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UN economists announced a likely USD 50 billion drop in worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by novel <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> COVID-19 moved further into focus. Citing the China Manufacturing Purchasing Manager's Index (PMI), Pamela Coke-Hamilton, who heads <keyword id="240183" type="COMPANY" weightage="20" keywordseo="UNCTAD">UNCTAD</keyword>'s Division on <keyword id="8869479" type="COMPANY" weightage="20" keywordseo="international-trade-and-commodities">International Trade and Commodities</keyword>, said that it had fallen to 37.5 - a drop of about 20 points - the lowest reading since 2004. "This also correlates directly to exports and also implies a two per cent drop in overall exports," she said, with a resulting "ripple effect" worldwide "to the tune of a USD 50 billion fall in exports." Because China has become the main supplier of finished products and so-called "intermediate" products used in countless industries - from chemical for pharmaceuticals to parts for digital cameras and the car industry - concerns about the long-term disruption to supply chains there, has left many companies around the world "fearful" that their own output may soon be affected, UNCTAD said. "Of course, if the virus continues to spread and gets out of control, and we see closures not only in China but also in India and the United States and everywhere else in the world, then it would be a big problem," said Alessandro Nicita from UNCTAD's Division on International Trade and Commodities. "Ultimately, the economic impact of this virus depends on the measures that countries apply to contain the virus. So, China has done a great job in containing the virus, but it has sacrificed a little bit the economy, at least in the first few weeks. So, planned closures, restriction to movement of people, which were all necessary; but there is an economic effect when you take those measures." In addition to the falling manufacturing levels, UNCTAD also highlighted a decrease in the number of container ships leaving Shanghai in the first half of February (from around 300 a week to 180), which then returned to normal levels in the second half of the month. "Right now, the impact on the global value chains is already being felt and will continue probably for a few months," Coke-Hamilton said. "But if it rebounds, say in the next few months, then the long-term or year-long impact will be a little different and will be better. So, it depends on what happens in China." In remarks made at a joint press conference with the head of the World Bank Group, the <keyword id="6355408" type="COMPANY" weightage="20" keywordseo="imf">IMF</keyword> Managing Director, Kristalina Georgieva, said that the UN-backed global funds would make up the shortfall, in effect, by offering to inject around USD 50 billion into low-income and emerging market nations, pending requests for support. "Thanks to the generosity of our shareholders, we have about USD 1 trillion in overall lending capacity," she said. "For low-income countries, we have rapid-disbursing emergency financing of up to USD 10 billion (50 per cent of quota of eligible members) that can be accessed without a full-fledged IMF programme," she added. The IMF chief added that members can access emergency financing through the Rapid Financing Instrument. "This facility could provide about USD 40 billion for emerging markets that could potentially approach us for financial support. We also have the Catastrophe Containment and Relief Trust - the CCRT - which provides eligible countries with up-front grants for relief on IMF debt service falling due. "The CCRT proved to be effective during the 2014 Ebola outbreak, but is now underfunded with just over USD 200 million available against possible needs of over USD 1 billion." She called on member countries "to help ensure that this facility is fully re-charged and ready for the current crisis", and said that the Fund was "fully committed to supporting our member countries, particularly the most vulnerable. We have the tools to help and we are coordinating closely with our partner institutions."

Coronavirus wipes USD 50 billion off global exports in February alone

Ever since the <keyword id="6387077" type="ORGANIZATION" weightage="20" keywordseo="Narendra-Modi-government">Narendra Modi government</keyword> has come to power, it has announced a number of initiatives to attract global business leaders and entrepreneurs’ attention to the country. However, despite the efforts taken by the Centre, India, which is regarded as one of the fastest growing e-commerce market is Asia continues to be a tough place to do business. 
 According to the business-to-consumer (B2C) e-commerce readiness ranking of 130 countries released by the UN Conference on Trade and Development (<keyword id="240183" type="PERSON" weightage="20" keywordseo="UNCTAD">UNCTAD</keyword>), India was positioned at 83rd place. The highest e-commerce readiness is found in small European countries like Luxembourg, Norway and Finland. India’s next-door neighbours like Pakistan and Nepal ranked at 86th and 94th positions, respectively. 
 Among developing and emerging economies, the front-runners are all in East Asia, namely the Republic of Korea, Hong Kong (China) and Singapore (see table). Meanwhile, in terms of actual levels of <keyword id="6357762" type="UNKNOWN" weightage="20" keywordseo="Online-shopping">online shopping</keyword>, countries with large populations – such as Brazil, China and the Russian Federation – are performing better than predicted, suggesting that large markets facilitate e-commerce, the UNCTAD report revealed. 
 UNCTAD secretary-general Mukhisa Kituyi said, “As the digital <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> expands and more business activities are affected, it becomes more important for Governments to consider policies that can help to harness e-commerce for sustainable development.” 
 
