Turkey supported Pakistan during Operation Sindoor by giving weapons… still India is not ending all trade ties with Erdogan's country due to…
Home
Business
Turkey supported Pakistan during Operation Sindoor by giving weapons… still India is not ending all trade ties with Erdogan's country due to…
Turkey supported Pakistan during Operation Sindoor by giving weapons… still India is not ending all trade ties with Erdogan's country due to…
The government approaches a balanced policy towards Turkey rather than a complete ban due to several reasons and for the benefit of India.
After Turkey's support to Pakistan, boycott business with the country was trending on social media for many days. Also there were demands for banning imports from Turkey that had grown in India. Even the government has taken strict action against Turkish companies and some of the companies and institutes had cancelled the deals with the country.
Apple producers from Himachal Pradesh and marble traders from Rajasthan had also taken stand against the import from the country. But India has not broken all business ties with Turkey.
The answer is in the economic considerations of various businesses. While the government has acted against Turkish companies on national security grounds, it is still cautious on the trade. The primary reason behind this is that India has a trade surplus of $2.73 billion with Turkey. It means India's exports to Turkey are more than imports. A ban will not only impact Turkey but also affect Indian exporters in sectors like engineering, electronics, and chemicals.
According to a report by The Indian Express, a Commerce Ministry official stated, 'We have received several requests to stop imports from Turkey. However, we must also consider the interests of our exporters. A trade ban can give a strong geopolitical message, but the question is, how far are we willing to take it?'
In the fiscal year 2024-25, India exported goods of $5.72 billion to Turkey, with engineering products alone of $3 billion. 35-40% of these exports came from the MSME sector shows the involvement of small and medium enterprises.
Turkey imported goods of $2.99 billion from India like $270.83 million of gold and around $107 million of fruits and nuts. The import of fruits and nuts like apples, increased by around 10% compared to the previous year.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.
More Stories
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
11 minutes ago
- Hindustan Times
Pakistan is in the grip of military-terror nexus: Ravi Shankar Prasad
NEW DELHI: A delegation of lawmakers and former diplomats that visited six European countries to gather support for India's efforts to fight terrorism, told the foreign interlocutors that Pakistan's military did not reciprocate India's initiatives and that the military-terror nexus was the main hurdle to peace, former minister and senior Bharatiya Janata Party MP Ravi Shankar Prasad said. Prasad, who led a nine-member delegation that travelled to France, Italy, Denmark, the UK, Belgium and Germany from May 25 to June 7, said the delegation spoke about the historical perspective of how the two nations were born on the same day after Partition but while Pakistan was 'going around with a begging bowl', India was the fourth largest economy. 'We fought four conventional wars, and we were never the aggressors… And treaties were signed but it is the (Pakistan) army that is responsible for tensions between the two countries,' he said. The delegation was one of the seven that were sent to different countries as part of India's diplomatic outreach after New Delhi carried out retaliatory strikes on May 7 across 9 terror camps in territory controlled by Pakistan for the April 22 terror attack in Kashmir's Pahalgam that killed 26 people. 'Pakistan is not only a state in denial, but it is in the grip of a deadly combination of military-terrorist nexus. Army generals have been in power for many years, from General Zia ul Haq to Asim Munir. And the generals use these terrorists as proxies to make themselves relevant. That is why there is no peace,' he said. During their interactions abroad, he said the delegation put forth the efforts made by India to establish peaceful bilateral ties, and how these were rebuffed by the neighbouring country. 'No matter which government has been in power, they all have tried to have good relations. PM Narendra Modi invited Nawaz Sharief to his swearing-in ceremony (in 2014), he attended the wedding of his grandson (granddaughter), yet Uri and Pulwama attacks happened,' he said. He was referring to the attack on an Indian army brigade headquarters in Uri, carried out in 2016 by Pakistan trained terrorists and the attack on soldiers in Pulwama in Kashmir in 2019. Asked if the delegation was questioned about the evidence available with India against Pakistan, Prasad said, 'We had enough evidence and our initial comments about the terror attacks would dispel their misconceptions. When they did ask for operation details, we told them that such information cannot be revealed.' To highlight the misuse of international funds by Pakistan, the delegation saidthe last loan that India secured from the IMF was in 1991, but Pakistan continues to borrow and use the funds for weapons. 'It has borrowed 25 times and uses it to buy weapons, and China supplies 80% of these,' Prasad said. To a question on whether India's position on the Russia-Ukraine conflict came up for discussion, Prasad said, 'We were asked about Ukraine and we told them that we have very old relations with Russians. But the PM (Narendra Modi) was clear in telling President Putin that this is not the age of war… and this was televised… Our Prime Minister also said that coming from the land of Buddha and Mahatma Gandhi does not mean that we need to tolerate terrorism.'
