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Bloomberg
7 days ago
- Business
- Bloomberg
India's Goyal Sees UK Trade Deal as Win-Win
00:00 Well, I think Indian business is very excited that we've got the free trade agreement in place. We've got the double contribution convention in place. Indian businesses have been very bullish on the UK. And if one looks at the investments flowing in from India to UK, it's a tad more than the other way round. So I think this will also encourage greater investments because of the stable and predictable environment, business environment. It will also open the doors for more robust and resilient supply chains. It will ensure that we can both work as trusted partners, expanding trade in goods and services. I think Prime Minister Narendra modi and Prime Minister Starmer both very clearly recognise and articulated today that this is a milestone and historic achievement which will hold good stead as we double our trade, as we grow our jobs in both countries. It's a win win for both. You can India or any big Indian conglomerate's already planning that expansion? I think we saw, for example, the party group become the single largest investor in British Telecom. Clearly a sign that there is trust between businesses on both sides. In fact, they're also a major part of the one rep. You're aware that many pharma companies, many I.T. companies already have a significant presence in the UK, companies working on pesticides and chemicals. And very many sectors are looking at the UK as a possible centre, both for goods and services. The other talks were, of course ongoing on the bilateral investment treaty. Can I ask what are the sticking points remaining on that? I think negotiations happened in the negotiating room. We don't discuss that in the media, but I do hope we will get that also across the hump soon. And are there any concern, especially for Indian generics makers or in terms of dumping from India that are still there or have those all been resolved? Well, in fact, we were being wrongly classified as a country which had any problems with our patent and our IP regime. We were able to have very, very good discussions with the pharma companies, with all the stakeholders, both in India and in other parts of the world. Concerns that came to our attention, which merited any change have been addressed and it has given a big boost to patent filing faster clearances. In fact, in the last two years we've done nearly 160,000 Britons being issued, so much so that we don't have much of a backlog left anymore. And I think we've been able to create a trusted atmosphere with fast track clearances. And we now have a robust intellectual property rights chapter, both with Switzerland and the UK, two countries which always used to be at the forefront of innovation.
Bloomberg
7 days ago
- Business
- Bloomberg
India Commerce Minister on Trade Talks, Economy, Visas
CC-Transcript 00:00Let me start by asking you about Indian businesses. You've managed doing some really key concessions, especially on the National Insurance payments front. Are you hearing from companies that they want to increase investments in the UK as a result? And if so, where? Well, I think immune business is very excited that we have got the free trade agreement in place. We've got the double contribution convention in place. Indian businesses have been very bullish on the UK and if one looks at the investments flowing in from India to UK, it's tied more than the other way round. So I think this will also encourage greater investments because of the stable and predictable environment, business environment. It will also open the doors for more robust and resilient supply chains. It will ensure that we can both work as trusted partners, expanding trade in goods and services. I think Prime Minister Narendra modi and Prime Minister Starmer both very clearly recognise and articulated today that this is a milestone and historic achievement which will hold good stead as redouble our trade as we grow our jobs in both countries. It's a win win for both. You can India or any big Indian conglomerates already planning that expansion? I think we saw, for example, the party group become the single largest investor in British Telecom. Yeah, clearly a sign that there is trust between businesses on both sides. In fact, they're also a major part of the one that you're aware that many pharma companies, many I.T. companies already have a significant presence in the UK, companies working on pesticides and chemicals. And very many sectors are looking at the UK as a possible centre, both for goods and services. The other talks were, of course ongoing on the bilateral investment treaty. Can I ask what are the sticking points remaining on that? Sessions happened in the negotiating room. We don't discuss that in the media, but I do hope we will get that also across the Council. And are there any concern, especially for Indian generics makers or in terms of dumping from India that are still there or have those all been resolved? Well, in fact, we were being wrongly. Classified as a country which had any problems with our patent and our IP regime. Yes, we were able to have very, very good discussions with the pharma companies, with all the stakeholders, both in India and in other parts of the world. Concerns that came to our attention, which merited any change, have been addressed, and it has given a big boost to patent filing faster clearances. In fact, in the last two years, we've done nearly 160,000 patents being issued, so much so that we don't have much of a backlog left anymore. And I think we've been able to create a trusted atmosphere with fast track clearances, and we now have a robust intellectual property rights chapter, both with Switzerland and the UK, two countries which always used to be at the forefront of innovation and had earlier expressed concerns. So you would appreciate that. Now we have a good Segway on IPR also with the advanced and developed economies, and we do believe that we will see a lot of innovation happening in India in the years to come. And do you see this deal as a template for the deals that you're looking to in with the US, for instance, starting with, you know, one of the questions, if I may ask, is on