The UNCTAD report notes that the scope for developing countries to participate in and benefit from e-commerce is expanding. 
· First, connectivity has improved, with widespread uptake of mobile telephones, social media and rising levels of Internet use. 
· Second, new e-commerce applications, platforms and payment solutions are making it easier to engage in online retail. 
· Third, local e-tailers with online shopping services tailored to local demands are rapidly appearing in developing countries, including in least developed countries. 
 The global <keyword id="2780414" type="UNKNOWN" weightage="20" keywordseo="B2C-e-commerce">B2C e-commerce</keyword> is valued at about $1.2 trillion. 
(Image: Thinkstock)

​Know what’s pulling down India’s $1.8 trillion economy

The <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> will gain momentum in 2014 suggests the <keyword id="6355833" type="ORGANIZATION" weightage="60" keywordseo="united-nations">United Nations</keyword> Conference on Trade and Development (<keyword id="240183" type="PERSON" weightage="80" keywordseo="UNCTAD">UNCTAD</keyword>) annual report. It forecasts 5.6% growth rate in India this year. 
 The UNCTAD report predicts that developing economies as a whole are likely to repeat the performance of previous years, growing at between 4.5 and 5%. It forecasts the Chinese <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> to grow by 7.5% in 2014. 
 
In the first quarter of the current fiscal ending June, India’s economic growth rate recorded a two-and-half-year high of 5.7 %. 
The UNCTAD report, further, stated that growth will go over 5.5% in Asian and sub-Saharan countries, but will remain subdued at around 2% in North Africa and Latin America and the Caribbean. Transition economies’ growth is expected to fall further to around 1%, from an already weak performance in 2013. 
 <keyword id="35028" type="ORGANIZATION" weightage="60" keywordseo="international-trade">International trade</keyword> has not decelerated because of higher trade barriers or supply-side difficulties, but is the result of weak global demand, the report added. It further emphasizes that countries should have sufficient policy space, as the international community sets about defining a new set of development goals. 
 
"With a new set of wide-ranging sustainable development goals already tabled in, a post-2015 development agenda will not be feasible without the availability of more instruments and greater flexibilities in policy making," the report concluded. 
(Image: The Economic Times)

​Indian Economy On A Recovery Path, To Grow At 5.6% In 2014

<ul class="summary-list"><li>Greek oil ships are avoiding Russia after some firms received letters from the US Treasury.</li><li>The letters asked Greek ship owners to explain how they complied with the $60 oil price cap.</li></ul>Greek ships are now starting to avoid Russia, thanks to a a sternly-worded letter from the US Treasury. The volume of Greek-owned oil tankers headed to Russia is set to drop 25% this month, to 15 ships in November from 20 ships in October, according to shipping data compiled by Bloomberg. Greek tankers headed to Russia are already down 60% from levels recorded in mid-2023, when as many as 50 Greek ships were carrying Russian oil. That drop could prove to be big a deal for Moscow, given the importance of its oil trade to the country's overall economy, and Greece is the world's largest ship-owning nation, according to 2022 data from the United Nations Conference on Trade and Development. In January last year, Greece accounted for 18% of the world's ship market, UNCTAD data shows, more than any other individual country. The drop in Russia-related shipping activity comes just a few weeks after the US Treasury sent letters to some Greek ship owners, asking them how they were complying with the G7's $60 a barrel price cap on Russian oil. The letters are part of the West's efforts to <a href="https://www.insider.com/researchers-say-oil-price-cap-imposed-russia-didnt-exactly-work-2023-2">crack down on price cap rule</a>, which forbids ships owned and insured by Western companies from trading Russian crude above the $60 threshold.There is technically <a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-g7-west-sanctions-energy-crisis-war-2022-10?utm_medium=ingest&amp;utm_source=markets">no way of enforcing the rule</a>, a US Treasury official said last year, since it mostly operates on an honors system.Russia was also to have said to skirted the price cap rule by disguising the origin of its oil through its <a href="https://www.businessinsider.com/russia-shadow-fleet-of-oil-tankers-putin-tries-bust-sanctions-2022-12">secretive fleet of shadow tankers</a>, or by raising <a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-loophole-shipping-india-crude-economy-ft-2023-8">shipping costs on its crude</a> to obscure that actual price per barrel. But western shipping companies are now treading more carefully as the US appears ready to further crack down on its efforts to crimp Russia's war revenue. After sanctioning five oil ships for trading Russian crude outside of the price cap, <a href="https://www.businessinsider.com/russian-oil-tanker-india-crude-price-cap-sanctions-west-trade-2023-11">one such vessel was unable to dock</a> on the shores of India, Bloomberg reported — a sign India is also now bowing to pressure to maintain good ties with the US, even if it means it has less access to deeply discounted Russian oil.

