Business News

New Delhi: India has questioned several moves by China at the World Trade Organisation (WTO), turning the heat on non-transparent subsidies that lead to an influx of low-priced, poor-quality goods into the country, harming its local industries.New Delhi flagged concerns over several trade issues during a review of Beijing's trade policies. It highlighted China's cross-border data regulations and laws, export control measures on critical raw materials, and non-tariff barriers that adversely impact pharma exports, besides export bans on critical minerals.India also queried the consistency of these practices with global trade norms. The concerns stem from India's $85.07 billion trade deficit in FY24 with China. In the current fiscal year until August, the gap has already reached $40.8 billion.114359704Non-tariff barriers have hit India's exports of shrimp and bovine meat to China. "Market access to many products is restricted, which would otherwise help lower the trade deficit," said an official.In this regard, India wanted clarity on the scientific objective of the proposed health certificate format for shrimp imports.This requires every shrimp consignment to be tested for certain pathogens and viruses.India reiterated its demand for market access for bovine meat, which has been pending with China for a long time. China responded by saying that its restrictions were related to the outbreak of bovine nodular skin disease in India.As per officials, India also sought detailed information on how the Chinese authorities ensure adherence to due process and transparency in anti-dumping investigations.New Delhi has also questioned the China-led plurilateral Investment Facilitation Development (IFD) agreement at the WTO.The proposed global pact, which India is opposed to, emphasises transparency of investment measures, streamlining and speeding up investment-related authorisations, enhancing international cooperation, information sharing, exchange of best practices and sustainable investment.The pact seeks to put in place a pre-investment review or appeal system through an independent body that would screen all investments.This would imply that India will have to explain every move on the investment front if it becomes a signatory, including Press Note 3. This makes prior government approval mandatory for foreign direct investment (FDI) from countries sharing a land border with India. That has brought Chinese investments under greater scrutiny.India’s worry is that the proponents of the IFD pact are attempting to bring a “non-mandated, non-multilateral issue” to the multilateral fold. New Delhi also wants to know how China plans to integrate the IFD agreement into the multilateral framework as it violates the trade body’s fundamental rule of consensus-based decision making.

Jio Financial Services on Friday reported a 3% uptick in its net profit to Rs 689 crore for the quarter ended September 2024, versus Rs 668 crore logged in the year-ago period. Revenue from operations in the reported quarter stood at Rs 693.50 crore, up 14% over Rs 608.04 crore posted by the company in the corresponding quarter of the previous financial year.On a sequential basis, PAT jumped 120% versus Rs 312.63 crore reported by the company in Q1FY25. Meanwhile, the revenue jumped 66% over Rs 417.82 crore reported in the April-June quarter.Interest income rose to Rs 205 crore versus Rs 186 crore in Q2FY24 and Rs 162 crore in Q1FY25.The company's net worth as of September 30, 2024, stood at Rs 1,37,144 crore while its assets under management (AUM) was reported at Rs 1,206 crore.JFSL increased its stake in Jio Payments Bank to 82.17% in August 2024. There were 15 lakh CASA customers and it expanded business correspondents network to 3,000. The expansion will continue, the company filing to the exchanges said.The pre-provisioning operating profit or PPoP in the reported quarter stood at Rs 552 crore, which was up by 2.7% versus Rs 537 crore in Q2FY24 and 63% over Rs 339 crore in Q1FY25.Jio Insurance BrokingThe company has direct-to-customer product portfolio of 24 plans across four product categories viz. auto, two-wheeler, health and life. Its institutional product suite includes Group Term Life, Group Medical Cover, Group Personal Accident and Commercial Insurance.On a standalone basis, PAT in the July-September quarter stood at Rs 305 versus Rs 89 crore in Q2FY24, which is a 242% rise. On a sequential basis, the PAT surged by over 323% from Rs 72 crore reported in Q1FY25.Meanwhile, total standalone income stood at Rs 383 crore up from Rs 149 crore in Q2FY24 and Rs 134 crore in Q1FY25, recording a 157% YoY and 186% QoQ jump.The earnings were announced after market hours and Jio Financial Services shares on Friday ended at Rs 330.55 on the NSE, gaining by Rs 1.30 or 0.39% over Thursday’s closing price.