visa access, because that is something that came up a lot in the trade agreement. I don't think so. That's completely wrong propaganda that's been discussed in the United Kingdom. I have often said on the record that free trade agreements are not about immigration. Now, of course, business visas to further providing goods to do business or to provide some service in the short term is a different matter. And unfortunately, the debate in the UK went into the wrong direction. I'm glad that now more and more clarity is coming to everybody. This was never about immigration. It was about free trade, both in goods and services. It does open up a plethora of opportunities for businesses on both sides and will be great. It will be a win win for the UK, as much for India. And you know, President Trump is in the UK this weekend. How were the negotiations with the US going? Do you see those happening by August 1st? Will be a very robust negotiations going on with several countries, with the United States, with the European Union and with New Zealand, with the Peru, Chile and USA. Slightly more significant. There are significant and of course I've had some wonderful engagement with my friend and colleague from the US, the Commerce Secretary, Mr. Howard. The United States Trade Representative, Ambassador Jamison Greer, are both very dear friends and I'm sure they are looking at the great business with the United States in the years to come. And you know, this thing President Trump has said of an extra 10% tariffs on BRIC nations, tariffs on countries that are importing oil from Russia. Are those sticking points at all? I don't think there is any sticking point in our relationship or negotiation with the United States, and it's making good progress. And you're confident in terms of given the clock is ticking there as well? Well, I'm always confident. I'm curious also. You know, one of the things has been it seems like there's a thaw in trade relations between India and China, two of the big global economies. How do you see that? And, you know, what's your outlook for there? Well, I think China is a large economy and they have trading relations across the world. There have also been in dialogue with the United States. They're doing significant work with your country in the UK and the European Union. And India has always stood for fair play. And that is what we are looking to achieve with all our trading partners. I think whoever plays by the trade rules or for open trade gives equal access to Indian goods and services, helps us develop our economy to become a developed economy by 2047, which is Prime Minister Narendra modi's vision for the country. Will be willing to work with all such countries. And what do you see next after this really successful one? You know, you spoke about the US. Is the EU next? What can we be expecting? Well, I think all the trade negotiations are important and they are all moving along very fast, very well. I'm in continuous dialogue. I was just exchanging messages with the EU Agriculture Commissioner a few minutes back. So it's a continuous process, particularly given the time zones are different all over the country. I think it's a round the clock effort also. What do you in the UK coming back to? It was the biggest concession. You know, these trade negotiations have gone on for more than three years, successive governments. What was the biggest concession that you think really swung it? I don't think there's anything big or small. A trade deal is always a comprehensive package. And you always balance different elements of a deal. In this particular transaction also, and it's one of the most comprehensive trade deals ever. It does. Then it took the chapters more than we've had in any other trade deal. So I think it's a holistic, comprehensive agreement. And very often you balance instead of one against the other. You don't literally pick up one as the most important of the other is less import. Absolutely. How are you feeling now with the middle of the year? You know, this new government has done something. This deal was the first in a decade that India has done at this scale. You know, what is India's outlook when you're looking at the global economies and its new position in the world? After Prime Minister Modi came into government, the first stop, the Regional Comprehensive Economic Partnership, which was an agreement with the effectively with the non-market economies. So, you know, we already had a free trade deal with the ASEAN region and with Japan and Korea, Australia and New Zealand. We could have bilaterally and we've already now completed it with Australia. We're in dialogue with New Zealand. So if I didn't, it would have been a free trade deal with China. So I think it was important to stop that because that would have hurt India's manufacturing prowess. Having said that, Prime Minister Modi is focused on free trade deals with advanced and developed economies. We've concluded one with Australia, with the United Arab Emirates and Mauritius, with the full bloc after countries Switzerland, Norway. Let's then stay in and I said the amount that the United Kingdom, in active dialogue with you, with the U.S., with Peru, Chile, we've concluded discussions with Oman. So India has now changed track and is engaging with the larger and the more consequential partnerships which will help India in its journey to becoming a developed nation. And sorry, just one clarification on the US, because you mentioned look, Nick in Korea is I'm just wondering, is Scott Bessant not involved in those negotiations as negotiations are with the Commerce Secretary and the USGA? Okay. And you said visas for Indian workers, which has been a big issue. I mean, in the US, that is not part of the talks. H1-B visas for Indian workers. I think most current H-1B visas is not an Indian issue at all. A lot of people realize that you can do great amount of work from home, so you can do a great amount of work from third countries. So frankly, in the last four years, nobody has come to me with the problem about it to be visas. So that's no longer an issue, no more an issue. And it's not even we've not discussed that even once in our dialogues. Okay. Well, Minister, thank you so much for taking the time. Thank you.
