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India rejects US solar claim at WTO, explores new defence
Posted on 9th January 2018
GENEVA: India hit back on Monday at Washington's latest legal assault on its solar power policies+ at the World Trade Organization, rejecting a US legal claim and exploring possible new protection of India's own solar industry.

Last month, the United States had triggered a new round of litigation at the WTO, arguing that India had failed to abide by a ruling that it had illegally discriminated against foreign suppliers of solar cells and modules.

Also watch Photo Gallery of Top 10 Solar Power Plants.

In a statement published by the WTO on Monday, India said it had changed its rules to conform with the ruling and that a US claim for punitive trade sanctions was groundless.

"India underscores that the United States' request is not a valid request," the Indian statement said.

It said Washington had skipped legal steps, failed to follow the correct WTO procedure, and omitted to mention any specific level of trade sanctions that it proposed to level on India, leaving India "severely prejudiced".

India would be vindicated if the proper process was followed, it said.

"In view of the above, India strongly objects to the US request of 19 December 2017," it said.

Other Latest News
 
New Delhi: The government will set up a $350 million solar development fund for financing solar projects, New and Renewable Energy and Power Minister Raj Kumar Singh said on Thursday.

Over the years, the minister said, renewable energy has become cheaper and is set to replace conventional energy, which is a healthy development.


 
Idea Cellular has announced its new ‘Magic Cashback Offer’ that will get users a cashback of up to Rs 3,300 on the purchase of Rs 398 pack or higher. Idea’s Magic Cashback offer will take on Jio offer, which was refreshed earlier this week, to offer ‘More than 100 percent cashback’ on the same recharge value of Rs 398 or higher. Although, Idea’s new offer has the same benefits as the ones given by Reliance Jio earlier.

 
German luxury carmaker Audi on Thursday launched an all-new version of its premium SUV Q5 priced at Rs 5.3 million (Rs 53.25 lakh) (ex-showroom Delhi).

The model would be available in two variants priced at Rs 5.3 million (Rs 53.25 lakh) and Rs 5.7 million (Rs 57.6 lakh).


 
NEW DELHI: The Indian men's hockey team put on a fighting performance but it wasn't enough for them to prevent a 0-2 against Belgium in the third match of the Four Nations Hockey Tournament in Tauranga on Thursday. Arthur De Sloover and Victor Wegnez scored in the eighth and 34th minute respectively to help Belgium win and overcome the 4-5 loss suffered at the hands of New Zealand on Wednesday.

Axis Bank ups loan rate by 5 basis pts
Posted on 18th January 2018
 
Axis Bank, the country's third largest private sector lender, hiked its lending rates on Wednesday by a marginal 5 basis points (100bps = 1 percentage point). The bank informed the stock exchanges that it has increased its benchmark marginal cost of lending rate (MCLR) by 5 basis points across all tenures with effect from January 18. The one-year MCLR, at which rate its home loans and other important products are priced, will now stand at 8.30%, the bank said.

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