India-U.K. FTA to bring major gains to MSMEs in engineering, textiles
Elimination of tariffs on textiles and garments from the earlier average level of 12% will remove the duty disadvantage that the Indian exporters faced in the UK with competitors such as Bangladesh and Cambodia, said government officials.
The segments poised for exponential growth include ready-made garments, home textiles, carpets, and handicrafts. While the U.K.'s total imports of $26.95 billion of textile and clothing are lower than India's global exports of $ 36.71 billion, India still supplies only $1.79 billion to the U.K. With the FTA promising duty-free access and removal of trade barriers, this sector is well-positioned to increase its footprint in the U.K. market, they said.
In engineering, 1,659 tariff lines have been made duty-free giving a major boost to exports. Non-ferrous metals like Copper, Aluminium, Nickel, and Zinc, and other base metals will enjoy zero-duty access. The UK will also remove all tariffs on industrial machinery and electrical machinery and in the automotive sector, conventional vehicles and auto components will get duty-free access.
The expectation is that the duty-free engineering goods exports will double in five years. The U.K. is India's sixth largest export market for engineering goods with a growth of 12% in 2024-2025 over the previous year. Engineering exports to the U.K. have the potential to nearly double in the next five years reaching over $ 7.5 billion by 2029-2030, they added.
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Hindustan Times
27 minutes ago
- Hindustan Times
Amid tariff war, Modi calls for embracing swadeshi
Amid the ongoing tariff war, Prime Minister Narendra Modi on Saturday called on citizens to adopt the spirit of 'swadeshi' and support locally-made products, stressing that true service to the nation lies in promoting indigenous goods, especially amid 'global economic uncertainties'. Prime Minister Narendra Modi and chief minister Yogi Adityanath upon the former's arrival to address a public meeting, in Varanasi on Saturday. (PTI PHOTO) He also invoked Lord Shiva's 'Rudra roop' (fierce form) to describe India's resolute action against terrorism, saying Operation Sindoor showcased the country's strength to the world and delivered a clear message that anyone who dares attack India will not be spared, not even in 'Pataal Lok'. He dedicated the success of the operation 'at the feet of Mahadev'. He was addressing a public meeting in Banauli village of Sewapuri area of his parliamentary constituency Varanasi where he laid the foundation stone and inaugurated development works worth around ₹2,200 crore. He also distributed the 20th installment of the PM KISAN Samman Nidhi worth ₹20,500 crore to over 9.70 crore eligible farmers nationwide. 'India is going to become the third largest economy in the world. It has to be vigilant about its economic interests. Welfare of farmers and small industries is paramount and the government is making every possible effort in this direction,' he asserted. 'Varanasi is a city of intellectuals', Modi said, adding, 'Today when we are discussing economic progress, I want to draw your attention to the prevailing global conditions. The global economy is currently facing multiple uncertainties and an atmosphere of instability and is surrounded by many apprehensions.' Emphasising that farmers, small industries, and employment for youth are the top-most priorities for the government, Modi said, 'The government is doing everything possible in this direction. But as citizens, we too have responsibilities.' Calling for a national movement to support local products, the prime minister said, 'This is not just about Modi saying it, every Indian should say this -- if we want India to become the third-largest economy, every political party and every leader, keeping aside their hesitations, must work in the nation's interest and awaken the spirit of swadeshi among the people.' He also urged people to be conscious consumers, saying, 'Whatever we buy, we should ask ourselves -- has an Indian toiled to make this? If it has been made by the sweat of our people, with their skills, that product is swadeshi for us. We must adopt the mantra of 'Vocal for Local'.' 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The prime minister accused the Congress of repeatedly insulting the valour of the armed forces and even terming 'Operation Sindoor' a 'tamasha' (spectacle). 'Can 'Sindoor' ever be a joke? They dared to insult the sacred mark of our sisters and the valour of our soldiers,' he said. 'My heart was filled with sorrow for the 26 people who lost their lives in the Pahalgam terror attack ... My promise to avenge 'Sindoor' of our daughters was fulfilled with blessings of Mahadev,' he said, adding, 'I dedicate the success of the operation at the feet of Mahadev.' The prime minister stressed that the 'unity of 140 crore countrymen' became the 'strength of Operation Sindoor'. 'Shiva means welfare, but when terrorism and injustice raise their ugly head, Mahadev takes his 'Rudra roop'. During Operation Sindoor, the world witnessed this very form of India,' the prime minister said, warning that 'whoever attacks India will not survive, even in Pataal Lok (netherworld)'. Taking a dig at the Opposition, Modi alleged that while the country was celebrating the success of Operation Sindoor, 'some people in our own country were troubled by it'. 'Congress and its allies are unable to digest the fact that India demolished terrorist hideouts inside Pakistan,' he said. 'Aren't you proud of Operation Sindoor? Aren't you proud that India destroyed terror bases (in Pakistan and PoK)?' the prime minister asked the gathering. He added, 'You all must have seen the visuals of how our drones and missiles precisely struck and reduced terrorist headquarters to rubble. 'Several air bases in Pakistan are still in ICU. While Pakistan's anguish is understandable, what's shocking is that Congress and Samajwadi Party leaders are also unable to cope with it.' Modi also attacked the Samajwadi Party (SP) for questioning the timing of Operation Mahadev, in which three Pahalgam attack terrorists were killed. 'One of their leaders asked in Parliament -- 'why were the attackers of Pahalgam killed now'. Should I call and ask Samajwadi leaders whether to strike now or later? Should we wait and let the terrorists escape?' Modi asked. 'These are the same people who, during their rule in Uttar Pradesh, gave clean chits to terrorists and withdrew cases against those involved in bomb blasts,' Modi claimed, adding that such parties are now disturbed because terrorists are being eliminated. 'This is 'Naya Bharat' (New India), which worships Lord Shiva but turns Kaal Bhairav against its enemies when needed,' the prime minister said. Modi stressed that Operation Sindoor has demonstrated India's indigenous defence capabilities to the world. 'The power of our locally developed missiles, drones and air defence systems was on full display (during Operation Sindoor). Our BrahMos missile instilled such fear in the enemy that people in Pakistan can't sleep peacefully even in their dreams.' 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Time of India
an hour ago
- Time of India
Amid tariff threat, PM pledges to protect farmers, MSMEs & youth
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Time of India
an hour ago
- Time of India
Jindal hopes for 8 trillion dollar economy in 6 years
Hubballi: India will achieve an eight trillion dollar economy in the next six years, Parth Jindal, managing director of JSW Cement Limited and JSW Paints said. Addressing the 97th Founders Day of the Karnatak Chamber of Commerce and Industry (KCCI) here on Saturday evening, Jindal said that Indians need not worry about the US President Donald Trump's statement regarding a dead economy. "The Indian economy is the fastest-growing one. Since we have 75% of the youth force, we need to create 20 lakh jobs per year, whereas we are currently creating 10 lakh. We have plenty of investment opportunities in the manufacturing sector, which can boost our economy," he opined. He presented the Vanijya Ratna Awards-2025 to Jayanth Ashok Humbarawadi of Belagavi, Prakash S Bafna and G Devaki Yogananda of Hubballi, Siddanna Nalwad of Koppal, Sharanabasappa Gudimani of Gadag, and Ravindrakumar Beknal of Kalaburagi. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
