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Mint
5 days ago
- Business
- Mint
MP minister bats for strengthening Indo-Nepal bond to boost economic cooperation
Bhopal, Jul 13 (PTI) Madhya Pradesh minister Narendra Shivaji Patel has said MP and Nepal share unique and special cultural ties which will be bolstered, and efforts will be made to enhance bilateral economic cooperation between India and the neighbouring country. The minister of state for public health and medical education was speaking at the 'India-Nepal Economic Cooperation Meet 2025' hosted by the Embassy of Nepal in India and the PHDCCI India-Nepal Centre here on Saturday evening. "Madhya Pradesh and Nepal share unique and special cultural ties and we will do all possible for further enhancing them," he said. "To further enhance the bilateral economic cooperation and strengthen the base of Nepalese businesses in India (with focus on Madhya Pradesh and Central India at large), the meet is historically important. It will, indeed, help in further improving the 'Ease of Doing Business' between two friendly countries - India and Nepal," he added. The event was attended by senior diplomats from Nepal, besides senior government officials and industry leaders from the neighbouring country. PHDCCI 's India-Nepal Centre secretary Atul K Thakur said, "Substantial progress has been achieved in recent years in key areas of India-Nepal bilateral cooperation, especially in the areas of connectivity - physical, digital, energy and people-to-people linkages." This is manifested in the steady implementation of infrastructure projects related to roads, bridges, cross-border railways, Integrated Check Posts and petroleum pipelines, he said. "Some of the major outcomes of recent high-level visits include landmark connectivity initiatives such as progress in the Integrated Check Posts at Nepalgunj, Bhairahawa and Dodhra-Chandni," he added.
India Gazette
5 days ago
- Business
- India Gazette
MP: Nepal Embassy and PHDCCI India-Nepal Centre organised 'Economic Cooperation Meet' in Bhopal
Bhopal (Madhya Pradesh) [India], July 13 (ANI): In association with the Embassy of Nepal in India, PHDCCI India-Nepal Centre organised the 'India-Nepal Economic Cooperation Meet 2025' in Bhopal, Madhya Pradesh. The meeting witnessed the presence of senior diplomats from Nepal, besides senior government officials and industry leaders from Nepal. Speaking on the occasion, Narendra Shivaji Patel, Minister of Public Health & Medical Education, Government of Madhya Pradesh said, 'To further enhance the bilateral economic cooperation and strengthening the base of Neplease businesses in India (with focus on Madhya Pradesh and Central India at large), the 'India-Nepal Economic Cooperation Meet 2025' is historically important this shall help in further improving the 'Ease of Doing Business' between two friendly countries - India and Nepal. Madhya Pradesh and Nepal share a unique and special cultural ties--and we will do all possible for further enhancing it.' Later, speaking with ANI, Narendra Shivaji Patel said such programs will strengthen India's ancient cultural relations and economic ties with Nepal. 'Today this program of economic cooperation between India and Nepal has been completed through PHDCCI, which is a 200-year-old organisation of traders. Today, a long discussion was held among the delegates of PHDCCI on how to deepen the economic relations between India and Nepal and how investors from both countries should invest in each other. Certainly, through such programs, our deep and ancient cultural relations with Nepal will be strengthened and those economic relations will also be deepened,' Patel said. Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI, in his opening remarks, said, 'Substantial progress has been achieved in recent years in key areas of India-Nepal bilateral cooperation especially in the areas of connectivity--physical, digital, energy and people-to-people linkages. This is manifested in the steady implementation of infrastructure projects related to roads, bridges, cross-border railways, Integrated Check Posts and petroleum pipelines. He also highlighted the major outcomes of recent bilateral visits between both countries, emhsising on connectivity initiatives such as progress in the Integrated Check Posts at Nepalgunj, inauguration of a freight train service between India and Nepal and progress on the Kurtha-Bijalpura and Raxual-Kathmandu railway line. Atul K Thakur said, 'Some of the major outcomes of recent high level visits include landmark connectivity initiatives such as progress in the Integrated Check Posts at Nepalgunj, Bhairahawa and Dodhra-Chandni; inauguration of a freight train service between India and Nepal, progress on the Kurtha-Bijalpura and Raxual-Kathmandu railway line; momentum on the Motihari - Amelekhgunj pipeline phase-II and construction of a new petroleum pipeline from Siliguri to Jhapa and Amelekhgunj to Chitwan. 'Major landmarks in the power sector include the finalisation of the Long-Term Power Trade Agreement; finalisation of the trilateral power trade agreement between India, Nepal, and Bangladesh; and signing of agreements with respect to the development of new hydropower Projects in Nepal by Indian developers, including the 480 MW Phukot Karnali and the 669 MW Lower Arun. In the field of digital financial connectivity, Nepal started accepting UPI payments since March 2024 through interoperability with FonePay QR of Nepal. National Payments Corporation of India Limited (NPCIL) and Nepal Clearing House Limited (NCHL) are working closely to facilitate cross-border digital payments in a smoother way, and this is opening a new chapter in the financial technology domain,' he added. Nepalese diplomats Ambika Joshi, Minister Counsellor, Embassy of Nepal in India and Rabindra Jung Thapa, Counsellor (Economic), Embassy of Nepal in India shared in the presentation, 'Indian firms are among the largest investors in Nepal, accounting for 35 per cent of the total FDI stock in Nepal, worth nearly USD 777 million. Nepal is India's 17th largest export destination, up from 28th position in comprises about 64.1 per cent of total trade of Nepal, equating to USD 7.87 billion USD (Indian FY 23-24)). This includes USD 7.041 billion USD of exports from India to Nepal and USD 829.71 million USD of exports from Nepal to India. India is Nepal's largest export destination, receiving an overwhelming 67.9 per cent of its total exports (as per annual data available from Nepal Rastra Bank (mid-August 2023-mid July, 2024). Nepal's other large export destinations are the United States, Germany, Turkey, France, the UK, Australia, Italy, Japan and Canada. Nepal's exports mainly constitute edible oil, coffee, tea and jute. Nepal's main imports from India are petroleum products, Iron & Steel, Cereals, Vehicles and Parts, Machinery parts.' He added, 'There are about 150 Indian ventures operating in Nepal engaged in manufacturing, services (banking, insurance, dry port, education and telecom), power sector and tourism industries. India-Nepal partnership will be further strengthened in all crucial areas including economy, culture and at people-to-people level. The famous Janki Temple in Janakpur was made by the queen of Tikamgadh (Madhya Pradesh) and this is one of the key examples of our shared past with Madhya Pradesh and India. The Embassy of Nepal in India is fully supportive of business and people engagements between Nepal and India--and it calls the businesses in Madhya Pradesh (and other parts of India) to explore investing and doing business in Nepal for promising outcomes.' Later, speaking with ANI, Ambika Joshi said, 'Today's program was focused on exploring opportunities for tourism and investment in Nepal. We had a very good interaction with Indian investors and the people from the Nepali community who are rising entrepreneurs in Bhopal about collaborating for investment and tourism. I'm happy to share that beyond tourism or economic issues, we also discussed on the possibility of collaboration in the cultural, medical and education sectors. So I am very much encouraged by this program.' For acelerating India-Nepal bilateral economic cooperation, the 'India-Nepal Economic Cooperation Meet 2025' had detailed discussions, among others, on: Promoting Sustainable Industrial Development in Nepal and India; Revisiting Bilateral Trade Policies; Expanding Bilateral, Regional and Sub-regional Cooperation; Improving Border Area Development and Connectivity (Road, Railway & Air). (ANI)
Express Tribune
24-05-2025
- Business
- Express Tribune
Bangladesh cancels $21m defence contract with India's GRSE
The textile industry would be temporarily affected by the move, said Rakibul Alam Chowdhury of the Bangladesh Garment Manufacturers and Exporters Association. PHOTO: FILE Listen to article Bangladesh has cancelled a $21 million defence contract with India's state-owned Garden Reach Shipbuilders and Engineers Ltd (GRSE), amid growing strain in bilateral relations. The contract, awarded in July 2024, was for an advanced ocean-going tug for the Bangladesh Navy, a vessel designed for deep-sea towing and salvage missions. GRSE, a public sector unit under India's Ministry of Defence, confirmed the cancellation in a stock exchange filing on May 21. According to The Hindu, GRSE stated that the cancellation was anticipated and followed 'mutual discussions' with the Bangladesh government. The company added that the financial impact would be negligible, as the order represented just 0.8% of its ₹22,680.75 crore ($2.7 billion) order book as of March 31, 2025. No official reason was given by Dhaka. However, as reported by Business Standard, analysts view the move as a possible retaliation for New Delhi's recent imposition of import restrictions on Bangladeshi goods. On May 18, India tightened controls at Integrated Check Posts in its northeastern region, affecting shipments of ready-made garments and processed foods. These measures followed India's earlier decision to withdraw a transshipment facility that had enabled Bangladeshi goods to reach third countries via Indian territory. The diplomatic setback comes amid a broader shift in Bangladesh's foreign policy posture following the departure of Sheikh Hasina's administration in August 2024. The ocean-going tug, while modest in budgetary terms, had been a strategic symbol of India-Bangladesh defence cooperation. Its cancellation underscores a deterioration in that relationship. In a press release on May 22, GRSE said it had been selected as the lowest bidder for the Indian Navy's Next Generation Corvette (NGC) programme. The company, based in Kolkata, has delivered 111 warships to Indian maritime forces and friendly foreign navies, including missile and anti-submarine corvettes. India-Bangladesh tensions rise amid trade curbs and political crackdow India-Bangladesh relations have deteriorated in recent months due to escalating trade restrictions and political developments. India has restricted imports of Bangladeshi garments to select ports, impacting exports worth $700 million annually. It has also blocked Bangladeshi consumer goods at 11 northeastern land ports and ended a key transit facility for Bangladeshi exports to third countries via Indian routes. In response, Bangladesh halted yarn imports from India through land ports in mid-April. Despite being India's largest trading partner in the region during FY24, and India ranking as Bangladesh's second-largest export market, trade ties have cooled sharply. At the same time, Bangladesh's interim government has banned the Awami League—the party of ousted Prime Minister Sheikh Hasina—under anti-terrorism laws, citing security concerns.
