&w=3840&q=100)
US-UK FTA can serve as launch pad for Indian Inc to enter to American mkt
MEA's Dammu Ravi says Indian firms can leverage the US-UK trade pact to expand into American markets, but cautions on supply chain gaps and infrastructure hurdles
Premium
Subhayan Chakraborty New Delhi
Listen to This Article
The latest comprehensive trade pact between Washington DC and London holds much promise for Indian industry, which can use it as another launching pad to enter the American market, Dammu Ravi, secretary (economic relations) at the Ministry of External Affairs, said on Friday.
Speaking at the annual general meeting of the Public Affairs Forum of India, Ravi said this was one of the most ambitious free trade agreements (FTA) India has been associated with. 'The earlier FTAs with Australia and the UAE have limited tariff structures. But this has almost 90 per cent coverage,' Ravi said.
While the market size
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
5 minutes ago
- News18
Sensex Tanks 950 Points, Nifty Below 25,000; Key Reasons Why Market Is Down Today
Last Updated: Indian equity markets witnessed a sharp sell-off across segments on Thursday; Know key reasons behind the crash Stock Market Crash: Indian equity markets witnessed a sharp sell-off across segments on Thursday, June 12, as weak global cues and profit-booking triggered a broad-based decline. Benchmark indices — the Sensex and Nifty 50 — fell nearly 1%, while broader markets followed suit with mid- and small-cap indices sliding over 1% each. The BSE Sensex opened marginally higher at 82,571.67 but soon turned negative, plunging as much as 853 points to hit an intraday low of 81,661.68. It eventually closed deep in the red. Similarly, the Nifty 50, which opened at 25,164.45, slipped below the key 24,900 mark during the session, touching a low of 24,871. The sharp fall wiped off substantial investor wealth. The total market capitalisation of BSE-listed companies dropped to around Rs 451 lakh crore, compared to ₹456 lakh crore in the previous session — a loss of nearly Rs 5 lakh crore in a single trading day. Why is the Indian Stock Market Falling on June 12? 1. Escalating Geopolitical Tensions Global markets, including India, were rattled by renewed geopolitical tensions in the Middle East. Asian and European indices fell sharply amid rising fears of a conflict between the US and Iran. According to reports by The Times of Israel, the US is evacuating non-essential personnel from the Middle East due to heightened regional tensions and the deteriorating status of nuclear negotiations with Iran. There is growing speculation that Israeli forces may strike Iran's nuclear facilities, adding to investor nervousness. Meanwhile, US President Donald Trump has reiterated his stance against allowing Iran to acquire nuclear weapons. The much-anticipated trade deal between the United States and China has failed to lift market sentiment, as investors were expecting a more comprehensive and conclusive agreement. On Wednesday, former US President Donald Trump claimed that China would supply the US with rare-earth minerals and magnets, while the US would continue to welcome Chinese students into its universities. However, the final terms of the deal still await approval from both Trump and Chinese President Xi Jinping. 'Our deal with China is done, subject to final approval with President Xi and me," Trump wrote on Truth Social. 'We are getting a total of 55% tariffs, and China is getting 10%… The relationship is excellent!" Despite this optimistic tone, market experts remain skeptical. 'There are reports of a possible agreement between the US and China. But the Chinese haven't officially confirmed anything," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 'Trump is talking about a 55 percent tariff on China and a 10 percent tariff on the US. Given his track record, it's too early to view this as a positive for markets." 3. Global Markets Weaken Amid Risk-Off Mood Global equities extended losses on Thursday, adding pressure to Indian markets as investors grappled with a combination of tepid U.S. inflation data, ongoing trade concerns, and heightened geopolitical tensions. European markets were poised for a subdued start, with futures on Germany's DAX and the UK's FTSE 100 down 0.8% and 0.4%, respectively. U.S. equity futures also indicated a flat-to-negative open, reflecting caution on Wall Street. Across Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, retreating from a three-year high recorded a day earlier. Japan's Nikkei 225 declined 0.5%, while key indices in China and Hong Kong also pulled back, reversing recent gains. 4. Dollar Slides as Fed Rate Cut Bets Rise The U.S. dollar weakened to its lowest level in nearly two months, amid rising expectations that the Federal Reserve could initiate rate cuts later this year. The dollar index, which tracks the greenback against a basket of major currencies, slipped to 98.246—its weakest since April 22—and was last seen at 98.419, down 0.04%. So far in 2025, the index has lost 10%. The retreat in the dollar followed softer-than-expected U.S. inflation data and lingering doubts over the durability of the recent U.S.-China trade framework. Combined with elevated geopolitical risks, this has prompted investors to scale back exposure to the dollar. According to Reuters, traders are now pricing in two 25-basis-point rate cuts by the end of 2025, and potentially up to 100 basis points by September 2026. 5. Oil Price Volatility Adds to Market Jitters Crude oil prices slipped on Thursday, following a sharp rally in the previous session driven by escalating tensions in the Middle East ahead of planned U.S.-Iran negotiations. Brent crude declined 0.7% to $69.28 per barrel after surging over 4% on Wednesday to hit a two-month high. top videos View all 'The spike in Brent crude to $70 on heightened security risks is a clear negative for oil-importing countries like India," noted Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 'Industries such as paints, tyres, aviation, and adhesives may come under pressure, while upstream oil producers stand to benefit." Shares of ONGC and Oil India gained up to 5% on improved realisation expectations, whereas oil marketing companies such as IOC, BPCL, and HPCL fell between 2% and 4.5% on margin concerns. Aviation and tyre stocks also saw declines due to rising input cost pressures, with MRF, CEAT, and IndiGo among the key losers. Stay updated with all the latest news on the Stock Market, including market trends, Sensex and Nifty updates, top gainers and losers, and expert analysis. Get real-time insights, financial reports, and investment strategies—only on News18. tags : Nifty sensex Location : New Delhi, India, India First Published: June 12, 2025, 14:21 IST News business » markets Sensex Tanks 950 Points, Nifty Below 25,000; Key Reasons Why Market Is Down Today