Time of India
18-07-2025
- Automotive
- Time of India
TechM to invest in sales, marketing in next 2 years across key markets: Mahindra
IT company Tech Mahindra will invest in sales and marketing as well as learning infrastructure in key markets to enhance its position, Mahindra Group Chairman Anand Mahindra said on Thursday. During the Annual General Meeting of Tech Mahindra , he said that the IT firm has an edge in the area of AI, which is reshaping businesses and society. "Over the next two to three years, the company plans to invest in learning infrastructure and in enhancing market position in key markets by investing in sales, marketing and key service lines across strategic verticals," Mahindra said in response to a question asked by a shareholder. Tech Mahindra has opened a ' Manufacturing Xperience Center ' at its campus in Chennai to help manufacturers quickly prototype and scale AI-driven innovations to address industry challenges such as high operational costs, process inefficiencies, supply chain disruptions, and complex operational hurdles. "We remain open to setting up centres like the one in Chennai and other cities and opportunities will be assessed in collaboration with relevant stakeholders," Mahindra said. He said that Tech Mahindra is simplifying its legal entity structures across jurisdictions as liquidation costs are outweighed by the optimisation benefits. Mahindra emphasised on use of AI with trust and in a responsible manner based on the company's legacy since its inception as a JV with British Telecom. "It is trust that enabled your company to make a success of its counterintuitive decision to acquire Satyam Computers," he said. Mahindra said that Tech Mahindra has adopted AI not merely as a tool but as a powerful force. "I like to think of AI as a brilliant child prodigy born in a library, with access to the entire world's knowledge and an extraordinary capacity to collate and apply it. But like all prodigies, it needs to be nurtured and guided to achieve its full potential for good. Your company recognises its responsibility to apply AI to serve the best interests of our clients and the greater good of society," he said. Mahindra said that TechM is helping its clients harness the full potential of AI. "The next frontier is clear: responsible implementation and measurable returns - the true test of AI's promise," he said. Mahindra, however, did not disclose the contribution of AI to the company's profit. "I would like to believe that our reliance on the twin pillars of trust and effective application of AI is a major contributory factor to the progress your company has made in garnering major logos," he said. Tech Mahindra secured new deals with a Total Contract Value (TCV) of USD 809 million in the first quarter of 2025-26. The company added two clients in the USD 50 million-plus revenue category over the past year. The company has posted a nearly 34 per cent year-on-year increase in consolidated net profit to ₹1,140.6 crore for the quarter ending June 30, 2025, on the back of growth in communications and financial services verticals. The Pune-based company's revenue from operations for the first quarter of 2025-26 grew 2.65 per cent to ₹13,351.2 crore from ₹13,005.5 crore in the same period last year.
