logo
Indian boycott of Turkish coffee, chocolates and fashion grows

Indian boycott of Turkish coffee, chocolates and fashion grows

Yahoo19-05-2025

By Dhwani Pandya
MUMBAI (Reuters) -Small Indian grocery shops and major online fashion retailers are boycotting Turkish products ranging from chocolates, coffee, jams and cosmetics to clothing amid growing anger at Turkey's support for Pakistan in a confrontation with India.
Turkish President Tayyip Erdogan expressed public solidarity with Pakistan, another majority-Muslim country, after India conducted military strikes in response to an attack in Indian Kashmir by Islamist assailants. Cross-border fighting continued for four days before a ceasefire was declared.
On Monday, the All India Consumer Products Distributors Federation (AICPDF), which supplies 13 million mom-and-pop grocery stores, said it was launching an "indefinite and total boycott" of all Turkish-origin goods, which would affect chocolates, wafers, jams, biscuits and skincare products.
Indian fashion websites owned by Walmart-backed Flipkart and billionaire Mukesh Ambani's Reliance have removed numerous Turkish apparel brands, according to three sources and a review of their websites.
Flipkart's fashion website Myntra removed listings of Turkish brands including Trendyol, known for women's clothing, street and casual wear brand LC Waikiki and jeans producer Mavi, said one source with direct knowledge.
Myntra removed the brands "in the national interest" without Walmart's involvement, a second source with direct knowledge said.
Reliance's fashion website AJIO also removed Turkish brands including Trendyol, Koton, LC Waikiki from its app, and many of those listings were shown as out of stock on Monday. A source cited "national sentiments" as a reason.
Flipkart, Reliance Retail and the Turkish brands Trendyol, LC Waikiki, Koton and Mavi did not respond to requests for comment.
India has not ordered companies to boycott Turkey, and India's annual $2.7 billion in goods imports from Turkey are dominated by mineral fuels and precious metals.
But a consumer boycott could still be significant. AICPDF said its ban would affect around 20 billion rupees ($234 million) of food products. Apparel imports were worth $81 million last year, according to the Trading Economics reference website.
Sukhvinder Singh Sukhu, chief minister of Himachal Pradesh, one of India's biggest apple-growing states, said on Monday he would ask for a ban on apple imports from Turkey, which were worth around $60 million last year.
Moreover, last week Flipkart said it was suspending flight, hotel and holiday package bookings to Turkey "in solidarity with India's national interest and sovereignty".
Indians have been cancelling holidays to Turkey and New Delhi has cancelled the security clearance of the Turkish-based aviation ground handling firm Celebi.
Reuters reported on Friday that Air India was lobbying Indian officials to disallow rival IndiGo's leasing tie-up with Turkish Airlines, citing business impact as well as security concerns sparked by Ankara's support for Pakistan.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India cenbank set to ease rules for small-ticket gold loans, governor says
India cenbank set to ease rules for small-ticket gold loans, governor says

Yahoo

time9 minutes ago

  • Yahoo

India cenbank set to ease rules for small-ticket gold loans, governor says

MUMBAI (Reuters) -India's central bank will release final regulations for gold lending by Monday, with more relaxed norms for small-ticket lending, governor Sanjay Malhotra said on Friday. In April, the Reserve Bank of India had proposed stricter rules for monitoring and disbursement of gold loans, which are often used by low-income borrowers. The RBI had sought comments on the proposed rules by the middle of May. Last week, the federal finance ministry sought relaxations to the proposed rules, urging the central bank to ensure that small borrowers are not "adversely impacted". The RBI plans to do away with credit appraisal, or the process of evaluating a borrower's creditworthiness, for gold loans up to 250,000 rupees ($2,915) per borrower, Malhotra said in a post-policy press conference in Mumbai. The RBI will also look to increase the loan-to-value ratio for the small-ticket loans to 85% from 75% currently, he said. Moreover, going forward, monitoring of funds lent out will only be needed for so-called priority sector gold loans, the governor said. Shares of Manappuram Finance rose 4%, while those of Muthoot Finance and IIFL Finance gained about 7% and 5%, respectively, on Friday. Separately, the RBI will review and tweak bank ownership guidelines, if needed, Malhotra said. The regulator is considering making it easier for foreign financial institutions to buy larger stakes in Indian lenders, Reuters reported earlier this week. ($1 = 85.7500 Indian rupees)

Zaggle to Acquire Dice Enterprises for INR 123 Cr
Zaggle to Acquire Dice Enterprises for INR 123 Cr

