Economy

Economy
CURRENT AFFAIRS september 2019
Indian companies aiming to explore Russian oilfields
Issue
A consortium of Indian oil firms is in talks to buy a significant stake in the
eastern cluster oil fields in Russia with investments running into billions of
dollars.
Background
Indian energy companies have so far invested close to $10 billion in
acquiring stakes in hydrocarbon assets in Russia.
The Russian oil industry claims to be in need of huge investments. Strong
growth in the Russian economy means that local demand for all types of
energy sources (oil, gas, nuclear, coal, hydro, electricity) continues to
grow.
Details
A deal is likely to be announced at the Eastern Economic Forum and the
Annual Bilateral Summit between Prime Minister Narendra Modi and
Russian President Vladimir Putin in Vladivostok regarding India’s
participation in Oil exploration in Russia.
Indian firms are expected to invest in Russia’s upstream like Petroleum
sector while Russian firms are expected to invest in India's downstream
services sector.
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Petroleum sector in Russia

The petroleum industry in Russia is one of the largest in the world.
Russia has the largest reserves and is the largest exporter of natural
gas.
It has the second largest coal reserves, the eighth largest oil reserves,
and is one of the largest producers of oil. It is the third largest energy
user.
Russia is by far the world's largest natural gas exporter.
Notes
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Economy
GST collection up by 4.5% in August
Issue
The gross GST collection in August, 2019 stood at 98,202 crore, up 4.51%
compared to 93,960 crore in the same month last year
The GST collection, although higher on year-on-year basis, is still lower
than government's expectations of 1 lakh crores.
Background
The GST collection is a significant part of government’s revenue collection
which is estimated to be around Rs 1 lakh crore every month to meet
targets.
The on going slowdown has reduced the revenue amount from target of Rs
1 lakh crores to Rs 98,202 crores.
Details
The total number of summary returns in GSTR 3B forms filed in the month
of July upto 31 August was 75.8 lakhs
Indirect tax collection in the month of August is generally subdued due to
seasonality factor and hence may not be considered a reflection of
consumption slowdown.
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Effects
A lower GST mop-up is set to strain government finances and make it
difficult to meet fiscal target.
The burden would increase on the Centre for compensating states for
revenue shortfall. The pressure on the revenue department could also go
up to meet the targets which in turn may result in coercive actions against
trade and businesses.
The lower revenue is expected to hamper infrastructural and social
reforms intended by the government.
Way Forward
To boost sales and initiate growth the government is expected to resort to
rate cuts in some sector such as automobile and consumer goods like
biscuits.
By plugging the leakages the government hopes to increase the revenue
amount.
GST
Goods and Services Tax (GST) is an indirect tax (or consumption tax)
imposed in India on the supply of goods and services. It is a comprehensive
multistage, destination based tax. It is collected from point of consumption
and not point of origin like previous taxes.
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Economy
Core industries growth slows down
Issue
Growth of eight core industries slowed down to 2.1 per cent in July as
against 7.3 per cent in the same month last year, according to a
government data.
During April-July, the eight sectors grew by 3 Percent compared to 5.9 %
in the same period the previous year.
Background
The data comes at the backdrop of weak manufacturing and consumption
numbers dragging the country’s GDP growth to a 25-quarter low of 5 per
cent in the first quarter (April-June) of the current fiscal.
Details
The eight core sector industries – coal, crude oil, natural gas, refinery
products, fertiliser, steel, cement and electricity – had expanded by 7.3
per cent in July last year.
These core industries comprise 40.27 per cent of the weight of items
included in the Index of Industrial Production (IIP).
Growth rate in production of steel, cement and electricity declined to 6.6
per cent, 7.9 per cent and 4.2 per cent, respectively, as against 6.9 per
cent, 11.2 per cent and 6.7 per cent.
Fertiliser output marginally grew by 1.5 per cent in July as against 1.3 per
cent in July 2018.
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Reasons for slowdown