Hans India
18-05-2025
- Business
- Hans India
Bangladesh faces $770 million hit due to India's curbs on trade
India's decision to restrict imports from Bangladesh is expected to hit goods worth $770 million (Rs 6,600 crore) that flow in through the cross-border trade points with the neighbouring country. "Readymade garments, valued at $618 million (Rs 5,290 crore), now face strict routing through only two Indian seaports. This severely limits Bangladesh's most valuable export channel to India," said Ajay Srivastava, founder of think-tank Global Trade Research Initiative (GTRI). The other goods that have been barred from entry into India through the land customs stations on the border include fruit-flavoured carbonated drinks, processed foods, cotton and cotton yarn waste, plastic and PVC finished goods, and wooden furniture. The total value of these items is pegged at around $153 million (Rs 1,310 crore). India's Directorate General of Foreign Trade (DGFT) issued a notification imposing land port restrictions on the import of goods such as readymade garments, processed food items etc., from Bangladesh to India with immediate effect on Saturday. 'However, such said port restriction will not apply to Bangladesh goods transiting through India but destined for Nepal and Bhutan,' the DGFT said in its notification. According to the directive, 'Import of all kinds of Ready-Made Garments from Bangladesh shall not be allowed from any land port, however, it is allowed only through Nhava Sheva and Kolkata seaports'. These items 'shall not be allowed through any Land Customs Stations (LCSs)/ Integrated Check Posts (ICPs) in Assam, Meghalaya, Tripura and Mizoram; and LCS Changrabandha and Fulbari, in West Bengal". "The port restrictions do not apply to the import of Fish, LPG, edible oil, and crushed stone from Bangladesh,' the notification further read. The Indian move came after the Bangladesh government in April banned the import of yarns from India to the country via land ports through a notification from the National Board of Revenue (NBR). Earlier, India terminated the trans-shipment facility for Bangladesh, which allowed the latter to export its products to other countries through Indian seaports and airports. India is Bangladesh's second-largest trading partner after China. In the fiscal 2022-23, Bangladesh-India trade amounted to around $16 billion. Bangladesh imported goods worth about $14 billion, while its exports to India stood at $2 billion, as per industry data.
India Gazette
18-05-2025
- Business
- India Gazette
"Bangladesh can't survive if they go against India": BJP's Dilip Ghosh
North 24 Parganas (West Bengal) [India], May 18 (ANI): As India imposes port restrictions on import of several categories of goods from Bangladesh, Bharatiya Janata Party (BJP) leader Dilip Ghosh on Sunday asserted that the neighbouring country in the east couldn't survive if it ventures out against India. 'When we can tighten screws on Pakistan, then what is Bangladesh? It is surrounded by India from all four sides. For Bangladesh, everything is in our hands, from air to water, business to commerce. They should understand that it cannot survive if they go against India,' Ghosh told ANI. His remarks come after the Ministry of Commerce and Industry has imposed immediate port restrictions on the import of several categories of goods from Bangladesh, following a directive issued by the Directorate General of Foreign Trade (DGFT). The move limits the entry of products such as ready-made garments and processed foods to specific seaports, an official press release by the Ministry stated. Under the new directive, all kinds of ready-made garments from Bangladesh can now only be imported through Nhava Sheva and Kolkata seaports, with entry through land ports no longer permitted. Additionally, the import of items such as fruit-flavoured and carbonated drinks, processed food, cotton waste, PVC and plastic finished goods (except approved industrial inputs), and wooden furniture has been restricted at Land Customs Stations (LCSs) and Integrated Check Posts (ICPs) in Assam, Meghalaya, Tripura, Mizoram, and West Bengal's Changrabandha and Fulbari. The directive makes clear that imports of essential items like fish, LPG, edible oil, and crushed stone remain unaffected. Goods transiting through India from Bangladesh to Nepal and Bhutan are also exempt. The restrictions come in the wake of remarks made by Bangladesh's interim Chief Adviser Muhammad Yunus during a speech in China, where he referred to India's northeastern states as a 'landlocked region with no access to the ocean.' Indian officials interpreted the comment as a challenge to the region's connectivity and sovereignty, triggering a diplomatic backlash. (ANI)
