logo
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…

India.coma day ago

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

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

26th foundation function of NCP: Ajit Pawar asks party workers to gear up for civic polls
26th foundation function of NCP: Ajit Pawar asks party workers to gear up for civic polls

Indian Express

time23 minutes ago

  • Indian Express

26th foundation function of NCP: Ajit Pawar asks party workers to gear up for civic polls

Refraining from any direct criticism or remark on Sharad Pawar-led NCP (SP), NCP chief Ajit Pawar on Tuesday urged party workers to put in all efforts to ensure victory in the upcoming civic elections. 'Many of our leaders are founder members of the NCP. It has grown since its formation in 1999. However, the party has not got a majority in elections to form a government. Alliances had to be formed and the NCP joined the NDA,' said Pawar at the 26th foundation function of the NCP. He said the NCP joined hands with the Shiv Sena in 2019 and it indicates adjustment has to be made at times to be in power. 'Though we have joined the NDA we have not given up our ideology of secularism. There are many political parties who believe in secularism and have been part of the NDA,' Pawar said. Earlier, the NCP passed two resolutions over the success of Operation Sindoor and congratulated Prime Minister Narendra Modi for his impressive performance in the last 11 years by leading the NDA-led Centre. The NCP chief did not say anything on speculations over merger of the two NCPs nor criticised the opposition NCP (SP). 'We want to resolve public issues. The country is developing, and the state is also developing. I want to assure that there will be no compromise on the secular fabric of the party. Our ideology of secularism and creating progressive society continues. We have been against extremism and will continue to do so,' he said, justifying the party's joining the NDA on development agenda. The NCP received a setback in the Lok Sabha elections but later worked hard for the Assembly elections resulting in the 'ladki bahin' scheme, said Pawar, adding, 'I will not let the scheme to be closed.' The NCP chief said the civic polls are only a few months away. 'The BMC election will be wardwise while other municipal corporations will likely have a four-ward electoral panel system for civic polls. We should be fully prepared for it. NCP ministers will be asked to hold election rallies per week in municipal corporations to activate party workers. The pre-poll alliance for civic elections will be as per the stand of local party units,' he said. 'Real political fight coming now with elections to 28 municipal corporations, 25 zila parishad or municipal councils and 285 panchayat samiti. So work hard for civic polls,' said Pawar, urging party workers to set a target of enrolling one crore new members for the party. Ajay Jadhav is an Assistant Editor with The Indian Express, Pune. He writes on Infrastructure, Politics, Civic issues, Sustainable Development and related stuff. He is a trekker and a sports enthusiast. Ajay has written research articles on the Conservancy staff that created a nationwide impact in framing policy to improve the condition of workers handling waste. Ajay has been consistently writing on politics and infrastructure. He brought to light the lack of basic infrastructure of school and hospital in the hometown of Maharashtra Chief Minister Eknath Shinde even as two private helipads were developed by the leader who mostly commutes from Mumbai to Satara in helicopter. Ajay has been reporting on sustainable development initiatives that protects the environment while ensuring infrastructure development. ... Read More

‘Infiltration, violence, obstructed Central schemes': Union Minister Bhupendra Yadav slams Bengal government ahead of 2026 Assembly elections
‘Infiltration, violence, obstructed Central schemes': Union Minister Bhupendra Yadav slams Bengal government ahead of 2026 Assembly elections

Indian Express

time23 minutes ago

  • Indian Express

‘Infiltration, violence, obstructed Central schemes': Union Minister Bhupendra Yadav slams Bengal government ahead of 2026 Assembly elections