The growth has been pulled down mainly due to contraction in coal, crude
and oil and natural gas production
Core industries have witnessed a gradual slowdown in growth due to
weak consumer demand and lack of investments.
Notes
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Economy
The slide of rupee and fall of sensex
Issue
Sensex at the Bombay Stock Exchange fell over 500 points and the rupee
lost up to 90 paise against the dollar to trade at a near 10-month low of
72.31 following concerns over the tariff war between the US and China,
and a weak GDP growth in India of 5 per cent in the first quarter ended
June 2019.
Background
India’s real or inflation-adjusted gross domestic product (GDP) grew at 5
per cent in the June 2019 quarter of financial year 2019-20 (Q1FY20), the
slowest growth in six years (25 quarters).
In nominal terms, the growth stood at 7.99 per cent, lowest since
December 2002.
Reasons for rupee fall

The US announced fresh tariffs on China, due to which concerns grew
over escalation of the tariff war between the two largest economies in the
world. While China witnessed a decline in its currency by around 0.6 per
cent, the Indian currency that opened on Tuesday after three days,
witnessed a sharp decline of 90 paise or 1.2 per cent.
The markets also seemed disappointed with the growth in the Indian
economy, with the GDP numbers for the first quarter having come in low
at 5 per cent.
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Since the US Federal Reserve, at the time of announcing its first rate cut in
a decade on July 31, stated that it was jus a slight adjustment. The result
of the rate cut allowed foreign investors to invest in American treasury
bills.
FPIs have been exiting Indian markets over the last two months, and have
sold Indian equities worth a net Rs 30,000 crore. However, in the same
period, FPIs have invested a net of Rs 21,000 crore in the debt market.
Rs 5,500 crore from domestic equities since the rollback on August 23,
2019. The FPI outflow is also putting pressure on the rupee.
Future consequence
India has a currency swap agreement with Japan under which the latter
will buy a certain amount in rupees, which could avert a further slide.
The Centre, in recent weeks, has announced the reversal of tax surcharge
on FPIs, mega PSU bank mergers and a re-capitilisation plan. This can
maintain investments in Indian financial markets.
The RBI recently announced the transfer of ?1.76-lakh crore of its
reserves to the government which has allowed the government to provide
boost to growth.
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Economy
India among top 10 countries with Gold reserves
Issue
India has overtaken the Netherlands to move into the list of top ten
countries in terms of total gold reserves.
According to the World Gold Council, India has gold reserves totalling
618.2 tonnes, which is marginally higher than the Netherlands’ reserves of
612.5 tonnes.
Background
India’s gold reserves have grown substantially in the past couple of
decades from 357.8 tonnes in the first quarter of 2000 to the current
618.2 tonnes.
Demand is concentrated among emerging market central banks with
diversification being the key driver in the face of ongoing geopolitical and
economic uncertainty.
Details
According to the latest release by the World Gold Council, U.S. leads the
country list with total gold reserves of 8,133.5 tonnes followed by
Germany with 3,366.8 tonnes.
While the IMF is ranked third with a holding of 2,451.8 tonnes, it is
followed by countries such as Italy (2,451.8 tonnes), France (2,436.1
tonnes), Russia (2,219.2 tonnes), China (1,936.5 tonnes), Switzerland
(1,040 tonnes) and Japan (765.2 tonnes) before India at the 10th spot.
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Significance
Most central banks are raising their gold holdings as the dollar is
strengthening, as they feel the need to diversify their reserves.
Gold is seen as a better hedge against the dollar than any other currency.
Notes
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Economy
Imported inflation
Issue
The Indian rupee breached the 72-a-dollar mark last week, due to weak
local and global economic indicators. The weakening of the domestic
currency in the past two months has renewed concerns of a return of
imported inflation.
Imported Inflation
When the general price level rises in a country due to the rise in prices of
imported commodities like petroleum, gold , fertilisers etc , inflation is
termed imported. Inflation may also rise due to depreciation of the
domestic currency, which pushes up the rupee cost of imported items.
Largest contributors to Indian imports

