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Bloomberg
13 minutes ago
- Bloomberg
India's RBI Plans to Drain $11.7 Billion From Banking System
India's central bank announced plans to withdraw excess liquidity from the banking system, a move likely aimed at stemming the recent slide in overnight borrowing costs. The Reserve Bank of India said in a statement it will drain 1 trillion rupees ($11.7 billion) on July 4 via a seven-day variable reverse repurchase auction. Through such moves, the central bank absorbs surplus funds from banks in exchange for eligible securities.
Forbes
15 minutes ago
- Forbes
How Well Protected Are India's Products Of Protected Origin?
THANE, INDIA - OCTOBER 9: Ankush Karande with help of his son make a six-feet long Kolhapuri Chappal ... More out of Italian leather without using any machine, in an attempt to enter the Guinness Book of Records on October 9, 2018 in Thane, India. (Photo by Praful Gangurde/Hindustan Times via Getty Images) The use of a traditional Indian sandal design by Prada has caused an uproar on Indian social media. While the sandal style is protected under World Trade Organization rules as a geographic indication, the Italian fashion house did not actually break any rules by showcasing a design inspired by the Kolhapuri chappal during the Milan fashion week in June. However, ethical implications are still abound in the case that saw Prada struggle to appease a whole subcontinent. The Kolhapuri chappal features a strap over the foot's arch and one around the big toe, both connected with another thin band. While Prada's design also featured the traditional leather and embellishments, the company did not name its shoe a Kolhapuri chappal nor did it yet have plans to commercialize its haute couture item. Under GI rules, shoes called Kolhapuri chappal can only be sourced from predefined districts in Indian states Maharashtra and Karnataka where the footwear has been proven to have a long artisanal history and therefore can carry a protective designation of quality. This chart shows selected Indian products protected by WTO geographical indication as of 2025, by ... More state/Union Territory. Prada in a statement acknowleged that its sandal's design was inspired by Indian traditional footwear from the aforementioned regions, which according to The New York Times is also permissible under WTO rules. The company said it was open to 'meaningful exchange" with Indian artisans, showing not only how much considerations around cultural appropriation and giving due credit have arrived in the Indian mainstream, but also how global companies have gotten used to taking these concerns seriously. Yet, geographic designations set by the WTO are also proving not very wide-ranging, being significantly weaker than a trademark companies can obtain. Geographical indications are common all over the world, with the best-known examples like Parmesan cheese, Parma ham or Champagne from the French Champagne region hailing from Europe. But India has also protected a number of its culturally significant products using this system. Notably, traditional handicrafts feature heavily among India's protected designations in addition to food products. Parmesan Cheese & The Kolhapuri Chappal Most well-known internationally are probably the Indian GI tags for Darjeeling tea from the state of West Bengal and Basmati rice from several northern Indian states. The latter one showcases another issue often associated with geographical designations—disputes. Pakistan also lays claim to the traditional cultivation of Basmati rice in its regions neighboring India and has applied for a GI tag as well. That Basmati rice traditionally comes from India and Pakistan has already been recognized in some jurisdictions like New Zealand and Australia. India also protects several types of mango, including Banganapalle mango from the state of Andhra Pradesh, as well as the Lasalgaon onion from Maharashtra, the Khola chilli from Goa and Nilambur Teak from Kerala. It has given out GI tags to varieties of grapes, strawberries, beans and pomegranates as well. Concerning handicrafts and textile making, silk and its products are protected in several Indian regions, for example Muga Silk from Assam, Uppada Jamdani sarees from Andhra Pradesh or Banarasi sarees from Uttar Pradesh. But Pashmina shawls from Jammu & Kashmir, Kutch Embroidery from Gujarat, Chendamanglam Dhoties from Kerala and Madhur Kathi mats from West Bengal also fall into this category. More unusual GI tags include Tamil Nadu's Dindigul lock, referring to traditional handmade locks from the city of Dindigul, as well as Goa's Feni spirit made from cashew apples or coconut. Charted by Statista
Wall Street Journal
20 minutes ago
- Wall Street Journal
What Trump's Deal with Vietnam Says About His Trade Talks
What Trump's Deal with Vietnam Says About His Trade Talks WSJ Senior Reporter Jon Emont explains what we know about President Trump's trade deal with Vietnam and what it says about his negotiations. Photo: WSJ; Nhac Nguyen/AFP/Getty Images
