GLOBAL MARKET

The Union Finance Minister Nirmala Sitharaman, who is in Washington to attend IMF 2023 meetings, said India is not seeking to reverse the benefits of globalization but is asking that it be made more transparent. In response to globalization benefits, Sitharaman said, "We have a big play. We also don't import final consumer goods, which we are capable of manufacturing." Meanwhile, Union FM will hold bilateral financial meetings in US.

The Commerce Ministry on March 26 came up with a four-point plan to tackle the Suez Canal blockade including cargo, freight rates, advisory to ports, and re-routing of ships. Reportedly, Indian export bodies FIEO, MPEDA, APEDA will identify and prioritize the shipment of perishable cargo with the help of shipping lines. Notably, the canal blocked since March 23 has disrupted the global trade, as over 200 vessels are waiting on either side. … read-more