Petroleum and related products
Precious stones
Organic chemicals
Vegetable oil
Plastics
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Economy
Details
India is a net importer on economic front. If the rupee depreciation is
sustained, there will be an impact on inflation.
Imported inflation has sustained mainly through the fuel component. Any
sustained increase in oil prices past the $65-per-barrel mark can be a
concern. The price of gold, another key contributor to India’s imports, is
hovering at $1540 an ounce.This can be a concern too.
The rupee is among the worst performing Asian currencies and has
depreciated around 2.72% this year. Analysts believe that rupee to be
range-bound around 71-73 per dollar in the near term. This could elevate
the problem of inflation.
Way ahead
The experts are have not pressed the panic button on imported inflation
yet but a fragile global economy and trade tensions require a close watch
on this indicator.
India’s Current Account Deficit is below 2% and hence India’s external
position is expected to remain manageable.
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The RCEP deal
Issue
Commerce and Industries minister Piyush Goyal has said that India will
protect its national interest while signing the Regional Comprehensive
Economic Partnership (RCEP) agreement but one or two domestic
industries cannot hold the free trade agreement hostage.
Background
India has been seeking a more balanced outcome of the RCEP deal with a
strong agreement on services trade, including a deal on easier
movement of skilled manpower.
Details
India has to keep in mind the opportunity to increase business activities
of new technology, new foreign investment and opening up of the
services sector, new market access to Indian exporters, while signing
the RCEP deal.
While steel and dairy industries have been vocal against the trade deal,
pharmaceutical and cotton industries will benefit from the trade
agreement.
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RCEP
The RCEP is a proposed trade pact between the 10 countries of the
Association of Southeast Asian Nations and their six FTA partners,
including Australia, China, India, Japan, Korea, and New Zealand.
Benefits of RCEP
RCEP is expected to provide market access for India’s goods and
services exports and encourage greater investments and technology into
India.
It would also facilitate India’s MSMEs to effectively integrate into the
regional value and supply chains.
Notes
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Economy
Unicorn companies
Issue
The NCR region that comprises the national capital and adjoining cities of
Gurugram and Noida now counts more startups and unicorns than
Bengaluru and Mumbai.
Background
A recent survey has found out that Delhi-NCR region is home to largest
number of startups and also Unicorn companies.
It has also mentioned that, as the losses of unicorn companies have
incresed, their valuation has also increased.
Unicorn companies
A unicorn is a privately held startup company valued at over $1 billion.
Decacorn is a word used for those companies over $10 billion, while
hectocorn is the appropriate term for such a company valued over $100
billion.
Challeneges faced by startups and Unicorn