Greek oil tankers are avoiding Russia after getting a stern letter from the US

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

India should positively consider imposing retaliatory customs duties in a calibrated manner on certain EU goods to deal with the European Union's decision to impose a <keyword id="78459" type="General" weightage="90" keywordseo="carbon-tax" source="Orion">carbon tax</keyword> on imports of certain sectors, a report by think tank GTRI said on Wednesday. The European Union (EU) has decided to impose a <keyword id="18843057" type="General" weightage="70" keywordseo="carbon-border-adjustment" source="Orion">carbon border adjustment</keyword> mechanism (CBAM) from January 2026. But, its compliance starts from October this year, as businesses exporting carbon-intensive goods like steel, aluminium, cement and fertiliser will have to share detailed production data from next month with the EU authorities. The retaliation measures, it said, offer several advantages, including rapid implementation. India can easily adjust product lists and tariff levels to mirror the actions of the EU or any other partner country precisely. "Use a calibrated retaliation mechanism (CRM) to retaliate in equal measure. We have done it before," GTRI co-founder Ajay Srivastava said. In March 2018, when the US imposed import tariffs on India's steel and aluminium, India responded by increasing tariffs on 29 specific US products. This retaliation involved precise calculations, ensuring that India collected equivalent revenue from US products as the US did from Indian steel and aluminium. "Moreover, it is essential to recognise that CBAM is just one of several schemes that could negatively affect Indian exports. The EU has also introduced the Deforestation Regulation, Foreign Subsidies Regulation (FSR), and Supply Chain Due Diligence Act (SCDDA). CRM, if adopted, could be used to counteract the impact of these schemes on Indian exports," the report said. The imposition of carbon tax is expected to disrupt global supply chains, increase trade costs, render free trade agreements meaningless, and impose a significant compliance burden on businesses, it added. The report also recommended the government to rename specific existing levies as carbon taxes to reduce the final tax paid in the EU. "India imposes import and excise duties on petroleum products and natural gas, along with GST on items like coal, steel, and aluminium. India can officially designate these as carbon taxes, specifically for steel and aluminium," it said. Under this approach, the carbon tax paid by a company in India can be offset when calculating the tax due in the EU, and this adjustment would ultimately reduce the total tax liability for the firm. "It is crucial to design this scheme using internationally accepted norms to ensure acceptance by the EU," the report said, adding if India and the EU establish an FTA, EU goods will enter India duty-free while Indian exports to the EU will still be subject to CBAM taxes ranging from 20-35%. Global Trade Research Initiative (GTRI) said the EU's argument that CBAM is meant to prevent carbon leakage and reduce emissions is flawed as taxing global imports may not effectively address the <keyword id="6361617" type="General" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> problem. "The EU's introduction of CBAM is seen as serving three primary purposes: protecting local industries, generating substantial revenue, and enabling a trillion-dollar subsidy initiative, even if it disrupts global trade," the report titled 'The Chameleon's deception: How the EU is using the climate argument to subsidise local firms and make imports expensive?' said. Carbon leakage is the phenomenon of companies moving production to countries with weaker environmental regulations to avoid paying carbon prices in the EU. This objective, it said, could have been achieved by merely taxing imports from the EU firms, which have shifted production to other countries. However, the EU chose to tax all world imports through CBAM. "CBAM will not reduce global emissions, as it does not stop importing high-emission goods but merely taxes them. According to the UNCTAD Trade and Development Report 2021, CBAM is estimated to reduce global carbon emissions by not more than 0.1%," as per the report. Srivastava said the EU needs this money to continue to provide substantial subsidie pe s to its firms and farmers. For instance, the European Green Deal aims to raise 1 trillion euros in the next ten years, with 503 billion euros coming from the EU budget. The new regulations can provide a full share of the EU budget, he added.

