&w=3840&q=100)
India-UK FTA: Tariff cuts likely to weigh on Customs duty collections
premium
Asit Ranjan Mishra New Delhi
Listen to This Article
The India-UK free-trade agreement (FTA), under which New Delhi has agreed to reduce the weighted average tariff from 15 per cent to 3 per cent over a period of 10 years, may adversely affect Customs duty collections. However, economists believe the overall revenue impact could still be positive, driven by higher exports and increased economic activity.
According to Global Trade Research Initiative (GTRI) calculations, India's revenue forgone in the first year of the agreement is estimated at ₹4,060 crore. 'By the 10th year, as tariff elimination phases in more broadly, the annual loss is projected to rise to ₹6,345 crore,
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
23 minutes ago
- Economic Times
Choice AMC receives SEBI license to commence mutual fund business
Synopsis Choice AMC Private, a subsidiary of Choice International, has secured SEBI's final approval to operate as an asset management company for Choice Mutual Fund. This allows Choice Group to enter the investment management sector, expanding its financial services. iStock Choice AMC Private has received final approval from SEBI to act as asset management company for the Choice Mutual Fund. Choice AMC Private, a wholly owned subsidiary of Choice International, has received final approval from the Securities and Exchange Board of India (SEBI) to act as asset management company for the Choice Mutual Fund. This milestone paves the way for the Group's formal entry into the investment management space, expanding its offerings across the financial services spectrum, according to a press release. Also Read | International mutual funds beat domestic funds with up to 10% returns in July. What should mutual fund investors do now? With this regulatory greenlight, Choice will now initiate operations of its Asset Management Company, with a strategic and phased rollout beginning with passive investment products such as Index Funds and Exchange Traded Funds (ETFs). 'This approval marks a significant milestone in the expansion of our financial services portfolio and reinforces our long-term commitment to delivering comprehensive and accessible investment solutions. The mutual fund platform will initially focus on passive products, in line with our objective to build a stable, scalable, and professionally managed asset management business under a strong regulatory and governance framework,' said Arun Poddar, CEO of Choice International Ltd. Backed by its Pan-India presence, strong governance framework, and technology-led distribution capabilities, Choice Mutual Fund aims to bridge the gap between traditional financial advice and modern investment products. The company intends to serve retail, emerging affluent, and institutional segments through accessible products that deliver long-term value. This represents a natural progression in Choice's long-term strategy to empower investors with a broader, more modern set of tools to achieve their financial goals—be it through goal-based investing, SIPs, or broad-market index passive investing gains traction globally and in India, Choice Mutual Fund's entry reinforces the Group's vision of democratizing access to quality financial products and building a future-ready investment ecosystem. Also Read | Wealth creators: 12 equity mutual funds turn Rs 10,000 SIP to over Rs 10 crore since their inception Headquartered in Mumbai, Choice Group is a decade-old, diversified conglomerate offering services across finance, engineering, and consulting domains.
India.com
26 minutes ago
- India.com
Will India buy F-35 fighter jets from US? The government says…
New Delhi: On the question of buying F-35 fighter jets from America, the Indian Ministry of External Affairs said in a written reply in the Lok Sabha that there has been no formal discussion with America on this issue yet. Who raised the question over purchase of F-35 fighter jet? Congress MP Balwant Baswant Wankhade from Maharashtra had sought answers to 3 questions from the Ministry of External Affairs in the Lok Sabha. One of which was on the purchase of F-35. The Ministry of External Affairs has written in response, 'After the Prime Minister's meeting with US President Donald Trump on 13 February 2025, the India-US Joint Statement stated that the US will review its policy on issuing fifth-generation fighter aircraft (such as F-35) and undersea systems to India. There has been no formal discussion on this issue yet.' What is India's stand on purchasing F-35 stealth fighter jet and 25% tariff? India's Foreign Ministry has given this information at a time when a day earlier Bloomberg published a report that India has informed the US that it is not interested in buying the F-35 stealth fighter jet. US President Donald Trump has already imposed a 25 percent tariff on India. In such a situation, India is taking cautious and practical steps keeping its economic interests in mind. Bloomberg has published a report quoting people familiar with the matter that India will not engage in retaliatory action against this huge tariff of 25 percent. According to the report, India is considering options to pacify the White House, which also includes promoting American imports. What is the option for India? These sources said that India is considering increasing the purchase of natural gas from the US and increasing the import of communication equipment and gold. They said that promoting these purchases could help reduce India's trade surplus (trade deficit in favour of America) with the US in the next three to four years. They said, no defense purchases are being planned. Will India buy F-35 from America? According to a Bloomberg report, although the Indian government is considering promoting the purchase of American goods, it is unlikely to buy additional defence equipment from the US. This is a major demand put forward by Trump. According to the report, officials familiar with the matter have said this on the condition of anonymity. They said, India has informed the US that it is not interested in buying the F-35 stealth fighter aircraft. During PM Narendra Modi's visit to the White House in February, Trump had offered to sell expensive fighter jets to India. However, officials said that the Modi government is more interested in a partnership to jointly design and manufacture defence equipment domestically.