The lack of affordable co-working spaces, less number and quality of
accelerators and incubators, shortage of technical talent, lack of seed and
early-stage funding and low corporate participation.
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Economy
Exports to handle economic slowdown
Issue
Slowdown in domestic manufacturing could be negated by fast-tracking
exports. As trade windows open due to trade tensions between the U.S.
and China, an opportunity is created for Indian exports to the U.S. market.
Background
Ahead of the Union Commerce and Industries Minister’s meeting with
exporters and importers on September 11 to discuss trade policy
instruments, exporters have flagged certain concerns, saying the
government should help build large capacity for exports instead of
announcing measures only for the MSME sector.
Details
The CII has said that the exporters were at the mercy of foreign shipping
lines in the absence of a national shipping line due to which their profits
eroded significantly. A national shipping regulatory body should also be
formed to determine freight rates.
Remedial measures are needed to protect the huge employment and
investments made in SEZs where many units were finding it difficult to
carry on their businesses due to some mid-term policy changes. There is
also a suggestion for the government to give a one time I-T exemption.
Measures to boost exports includes “full reimbursement “ of various
imposts on exports and relaxed lending norms to improve credit flow to
reverse a slide in the growth of outbound shipments.
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Way ahead
For Indian exporters to become competitive, the government needs to
ensure that transaction costs are cut drastically, embedded taxes are
fully offset, raw materials are made available at reasonable prices and
credit is extended at cheaper rates.
Land acquisition needs to be made easier and companies must not be
dragged into unnecessary legal hurdles.
Notes
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Economy
IIP growth rises by 4.3% and retail inflation by 3.2%
Issue
India’s factory output accelerated to 4.3% in July from 1.2% a month ago,
while retail inflation increased to 3.21% in August from 3.15% in the
previous month.
Background
India’s economy reported its weakest growth in more than six years at 5%
in the June quarter and slowed for the sixth straight quarter, prompting
the government to initiate measures to spur economic activity.
Details
This is the 13th month in a row for a sub-4% retail inflation figure. The
Index of Industrial Production (IIP) grew 6.5% in July 2018.
The RBI has projected India’s gross domestic product growth for 2019-20
at 6.9%. Moody’s has pegged GDP growth at 6.4% for the same period.
Manufacturing made a strong comeback, growing at 4.2%, while electricity
surprisingly decelerated, growing at only 4.8%.
Mining output grew at a robust pace of 4.9% during the month.
Consumer durables also shrank 2.7% due to the slump in automobile sales
while consumer non-durables grew at a healthy pace of 8.3%.
Food inflation quickened to 2.99% in August from 2.36% a month ago on the
back of rising prices of meat and fish, vegetables and pulses.
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IIP
The Index of Industrial Production (IIP) is an index which shows the growth
rates in different industry groups of the economy in a stipulated period of
time.
The IIP index is computed and published by the Central Statistical
Organisation (CSO) on a monthly basis.
Notes
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Economy
US-China war can reduce global GDP
Issue
Tariffs imposed or threatened by the United States and China could reduce
0.8% off global economic output in 2020 and trigger more losses in future
according to the International Monetary Fund.
Background
The world's two largest economies, USA and China are preparing for new
rounds of talks aimed at curbing a more-than-year-long trade war that
has hurt global economic growth and rattled financial markets.
Details
The IMF lowered its 2019 global growth forecast from 3.3 per cent to 3.2
per cent, citing international tensions and the US-China trade war in
particular.
World economic activity remained subdued, with trade and geopolitical
tensions causing uncertainty and eroding business confidence, investment
and trade.
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Implications
The result is a large pullback in investment and along with that , price
increases and ruffled consumers. This causes U.S. and global GDP to
contract sharply.
The U.S. dollar appreciates as capital flight intensifies and emerging
market currencies depreciate sharply. Investments in US may take a hit,
which may lead to depreciation of US dollars.
Moody's forecasts that non-farm employment would be 793,900 lower by
the end of 2021.
Notes
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Aadhar authentication for GST
Issue
To keep fake traders at bay, Aadhaar authentication or physical
verification will be made mandatory for new traders coming under the
Goods and Services Tax regime from January 2020.
Background
Goods and Services Tax is an indirect tax imposed in India on the supply of
goods and services. It is a comprehensive multistage, destination based
tax.
Details
Under the new rule, those who do not prefer Aadhaar authentication, can
go for physical verification, which will be carried out in three days.
Currently, Aadhaar authentication is optional and no physical verification
is required.
The GST network is trying to make returns system more simple compared
to the earlier one. All types of taxpayers will get a new system under three
formats: Sahaj, Sugam and Normal.
Refunding will be made online to bring more transparency and
convenience for traders and exporters.
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GST Network
The Goods and Service Tax Network (or GSTN) is a non-profit, non-
government organization. It will manage the entire IT system of the GST
portal, which is the mother database for everything GST.
Notes
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Economy
Narmada dam overflows for the first time
Issue
Gujarat’s Narmada dam is set to overflow at its full 138.68-metre height
for the first time, after it was completed with the installation of gates in
2017.
Background
Owing to heavy rains in catchment areas of Narmada river in Madhya
Pradesh and subsequent release of water from upstream dams, the inflow
of water in Sardar Sarovar Dam has been increasing continuously and is
on the verge of overflow.
Details
With large amounts of water being released from the Omkareshwar and
the Indira Sagar dams in Madhya Pradesh, the dam is receiving heavy
inflow.
The rise in water level has prompted authorities to issue an alert for
villages along the river's banks in Narmada, Bharuch and Vadodara
districts.
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Sardar Sarovar Dam

The Sardar Sarovar Dam is a gravity dam on the Narmada river located
near Navagam, Gujarat . Four Indian states, Gujarat, Madhya Pradesh,
Maharastra and Rajasthan, receive water and electricity supplied from the
dam.
Part of a development scheme is funded by the World Bank through their
International Bank for Reconstruction and Development, to increase
irrigation and produce hydroelectricity, using a loan of US$ 200 million.
Notes
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Government package for boosting exports

