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Time of India
35 minutes ago
- Time of India
India should pursue services-focused trade deal with US: NITI Aaayog
NITI Aayog on Monday suggested that India should follow the model of the India-UK agreement to pursue a services-oriented trade deal with the US, with special focus on information technology, financial services, professional services, and education. The Aayog in its third edition of 'Trade Watch Quarterly' said there will be significant opportunities for India in the US markets both in terms of the number of products and volume of the US market. "Building on the model of the India-UK agreement, India should pursue a services-oriented trade deal with the US, placing strong emphasis on key sectors such as information technology, financial services, professional services, and education," it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Victoria Principal Is Almost 75, See Her Now Reportingly Undo The government think tank said the agreement should include robust provisions for digital trade, creating a framework for enhanced cross-border service delivery. The Aayog also emphasised that India must advocate for improved visa access for its professionals, particularly under H-1B and L-1 categories. "This should include provisions for intra-corporate transferees and independent service providers, which are crucial for maintaining India's competitive edge in the global services industry," it said. Live Events With growing global demand for Digitally Delivered Services (DDS), the Aayog said India should seek firm market access commitments from the US in high-growth areas such as cybersecurity, artificial intelligence, telecom, and design services. "Leveraging India's strengths in these sectors can help increase bilateral trade and innovation-led growth," it said. Observing that regulatory barriers such as inconsistent data compliance and intellectual property concerns hinder Indian service exports, the Aayog said joint efforts between India and the US are needed to simplify licensing procedures and address cross-border data flow issues, enabling smoother market access for Indian firms. The government think tank also said that to expand professional opportunities, India should push for broader Mutual Recognition Agreements (MRAs) that cover a wider range of professions, including engineers, architects, and healthcare workers. "These agreements would streamline certification processes and facilitate the mobility of Indian professionals to the US," it said. According to the Aayog, India should focus on diversifying its trade partners and becoming integral to larger global supply chains and production networks. "Fast-tracking free trade agreements, time-bound negotiation roadmap, is essential," the Aayog said, adding that these agreements should prioritise the reduction of non-tariff barriers and facilitate smoother trade in services, a key strength for India. Simultaneously, the Aayog said deeper trade engagement with countries such as Australia, Japan, South Korea, and ASEAN nations can be highly beneficial, especially in sectors where India's export strengths, such as pharmaceuticals, automobiles, and IT, match their import needs. "Additionally, pivoting towards African markets by developing a structured India-Africa trade corridor focused on pharmaceuticals, education services, IT, and cost-effective machinery will tap into the growing demand and expand India's export footprint into emerging regions," it said. Meanwhile, an Indian commerce ministry team has reached Washington for another round of talks on the proposed bilateral trade agreement (BTA), which will begin on Monday. The visit assumes significance as both sides have to iron out issues in sectors like agriculture and automobiles. It is also important as the US has further postponed the imposition of additional tariffs on several countries, including India, until August 1. Earlier this month, the Indian team was in Washington for talks, with negotiations taking place from June 26 to July 2. The team has once again reached the US for negotiations. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, has not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto (25 per cent) sectors. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. US President Donald Trump announced heavy tariffs on a number of countries, including India, on April 2. However, it was soon postponed for 90 days until July 9 and later to August 1. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact.
Economic Times
an hour ago
- Economic Times
What's Dr Copper's warning about India's economic health?
Trump's disruptive copper play Live Events You Might Also Like: US copper tariff may impact Indian electronics, chip plans You Might Also Like: Assessing impact of US copper tariffs: Mines Minister G Kishan Reddy How will Trump's copper tariff impact India? You Might Also Like: China the big winner as Trump slaps massive copper tariffs to crush Canada (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Copper is often called "Doctor Copper" in the world of economics because of its uncanny ability to act as a predictor of global economic trends. The term plays on the idea that copper holds a "PhD in economics", metaphorically speaking, due to its close relationship with industrial and economic is a highly versatile metal used in construction, electronics, manufacturing and energy infrastructure. Because it is so integral to core sectors of the economy, fluctuations in copper demand often reflect broader economic conditions. When the economy is expanding, demand for copper rises as industries ramp up production and construction projects increase. Conversely, when the economy slows down, copper demand tends to fall, and prices often decline as a result. This strong connection between copper prices and economic cycles has made the metal a reliable leading copper isn't infallible and its price can be influenced by factors like speculation, supply disruptions or geopolitical tensions, it remains a widely watched barometer of global economic President Donald Trump has recently announced a 50% tariff on all copper imports into the United States, citing national security and the need to rebuild America's industrial base. "Copper is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even Hypersonic Weapons, of which we are building many," Trump said in a post on Truth Social. The move sent immediate shockwaves through financial markets and global trade futures in the US surged by as much as 17% in a single day, closing at their highest level in decades. Anticipating the tariff, importers rushed to stockpile