India should use calibrated retaliation mechanism to deal with EU's carbon tax, says report

<ul class="summary-list"><li>Electronics, clothes, furniture could soar in price next year because of the <keyword id="11894138" type="UNKNOWN" weightage="60" keywordseo="supply-chain" source="Orion">supply chain</keyword> crisis. </li><li>Rising <keyword id="11984206" type="UNKNOWN" weightage="60" keywordseo="freight" source="Orion">freight</keyword> costs are putting pressure on businesses to raise prices. </li></ul>Electronics, clothes, and furniture could jump in price next year if supply chain costs remain high, a new UN report said. According to the <a href="https://unctad.org/press-material/high-freight-rates-cast-shadow-over-economic-recovery">United Nations Conference on Trade and Development</a> (UNCTAD), prices of these products could rise by more than 10% globally on account of higher <keyword id="12567703" type="UNKNOWN" weightage="60" keywordseo="shipping-costs" source="Orion">shipping costs</keyword>. Consumer prices in the US could increase by 1.2% overall as a result of increased freight rates, it said. A breakdown in the freight supply chain - caused by a surge in consumer demand since the end of 2020, combined with labor shortages - has created <a href="https://www.businessinsider.com/cargo-ships-new-york-california-four-week-supply-chain-crisis-2021-10?r=US&amp;IR=T">delays</a> and <a href="https://www.businessinsider.com/record-100-ships-float-california-ports-despite-biden-extending-hours-2021-10">traffic jams</a> at seaports <a href="https://www.businessinsider.com/shipping-crisis-causing-shortages-why-2021-6?r=US&amp;IR=TIR=T">across the globe</a>. As companies scramble to find a space on a ship, they're being forced to pay top dollar for it.Some businesses are spending as much as <a href="https://www.businessinsider.com/shipping-crisis-causing-shortages-why-2021-6">ten times more than</a> they would pre-pandemic to ship items across the ocean. Businesses shipping low-cost and bulky goods, such as furniture or toys, are more vulnerable to these price increases, <a href="https://www.businessinsider.com/shipping-crisis-cost-toys-furniture-price-goods-increases-2021-6?r=US&amp;IR=T">experts</a> say. These items take up more room in containers and have smaller margins to absorb rising costs. Gary Grant, founder of UK toy shop The Entertainer, previously told <a href="https://www.bloomberg.com/news/articles/2021-06-12/out-of-control-shipping-costs-fire-up-prices-from-coffee-to-toys?sref=lAVQtUwz">Bloomberg</a> that in his 40 years in the industry he has "never known such challenging conditions from the point of view of pricing."He said that he has had to stop selling some items, including giant teddy bears imported from China, because his company would have to double the price for shoppers to make up for higher freight costs. "If they are bulky products it means you can't get very many in the container and that will have a significant impact on the landed price of the goods," he told Bloomberg.UNCTAD Secretary General, Rebeca Grynspan, said in a statement Thursday that to bring shipping costs back to normal levels, there would need to be more investment in the supply chain infrastructure to improve its efficiency.

The cost of electronics, clothes, and furniture is set to jump more than 10% next year because of the supply chain squeeze, UN report says

<keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword> has sought an emergency meeting of the <keyword id="227415" type="General" weightage="20" keywordseo="General-council" source="Orion">General Council</keyword> of the <keyword id="126959" type="General" weightage="20" keywordseo="World-Trade-Organization" source="Orion">World Trade Organization</keyword> (WTO) this month in Geneva to deliberate upon the world trade body's proposed response package, including patent waiver proposal, to deal with the pandemic amid rising coronavirus infections globally, an official said. The General Council is WTO's highest decision-making body in Geneva. It meets regularly to carry out the functions of WTO. It has representatives (usually ambassadors or equivalent) from all member governments and has the authority to act on behalf of the ministerial conference which only meets about every two years. WTO is a 164-member multilateral body which formulate rules for global exports and imports and adjudicates disputes between two or more than two countries on trade-related issues. Expressing disappointment over no progress on TRIPs (Trade-Related Aspects of Intellectual Property Rights) waiver proposal to deal with the pandemic, India has called for including this proposal into WTO's proposed response package. In October 2020, India and South Africa submitted the first proposal, suggesting a waiver for all WTO members on the implementation of certain provisions of the TRIPs agreement in relation to the prevention, containment or treatment of <keyword id="8763838" type="General" weightage="20" keywordseo="COVID-19" source="Orion">COVID-19</keyword>. In May 2021, a revised proposal was submitted. TRIPs came into effect in January 1995. It is a multilateral agreement on intellectual property (IP) rights such as copyright, industrial designs, patents and protection of undisclosed information or trade secrets. "We have sought an emergency meeting of the General Council to discuss the WTO's response package to deal with COVID-19 pandemic including patent waiver proposal. WTO will start its meetings from January 10 and we have suggested convening the meeting immediately," the official said. According to a UNCTAD Trade and Development report, developing countries will, by 2025, be as much as USD 8 trillion poorer because of the COVID-19 crisis, and the burden of delayed vaccination estimated at USD 2.3 trillion in terms of lost income will be borne mostly by developing countries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-you-can-book-your-slot-for-your-children-covid-19-vaccination/articleshow/88659137.cms">COVID-19 vaccine for kids aged between 15-18 starts today – Here’s how you can book your slot</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-omicron-tally-rises-to-1700/articleshow/88659422.cms">India's Omicron tally rises to 1,700</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/goa-covid-restrictions-school-college-closed-till-jan-26-night-curfew-soon/articleshow/88663966.cms">Goa has decided to shut school and colleges till Jan 26, will impose night curfew soon</a>