Time of India
29 minutes ago
- Time of India
Centre withdrawing order granting nod to release of film 'Udaipur files', Delhi HC told
The Centre on Friday informed the Delhi High Court that it was withdrawing its decision granting nod to the release of the film ' Udaipur Files - Kanhaiya Lal Tailor Murder', which is scheduled to hit the theatres on August 8. A bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tushar Rao Gedela, which was hearing two pleas challenging the Centre's decision allowing the release of the movie, directed the parties to the revision plea to appear before the government on August 4 and make their submissions. Explore courses from Top Institutes in Please select course: Select a Course Category Others Artificial Intelligence Data Analytics Public Policy Technology Finance Management Leadership Healthcare CXO MBA Data Science Digital Marketing MCA Design Thinking Product Management Degree Project Management PGDM Operations Management Data Science Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details The court said no further notice was required to be issued to the parties to appear before the revisional authority, and directed that they should not seek adjournment on their appearance on Monday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo "After hearing the parties, appropriate decision as per the law should be taken by the revisional authority on the revision petitions by August 6," the bench said. The court was informed by the counsel for the film's producer that the movie is scheduled to be released on August 8 and they would take some time for making arrangements for releasing it by engaging the theatres. Live Events Earlier in the day, the court questioned the Central government as to under what authority it ordered six cuts in the film while exercising its revisional powers. The court asked the Centre's counsel to take instructions from the authorities, and heard the matter again in the post-lunch session. In the second round of the hearing, the Centre's counsel informed the court that they will withdraw their order, revisit the decision and pass a fresh order in accordance with the law. Noting the submissions, the court disposed of the two petitions filed by Mohammed Javed, one of the accused in the Kanhaiya Lal murder case, and Jamiat Ulema-i-Hind president Maulana Arshad Madani. The court earlier said the Centre has to exercise the powers within the four corners of the statute and cannot go beyond that. The court was informed that while exercising its revisional powers under the Cinematograph Act, the Centre had suggested six cuts to the producers of the movie in addition to a disclaimer. The petitioner's counsel had contended before the court that the Central government exercised its revisional powers in a manner that contravened the statutory scheme of the Cinematograph Act. Section 6 of the Act grants the Central government revisional powers over film certification. The Centre's counsel had said the film has undergone a two-step filter, first by the censor board, which suggested 55 cuts, and second by the committee, which further asked for six cuts, totalling 61 cuts. "There is a body of experts and so it happens in this case that it has undergone a two-stage filter test -- first by the board which suggested 55 cuts. All those cuts were those which had purported generic overtones," he had said. Javed's counsel had submitted that his right to a fair trial was jeopardised by the release of the film and added that the film's producer has expressly said that the movie is based on the case chargesheet and even the dialogues have been lifted directly from the chargesheet. The two petitions related to the movie came before the high court following a Supreme Court direction. The top court directed the petitioners to move the high court against the Centre's revisional order of giving nod for the film's release. The producers of the film had moved the top court after a high court bench previously stayed the film's release. The apex court on July 25 said the filmmakers' appeal against the high court order staying the film's release was infructuous as they had accepted the Centre's nod on July 21 for the film's release, subject to six cuts in its scenes and modifications in the disclaimer. Udaipur-based tailor Kanhaiya Lal was murdered in June 2022, allegedly by Mohammad Riyaz and Mohammad Ghous. The assailants later released a video claiming the murder was in reaction to the tailor allegedly sharing a social media post in support of former BJP member Nupur Sharma following her controversial comments on Prophet Mohammed. The case was probed by the NIA and the accused were booked under the stringent Unlawful Activities Prevention Act, besides provisions under the IPC. The trial is pending before the special NIA court in Jaipur.
