Latest news with #Srivastava
Indian Express
a day ago
- Business
- Indian Express
US dismisses India's steel tariff challenge at WTO on legal, procedural grounds
The United States has rejected India's notice at the World Trade Organization (WTO), which proposed retaliatory action against the 25 per cent US tariffs on steel and aluminium, arguing that the tariffs were imposed on national security grounds. The US also pointed out procedural errors in India's case. In its note dated May 23, the US stated that India is wrongly treating the tariffs on steel and aluminium as safeguard measures. It clarified that these duties were imposed under US law (Section 232), which allows such action if imports are considered a threat to national security. This development is significant as US President Donald Trump on Friday announced a move to double import tariffs on steel to 50 per cent — a step Indian exporters have called 'unfortunate', warning that they have already lost $5 billion in exports due to earlier tariffs, and further hikes could deepen losses. 'The United States will not discuss the Section 232 tariffs under the Agreement on Safeguards as we do not view the tariffs as a safeguard measure,' the US told the WTO Council for Trade in Goods in response to India's challenge. In FY2025, India exported $4.56 billion worth of iron, steel, and aluminium products to the US, including $587.5 million in iron and steel, $3.1 billion in articles of iron or steel, and $860 million in aluminium and related goods. These exports now face sharply higher US tariffs, threatening the profitability of Indian producers and exporters. The US also claimed that India had committed procedural errors. 'India never acknowledged the United States' offer to discuss these tariffs in our response dated 16 April 2025. Accordingly, India has not complied with the obligations under the Agreement on Safeguards, the agreement that it mistakenly contends applies to the tariffs in question,' the US note said. Ajay Srivastava, former trade officer and head of the Global Trade Research Initiative (GTRI), said India now has several options. One is to launch a formal WTO dispute, not under the Safeguards Agreement, but under broader GATT rules, challenging the Section 232 tariffs as disguised protectionist measures. 'India could argue that the US is abusing the national security exception, referring to earlier WTO rulings that limit how Article XXI can be invoked. However, this legal path carries risks, as the US has a track record of disregarding WTO rulings on national security,' GTRI said. A more forceful approach would be for India to impose retaliatory tariffs on its own, even without WTO authorisation, Srivastava said. He noted that other countries such as the EU, Canada, and China have already done this in response to the US Section 232 tariffs, as a political signal of resistance. 'While this sends a clear message, it also risks US countermeasures and potential legal battles. GTRI believes that although India has legal and diplomatic options, it may decide not to act immediately,' Srivastava said. GTRI suggested that a pragmatic path would be for India to use the ongoing bilateral Free Trade Agreement (FTA) negotiations with the US as the main platform to resolve the issue. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Time of India
a day ago
- Time of India
1K kg impure paneer, khowa seized in Ramgarh
Ramgarh: Food safety officials, with the help of local police in Ramgarh, seized adulterated paneer and khowa weighing nearly one quintal from three passenger buses on Monday morning near Ramgarh toll plaza. The seizure comes close on the heels of similar surprise raid in Hazaribag where around 4,000 kg of fake paneer was confiscated last week. Confirming the seizure, district food safety officer Dipashri Srivastava said a cumulative fine of Rs 35,000 was imposed on the three buses. "We will continue such raids to curb illegal and fake food," she said. Detailing on the seizure, Srivastava said, "Paneer was about 120kg and about 750kg was khowa. On spot inspection, adulteration was confirmed in paneer. The consignment will be destroyed. The consignment of khowa is being tested." Ramgarh: Food safety officials, with the help of local police in Ramgarh, seized adulterated paneer and khowa weighing nearly one quintal from three passenger buses on Monday morning near Ramgarh toll plaza. The seizure comes close on the heels of similar surprise raid in Hazaribag where around 4,000 kg of fake paneer was confiscated last week. Confirming the seizure, district food safety officer Dipashri Srivastava said a cumulative fine of Rs 35,000 was imposed on the three buses. "We will continue such raids to curb illegal and fake food," she said. Detailing on the seizure, Srivastava said, "Paneer was about 120kg and about 750kg was khowa. On spot inspection, adulteration was confirmed in paneer. The consignment will be destroyed. The consignment of khowa is being tested."