and reviving housing sector
Issue
Union Finance Minister Nirmala Sitharaman has announced a third set of
government decisions to revive the economy, including a ?50,000 crore
export incentive scheme and a ?10,000 crore special window to provide
last mile funding for unfinished housing projects.
Background
The decisions announced by the minister follows two previous mega
announcements planned to encourage private sector investment, and
bring further stability into the banking system through several public
sector bank mergers.
Details
The most notable decision is the setting up of a special fund that would
provide last-mile funding for housing projects that are not categorised as
non-performing assets and are not undergoing National Company Law
Tribunal proceedings.
The setting up of the Scheme for Remission of Duties or Taxes on Export
Product (RoDTEP), will replace the Merchandise Exports from India
Scheme (MEIS).
The Reserve Bank of India is also looking into modifying the priority sector
lending norms for the export sector to release an additional ?36,000 crore
to ?68,000 crore as export credit.
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The reforms package also included ways to make the sector more efficient
and globally competitive. The entire process of export clearances will be
digitised and all offline or manual processes will be eliminated to reduce
the ‘time to export’.
The government is also planning to ease external commercial borrowing
guidelines to facilitate financing for home buyers who are eligible under
the Pradhan Mantri Awas Yojana, and that the interest rate on house
building advances will be lowered and linked with the 10 Year Government
Security yields.
Notes
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WPI inflation
Issue
India's wholesale price inflation remained unchanged at 1.08% in August
as inflation for manufactured items fell to 0%, which showed the reduction
of pricing power of producers.
WPI
The Wholesale Price Index (WPI) is the price of a representative basket of
wholesale goods.
The WPI is published by the Economic Adviser in the Ministry of Commerce
and Industry.
The Wholesale Price Index focuses on the price of goods traded between
corporations, rather than goods bought by consumers, which is measured
by the Consumer Price Index.
The purpose of the WPI is to monitor price movements that reflect supply
and demand in industry, manufacturing and construction. This helps in
analyzing both macroeconomic and microeconomic conditions.
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Details
Many manufactured items has seen negative inflation or deflation
including vegetable and animal oils, leather and apparel products, paper,
rubber, chemicals, steel, basic metals among others.
Fuel inflation also fell into negative territory. However, this may be
short-lived due to disruption in crude oil supply from Saudi Arabia.
Food inflation accelerated to 7.67% in August from 6.15% a month ago.
Implications
Although RBI does not consider WPI inflation for implementing its
monetary policy, low level of retail inflation and sagging growth conditions
may force RBI to cut policy rate for fifth consecutive time.
Notes
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Economy
India and GSP
Issue
A group of 44 influential lawmakers has urged the Trump administration
to reinstate India’s designation as a beneficiary developing nation under
the key GSP trade programme as part of a potential trade deal between
the two countries.
Background
The Trump administration had terminated India’s designation as a
beneficiary developing nation under the Generalized System of
Preferences (GSP), which had reduced India’s exports to the US
significantly. India was the largest beneficiary of the programme in 2017
with USD 5.7 billion in imports to the US given duty-free status .
Details
American businesses and workers have suffered most from GSP
termination to date instead of the foreign beneficial country it is alleged.
Despite facing higher tariffs due to lost GSP, imports from India of
(previously) GSP-eligible products increased over 40 per cent in June/July
2019 compared to a year earlier. This may be the result of companies
shifting sourcing away from China.
Latest data also shows that loss of GSP for India cost American companies
about USD 30 million in July.
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GSP
The GSP is the largest and oldest US trade preference programme and is
designed to promote economic development by allowing duty-free entry for
thousands of products from designated beneficiary countries.
Under the GSP programme, nearly 2,000 products including auto
components and textile materials can enter the US duty-free if the
beneficiary developing countries meet the eligibility criteria established by
Congress.
Notes
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Fiscal deficit
Issue
NITI Ayog vice-chairman Rajiv Kumar has said that the ?1.45 lakh crore
tax giveaway is unlikely to widen fiscal deficit as the shortfall will be met
through increased tax collections due to higher growth.
Background
The government had announced tax cuts for corporates by 10-12% points,
bringing down the effective corporate tax to 25.17% inclusive of all cess
and surcharges for domestic companies.
Details
Budget had estimated fiscal deficit at 3.3% of the GDP for the current
fiscal but many analysts say it will be overshooting by at least 70 bps to
4.1% as the quantum of the giveaways is worth 0.7% of the GDP.
It is said that India’s tax buoyancy has been very good. Therefore, both
direct and in direct tax collections will go up with growth after the tax
cuts. The higher revenue from tax and non-tax fronts will help the
government finance the fiscal deficit.
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Fiscal Deficit
The difference between total revenue and total expenditure of the
government is termed as fiscal deficit. It is an indication of the total
borrowings needed by the government.
A fiscal deficit occurs when a government's total expenditures exceed the
revenue that it generates, excluding money from borrowings.
A deficit is usually financed through borrowing from either the central
bank of the country or raising money from capital markets by issuing
different instruments like treasury bills and bonds.
Impact of Fiscal deficit