India seeks emergency meeting of WTO General council to discuss COVID-19 package

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Bryan R. Smith / AFP)</div></div></div><ul><li>The trade war wiped out billions of dollars in the first half of the year and significantly raised prices for households, the UN warned in a report Tuesday. </li><li>Tit-for-tat tariffs levied between the two sides cut US imports of Chinese products by $35 billion in the first six months of the year, the report said. </li><li>The international organization also said a majority of costs from tariffs have been passed down to American companies and consumers. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>A sprawling dispute between the US and China wiped out tens of billions of dollars in trade in the first half of the year and significantly raised prices for households, the United Nations warned Tuesday. Tit-for-tat tariffs levied between the two sides slashed US imports of Chinese products in the first six months of the year by more than a quarter, or $35 billion, <a href="https://news.un.org/en/story/2019/11/1050661">according to the report</a>. The international organization also said a majority of costs from tariffs have been passed down to American firms and consumers. "US consumers are paying for the tariffs in terms of higher prices," said Alessandro Nicita, an economist at the UN trade agency, UNCTAD. "Not only final consumers like us, but importers of intermediate products - firms which import parts and components from China."As the effects of recent tax cuts began to fade, the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> was widely expected to cool this year. But economists said it's become increasingly evident that tariffs have weighed on sentiment and <a href="https://markets.businessinsider.com/news/stocks/gdp-report-3q-economic-growth-grew-more-than-expected-consumer-2019-10-1028643723">investment</a>, particularly in trade-driven sectors such as manufacturing and agriculture. President Donald Trump ignited the feud with China in early 2018 as his administration sought to address what have long been viewed as economic aggressions, such as the theft of intellectual property and technology. But as officials debated those issues, businesses and consumers have grappled with higher costs and uncertainty from tariffs. "The results of the study serve as a global warning; a lose-lose trade war is not only harming the main contenders, it also compromises the stability of the global economy and future growth," said Pamela Coke-Hamilton, UNCTAD's director of international trade and commodities. "We hope a potential trade agreement between the US and China can deescalate trade tensions."In October, the US and China were able to at least temporarily <a href="https://markets.businessinsider.com/news/stocks/us-china-trade-deal-phase-one-what-agreement-should-include-2019-10-1028641083">defuse tensions</a>. Trump has said that the first part of a partial trade agreement could be <a href="https://markets.businessinsider.com/news/stocks/trump-part-of-china-trade-deal-could-signed-in-iowa-2019-11-1028653061">signed as soon as this month</a>, though advisers have said further negotiations would be needed to address structural issues.Now read: <a href="https://www.businessinsider.com/stock-picks-to-buy-12-highly-shorted-firms-could-reverse-2019-11">These 12 highly shorted stocks have suffered brutal losses this year - but one Wall Street firm says a major threat just passed, and it might be time to buy</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/3rd-wave-tech-stocks-why-theyre-new-disruptors-mark-baribeau-2019-10">A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption</a></h3> <div> </div> </div>

