Piyush Goyal to meet exporters on May 8 on India-UK trade pact
Synopsis
Commerce and Industry Minister Piyush Goyal is scheduled to meet with Export Promotion Councils (EPCs) on May 8 to discuss the free trade agreement with the UK. The landmark deal aims to eliminate taxes on key Indian exports like leather and clothing, while reducing tariffs on UK imports such as whisky and cars.
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Hindustan Times
44 minutes ago
- Hindustan Times
India eyes retaliation as US rejects WTO notice
The US has rejected India's May 9 notice at the World Trade Organization that proposed retaliatory action against Washington imposing steep import tariffs on steel and aluminium and said its actions were not safeguard measures, which is why it would not hold any discussion with New Delhi on the matter, people in the know said on Sunday. Under the current circumstances, India may retaliate by proportionately suspending concessions given to American imports (for example almonds and walnuts) and levy higher customs duties on metals coming from the US, said the people cited above, requesting anonymity. The Indian notice was against the US's February 10 decision to impose 25% levies on all imports of steel and aluminium effective from March 12. Now, the matter has been aggravated further as the Trump administration on May 30 doubled tariffs on the metals to 50% effective from June 4, citing national security. Against the US measure to hike import duties on steel and aluminium to safeguard American metal industries, India on May 9 formally notified WTO that it could suspend 'concessions and other obligations' granted to the US 'after the expiration of 30 days from the date of this notification', which would be June 8. Reacting to India's notice, the United States on May 22 informed WTO that India's proposed retaliation was not consistent with the multilateral trade rules. Washington said the US tariffs on metals were 'not safeguard' measures. 'Accordingly, there is no basis for India's proposal to suspend concessions or other obligations under Article 8.2 of the Agreement on Safeguards with respect to these measures,' it said in its latest communication to WTO. On grounds that the tariffs are not safeguard measures, the US also declined to discuss and resolve the dispute with India, leaving the ball in New Delhi's court. 'The United States will not discuss the Section 232 tariffs under the Agreement on Safeguards as we do not view the tariffs as a safeguard measure,' the American communication to the multilateral body added. While India's commerce ministry did not respond to a query on this matter, people in the know said India may retaliate unless the US agrees to a preferential treatment for India on these metals under the ongoing talks for an early deal (first tranche) within the proposed Bilateral Trade Agreement (BTA). Both countries are making efforts to conclude an early harvest deal by this month and a negotiating team from the US is expected to visit India this week, they said. Experts said high tariffs on steel and aluminium by the US are of critical importance to India. 'For India, the consequences are direct. In FY25, India exported $4.56 billion worth of iron, steel, and aluminium products to the US, with key categories including $587.5 million in iron and steel, $3.1 billion in articles of iron or steel, and $860 million in aluminium and related articles. These exports are now exposed to sharply higher US tariffs, threatening the profitability of Indian producers and exporters,' said Global Trade Research Initiative (GTRI) founder and former Indian Trade Service officer Ajay Srivastava. 'India has already issued a formal notice at the WTO signalling its intention to impose retaliatory tariffs on US goods in response to the earlier steel tariffs. With (President Donald) Trump now doubling the tariffs, it remains to be seen whether India will carry out the retaliation, by increasing tariffs on certain US exports within a month,' he added. Hindustan Times reported on May 14 about India proposing to levy retaliatory import duties on American goods proportionately in response to the United States' imposing safeguard tariffs on Indian steel and aluminium. 'The safeguard measures would affect US$ 7.6 billion imports into the United States of the relevant products originating in India, on which the duty collection would be US$ 1.91 billion. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the United States,' India's May 9 notice to WTO said. The US, however, maintained at WTO that its tariffs on steel and aluminium are based on national security considerations and not 'safeguard measures' as claimed by India. 'Such disputes at WTO are common and routine. Without an effective appellate body at the multilateral forum, disputes have no real significance,' one of the persons mentioned above said. The second person said this is a vexed issue. The previous Joe Biden administration in 2018 had imposed a 25% tariff on certain steel and a 10% levy on aluminium items on grounds of national security. That was retaliated to by India in June 2019 when it imposed customs duties on 28 US products such as almonds and walnuts, besides filing a complaint at WTO. Later, the two sides, however, decided to resolve the dispute amicably through mutually agreed solutions (MAS). Under the agreement in June 2023, the US agreed to grant market access to steel and aluminium products under the exclusion process of Section 232 of the Trade Expansion Act 1962 and India agreed to remove the additional duty (retaliatory tariffs) on certain American products. MAS is a mechanism under WTO where its members can resolve disputes amicably without going through the formal process of a settlement mechanism.