News18
5 minutes ago
- News18
Who Pays In Case Of A Plane Crash? All About Travel Insurance After Ahmedabad Tragedy
Last Updated: An Air India plane with 242 passengers crashed after takeoff from Ahmedabad, causing casualties. Know about travel insurance and what happens in the case of a flight mishap. A London-bound Air India plane carrying 242 passengers and crew crashed moments after taking off from the Ahmedabad airport on Thursday afternoon. Several casualties were feared. The tragic Air India crash in Ahmedabad has raised pressing questions about passenger safety and the financial aftermath of such disasters. The Boeing aircraft, which could be seen losing altitude quickly, crashed in Meghaninagar area near the Ahmedabad international airport around 2 pm. From airline liabilities to travel insurance payouts, here's a breakdown of how compensation works after a plane crash — and what every air traveller should know. Airline Liability: What Are Airlines Legally Bound To Pay? In India, airline liabilities in the event of death or injury are governed by international conventions such as the Montreal Convention, 1999, to which India is a signatory. Under this, airlines are liable to pay: Up to 128,821 special drawing rights (SDRs) (around Rs 1.4 crore) per passenger in case of death or bodily injury, irrespective of fault. Compensation beyond that limit is also possible if the airline is proven negligent. For international flights, this compensation becomes mandatory under the Convention, but Indian domestic airlines often follow similar standards under DGCA guidelines. Many comprehensive travel insurance policies offer: Experts, however, said the benefit goes only to policyholders who actively opt for and purchase a travel insurance plan before flying. Many Indian flyers still overlook this option, especially for domestic flights. What If A Traveller Didn't Buy Travel Insurance? If you didn't buy separate travel insurance, you may still be eligible for: Some passengers are covered under group insurance plans offered by tour operators or employer-sponsored travel policies. Legal Battles: When Compensation Isn't Straightforward In several past incidents, families of crash victims have had to wait months or even years for compensation, especially when: The crash is under investigation Liability is disputed The passenger did not have any travel insurance or nominee details In such cases, families may have to approach consumer courts, civil courts, or grievance redressal bodies like the Insurance Ombudsman. Why Insurance is Non-Negotiable The Ahmedabad crash is a grim reminder that air travel, though statistically safe, is not risk-free. The financial and emotional impact on families can be devastating, and insurance can at least ease part of the burden, the expert said. Things every traveller should do: N Chandrasekaran, chairman of Air India, said, 'With profound sorrow I confirm that Air India flight, AI 171 operating Ahmedabad-London Gatwick was involved in a tragic accident today. Our thoughts and deepest condolences are with the families and loved ones of all those affected by this devastating event. At this moment, our primary focus is on supporting all the affected people and their families. We are doing everything in our power to assist the emergency response teams at the site and to provide all necessary support and care to those impacted." An emergency centre has been activated and support team have been set up for families seeking information, he added. tags : Air India Location : New Delhi, India, India First Published: June 12, 2025, 15:10 IST News business Who Pays In Case Of A Plane Crash? All About Travel Insurance After Ahmedabad Tragedy
&w=3840&q=100)
Business Standard
9 minutes ago
- Business Standard
98,000 Indians apply for Australia's 1,000 Work and Holiday visa spots
More than 98,000 Indians registered for Australia's Work and Holiday visa (Subclass 462) in 2024, after the country opened 1,000 places for Indian nationals under a ballot system. The scheme, part of the Working Holiday Maker programme, allows young adults to travel and work across Australia for up to a year. But only 988 visas have been granted, according to the latest immigration data from the Department of Home Affairs. The programme opened for Indian citizens on October 1, 2024, as part of the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA), making India the 50th partner country in the scheme. According to the Department of Home Affairs, 139,633 valid registrations were received from India, China and Vietnam during the October–November registration window. India accounted for 98,019 of those. Valid registrations received for the Work and Holiday (Subclass 462) visa ballot for 2025. India: 98,019 registrations China: 34,161 registrations Vietnam: 7,453 registrations Total: 139,633 registrations Ballot system in place Unlike other visa categories, the Work and Holiday visa operates on a randomised pre-application ballot for certain countries. 'Each programme year, we will hold an annual ballot process for participating countries,' according to Immigration Australia. 'There may be different registration and selection open periods depending on the country.' Applicants must pay a registration fee of AUD 25 (around Rs 1,500) and submit an online form via ImmiAccount. Those selected receive an invitation to apply and must do so within 28 days. The visa application itself costs AUD 650. Who can apply To qualify, Indian applicants must: • Be aged between 18 and 30 • Hold a valid Indian passport and PAN card • Apply from outside Australia • Not include any dependents What the visa allows The Subclass 462 visa permits holders to: • Live in Australia for up to 12 months • Take up short-term jobs to fund their stay • Study for four months • Travel in and out of Australia freely Common job roles Participants usually work in: • Cafés and restaurants as baristas or waitstaff • Hotels and hostels doing housekeeping • Farms picking or packing produce • Processing roles in factories • Tourism and outdoor activities Shorter processing times, growing interest Visa processing is relatively quick, averaging around 21 days. Although only a small number of grants have been recorded so far, the high level of registrations reflects strong interest from Indian youth seeking short-term work and travel opportunities abroad. By the end of 2024, there were 206,187 Working Holiday Maker visa holders in Australia — a jump from 170,437 in 2023. Visa grants rose to 175,071 in 2024, up from 122,387 the previous year.