Trump's trade war cost China $35 billion this year and raised US prices, UN says

<ul><li>The latest <keyword id="722308" type="PERSON" weightage="20" keywordseo="World-Investment-Report">World Investment Report</keyword> showed India dropping a spot to 10th, in the list of top FDI receiving countries.</li><li>India’s witnessed 6% growth in FDI, to reach $42 billion in 2018.</li><li>Global FDI inflows slipped by 13%, from $1.5 trillion to $1.3 trillion, South Asia witnessed 3.5% increase in FDI inflows.</li><li>China, which retained the number two position, received the highest foreign inflows among the developing countries at an all time high of $139 billion, a growth of 4%. </li></ul>Despite a 6% surge in its <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">Foreign Direct Investment</keyword> (FDI) inflow in 2018, India slipped a spot in the list of countries receiving highest FDI, to 10th. The latest <a href="https://unctad.org/en/pages/DIAE/World%20Investment%20Report/WIR-Series.aspx">World Investment report</a> of the United Nations Conference on Trade &amp; Investment (<a href="https://unctad.org/en/Pages/Home.aspx">UNCTAD</a>), an organization that aims at maximizing trade, investment and development opportunities of developing countries. The increase in FDI inflows is being attributed to manufacturing, communication and financial services sectors, which were the top three FDI recipients in India. Growth in cross-border mergers and acquisitions -- from $23 billion in 2017 to $33 billion in 2018 -- was primarily due to retail trade, which includes e-commerce, and telecommunication, said the report. The $16 billion<a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart-acquires-flipkart-for-16-bn-worlds-largest-ecommerce-deal/articleshow/64095145.cms"> acquisition </a>of Flipkart by Walmart, and telecommunication deals worth $2 billion involving Vodafone and American Tower, were among the major deals this year. The report also highlighted the changes to India’s FDI policy, which it termed as “restrictive.” In February 2019, India introduced changes to its e-commerce sector where it banned foreign companies to sell their own products in e-commerce marketplace companies like Amazon. Global FDI slowdown Global FDI flows fell by 13% in 2018 from $1.5 billion in 2017 to $1.3 billion in 2018, which is the third consecutive annual decline, according to UNCTAD’s World Investment Report. The contraction was largely precipitated by United States multinational enterprises (MNEs) repatriating earnings from abroad, making use of tax reforms introduced by the country in 2017, designed for that purpose. Developed countries were the worst hit by the earnings repatriation, where flows fell by a quarter to $557 billion-levels last seen in 2004. South Asia surges ahead As global FDI inflows slump down, South Asia witnessed a <a href="https://economictimes.indiatimes.com/news/economy/indicators/fdi-flows-to-india-grew-6-in-2018-to-42-bn-un-report/articleshow/69761999.cms?utm_source=ETTopNews&amp;utm_medium=HP&amp;utm_campaign=TN&amp;utm_content=23">growth</a> of 3.5% to $54 billion in FDI inflows. "All subregions in developing Asia are expected to receive higher inflows. Prospects are underpinned by a doubling in value of announced greenfield projects in the region, suggesting continued growth potential for FDI," it said while sounding a note of caution on global uncertainties. It said uncertainties stemming from global trade tensions could weigh on the mood in the region.

