India's auto sector duty concession offer to UK under FTA is very nuanced: Official
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
India's duty concession offer for the auto sector under the free trade agreement (FTA) with the UK is "very nuanced" with relaxations and quotas linked to engine capacity and vehicle prices, an official said. India has included adequate safeguards in the agreement with the UK to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years, the official said."The duty cut and quota depends on engine capacity and price of vehicles. A lot of nuances are there in the auto sector. India's offer to the UK is very nuanced," the official added.India and the UK, on May 6, announced the conclusion of negotiations for the trade pact that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket.The aim is to double the two-way commerce by 2030 from the present USD 60 billion.Tariffs on automotive imports will be reduced from over 100 per cent to 10 per cent under quotas on both sides, benefiting companies such as Tata-JLR. Tata Motors Group CFO PB Balaji has earlier said the agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster.On the other hand, Mercedes-Benz and BMW have termed the FTA a positive development while noting that it would not have much bearing on the prices of luxury cars in the country.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
18 minutes ago
- First Post
India, Paraguay ‘stand united' against terrorism: PM Modi after meeting visiting President Pena
India and Paraguay share common views on various international issues, including UN reforms, climate change, renewable energy and combating terrorism, according to the Ministry of External Affairs read more Prime Minister Narendra Modi and President of Paraguay Santiago Pena Palacios during a meeting at the Hyderabad House, in New Delhi. PTI Prime Minister Narendra Modi stated on Monday that India and Paraguay are united in their fight against terrorism and that there is a great deal of possibility for cooperation in tackling common challenges like drug trafficking and cybercrime. The comments were made by Modi during delegation-level discussions with Santiago Pena Palacios, the president of Paraguay. Pena, who is visiting India for three days to look into ways to increase general cooperation, landed in Delhi this morning. STORY CONTINUES BELOW THIS AD It is just the second time a South American president has travelled to India, and it is his first visit. Paraguay is one of India's most significant commercial partners in Latin America. There are several Indian businesses operating in Paraguay in the automotive and medicinal industries. 'We see new opportunities for cooperation in areas such as digital technology, critical minerals, energy, agriculture, healthcare, defence, railways, space and overall economic partnership,' Modi said. The prime minister also referred to New Delhi's preferential trade arrangement with South American trading bloc MERCOSUR. 'We can work together to further expand it,' he said. MERCOSUR or Common Market of the South is a trading bloc comprising Argentina, Brazil, Paraguay and Uruguay. The two leaders also deliberated on ways to combat terrorism against the backdrop of the Pahalgam terror attack. 'India and Paraguay stand united in the fight against terrorism. There is immense possibility of cooperation to fight against shared challenges such as cybercrime, organised crime, and drug trafficking,' Modi said. The prime minister described Paraguay as an integral part of the Global South. 'India and Paraguay are integral parts of the Global South. Our hopes, aspirations and challenges are similar. And this is why we can learn from each other's experiences to deal with these challenges effectively,' he said. STORY CONTINUES BELOW THIS AD 'We are pleased that India could extend support to Paraguay by sharing its vaccines during the Covid pandemic. We look forward to continuing this spirit of cooperation by sharing more of our capabilities,' he added. India and Paraguay established diplomatic relations on 13 September 1961, cultivating warm and friendly ties between the two nations. Both countries have since developed cooperation in various sectors, including trade, agriculture, health, pharmaceuticals and information technology. The two countries share common views on various international issues, including UN reforms, climate change, renewable energy and combating terrorism, according to the Ministry of External Affairs.
&w=3840&q=100)
First Post
24 minutes ago
- First Post
Australia gifts new patrol boat to Maldives to ‘maintain regional security'
The 39.5-metre long (129-foot) Guardian-class boat, a type of craft which Australia uses to patrol Pacific island nations, possesses a 3,000 nautical mile range, and can accommodate 23 people read more Australia's defence minister said Monday that the Maldives will gifted a navy patrol boat as a gift to 'maintain regional security' while on a tour to the strategically located Indian Ocean archipelago. Global east-west shipping routes flow via the nation's network of 1,192 small coral islands, stretching around 800 kilometres (500 miles) across the equator. Australia is a member of the Quad grouping, which includes the United States, Japan, and India, and is considered as a counterbalance to China's expanding position in the Indian Ocean. STORY CONTINUES BELOW THIS AD 'In line with our national defence strategy, Australia is working with partners across the Northeast Indian Ocean to maintain regional security and stability', Richard Marles said in Male. 'As Indian Ocean countries, Australia and the Maldives share a vision of our region that is peaceful, stable and prosperous,' Marles said in a statement following talks with his counterpart, Mohamed Ghassan Maumoon. The 39.5-metre long (129-foot) Guardian-class boat, a type of craft which Australia uses to patrol Pacific island nations, possesses a 3,000 nautical mile range, and can accommodate 23 people. The promised craft is under construction and would be ready by next year. Australia is also providing hydrographic equipment to help the Maldives map its ocean floor, to increase maritime safety and unlock economic development, Marles said. Better known as a luxury holiday destination with pristine white sand beaches and secluded resorts, the Maldives has also become a geopolitical hotspot. Neighbouring India and China have jostled for influence in Male, whose pro-Beijing president came to power in 2023 on a promise to evict dozens of Indian troops based there. STORY CONTINUES BELOW THIS AD But after initially frosty relations with New Delhi, President Mohamed Muizzu was given a red carpet welcome in October 2024 on a state visit to India, a trip which Prime Minister Narendra Modi said marked a 'new chapter' to reset troubled ties.
Hindustan Times
25 minutes ago
- Hindustan Times
Emaar India to invest ₹400 crore to develop a housing project in Lucknow
Emaar India, the Indian business entity of the Dubai-based Emaar Properties, said on June 2 that it will invest ₹400 crore to develop its first premium high-rise housing project, 'Elite Oasis', at Gomti Nagar Extension in Lucknow. The project, spread over 2.923 acres, will have 194 units. The price range is ₹2.75 crore to ₹4.15 crore. "The total investment for the project is ₹400 crore and the expected revenue is ₹650 crore," the company said in a statement. Elite Oasis will overlook Gomti Greens on one side and the Gomti River on the other, it said. The project will have a modern clubhouse with 2870 sq m (30,892 sq. ft.) of built-up area. The project offers a wide range of residential units, 3BHK + U and 4BHK + U (two types), catering to the needs of all those who aspire for premium living. The price range for 3BHK units will be between ₹2.75 to 2.90 crore and for 4BHK units between ₹3.87 to 4.15 crore, the company said. Elite Oasis is located 17.7 km from the Lucknow airport and 10.2 km from Gomti Nagar railway station. "We are excited to announce the launch of 'Elite Oasis'. This project stands as a testament to Emaar's unwavering commitment to providing high-quality living spaces that align with our customers' needs and uphold the highest design standards. In Lucknow, Emaar is going to utilize this expertise to launch our first group housing project for the people of Lucknow, who are aspiring for a world-class lifestyle,' said Kalyan Chakrabarti, CEO, Emaar India.