Yahoo
a day ago
- Business
- Yahoo
SS Innovations to Ring the Nasdaq Opening Bell on Tuesday, June 3, 2025
FORT LAUDERDALE, Fla., June 02, 2025 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the 'Company' or 'SS Innovations') (NASDAQ: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced that the Company will ring the opening bell at the Nasdaq MarketSite in New York City on Tuesday, June 3, 2025. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, will lead the bell ringing ceremony and be joined by members of the Company's management team, Board of Directors, advisors, and other guests. Dr. Srivastava commented, 'This event commemorates the April 2025 uplisting of SS Innovations' common stock to Nasdaq, a major milestone that would not have been possible without the dedication and hard work of our entire team in developing the SSi Mantra, a cost-effective, differentiated surgical robotic system of premier quality. We also are celebrating the successful completion of more than 4,000 robotic surgeries by the SSi Mantra across over one hundred types of surgeries without any complications, injuries or mortalities – a notable milestone that we surpassed last month. We are encouraged by the growing acceptance of the SSi Mantra among physicians across India and in six other countries, and we are pursuing new markets around the world, including the European Union and the United States. Through growing global deployment of the SSi Mantra, we aim to enable advanced, accessible, and affordable robotic surgery for a broader segment of patients in need.' The live broadcast of the Nasdaq Opening Bell ceremony will begin at 9:15 a.m. Eastern Time and will be available, along with a replay of the event, at: About SS Innovations SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company's product range includes its proprietary 'SSi Mantra' surgical robotic system and its comprehensive suite of 'SSi Mudra' surgical instruments, which support a variety of surgical procedures including robotic cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company's website at or LinkedIn for more information and updates. About the SSi Mantra The SSi Mantra surgical robotic system is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures. Forward Looking StatementsThis press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'anticipate,' 'assume,' 'believe,' 'estimate,' 'expect,' 'will,' 'intend,' 'may,' 'plan,' 'project,' 'should,' 'could,' 'seek,' 'designed,' 'potential,' 'forecast,' 'target,' 'objective,' 'goal,' or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations' future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investor Contact:The Equity Group Kalle Ahl, CFA T: (303) 953-9878 kahl@ Devin Sullivan, Managing Director T: (212) 836-9608dsullivan@ Media Contact:press@ (212) 739-0300
India Gazette
a day ago
- Automotive
- India Gazette
India issues operational guidelines for EV manufacturing scheme
New Delhi [India], June 2 (ANI): The Ministry of Heavy Industries issued detailed guidelines for its electric car manufacturing scheme, first announced on March 15, 2024. Name of the scheme is 'Scheme to Promote Manufacturing of Electric Passenger Cars in India' (SPMEPCI). In March 2024, the Government of India approved the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI). The scheme allows approved applicants to import fully built electric four-wheelers (CBUs) with a minimum CIF value of USD 35,000 at a reduced customs duty of 15 per cent for five years, provided they commit to a minimum investment of Rs 4,150 crore (USD 500 million) in setting up domestic manufacturing. Companies must achieve at least 25 per cent domestic value addition (DVA) within 3 years and 50 per cent within 5 years, using the standards set under the PLI Auto Scheme. The total benefit under the scheme is capped by either the committed investment or a maximum duty foregone limit of Rs 6,484 crore, whichever is lower. Today's guidelines provide detailed operational instructions and launch the long-awaited application process. A formal Notice Inviting Applications will soon open a 120-day (or longer) window for companies to apply online. The guidelines clarify that only new plant, machinery, equipment, R&D, and certain building costs (within limits) count toward investment; land costs are excluded, and charging infrastructure costs are capped at 5 per cent of the committed investment. Eligibility criteria require applicants to demonstrate minimum global automotive revenues of Rs 10,000 crore and global fixed assets of at least Rs 3,000 crore, ensuring only established players can qualify. 