India has slipped to the 10th spot in attracting foreign direct investment

<ul><li>The <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">COVID-19 pandemic</keyword> has cost women over $800 billion in lost income in the last year, according to a report by Oxfam International. </li><li>The civil rights organisation belives that women have been more likely to drop out of the work force than men due to 'care responsibilities.'</li><li>The United Nations estimates that an additional 47 million women worldwide will fall into extreme poverty in 2021 because they are overrepresented in sectors worst hit by the pandemic </li></ul> Gender equality was uneven even before the COVID-19 pandemic, but the crisis has diverged the disparity in incomes between men and women even further. The COVID-19 crisis cost women over $800 billion in lost income. According to <a href="https://www.oxfam.org/en/press-releases/covid-19-cost-women-globally-over-800-billion-lost-income-one-year?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts">Oxfam International</a>, that’s more than the combined gross domestic product (GDP) of 98 countries. Globally, women lost more than 64 million jobs last year. That’s a loss of 5% for women, compared to a 3.9% dip for men. And it may not even reflect the true extent of the pandemic’s economic impact. “This conservative estimate doesn’t even include wages lost by the millions of women working in the informal economy — domestic workers, market vendors, and garment workers — who have been sent home or whose hours and wages have been drastically cut,” said Gabriela Bucher, the executive director of Oxfam International, in a statement. <cmsannotation type="cmsannotation" annotationid="Women are ‘shock absorbers’ of sexist social norms" comment="subhead" text="Women are ‘shock absorbers’ of sexist social norms">Women are ‘shock absorbers’ of sexist social norms</cmsannotation> According to Oxfam International, women have been more likely than men to drop out of the workforce or reduce their hours during the pandemic, largely due to ‘care responsibilities’. Even in countries where men’s unemployment rate outpaced that of women, more women left the labour market entirely in 2020, according to data collated by the United Nations Conference on Trade and Development (<a href="https://unctad.org/news/gender-and-unemployment-lessons-covid-19-pandemic">UNCTAD</a>). <div type="image" title="Screenshot_2021-04-29 Gender and unemployment Lessons from the COVID-19 pandemic UNCTAD" msid="82311836" hostid="261" caption="&amp;lt;p&amp;gt;Female participation rates saw a bigger dip than male participation rates&amp;lt;/p&amp;gt;"></div> “As care needs have spiked during the pandemic, women — the shock absorbers of our societies — have stepped in to fill the gap, an expectation so often imposed by sexist social norms,” said Bucher. The COVID-19 pandemic has only increased the trend that already existed in the system. Before the virus hit, women and girls were already putting in an estimated <a href="https://www.oxfam.org/en/press-releases/worlds-billionaires-have-more-wealth-46-billion-people#:~:text=The%20world's%202%2C153%20billionaires%20have,WEF)%20in%20Davos%2C%20Switzerland.">12.5 billion hours</a> of unpaid care work daily. The estimated value of that contribution is $10.8 trillion every year — more than three times the size of the global tech industry. It is due to these biased social norms, McKinsey estimates that women’s jobs are <a href="https://www.mckinsey.com/featured-insights/future-of-work/covid-19-and-gender-equality-countering-the-regressive-effects#">1.8 times</a> more vulnerable to the COVID-19 crisis than men’s jobs. <cmsannotation type="cmsannotation" annotationid="The impact of the pandemic on women may worsen in the time to come" comment="subhead" text="The impact of the pandemic on women may worsen in the time to come">The impact of the pandemic on women may worsen in the time to come</cmsannotation> The trend of income loss represents a grim picture of what the future may look like for women all over the world. The <a href="https://www.unwomen.org/en/news/stories/2020/8/press-release-covid-19-will-widen-poverty-gap-between-women-and-men">United Nations</a> estimates an additional 47 million women worldwide will fall into extreme poverty in 2021 because they are overrepresented in sectors worst hit by the pandemic — this includes tourism, domestic workers, and restaurant employees. "Economic fallout from the COVID-19 pandemic is having a harsher impact on women, who are disproportionately represented in sectors offering low wages, few benefits and the least secure jobs,” said Bucher. This trend is not restricted to the developing world but is also present in some of the richest countries, <a href="https://www.brookings.edu/essay/why-has-covid-19-been-especially-harmful-for-working-women/">like the US. </a> “My husband is out of work. My employer dismissed me from my job before lockdown. I could not sleep because of tension and hunger,” Chan Banu, a 25-year old unemployed domestic worker in Bangladesh’s capital city, Dhaka, told Oxfam. <div type="image" title="20210114083023pm_7024_edited" msid="82311871" hostid="261" caption="&amp;lt;p&amp;gt;Chan Banu, 25, is an unemployed domestic worker in Dhaka&amp;lt;/p&amp;gt;"></div> Another unemployed domestic worker in Dhaka, 28-year old Aklima, had a similar story to tell. “We have had no work since the lockdown. It’s been three months. We are struggling to find a way to make a living. Everyone is in stress. There is no one to give loans. Domestic workers like me have no savings,” she told Oxfam. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-india-needs-a-separate-queue-for-second-dose/articleshow/82304003.cms">India may end up wasting millions of COVID-19 vaccine doses if there is no separate queue for second shots</a> <a href="https://www.businessinsider.in/tech/apps/news/cowin-website-is-back-up-after-an-early-crash-finding-a-vaccination-slot-may-still-be-difficult/articleshow/82291583.cms">CoWIN website is back up after an early crash⁠ — finding a vaccination slot may still be difficult</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-price-sc-wants-the-indian-government-to-explain-about-covishield-and-covaxin-pricing/articleshow/82272913.cms">Supreme Court wants the Indian government to explain vaccine pricing — and clarify how many doses it will need as coverage expands from May 1</a>

COVID-19 cost women over $800 billion in lost income — more than the combined wealth of 98 countries

New Delhi, Nov 20 () The government on Wednesday approved enactment of a legislation for recycling of ships as per international standards.
The government has decided to enact a Bill, namely Recycling of Ships Bill, 2019, to provide for the regulation of recycling of ships by setting certain international standards and laying down the statutory mechanism for enforcement of such standards, Finance Minister Nirmala Sitharaman said after the Cabinet meeting. 
It has also been decided to accede to the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships, 2009, she added.
When the Hong Kong International Convention for Safe and Environmentally Sound Recycling of Ships, 2009 comes into force, its provisions will be implemented under the provisions of the Recycling of Ships Bill, 2019 and rules and regulations framed there under.
The proposed Bill restricts and prohibits the use or installation of hazardous material, which applies irrespective of whether a ship is meant for recycling or not.
For new ships, such restriction or prohibition on use of hazardous material will be immediate, that is, from the date the legislation comes into force. Existing ships will have a period of five years for compliance. 
Restriction or prohibition on use of hazardous material would not be applied to warships and non-commercial ships operated by Government, she said. 
Ships shall be surveyed and certified on the inventory of hazardous material used in ships.
Under the Bill, ship recycling facilities are required to be authorised and ships shall be recycled only in such authorized ship recycling facilities.
The Bill also provides that ships shall be recycled in accordance with a ship-specific recycling plan. 
 Ships to be recycled in India shall be required to obtain a 'Ready for Recycling Certificate'. 
India is the leader in the global ship recycling industry, with a share of over 30 per cent of the market. As per UNCTAD report on Review of Maritime Transport, 2018, India had demolished 6,323 tonnes in 2017, of known ship scrapping across the world.
The ship-recycling industry is a labour-intensive sector, but it is susceptible to concerns on environmental safety. DP SR MKJ

