The US Department of Commerce has announced that Chinese-made electric vehicles would attract 100% import duty, on solar cells 50% and 25% on EV batteries, critical minerals, aluminium and steel.
IPEF members include India, Australia, the U.S., Japan, Fiji, Brunei, Korea, New Zealand, Singapore, Indonesia, Malaysia, Vietnam, Philippines and Thailand.
The new liberalised regime for investing abroad is yet to make an impact, thanks to a global slowdown.
“Our proposal is to take an initiative at a global-level to take ethanol blending in petrol up to 20%,” says PM Modi at the G20 summit.
The main downside risk would be if the labour force participation rate does not increase, says Santanu Sengupta, Goldman Sachs Research's India economist.
Elon Musk calls himself a "fan of Modi" after his meeting with Prime Minister
Meta said that the company is "disappointed to be singled out when using the same legal mechanism as thousands of other companies looking to provide services in Europe."
The proposal is to leverage the complementary strengths of both countries and facilitate commercial opportunities and development of semiconductor innovation ecosystems.
India to add $400 bn to economic growth every year and its m-cap will rise from $3.4 tn to $11 trillion by 2032.
The revenue growth of about 16 leading Indian pharmaceutical companies is estimated to moderate to 6-7% in FY23, says ICRA.
