April 2023

External Affairs Minister Dr. S Jaishankar, who visited the Dominican Republic, yesterday held talks with Dominican Trade and Industry Minister Ito Bisono, and both agreed to take forward the business ties. The Dominican Trade Minister in a tweet said the two sides discussed opportunities in energy, pharma, agriculture, mining and IT in the Caribbean region. External Affairs Minister Dr. S Jaishankar also inaugurated Plaza Mahatma Gandhi in Santo Domingo, Dominican Republic and unveiled a statue of the Father of the Nation. Dr. S Jaishankar along with Foreign Minister Roberto Alvarez planted a tree to commemorate the bilateral friendship. Earlier, he also called on President Luis Abinader and discussed the increasing bilateral contacts and economic and commercial ties.  EAM also held talks with his Dominican counterpart Roberto Alvarez and joined in the inauguration of the Indian Embassy in the Caribbean nation. In tweets, Dr. S Jaishankar said that he called on President Luis Abinader and conveyed the greetings of Prime Minister Narendra Modi. During talks with his Dominican counterpart Roberto Alvarez, the two discussed the growing bilateral ties and agreed on enhanced exchanges to boost the close ties. On the inauguration of the Indian Embassy in Santo Domingo, at which he joined the nation’s Vice President Raquel Pena, he voiced confidence that the Resident Mission would mark a new phase of bilateral cooperation and help strengthen the ties. He also thanked the President of Senate Eduardo Estrella, FM Roberto Alvarez, Defense Minister Carlos Luciano, Education Minister Franklin García Fermín for joining the inauguration ceremony. He also spoke to the diplomatic corps and young minds of the diplomatic school of Ministry of Foreign Affairs, Dominican Republic on the bilateral ties.

Union Minister for Commerce and Industry, Piyush Goyal, delivered the inaugural address at the ‘India Calling Conference 2023’ organized by the Indian Merchants Chamber in Mumbai. During his address, he highlighted the contribution of companies from small countries, such as the Czech Republic and Poland, to the supply chain of big companies around the globe. Minister Goyal appealed to all to aim for a 47 trillion dollar economy when India reaches the year 2047. He added that India has tried to formalize the economy and has met with great success. The spirit of team, competitiveness, and positivity are necessary for success, and that kind of spirit can be seen in Mumbai, which is not only the financial capital but also the fun capital of India, he added. Minister Goyal said that every single geography in the world has a lot of hope and expectation from India, and though it can be sometimes daunting, it shows the confidence of the world in India’s future. He said, “India reflects the vision of the world as one Economy. While Commerce Industry teams are negotiating Free Trade Agreements with a deep focus on protecting India’s interest, India believes that true prosperity happens when the whole world prospers. India believes in Vaccine Maitri under which it delivered 278 million doses to poorer countries mostly free because India feels safe when the world is safe.” The Minister further added that the ‘Panch Pran’ given by the Prime Minister can be realized only if it becomes the commitment of the entire nation. He emphasized that the vision of a developed India will not be possible without the ‘Nari Shakti’ of India and a corruption-free nation. He applauded the commitment of the industry to social causes and said that all of us are determined for a better future for India. During the conference, Dinesh Joshi, Chairman, IMC International Business Committee, highlighted the success story of ‘Make in India’ initiative, where India has turned out to be one of the most favored manufacturing hubs. He mentioned that India’s smart phone exports have increased from zero to 90,000 crores, and centers of excellence are being set up for the manufacture of electronics, pharma, textiles, and solar manufacturing. He also noted that India has made considerable progress in sectors such as defense, space, hydrogen energy, and fintech. Anant Singhania, President, IMC, in his welcome address, said that India is now the 5th largest nation by GDP, up from 10th place since 2014. He highlighted the government’s initiatives to link ordinary Indians to their electronic identity through a set of digital services, which has caused the cost of technology to drop. This and the conducive ecosystem created by the Government of India have transformed the startup scene in India, making India the world’s third-largest startup hub, he observed. He also noted how India has gone from creating 1 Unicorn/year to 42 Unicorns in 2021 and in a span of 10 years emerged as the number 1 mobile data consuming nation. Union Minister Piyush Goyal also extended an invitation to those present to join him in listening to the 100th episode of Mann Ki baat on April 30.

The Labour Bureau, an attached office of the M/o Labour & Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. The index is compiled for 88 centres and All-India and is released on the last working day of succeeding month. The index for the month of March, 2023 is being released. Hi, my name is CA Bhuvnesh Kumar Goyal and I am a Praciticing Chartered Accountants with B K Goyal & Co LLP. B K Goyal & Co LLP is a CA Firm in India practicing in wide range of area’s. The All-India CPI-IW for March, 2023 increased by 0.6 points and stood at 133.3 (one hundred thirty three point three). On 1-month percentage change, it increased by 0.45 per cent with respect to previous month compared to increase of 0.80 per cent recorded between corresponding months a year ago. The maximum upward pressure in current index came from Fuel & Light group contributing 0.25 percentage points to the total change. At item level,  Cooking Gas/LPG, Fire wood and Chips, Hospital/Nursing Home Charges, Medicine Allopathic, Motor Cycle/Scooter Mopad, Toilet Soap, Tooth Paste,  Arhar Dal, Cow Milk, Dairy Milk, Fish Fresh, Pure Ghee, Apple, Banana, Cauliflower, Brinjal, Cabbage, Bitter Guard, French bean, Lemon, Peas,  Cumin Seed/Jira, Cooked Meal are responsible for the rise in index. However, this increase was largely checked by Wheat Atta, Rice, Potato, Onion, Drum Stick, Lady Finger, Tomato, Grapes, Soyabean Oil, Sunflower Oil, Mustard Oil, Cotton Seed Oil, Poultry Chicken, Egg-Hen etc. putting downward pressure on the index. At centre level, Ahmedabad recorded a maximum increase of 3.3 points followed by Jamshedpur and Gurugram with 3.2 and 3.1 points respectively. Among others, 3 centres recorded increase between 2 to 2.9 points, 23 centres between 1 to 1.9 points and 43 centres between 0.1 to 0.9 points. On the contrary, Salem recorded a maximum decrease of 1.4 points followed by Tirunelveli and Tripura with 1.1 and 1 point respectively. Among others, 9 centers recorded decrease between 0.1 to 0.9 points. Rest of four centers index remained stationary. Year-on-year inflation for the month stood at 5.79 per cent compared to 6.16 per cent for the previous month and 5.35 per cent during the corresponding month a year before. Similarly, Food inflation stood at 5.02 per cent against 6.13 per cent of the previous month and 6.27 per cent during the corresponding month a year ago. Year on year Inflation based on CPI-IW (Food and General) All-India Group-wise CPI-IW for February, 2023 and March, 2023 Sr. No. Groups February, 2023 March, 2023 I Food & Beverages 131.5 131.7 II Pan, Supari, Tobacco & Intoxicants 152.2 153.8 III Clothing & Footwear 133.0 133.3 IV Housing 123.4 123.4 V Fuel & Light 177.8 182.2 VI Miscellaneous 130.4 131.1   General Index 132.7 133.3 The next issue of CPI-IW for the month of April, 2023 will be released on Wednesday, 31st May, 2023. The same will also be available on the office website www.labourbureau.gov.in.