The Korea – ASEAN & India Business Week 2020 opened in the Republic of Korea (RoK)’s capital Seoul on October 13, giving participants a chance to highlight Asia’s potential in the post-COVID-19 era and promote the sharing of prosperity among Asian nations.

vietnam attends korea asean india business week 2020
At the event (Photo: VNA)

Seoul – The Korea – ASEAN & India Business Week 2020 opened in the Republic of Korea (RoK)’s capital Seoul on October 13, giving participants a chance to highlight Asia’s potential in the post-COVID-19 era and promote the sharing of prosperity among Asian nations.

The RoK, ASEAN, and Indian enterprises will have access to a series of business opportunities with Asian partners.

Online meetings between investors will be held as part of the event.

The embassies of ASEAN member states and India joined an exhibition of national specialties on the occasion.

Speaking to the press, third Secretary of the Vietnamese Embassy

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NEW DELHI—With India facing an economic crisis brought on by the coronavirus pandemic, Prime Minister Narendra Modi is looking to deregulation as the cure.

The changes pushed through in recent weeks by his Bharatiya Janata Party, affecting everything from factory floors to farming, have so far led to more confusion than acclaim, but economists say the economic overhaul could ultimately improve India’s troubled growth prospects.

“The reforms are in the right direction. They are bold steps,” said Ashok Gulati, an Indian agricultural economist and professor at the Indian Council for Research on International Economic Relations.

India’s economic growth was slowing alarmingly even before the pandemic abruptly threw it into reverse, starting in March. In the months that followed, the economy contracted by almost one-quarter, the sharpest blow suffered by any of the world’s largest economies during the coronavirus-induced downturns.

The poor have been particularly hard hit, as workers who had

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India, along with six other countries, has released an international statement calling on technology companies to provide backdoor encryption access to law enforcement agencies under certain circumstances.

India, along with Japan joined members of the intelligence sharing alliance Five Eyes, comprising the United States, the United Kingdom, Canada, Australia, and New Zealand to detail their stance on encryption and public safety in a statement released over the weekend.

The seven signatories in their statement, began by highlighting the importance of end-to-end encryption (E2EE) in protection privacy and safety of an individual, citing a report by UN Human Rights Council.

“Encryption is an existential anchor of trust in the digital world and we do not support counterproductive and dangerous approaches that would materially weaken or limit security systems,” the statement read.

However, the statement then pivots to the “challenges” posed by E2EE in maintaining public safety.

“Particular implementations of encryption technology,

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(Bloomberg Opinion) — Economists like to think of themselves as mathematicians — or, if feeling momentarily humbler, as physicists. This year’s winners of the Nobel Prize in economics, however, seem to conceive of themselves more as engineers. Like Alvin Roth and Lloyd Shapley, who won the prize in 2012, Paul Milgrom and Robert B. Wilson are specialists in “market design,” a field which, as Roth wrote in a famous paper, calls for “an engineering approach.”


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Roth argued that market designers should take bridge-builders as their exemplars: “Engineering is often less elegant than the simple underlying physics, but it allows bridges designed on the same basic model to be built longer and stronger over time, as the complexities and how to deal with them become better understood.”

The bridge that Milgrom and Wilson built was the 1994 auction of telecommunications spectrum by the Federal Communications Commission, later called “the

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By Aftab Ahmed and Manoj Kumar

NEW DELHI, Oct 12 (Reuters)India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

The government will allow its employees to spend tax-exempt travel allowances on goods and services, Nirmala Sitharaman, India’s finance minister told a news briefing.

She said the government will also shore up investment by spending extra 250 billion rupees ($3.41 billion)on roads, ports and defence projects, and offering 120 billion rupees in interest-free 50-year loans to state governments for spending on infrastructure before March 31,2021.

“All these measures are likely to create an additional demand of 730 billion rupees ($9.96 billion),” Sitharaman said, adding the proposals would stimulate demand in a “fiscally prudent way.”

Prime Minister Narendra Modi’s government,

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(Bloomberg) — For decades, diesel has underpinned India’s economic growth and the fortunes of its refiners, but the pandemic has caused the nation’s most consumed fuel to lose some of its luster.