Time of India
an hour ago
- Time of India
Femtech funding dips, consolidation on the rise
Bengaluru: Once regarded as a niche segment within India's broader healthtech landscape, femtech is now entering a phase of strategic consolidation. Although investor enthusiasm softened in recent quarters, acquisition activity indicates that major players aim to bridge clinical and digital capability gaps through focused buyouts. Femtech encompasses startups that focus on women's health. Data from Tracxn shows that Indian femtech startups raised over $286 million in 221 equity funding rounds between 2012 and 2025. Funding peaked at $70 million in 2021 but then sharply declined to $8.7 million in 2024, with just $2 million raised so far in 2025. Despite this funding dip, activity within the ecosystem has not stalled. Over the last eight years, at least 13 acquisitions took place in the space, reflecting growing interest in integrated women's health platforms. Fertility, menstrual care, and mental health remain the most active sub-sectors. Tracxn's data lists 312 active mental health startups (not all women-specific), while menstrual and fertility-focused companies account for 40 and 37 players respectively. This backdrop sets the context for a recent but quiet consolidation. TOI has learnt that Proactive For Her, a digital clinic for women's sexual, hormonal, and reproductive health, was acquired by IVF Access, a fertility chain operator backed by Vertex Ventures. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Remarkable Oscar Outfits Ever Interesticle Undo Both companies shared Vertex as a common investor, which helped facilitate the transaction, people aware of the matter said. While financial terms remain undisclosed, the acquisition reflects a maturing approach to category building in femtech, one that goes beyond point-solution apps to full-stack clinical care and diagnostics. IVF Access, which runs a network of fertility clinics across India, is expected to fold Proactive For Her's digital services into its broader offering. "The sector is shifting from awareness-led models to outcome-led clinical care," said a health investor tracking the space. "Acquisitions like these allow companies to move upstream and downstream in the care journey." Neither Proactive For Her, IVF Access, nor Vertex Ventures responded to queries until press time.
Indian Express
an hour ago
- Indian Express
Foreign inflows into equity, debt markets rise to Rs 30,950 crore in May
After heavy outflows in the last eight months, inflows by FPIs into equity markets in May have hit the highest levels since September last year on the back of de-escalation in Indo-Pak tensions, possibility of a trade deal with the US, a weakening US dollar and better than expected corporate earnings quarter for most companies. In May, FPIs bought equity for Rs 19,860 crore through the exchanges, according to NSDL data. The change in FPI strategy in India which began in April continued in May, leading to a marginal 12 bps rise in their ownership in listed companies to 17.5 per cent on a sequential basis. FPIs remained sellers in India in the first three months of 2025. The big selling in stocks began in January (Rs 78,027 crore) when the dollar index peaked at 111 in mid-January. The intensity of selling declined and FPIs turned buyers in April with a buy figure of Rs 4,223 crore. Foreign players pulled out Rs 2.16 lakh crore from Indian equity market between October 2024 and March 2025. Total FPI inflows into equity and debt amounted to Rs 30,950 crore in May with debt inflows at Rs 12,155 crore. There was heavy FPI inflow of Rs 29,044 crore into the debt market in March this year. Despite the inflows in May, FPI outflows from equity in 2025 so far were at Rs 92,491 crore. 'Global macros like declining dollar, slowing US and Chinese economies and domestic macros like high GDP growth and declining inflation and interest rates are the factors driving FPI inflows into India,' said a leading research firm in its report. India's better-than- expected GDP growth in Q4 of FY25 at 7.4 per cent is an indicator that growth is rebounding and this can lead to revival of corporate earnings in FY26. While FPIs are likely to continue their investment in India, at higher levels they might sell since valuations are getting stretched. In May itself, India witnessed bouts of sharp selloff from FPIs on account of Indo-Pak tensions and the latest being rising US Treasury yields. On May 21, FPIs sold Indian equities worth Rs 10,000 crore in a single day. 'In the near term, there can be some headwinds on account of global geopolitical uncertainties but long-term outlook for Indian continues to remain intact with the markets continuing to factor in strong growth for Indian economy,' says Vaqarjaved Khan, senior fundamental analyst, Angel One Ltd. According to the NSE, FPI ownership in NSE-listed companies had been declining since March 2023 — barring a brief uptick in September 2024 — amid continued volatility in foreign flows. This reversed slightly in March 2025, with FPI share rising 12 bps quarter-on-quarter to 17.5 per cent, driven by gains in private banks where FPIs have high exposure. Excluding financials, FPI share fell 26 bps to a 13-year low of 15 per cent. FPIs also increased exposure to microcaps, with their share in companies outside the Nifty 500 hitting a 10-quarter high. Their holding in the Nifty 50 stayed flat at 24.3 per cent, while it fell 28 bps in the Nifty 500 to 18.5 per cent. Despite the recent resurgence in FPI inflows, near-term uncertainties such as geopolitical risks, rising US Treasury yields, any slowdown in earnings in India can hurt FPI inflows, Khan said. India's long term growth story backed by consumption and inhouse manufacturing continues to remain intact. Meanwhile, India's corporate earnings over the next 3-5 years is expected to compound at a growth rate of 14-17 per cent. Hence, whenever valuations become attractive, FPI inflows during such periods will see a huge boost like the recent one in April and May, Khan said. FPI flows in May till date were positive for all key emerging markets except Thailand. India, Brazil, Indonesia, Malaysia, Philippines, Taiwan and Vietnam witnessed inflows.
