WTO deal struck to destroy peasantry! How long would the business friendly government protect business now? Palash Biswas

WTO deal struck to destroy peasantry!

How long would the business friendly government protect business now?

Palash Biswas

WTO deal struck to destroy peasantry!

How long would the business friendly government protect business now?

Obama`s man of action acts with surgical precision.WTO deal is struck to destroy peasantry,how long would the business friendly government protect business now?Prime Minister abroad and India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms of global customs procedures.No one may answer the querries about the turnaround stance so unexpected.

The deal, which needs to be backed by all 160 WTO members, has resurrected hopes that the trade body can now push through those reforms, opening the way up for further negotiations.

Multi brand retail FDI is next on agenda with GST to be cleared by the states and modification on one hundred and five laws to make India free hunting ground for foreign capital without any resistance.

It should be understood as things managed well in US interests one after another why Modi was given US Visa denied before he sidelined all the icons of Hindutva brigade and elevated himself as the supreme leader of the US periphery of global Hindutva and zionism combined.

Thus, all PSUs have to be sacrificed and no subsidy would be allowed in a decontrolled,deregulated market wherefrom all indigenous small ,medium ,the whole lot of retailers have to be ejected out of home as the most of the tribal population has been after partition replicating the act against partition victim refugees.

Meanwhile,three PSU OMCs fell by 2.43% to 4.96% at 14:55 IST on BSE on reports government today, 13 November 2014, hiked excise duty on petrol and diesel by Rs 1.50 per litre each for the two fuels.The crude oil prices continues to subside and the prices of petrol and diesel were expected to be reduced but ejecting out Shivsena and the same thing expected for Akalies in Punjab,the BJP corporate policy makers have not be care much for the readymade mandate.On the other hand,power tariff in the city has been revised with the Delhi Electricity Regulatory Commission (DERC) approving a fuel surcharge of 7% for BSES Yamuna Power Limited (BYPL), 4.5 for BSES Rajdhani Power Limited (BRPL) and 2.5% for Tata Power.

As the Hindu refugees have been misused for Hindutva agenda hitherto, as the agrarian India and indigenous production system devastated under monopolistic multinational aggression,so the business community has to bear the burn now.

No one is reading the wall writing,In fact,the status is that no more eye washing needed to project the populist vote bank gimmicks of dreamy good days in an economy of trickling growth as the shafron hegemony opened up all the ways of manusmriti rule afresh.

The state power is captured and no coup expected in near future, Namo is a free man now all the way and second generation of reforms boosted as never before.

The United States and India helped clear the way for a global customs trade agreement Thursday, reaching a settlement on government stockpiling of food.The deal improves the chances for the World Trade Organization Trade Facilitation Agreement, officials said, making it easier and cheaper to move products across borders.

India had plunged the WTO into the deepest crisis in its 20-year history in July by vetoing a deal on streamlined customs rules due to a lack of progress on its demands to be allowed to stockpile food without observing the usual WTO rules on agricultural subsidies.

That put the WTO's future in doubt just months after it appeared to have overcome decades of stalemate on the issue at a meeting in Bali in Indonesia.

"This breakthrough represents a significant step in efforts to get the Bali package and the multilateral trading system back on track," WTO director general Roberto Azevedo said.

"Implementation of all aspects of the Bali package would be a major boost to the WTO, enhancing our ability to deliver beneficial outcomes to all our members."

The International Chamber of Commerce (ICC), which has said streamlining customs procedures could add $1 trillion and 21 million jobs to the world economy, said the breakthrough would open the door to new trade talks.

"Today's breakthrough is a real victory for all of us: governments, consumers and business," said ICC Secretary General John Danilovich.

Linda Dempsey at the U.S. National Association of Manufacturers said the customs deal was "an unparalleled opportunity to boost global growth and commerce by the simple task of cutting red tape, streamlining border processing and adding transparency to customs operations worldwide".

The breakthrough is the second at the WTO in days, following a U.S.-China pact to cut tariffs on IT products, also billed as a $1 trillion advance. It also comes hot on the heels of a U.S. agreement with China on carbon emissions.

The U.S.-Indian deal is likely to be hailed as a victory for India's Prime Minister Narendra Modi, who has stressed the importance of ensuring that its 1.25 billion people have enough to eat. His tough stance had also risked isolating him at his first G20 summit of world leaders in Brisbane, Australia, this weekend.

But Thursday's compromise included no major revision of the original WTO deal struck last December, which provided for India's food stockpiling to be shielded from legal challenge by a "peace clause".

A source familiar with the negotiation said the compromise replaced the "constructive ambiguity" about the duration of the peace clause with clear language that it would remain until a permanent solution was found.

"There's no renegotiation of Bali," the source said.

The peace clause is subject to disclosure requirements that India has not yet met and also requires that its policy does not distort trade.

Modi instructed aides early last week to strike a deal.

"From Modi's perspective, it's a major victory to say we've got an indefinite stay of execution on our food subsidy scheme," said Frederic Neumann, co-head of Asian Economics Research at HSBC in Singapore.

A food security law passed by India's last government expanded the number of people entitled to receive cheap food grains to 850 million.

In a recent disclosure to the WTO, India said its state food procurement cost $13.8 billion in 2010-11, part of the total of $56.1 billion it spends on farm support. Wheat stocks, at 30 million tonnes, are more than double official target levels.

The nations did not release details of their agreement, but India had objected to a four-year limit on a "peace clause" that prohibited WTO action on a dispute involving India's subsidization and stockpiling of food grains.

India says it subsidizes and stores grain production as a way to help its poor farmers, and as a hedge against inflated food process. The United States and allies said that hurts their food exports because of the process of surplus Indian grain flooding the global market.

Press Trust of India | Updated On: November 13, 2014 19:58 (IST)

Nay Pyi Taw: Indian economy is expected to see an average growth of 6.7 per cent over the 2015-19 period and a further boost would depend on reform plans of the government, says a report.

However, the Organisation for Economic Cooperation and Development (OECD) on Thursday also said India and China face significant challenges.

"India's growth should remain stable at 6.7 per cent, before any potential boost from the new government's reform plans," the report, released at the ASEAN Business and Investment Summit said.

"Emerging Asia" is set for healthy growth over the medium term even as outlook for many OECD countries remains subdued, as per the grouping's latest economic outlook report for Southeast Asia, China and India.

"India's growth should be stable over 2015-19, but the prospects could change depending on the implementation of reforms by the new Modi government," the report said.

These plans include promoting domestic and foreign investments, creating jobs, improving food security, raising standards of education and skills development, building new infrastructure, enhancing water governance and increasing the country's overall competitiveness, particularly in the manufacturing sector, it added.

Prime Minister Narendra Modi-led government came to power in May after a thumping victory in the general elections.

In October, the International Monetary Fund and the World Bank projected 5.6 per cent growth rate for India this year, citing renewed confidence in the market due to a series of economic reforms pursued by the new government.

Meanwhile, OECD in its report said that annual GDP growth for the ASEAN -10, China and India is forecast to average 6.5 per cent over 2015-19.

"Growth momentum remains robust in the 10 ASEAN countries, with economic growth averaging 5.6 per cent over 2015-19," it noted.

The members of ASEAN (Association of Southeast Asian Nations) are Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Brunei Darussalam, Singapore, Cambodia, Lao PDR and Myanmar.

However, the report said that China's growth is expected to slow down to 6.8 per cent over 2015-19 period.

It also noted that public sector reforms have made substantial progress in Southeast Asia, China and India. Paris-based OECD is a grouping of about 34 countries.