&w=3840&q=100)
Business Standard
12 minutes ago
- Business Standard
Reliance Defence partners Diehl for precision-guided munitions in India
Reliance Defence and Diehl Defence tie up for local production of 155 mm guided munitions in Ratnagiri, with Rs 5,000 crore investment planned over five years Mumbai Anil Ambani's Reliance Defence (R-Defence) has tied up with Germany-based Diehl Defence to produce next-generation terminally guided munitions (TGM) for the Indian armed forces. The partnership with Diehl will drive local production of the Vulcano 155 mm precision-guided munition system, R-Defence stated. As part of the agreement, R-Defence will establish a large, high-tech, greenfield, integrated ammunition and explosive manufacturing facility in Watad Industrial Area in Ratnagiri, Maharashtra. 'This strategic alliance not only accelerates the advancement of India's defence manufacturing capabilities, but also positions Reliance Defence as a pivotal player in the global defence supply chain,' Ambani, founder and chairman of the Reliance Group, said. In May, the company had tied up with another Germany-based defence firm, Rheinmetall AG, to supply the explosives and propellants for medium- and large-calibre ammunition. The facilities for the above-mentioned partnerships in Ratnagiri will be established with an investment of ₹5,000 crore over the next five years, a company source stated. R-Defence is aiming to start manufacturing in the next 18 months, as it has the land and principal approvals for the plant in place. The company aims to fund 30 per cent of the investment via equity and the other 70 per cent via debt. The equity is likely to come from the company's internal cash accruals, the source said. R-Defence aims to be amongst the country's top three private defence exporters in the next 12 to 24 months. It is likely to sign long-term agreements with firms like Diehl and Rheinmetall for 5 to 10 years in the coming months. The partnerships are a part of the company's ammunition-focused strategy, where the products made in India will have 60 per cent indigenous content. It is eyeing the market opportunity to potentially generate ₹10,000 crore in revenue through the development and supply of advanced ammunition systems. This tie-up with Diehl is also Reliance Group's fourth global partnership, expanding upon its established collaborations with Dassault Aviation, Thales Group of France, and Rheinmetall. Additionally, Diehl Defence's product portfolio includes air defence systems, missiles for all branches of the armed forces, and ammunition for the army, air force, and navy, as well as protection systems, generating annual sales of over 2 billion euros.
Hans India
18 minutes ago
- Hans India
Went for the country and spoke for the country: Tharoor on Op Sindoor outreach
New Delhi: Congress MP Shashi Tharoor, who led a nine-member Indian delegation including MPs from different political parties as part of Operation Sindoor outreach to five countries, including the US and Brazil, on Tuesday said that the tour was hugely successful. "I went for the country and spoke for the country," said Tharoor while interacting with the Malayalam media here on Tuesday in response to a question about his party's outlook on the venture. Apart from Tharoor, the team included Sarfaraz Ahmad, Ganti Harish Madhur, Shashank Mani Tripathi, Bhubaneswar Kalita, Tejasvi Surya, and former Ambassador Taranjit Singh Sandhu, and it also visited Panama, Guyana, and Colombia. "The whole purpose of the visit was to interact with think tanks, Presidents, Vice Presidents, parliamentarians and also former top political leaders and to brief them on what had happened,' said Tharoor. About his American visit, he said nothing about trade issues or about who 'intervened' to stop the aggression was raised during their interactions, in a reference to President Donald Trump's statements. "After explaining the Indian position, all have understood things, as Pakistan had presented a weak case, as terrorists had attacked tourists," he added. Asked about what he intends to do following the visit, he said: "I am going to submit a detailed report to the Prime Minister, and it will be my report." "The trip was very hectic as we were travelling at night and hardly got time to sleep," Tharoor added. Prime Minister Narendra Modi had selected Tharoor to be part of the delegation and lead it, after it was found out that the Congress party's list did not have the name of Tharoor. Ever since Tharoor decided to contest against the official party high command's nominee, Malikarjuna Kharge, for the post of Congress president, a majority in the Congress leadership was unhappy with him, but knowing his popularity, he managed to get support from a section of the party in Kerala. Tharoor is a four-time Congress MP from the Thiruvananthapuram Lok Sabha constituency since 2009.
