New Delhi: The Indian government has decided to impose counter-import duties on 29 US items, including almonds, walnuts and pulses. It has become effective from June 16. Earlier, the government had extended the deadline for its implementation seven times. This will further escalate the trade war between the two nations. The G-20 summit is going to be held at the end of this month.
Budget to be presented on July 5
US President Donald Trump and Chinese President Xi Jinping are expected to meet in the country. This week the U.S. Federal Reserve will review monetary policy. It is expected to cut interest rates to give momentum to the sluggish economy. Investors' focus in the domestic stock market is now pinned on the budget to be presented in the Lok Sabha on July 5.
Farmers will also get help
At the same time, the former economic adviser expressed the hope in a research paper that GDP growth was shown to be boosted between 2011-12 and 2016-17. This news broke the debate after it came. The government is expecting lower income from tax revenue. It also has to fulfill its electoral promise of providing financial assistance to farmers. The government is likely to defer payment of Rs 62,000 crore of food, fuel and fertilizer subsidy dues by 2020-21.