copper, overwhelming US ports with tens of thousands of tonnes of incoming shipments. While it reflects a push toward economic self-sufficiency, the policy comes with significant short-term costs and uncertainty. In the long run, the US may expand domestic mining and smelting capacity, but such progress will take tariffs are said to include all refined metal, Bloomberg has reported, citing people familiar with the matter. They would also include semi-finished products such as those used for power grids, the military and data copper-exporting countries like Chile, Peru, Mexico and Canada could see declining demand from one of their largest markets. At the same time, global copper prices are likely to face downward pressure as surplus supply is redirected elsewhere. Arbitrage opportunities may also arise as the price of copper in the US decouples from international administration has justified the tariff on the grounds of national security, claiming copper is vital for defense and critical infrastructure. However, critics argue that the move is a protectionist gesture unlikely to meaningfully boost domestic output in the short term. Instead, it may exacerbate supply chain disruptions and spark retaliation from trade industry official told PTI that Trump's proposed 50 per cent import tariff on copper will not have any impact on Indian companies as the country is Copper Association India Managing Director Mayur Karmarkar said, "India is a copper-deficient country, and its export, as such, is not significant. Again, of the total exports, the shipments to the US are just around 10,000 tonnes." The proposed duty, as a result, will not have any impact on the Indian firms, particularly as the domestic demand is extremely buoyant, given India's thrust on renewable energy, EVs, and a host of other copper-intensive sectors, Karmarkar Coal and Mines Minister G Kishan Reddy has said that the government is assessing the impact of Trump's tariffs on copper. According to sector watchers, Trump's tariffs raise the risk of cross dumping copper from other markets, driving down prices and threatening profitability of domestic producers. India annually consumes about 1.7 million tonnes of copper. Exports to the US stood at 13,003 tonnes in the calendar year 2024, and 3,554 in the first six months of 2025, Karmakar said. Another domestic industry representative told ET that less than $ 300 million worth of copper is exported to the US from certain critical sectors of India's economy might suffer from the steep 50% tariff on copper imports into the US. The tariff has triggered an alarm across global supply chains, raising concerns in India's electronics and semiconductor has reported that the measure is primarily aimed at boosting domestic copper production in the US, but Indian executives said the ripple effects could to some extent disturb India's chip and electronics manufacturing efforts under its semiconductor per the ET report, Industry leaders say India's reliance on imported high-purity copper materials could become a serious bottleneck as global trade barriers proliferate and disrupt the supply chain. They urge the Indian government to move swiftly — not just by streamlining import procedures and BIS certifications but also by investing in the domestic production of high-grade copper alloys and materials essential to the electronics and chip value is a critical raw material in electronic manufacturing, widely used in printed circuit boards (PCBs), capacitors, resistors, connectors, relays, and wiring for semiconductor packaging and assembly. Domestic suppliers like Hindustan Copper, Sterlite, and Hindalco do not currently produce the semiconductor-grade copper needed at scale, said Ashok Chandak, president of SEMI India and the India Electronics and Semiconductor Association (IESA) as cited in the ET report. Global supply issues and costlier components will increase the manufacturing cost and slow down cost-sensitive semiconductor projects, he said. 'India must not just incentivise fabs but also build upstream resilience — through domestic refining, free trade agreements, and even strategic reserves.'Semiconductors aren't directly hit by tariffs, Kunal Chaudhary, partner and co-leader of the Inbound Investment Group at EY India told ET. 'But disruptions in copper, critical for chip wiring, are pushing up costs and shifting policy focus. This is slowing India's chip momentum and making things more expensive for global supply chains."
Time of India
an hour ago
- Time of India
Times Square ad war: Vivek Ramaswamy fights Zohran Mamdani but says don't attack his ethnicity
A major Times Square ad war broke out as New Yorkers were asked to flee the possibility of becoming the mayor of the city by running to Ohio which has its Governor election in 2026 and Republican leader is the GOP candidate. Tired of too many ads? go ad free now The advertisement contrasted Mamdani, a "radical socialist" with Ramaswamy, a person who is "protecting freedom". 'Worried About Zohran? Ohio Is Waiting For You!' the ad says. The digital billboard has been paid for by Vivek Super PAC -- Victors, not Victims, which supports Ramaswamy's candidacy. Ramaswamy has already made a record of the highest fund received in the shortest time for the Ohio governor election, as the Indian-origin young billionaire entered the fray in February only after exiting from the Department of Government Efficiency. The pro-Ramaswamy super PAC has raised $17 million to support his 2026 run for governor. 'We put this billboard up because we couldn't think of two politicians in the country that represent such wildly different paths for the future of our nation. The Mamdani path of socialist totalitarianism versus the Vivek path of American freedom,' Andy Surabian, chief strategist to the VPAC, told the New York Post. The billboard will stay on display at Times Square this whole week. But Ramaswamy has a message for Mamdani critics Quite opposite to their ad war, Vivek Ramaswamy has a message to deliver to those who attack Zohran Mamdani for his Indian-Ugandan origin. In a New York Post article, published at the same time the billboard war began, Ramaswamy wrote about how he has been attacked over his 'race' and how each time he posts a photo, he is asked to 'GO HOME'. Ramaswamy wrote that Mamdani should be countered for his worldviews and not his race or religion. "The real problem with Mamdani isn't his race or religion. It's his anti-capitalist worldview and his policies that risk destroying our nation's largest city," Ramaswamy wrote. "But some supposed 'conservatives' are pouncing on Mamdani not for his political views, but for his ethnicity," Ramaswamy wrote.