Entrepreneur

time19 minutes ago

  • Entrepreneur

Zaggle to Acquire Dice Enterprises for INR 123 Cr

Zaggle said the deal aligns with its strategy to expand product offerings and strengthen its presence in India's fast-growing expense management sector. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Zaggle Prepaid Ocean Services Ltd, a listed financial technology firm based in Mumbai, announced that it will acquire Dice Enterprises Private Limited for INR 123 crore. The acquisition, disclosed via a regulatory filing to Indian stock exchanges, gives Zaggle full ownership of Dice, a spend management platform specialising in corporate travel expense tracking, procurement, and accounts payable. Zaggle said the deal aligns with its strategy to expand product offerings and strengthen its presence in India's fast-growing expense management sector. The move also provides access to Dice's established customer base and a team of technically skilled professionals, which the company believes will enhance future product development. "The acquisition expands our product offerings for our customers and gives us access to a large base of existing customers," Zaggle stated in its filing. The company also emphasized the value of integrating Dice's talent pool to bolster innovation. Founded in January 2018, Dice Enterprises has shown consistent growth. Its revenue rose from INR 1.39 crore in FY22 to INR 6.32 crore in FY24, reflecting increasing demand for digital expense management tools. Zaggle signed a non-binding term sheet on June 5, 2025, with Dice's shareholders. The mode of payment—cash or share swap—will be determined by Zaggle's board. The deal is subject to definitive agreements and certain customary conditions but does not require any regulatory approvals. The company expects to complete the acquisition within 90 days of board clearance. The announcement follows a strong financial performance by Zaggle in Q4 FY25. The company reported a 67% surge in net profit to INR 32 crore, up from INR 19.2 crore a year earlier. Operating revenue rose 50% year-on-year to INR 411.4 crore. For the full year, Zaggle achieved record financials with revenue climbing 68% to INR 1,302.6 crore and net profit nearly doubling to INR 87.5 crore. With the Dice acquisition, Zaggle aims to consolidate its leadership in the domestic market while exploring international opportunities.

Iranians react to new Trump travel ban as tensions are high between nations
Iranians react to new Trump travel ban as tensions are high between nations

San Francisco Chronicle​

time21 minutes ago

  • San Francisco Chronicle​

Iranians react to new Trump travel ban as tensions are high between nations

TEHRAN, Iran (AP) — Iranians again face a U.S. travel ban imposed by President Donald Trump, with the decision drawing anger, frustration and some shrugs given the decades of tensions between the countries. Trump imposed a similar ban during his first term before withdrawing America unilaterally from Tehran's 2015 nuclear deal with world powers, under which Iran drastically limited its program in exchange for the lifting of economic sanctions. When he returned to the White House and began seeking a new deal with Iran, it saw the country's rial currency improve and stocks rise. But worries have grown as its government appears poised to reject an initial American proposal. The travel ban has further darkened that mood and led Iranians to fear Trump will lump the nation's 80 million people with its theocratic government even after he repeatedly praised them while seeking a deal. 'Now I understand that Trump is against all Iranians, and his attitude is not limited to the government,' said Asghar Nejati, a 31-year-old man working in a Tehran pharmacy. Even in the years after the 1979 Islamic Revolution and subsequent U.S. Embassy hostage crisis, Iranian students traveled to the U.S. to attend universities. Between 2018 and 2024, an average of around 10,000 Iranian students went to the U.S. annually. Estimates suggest some 1 million Iranian-origin people live in the U.S. today. Mehrnoush Alipour, a 37-year-old graphic designer, said the nations could have better relations if they could spoke to each other in softer tones. 'This is another foolish decision. Trump cannot reach his goals by imposing pressures on ordinary Iranians," she said. "The two nations can have better relations through openings, not restrictions.' Bank teller Mahdieh Naderi said Trump was lashing out over his frustrated efforts to reach ceasefires in the Israel-Hamas war and the Russia-Ukraine war. 'Trump just expressed his anger about his failed plans,' Naderi said. 'He is complaining about the Chinese and others who are living in the U.S., too Some said interest in the U.S. was already waning before the latest ban. 'Over the past years, two of my grandchildren went to Canada to continue their education there," said Mohammad Ali Niaraki, 75. "Iranians are not limited in immigration and they are not as interested to go to the U.S. as they were decades ago. Iranians prefer Canada, as well as neighboring countries with flourishing economies like the (United Arab) Emirates.' Others pointed out that high-ranking government officials have children living or working in the U.S., despite the tensions, and suggested that it would be fair to remove those as well. 'Those who have family members in the U.S, it's their right to go, but a bunch of bad people and terrorists and murderers want to go there as well,' he said. 'So his policy is correct. He's doing the right thing.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store