&w=3840&q=100)
Andean aspirations: Why is India cosying up to Chile for a trade deal?
While both sides have shared trade interests such as agricultural products and services, the elephant in the room is Chiles expansive reserves of critical minerals, key among them being lithium
New Delhi
Listen to This Article
While addressing a joint press conference during Chilean President Gabriel Boric's visit to New Delhi in April, Prime Minister Narendra Modi remarked that even though India and Chile are at different ends of the world map, separated by vast oceans, they still share unique natural similarities.
'The Himalayas of India and the Andes mountains of Chile have shaped the way of life in both countries for thousands of years… The great Chilean poet and Nobel Laureate Gabriela Mistral found inspiration in the ideas of Rabindranath Tagore and Aurobindo Ghosh. Similarly, Chilean literature has been appreciated in India too.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
IATO urges govt to set up ₹1,000 cr board to boost foreign tourist inflow
The Indian Association of Tour Operators (IATO) on Monday wrote to Prime Minister Narendra Modi, seeking an immediate budgetary allocation of ₹1,000 crore under the Incredible India campaign, as well as the formation of an India Tourism Board under the PM's leadership to increase foreign tourist arrivals (FTAs) in the country. This request follows IATO's repeated concerns over India's slow recovery in FTA numbers compared to 2019 levels. As the apex body for inbound tour operators, IATO collaborates with the government and other hospitality stakeholders on policy matters related to FTAs. The association said these measures are crucial with the upcoming tourist season just months away and could help boost inbound tourism in the current financial year. According to the India Tourism Data Compendium 2024, 9.52 million FTAs were recorded in 2023 as part of an ongoing recovery. In comparison, 10.93 million FTAs were recorded in 2019, before the pandemic. 'When global trade is facing unprecedented disruptions due to tariff wars and geopolitical shifts, tourism exports remain unaffected by such constraints,' said IATO President Ravi Gosain in a statement. 'Unlike goods, India's tourism export—foreign tourists spending in India—is non-tariff based and brings direct foreign exchange earnings into the country. This makes inbound tourism a stable, sustainable, and immediate contributor to India's current account, foreign exchange reserves, employment generation, and overall trade balance. Yet, regretfully, the country is lagging in efforts to attract foreign tourists.' Gosain added that IATO has already taken steps such as simplifying visa processes, expanding the scope of e-visas, fast-tracking group tourist visas, and proposing visa fee waivers for select countries to enhance FTA numbers. He further emphasized the need to incentivize international airlines and air charters to improve connectivity to key tourism circuits, especially in Tier-II and Tier-III destinations. 'This sector alone has the potential to contribute 1 to 2 per cent to the GDP. Therefore, this engine needs to fire,' he said.
Time of India
an hour ago
- Time of India
India to open flagship EV making policy to lure global giants
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India is set to open applications for its flagship policy offering lower import duties to global electric vehicle makers in exchange for manufacturing in India, people familiar with the matter policy, that was announced in March 2024, offers to slash duty to 15% on any imported electric car priced from $35,000 if they invest at least 41.5 billion rupees, or about $500 million, to set up a local plant within three years. Up to 8,000 cars yearly can be imported at this reduced for this may open as early as this month and extend till March 15 next year, according to people familiar with the discussions who did not want to be third-largest Asian economy is seeking to lure EV makers like Elon Musk-led Tesla Inc., which is gearing up to start selling its cars to India after criticizing the country's high duties regime for years. India is still a market hotspot for EVs while demand is mellowing in other parts of the world. The new policy, if it draws industry giants, will also intensify competition for local automakers who currently dominate the EV the broad outline is in line with what was announced last year, the people added that certain conditions have been tightened now with the Narendra Modi government to weed out non-serious has increased financial eligibility, mandating minimum revenue requirement of 50 billion rupees in the fourth year and 75 billion rupees a year later for any applicant approved under the policy. Those falling short will face a penalty of up to 3% on the revenue Ministry of Heavy Industries did not immediately respond to an email seeking comments.
Economic Times
an hour ago
- Economic Times
Maruti Suzuki says no immediate hit from China curbs on magnet exports
Maruti Suzuki, India's top carmaker, said on Monday there is no immediate impact on its car production from China's export curbs on rare earth magnets, a key component in electric and gasoline cars. ADVERTISEMENT Indian car and component manufacturers told Prime Minister Narendra Modi's officials last week that auto production could grind to a halt within days due to Chinese export restrictions on rare earth magnets, Reuters reported. The companies want the government to lobby Beijing to relax the curbs. A China move risked leaving Indian car production dead in its tracks (You can now subscribe to our Economic Times WhatsApp channel)
