams in Sikar District of

Rajasthan (February 2015) 31. India - USA Economic Relations (February 2015) 32. Economy on the Eve of Union Budget 2015-16 (February 2015) 33. Budget Analysis (2015-16) 34. Druzhba-Dosti: India's Trade Opportunities with Russia (April

2015) 35. Impact of Labour Reforms on Industry in Rajasthan: A survey study

(July 2015)

36. Progress of Make in India (September 2015) 37. Grown Diamonds, A Sunrise Industry in India: Prospects for

Economic Growth (November 2015) 38. Annual survey of Indian Direct Selling Industry 2014-15 (December

2015) 39.

(December 2015) 40. Revisiting the emerging economic powers as drivers in promoting

global economic growth(February 2016) 41. Bolstering MSMEs for Make in India with special focus on CSR

(March 2016) 42. BREXIT impact on Indian Economy (July 2016) 43. 44. Ease of Doing Business : Suggestive Measures for States (October

2016) 45. Transforming India through Make in India, Skill India and Digital

India (November 2016) 46. Impact of Demonetization on Economy, Businesses and People

(January 2017) 47. Economy on the eve of Budget 2017-18 (January 2017) 48. Union Budget 2017-18: A budget for all-inclusive development

(January 2017)

BB:: SSttaattee pprrooffiilleess

49. Rajasthan: The State Profile (April 2011) 50. Uttarakhand: The State Profile (June 2011) 51. Punjab: The State Profile (November 2011) 52. J&K: The State Profile (December 2011) 53. Uttar Pradesh: The State Profile (December 2011) 54. Bihar: The State Profile (June 2012) 55. Himachal Pradesh: The State Profile (June 2012) 56. Madhya Pradesh: The State Profile (August 2012) 57. Resurgent Bihar (April 2013) 58. Life ahead for Uttarakhand (August 2013) 59. Punjab: The State Profile (February 2014) 60. Haryana: Bolstering Industrialization (May 2015) 61. Progressive Uttar Pradesh: Building Uttar Pradesh of Tomorrow

(August 2015), 62. Suggestions for Progressive Uttar Pradesh (August 2015) 63. State profile of Telangana- The dynamic state of India (April 2016) 64. Smart Infrastructure Summit 2016- Transforming Uttar Pradesh

(August 2016) 65. Smart Infrastructure Summit 2016-Transforming Uttar Pradesh :

Suggestions for the State Government (August 2016) 66. Rising Jharkhand: An Emerging Investment Hub (February 2017)


Documents

PHD Research Bureau 2 - PHD Chamber of Commerce · PHD Research Bureau 6 Indian Merchandize Exports Grew By 2.29% In November 2016: / v ] [ u Z v ] Ì exports have continued with