Govt approves proposal for enactment of legislation for recycling of ships

With noted economist <keyword id="6366253" type="PERSON" weightage="20" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword> taking charge as Vice-Chairman of the National Institution for Transforming India (NITI) Aayog, which was announced by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> in his first Independence Day speech on August 15, 2014, the <keyword id="46913" type="ORGANIZATION" weightage="20" keywordseo="Planning-commission">Planning Commission</keyword>, a vestige of the Nehruvian socialist era, has literally become a memory. 
 
The Planning Commission was established on 15 March 1950, with the then Prime Minister Jawaharlal Nehru as the Chairman mainly to formulate a plan for utilisation of country's resources and definingthe stages, on the basis of priority, in which the plan should be carried out. 
 The first Five-Year Plan, launched in 1951, focused mainly on development of the agricultural sector and the emphasis of the eight subsequent Plans was on a growing public sector with massive investments in basic and heavy industries. However, since the launch of the Ninth Plan in 1997, the emphasis on the public sector has become less pronounced and it has been suggested that the Planning Commission should henceforth play a strategic and indicative role, assisting the Centre and State in carrying out broader economic planning. Subsequently, it was scrapped last year and <keyword id="2665691" type="UNKNOWN" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword> was constituted following a Cabinet resolution. 
 Sixty-two-year-old Arvind Panagariya, who is named as the first Vice-Chairman of NITI Aayog (in contrast, Planning Commission had a Deputy Chairperson at the helm), is an Indian-American economist and Professor of Economics at Columbia University. A close associate of well-known trade economist Jagdish Bhagwati, Panagariya is known for his market-friendly views. He has earlier Chief Economist of Asian Development Bank and a Professor of Economics and Co-director, Centre for International Economics, University of Maryland at College Park. Holding a Ph D in Economics from Princeton University, Panagariya has also worked for <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>, International Monetary Fund, World Trade Organisation, and the United Nations Conference on Trade and Development (UNCTAD) in various capacities. 
 The <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> also named Sindhushree Khullar (who was appointed as the Secretary of Planning Commision in April 2012 and continued to hold the post even after the Modi Government scrapped the Cabinet resolution in August 2014 through which the Planning Commission set up) as the first CEO of NITI Aayog. 
 
Earlier this month, Prime Minister Narendra Modi, who is NITI Aayog’s Chairman, <a href="http://pib.nic.in/newsite/mbErel.aspx?relid=114338">appointed</a> economist Bibek Debroy and former Defence Research &amp; Development Organisation (DRDO) chief V K Saraswat as full-time members. 
 Also, Union Home Minister <keyword id="6355121" type="PERSON" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword>, Union Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, Railways Minister Suresh Prabhu and Union Agriculture Minister Radha Mohan Singh are Ex-Officio members. In addition, Union Roads and National Highways Minister Nitin Gadkari, Union Human Resource Development Minister Smriti Zubin Irani and Union Social Justice and Empowerment Minister Thawar Chand Gehlot are special invitees to the NITI Aayog. 
 
As NITI Aayog is expected to meet soon to review the 12th plan that runs up to 2017, there are concerns whether the government is going scrap Five Year Plans altogether. A section of economists has been arguing that the Five Year Plans should go along with the Plan Panel. Modi, too, has repeatedly said states should be given a free hand in determining their policies and plans, indicating that Five Year Plans are redundant. 
 
Another topic of debate is the classification of public expenditure in terms of revenue and capital, and plan and non-plan expenditures. Plan expenditure is spent on government programmes and schemes, while non-plan expenditure includes spending on defence, subsidies and devolution to states. The government has been trying to remove the distinction as it has become dysfunctional and an obstacle in outcome-based budgeting. As NITI Aayog assumes responsibility as the government’s economic think tank, one is curious as to how it would approach plan and non-plan expenditures. 
 
Given the multiplicity of NITI Aayog’s objectives—as a centre-state council, think tank and advisory body—its proposed structure seems to be cumbersome. Also, considering the untimely death of Planning Commission, which was not a Constitutional body and was not set up through legislation, one is forced to wonder about the fate of NITI Aayog, which too was not set up though legislation, in the long run. 
 
Image: Indiatimes

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