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According to a poll conducted by Reuters, Indian Rupee is likely to weaken further against the dollar over the coming year as coronavirus epidemic that is spreading globally has spooked investors.
Besides giving relief to the domestic industry and boosting employment, the move to keep imports down and help to raise revenue.
Angered over Malaysian Prime Minister Mahathir Mohamad's policy, commerce ministry decided to choke the import of palm oil, which is one of the major exports to India from the Indian Ocean nation.
Those who flout the rules for the first time would have to pay a fine of Rs 10,000.
The APEC, SAARC, BRI and now RCEP are instances of groupings which have become out of range for India for various reasons.
A few days before India opted out of the Regional Comprehensive Economic Partnership, Kerala Assembly had unanimously passed a resolution against the deal.
The original RCEP was aiming to facilitate the creation of the biggest free-trade region in the world as the 16-nation grouping is home to 3.6 billion people, or nearly half the world's population.
The tensions between the old guard and the impatient younger generation which convulsed several state units are also easing as the old guard is back in control.
Negotiations to finalise the long-overdue Regional Comprehensive Economic Partnership are in the final stages.
The government's proposed countrywide ban had dismayed consumer firms, which use plastic in packaging for everything from sodas and biscuits to ketchup and shampoo.