Union Minister Bhupendra Yadav, addressing a press conference in a Kolkata hotel, launched a scathing attack on the West Bengal government, accusing it of perpetuating 'unchecked infiltration, pervasive violence, and obstruction of Central welfare schemes'. With the 2026 Assembly elections in mind, Yadav said a 'befitting reply' would come from the people of Bengal in a BJP victory. The Union Minister for Environment, Forest and Climate Change was part of the press conference in Kolkata on the completion of 11 years of the Prime Minister Narendra Modi-led Union government. He claimed that the Bengal government is responsible for 'helping infiltrators settle in the state' and 'opposing the Centre's steps to stop infiltration', while urging it to help Central forces identify and deport 'illegal' foreign nationals. 'The biggest impact of infiltration falls on the law and order of a state,' he said. Upon being asked about their strategies to tackle post-poll violence in the state, Yadav dismissed the idea that it was confined to the post-election period. 'It happens in Bengal throughout,' he stated, invoking incidents in Murshidabad and Sandeshkhali. 'The biggest sadness is violence has become part of Bengal,' he said, questioning the state's ability to function amidst 'community-based violence' fueled by 'appeasement' politics. 'It is sad that people under their own government are forced to flee their homes,' said Yadav. 'By talking about post-poll violence, we would restrict violence to two months, whereas on the ground, it is happening round the clock. People of Bengal are not ready to forgive this government. We are fighting post-poll violence democratically.' Yadav also criticised the state government's 'resistance' to Central schemes, claiming it opposed the Pradhan Mantri Jan Dhan Yojana, Ayushman Bharat Yojana and the Pradhan Mantri Vishwakarma Yojana. He said, 'A large section of OBC workers are here; what is her scientific logic behind including and excluding people?' 'The Sandeshkhali and Murshidabad incidents are the poster of Mamata Banerjee's bad governance… while the Centre has proved that India will not tolerate terrorism…I don't take it in a good way that they are talking ill of Operation Sindoor. On Operation Sindoor, all political parties have been a representative of an international delegation,' Yadav said. Yadav alleged that 'not a single month passes without reports of attacks on women' in Bengal, claiming that the state did not take action during the violence in Murshidabad, which broke out on April 8. 'Instead, the responsibility of maintaining peace and security in the state was left to the Centre,' he claimed. Regarding the deployment of forces during the elections, he stated, 'The Election Commission is discussing it with all political parties and it will decide on the deployment of the forces.' Meanwhile, on the subject of climate action, Yadav highlighted Central initiatives. 'There is a beautiful name of a plan which is Project Mishti' he said, also mentioning 'Mission Life,' which focuses on seven key areas: saving water, saving food, saving energy, solid waste management, e-waste disposal, and a complete ban on single-use plastic. He stressed the importance of 'individual responsibility', stating, 'People must think about it.' Sweety Kumari reports from West Bengal for The Indian Express. She is a journalist with over a decade of experience in the media industry. Covers Crime, Defence, Health , Politics etc and writes on trending topics. With a keen eye for investigative and human-interest stories. She has honed her craft across diverse beats including aviation, health, incidents etc. Sweety delivers impactful journalism that informs and engages audiences. Sweety Kumari is a graduate of Calcutta University with an Honors degree in Journalism from Jaipuria College and a PG in Mass Communication from Jadavpur University. Originally from Bihar, she is brought up in Kolkata and completed her education from Kendriya Vidyalaya SaltLake. Multilingual, Sweety is fluent in English, Hindi, Bengali, and Maithili. She started her career as an Entertainment and lifestyle journalist with a newsportal in Kolkata. She is working with The Indian Express for 8 years now. ... Read More

Disruption of rare earth magnet supplies beyond 30 days can impact vehicle production in India: Report
Disruption of rare earth magnet supplies beyond 30 days can impact vehicle production in India: Report

Economic Times

time25 minutes ago

  • Economic Times

Disruption of rare earth magnet supplies beyond 30 days can impact vehicle production in India: Report

Agencies Representative image. A disruption in rare earth magnet supplies lasting beyond a month can impact production of passenger vehicles, including electric models, weighing on the domestic automobile industry's growth momentum, a report on Tuesday said. Rare earth magnets, low in cost but critical in function, could emerge as a key supply-side risk for India's automotive sector if China's export restrictions and delays in shipment clearances persist, Crisil Ratings said in a statement. "The supply squeeze comes just as the auto sector is preparing for aggressive EV rollouts. Over a dozen new electric models are planned for launch, most built on PMSM platforms," Crisil Ratings Senior Director Anuj Sethi said. While most automakers currently have 4-6 weeks of inventory, prolonged delays could start affecting vehicle production, with EV models facing deferrals or rescheduling from July 2025, he added. A broader impact on two-wheelers and ICE PVs may follow if the supply bottlenecks persist for an extended period, Sethi said. "The shortage of rare earth magnets is forcing automakers to reassess supply-chain strategies. Despite contributing less than 5 per cent of a vehicle's cost, these magnets are indispensable for EV motors and electric steering systems," said Crisil Ratings Director Poonam Upadhyay. Automakers are actively engaging with alternative suppliers in countries such as Vietnam, Indonesia, Japan, Australia, and the US, while also optimising existing inventories, she noted. "With applications across EVs and ICE vehicles, a prolonged supply squeeze could disrupt production of PVs and 2Ws, making this low-cost component a potential high-impact bottleneck for the sector," she said. Rare earth magnets are integral to Permanent Magnet Synchronous Motors (PMSMs) used in EVs for their high torque, energy efficiency and compact size. Hybrids also depend on them for efficient propulsion. In internal combustion engine (ICE) vehicles, the use of rare earth magnets is largely limited to electric power steering and other motorised systems. In April this year, China, the world's dominant exporter of rare earth magnets, imposed export restrictions on seven rare earth elements and finished magnets, mandating export licences. The revised framework demands detailed end-use disclosures and client declarations, including confirmation that the products will not be used in defence or re-exported to the US. With the clearance process taking at least 45 days, this added scrutiny has significantly delayed approvals. And the growing backlog has further slowed clearances, tightening global supply chains. India, which sourced over 80 per cent of its 540 tonnes magnet imports from China last fiscal, has started to feel the impact. By end-May 2025, nearly 30 import requests from Indian companies were endorsed by the Indian government, but none have yet been approved by the Chinese authorities, and no shipments have arrived. During the pandemic, rare earth magnet supplies remained stable, unlike semiconductors, reinforcing reliance on just-in-time inventory without building strategic buffers. However, while semiconductors have a globally diversified supply base, over 90 per cent of rare earth magnet processing is concentrated in China, with limited short-term alternatives. Recognising the risk, the government and automakers are taking action on two fronts, Crisil said. In the short term, the focus is on building strategic inventories, tapping alternative suppliers and accelerating domestic assembly under Production Linked Incentive schemes. For the long term, reducing import dependency will hinge on fast-tracking rare earth exploration, building local production capacity and investing in recycling infrastructure, Crisil stated.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store