Budget deficits crowd out private borrowing, manipulate capital
structures and interest rates, decrease net exports, and lead to either
higher taxes, higher inflation or both.
Notes
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India- USA trade deal fails
Issue
The India-US limited trade agreement that was intended to be signed to
prevent on going escalations in tariff war has failed to get through.
Background
The announcement of an agreement was expected to coincide with
bilateral meeting between Prime Minister Narendra Modi and President
Donald Trump. Trump had announced that a bigger trade deal would be
coming into place soon.
Details
Sources have cliamed that the prospects of an agreement faltered due to
the failure to reach an agreement on Information and communications
technology (ICT) products.
The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but
India is concerned that this could open up the market to flooding by
Chinese technology.
The U.S. wanted greater access to Indian markets for medical devices,
such as stents and knee implants, ICT and dairy products and sought the
removal of price caps.
India wanted the reinstatement of preferential market access to U.S.
markets under the Generalized System of Preferences (GSP) program,
which was revoked in early June.
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It had also wanted facilitation of processes in agricultural product

markets where it already had access such as easier certification of food
product irradiation facilities and greater access in some agricultural
markets like table grapes, pomegranates for instance.
Other Issues
Some of the larger issues for the U.S. include digital trade like for instance
regulations around data localization and FDI in e-commerce.
India also continued to appear on U.S.’s “Priority Watch List” this year
along with 10 other countries.
The annual list identifies countries which, according to the U.S., pose
challenges to American intellectual property rights.
Notes
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Economy
India set to lose WTO case
Issue
A WTO dispute settlement panel has upheld a US complaint that export
subsidy programmes provided by the Indian government violated
provisions of the trade body’s subsidies and countervailing measures
(SCM) pact.
Background
In 2018, the US complained that India’s export-related programmes
violated Article 3.1(a) of WTO’s SCM agreement. Under Article 3.1,
developing countries with gross per capita of $1,000 per annum are not
entitled to provide export subsidies that are contingent upon export
performance.
Details
The three-member dispute settlement panel has struck down Indian
export promotion schemes on the grounds that India is not entitled to
provide such subsidies because its per capita gross national product
(GNP) has crossed $1,000 per annum.
India will have a month to challenge the ruling before an appellate body,
the highest court for global trade disputes. If the appellate body upholds
the panel’s ruling, India will be required to discontinue the existing export
promotion schemes.
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Ruling comes at an opportune time for US, which is piling pressure on

New Delhi to open the Indian market for medical products, particularly
heart stents and knee implants, dairy items and other products, as part of
an interim trade deal.
India had announced it would discontinue export subsidies soon. Despite
these pronouncements, the government has continued with export
subsidies.
Implications
The programmes that could be affected are export-oriented units scheme,
electronics hardware technology parks scheme, bio-technology parks
scheme, merchandise exports from India scheme, export promotion
capital goods scheme, special economic zones and duty-free imports for
exporters.
Export subsidies
Export subsidy is a government policy to encourage export of goods and
discourage sale of goods on the domestic market through direct
payments, low-cost loans, tax relief for exporters, or government-
financed international advertising.
An export subsidy reduces the price paid by foreign importers, which
means domestic consumers pay more than foreign consumers.
The World Trade Organization (WTO) prohibits most subsidies directly
linked to the volume of exports, except for LDCs.
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Economy

CURRENT AFFAIRS september 2019

Indian companies aiming to explore Russian oilfields

Petroleum sector in Russia

GST collection up by 4.5% in August

Core industries growth slows down

Reasons for slowdown

The slide of rupee and fall of sensex

Reasons for rupee fall

India among top 10 countries with Gold reserves

Largest contributors to Indian imports

The RCEP deal

Challeneges faced by startups and Unicorn

Exports to handle economic slowdown

IIP growth rises by 4.3% and retail inflation by 3.2%

US-China war can reduce global GDP

Aadhar authentication for GST

Narmada dam overflows for the first time

Sardar Sarovar Dam

Government package for boosting exports

India and GSP

Impact of Fiscal deficit

India- USA trade deal fails

It had also wanted facilitation of processes in agricultural product

India set to lose WTO case

Ruling comes at an opportune time for US, which is piling pressure on

UPSC/IAS History GS Geography GS

Polity GS CSAT International

Science & Economics

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