Since Covid-19-lockdowns have eased across India, diesel consumption has trailed the rebound in gasoline with trucks remaining idle amid a softer economy. Motor fuel use, however, has benefited from people choosing their own cars and scooters over public transport to avoid the risk of infection.

a pile of luggage stacked on top of a truck: Idled Trucks Have India Fuel Demand Headed for Five-Year Low

© Bloomberg
Idled Trucks Have India Fuel Demand Headed for Five-Year Low

Trucks sit idle near a wholesale market in Delhi, India on Sept. 4.

Photographer: Anindito Mukherjee/Bloomberg

While diesel is still king in India — fuel sales are double that of gasoline — the uneven demand recovery has created a unique challenge for India’s refiners, just as more headwinds emerge from the use of hydrogen and natural gas in major guzzlers such

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Edelweiss Asset Management, in collaboration with MSCI, recently launched Edelweiss MSCI India Domestic & World Healthcare 45 Index Fund. While there are many thematic funds in India, the Edelweiss one is the first thematic index fund to be launched in the country.

The fund will invest in the stocks of the underlying MSCI India Domestic & World Healthcare 45 Index.

The index is a mix of the top 25 Indian and the top 20 global (US-listed) healthcare stocks based on their market cap.

It will be rebalanced quarterly and the changes in the securities and their weights will be reflected in the fund portfolio. The Indian and the global segments have been weighted 70 per cent and 30 per cent, respectively.

MSCI has created the index exclusively for the Edelweiss fund from securities in the MSCI India Domestic IMI and the MSCI World Index.


A slice of global and India

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In a major push for Atmanirbhar Bharat (self-reliant India), chemicals major Gujarat State Fertilizers & Chemicals Limited (GSFC) on Thursday started selling locally made calcium nitrate — a 100-per cent imported water-soluble fertilizer.

Building up on its capabilities to make caprolactam and its by-product nitric acid, GSFC found economic viability to make calcium nitrate at its facility near Vadodara. The first consignments of the locally-made calcium nitrate and boronated calcium nitrate was sent to Solan in Himachal Pradesh and Bhavnagar in Saurashtra.

Union Minister of State for Chemicals and Fertilisers, Mansukh Mandaviya on Thursday launched the product online. “We identified about 79 chemicals where import substitution could take place. Of these, there are 39 chemicals, where we are 70-100 per cent dependent on imports. GSFC has identified 21 such chemicals to make in India and take a big leap to achieve the goal of Atmanirbhar Bharat,” the minister said in

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Chinese auto major Great Wall Motors (GWM), which has been facing uncertainties on starting manufacturing in India, may hear some positive news from the Indian authorities.

According to multiple sources, the Prime Minister’s Office is likely to give its nod for manufacturing at a facility at Talegaon (Maharashtra) that was earlier used by US-based General Motors; GWM had agreed to acquire this plant in January.

While government officials remained non-committal, a GWM spokesperson told BusinessLine, “We are hopeful of hearing from the government soon on investment clearances. GWM is a global company and committed to contribute significantly to the growth of the Indian economy.”

The company made its India debut at the Auto Expo in February where it announced investments of $1 billion (around ₹7,000 crore) in India in phases; this included the acquisition of the Talegaon plant, the setting up of a research and development (R&D) facility besides

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The India story is strong today and will become stronger tomorrow, Prime Minister Narendra Modi said on Thursday.

Addressing Annual India Invest Conference, Modi highlighted the issues investors would analyse before putting in their money. “Does the country have a vibrant democracy? Does the country have political stability? Does the country have investment and business friendly policies? Does the country have a skilled talent pool? The undisputed answer to all these questions is one: India,” he said in the virtual conference organised with a special focus on further strengthening business ties between India and Canada.

He described the FDI regime in India as ‘very well liberalised’ and the tax regime for Sovereign Wealth and Pension Funds as ‘friendly’.

“We have undertaken significant reforms for developing a robust Bond market,” he said noting the factors that Canada is home to some of the largest and most experienced infrastructure investors. Canadian Pension

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