'While announcement of the scheme guidelines is a positive step, the application process has not yet opened and is expected soon. Realistically, it may take another six months or more before selected firms are announced, and the first locally made EVs under this scheme are still some time away; for now, approved firms can keep importing fully built cars at the reduced 15 per cent duty,' Ajay Srivastava, Founder of Global Trade Research Initiative, said. 'Top Indian companies like Tata Motors and Mahindra and Mahindra are likely to qualify for the scheme but will still need to invest in new plants to fully benefit. Other Indian EV makers like Ola Electric, Ather Energy, Bajaj Auto, Wardwizard, and EKA Mobility may not yet meet the tough eligibility rules,' Srivastava added. At the same time, the India-UK Free Trade Agreement (FTA) has cut import duties on premium EVs from the UK from over 100 per cent to 10 per cent over the next few years. 'Looking ahead, any serious investment in India's EV sector must account not only for domestic incentives but also for the country's sweeping market openings under FTAs with the UK, USA, and EU -- reshaping the competitive landscape for years to come,' Srivastava opined. Earlier today, speaking at a press conference, Union Minister for Heavy Industries HD Kumaraswamy said the scheme was a clear manifestation of Prime Minister Modi's commitment to green growth and industrial transformation. 'Under the Prime Minister's visionary leadership, India is taking bold strides toward net zero by 2070 while ensuring that economic development, technological progress and employment generation go hand in hand,' the minister said. Union Minister said 'as a safeguard, companies must furnish a bank guarantee equal to the greater of Rs 4,150 crore or the total customs duty they are exempted from over the scheme period. This guarantee must remain valid throughout the tenure of the scheme and will serve as a financial assurance of compliance with investment and localisation targets.' (ANI)
Economic Times
3 days ago
- Business
- Economic Times
FPIs infuse Rs 19,860 cr in equities in May on strong domestic fundamentals, global eco indicators
Foreign investors continue to exhibit confidence in the country's equity market, injecting Rs 19,860 crore in May driven by favourable global economic indicators and strong domestic fundamentals. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Foreign investors continue to exhibit confidence in the country's equity market, injecting Rs 19,860 crore in May driven by favourable global economic indicators and strong domestic positive momentum follows a net investment of Rs 4,223 crore in April, data with the depositories to this, foreign portfolio investors (FPIs) had pulled out Rs 3,973 crore in March, Rs 34,574 crore in February, and a substantial Rs 78,027 crore in forward, FPIs are likely to continue their investment in India. However, at higher levels they might sell since valuations are getting stretched, VK Vijayakumar, Chief Investment Strategist, Geojit Investments, to the data with the depositories, FPIs made a net investment of Rs 19,860 crore in equities in May. The latest flow has helped narrow the outflow to Rs 92,491 crore in 2025 so equity markets witnessed a sharp resurgence in FPI activity in April. The sustained buying spree that began in mid-April continued in May too, reflecting renewed investor Srivastava, Associate director - Manager Research, Morningstar Investment, said that several factors influenced FPI flows in May. Globally, easing US inflation and expectations of interest rate cut by the Federal Reserve made emerging markets like India more attractive. Domestically, India's strong GDP growth, robust corporate earnings, and policy reforms enhanced investor confidence."Global macros like declining dollar, slowing US and Chinese economies and domestic macros like high GDP growth and declining inflation and interest rates are the factors driving FII inflows into India," Vijayakumar terms of sectors, FPIs have been buyers in autos, components, telecom and financials in the first half of from equities, FPIs invested Rs 19,615 crore in debt general limit and Rs 1,899 crore in debt voluntary retention during the period under review. PTI SP ANU