Time of India
17-07-2025
- Business
- Time of India
Trust is Tech Mahindra's currency, and deep understanding of AI is its edge: Anand Mahindra
Tech Mahindra Chairman Anand Mahindra , addressing shareholders at the company's Annual General Meeting, underscored two core values shaping the company's future, trust and artificial intelligence (AI). 'Trust is your company's currency, and a deep understanding of AI is its edge,' Mahindra said, as he reflected on the dramatic global changes since the last AGM, from geopolitical upheavals and climate shifts to evolving trade rules and supply chain realignments. Explore courses from Top Institutes in Select a Course Category Operations Management MBA CXO MCA Management Data Analytics healthcare Artificial Intelligence Product Management Cybersecurity Data Science Design Thinking Leadership Data Science Technology others Project Management Finance Public Policy Others Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details Describing the current global landscape as one where 'an unseen force is wielding a giant kaleidoscope,' Mahindra stressed that in such uncertain times, it is trust, built over decades, that enables the company to grow and adapt. From its roots as a joint venture with British Telecom to the bold acquisition of Satyam Computers , Tech Mahindra's journey, he said, has always rested on long-standing, trust-driven client relationships. Equally central to Tech Mahindra's strategy is AI. Mahindra likened it to 'a brilliant child prodigy born in a library,' capable of reshaping industries but needing careful guidance. 'The next frontier is clear: responsible implementation and measurable returns – the true test of AI's promise,' he noted. He credited the company's recent progress to its 'AI Delivered Right' strategy and commitment to continuous learning. Initiatives such as leadership expansion in consulting and customer experience, along with partnerships with Mahindra University and other institutions, are aimed at building a future-ready workforce. Live Events Citing improved client satisfaction and employee morale, Mahindra said Tech Mahindra's 'Scale at Speed' approach is resonating globally, with third-party surveys placing the company in the top industry quartile. 'With the groundwork laid in the first year of transformation,' he concluded, 'Tech Mahindra is ready to rise, with confidence, clarity and cohesion.'
Indian Express
08-07-2025
- Entertainment
- Indian Express
Writer's Corner: how his school days, Bengaluru life shaped lawyer Aditya Sondhi's works as a discerning playwright
Those familiar with Bengaluru-based Senior Advocate Aditya Sondhi's writing may pigeonhole him as an author with a distinctly academic bent: two of his books dive deep into the alumni of Bishop Cotton Boys' School, his alma mater, while his latest book, Poles Apart, is a dissection of the nature of democracy and military rule in the Indian subcontinent. But those who know him a little better will be aware of his abiding interest in theatre dating back to his school days. He is also the founder of amateur theatre circle Usher. Sondhi's latest volume Two Plays contains his initial forays into the art of writing plays, Famagusta and British Telecom. While the latter has yet to be performed fully, Sondhi's debut effort, Famagusta, was shortlisted for the Sultan Padamsee Playwrighting Award in 2020. The two plays could not be more different. Famagusta deals with the legacy of Partition and what it means on both sides of the border, while British Telecom, set in 1987 Bengaluru, features a woman and her nephew who strike up a friendship with a local gay couple. What does link them, however, is a certain organic sensitivity to the dialogue. Even reading through the text of these plays, one can see the conversations are well laid down, rather than just lines to be read by an actor. Recalling how his interest in theatre took shape, Sondhi, who practises in the Karnataka High Court and the Supreme Court, recalled, 'We had a strong tradition of inter-house dramatics (at Bishop Cotton) and we put up some pretty serious and competitive plays. I did act a fair amount. Bengaluru has always had a strong engagement with English theatre. One was never far from watching plays.' One of these school performances that stayed with Sondhi was This Savage Parade, featuring the tale of three judges in Israel who must identify and sentence a captured Nazi. Of course, writing a play is very different from performing in one, while also being a considerable departure from Sondhi's existing writing experience. He said, 'I found writing plays to be more difficult than any other form. That is because it is essentially conversational and there can hardly be a superfluous word anywhere. Every line attributed to a character must be true to it. Your characterisation and the flow of the storyline of the play have to be crystal clear from the beginning.' Sondhi's process included imagining the play being performed – down to what instruction a director might give, what props might be needed, and so on. He added, 'Another trick I learned with a play was to actually have your script read. With British Telecom, when the first cut was ready, friends of mine were kind enough to come home and do a reading of the play. I was able to see many gaps in the script where I was able to add more conversation, etc.' The plays draw inspiration from reality – Famagusta was inspired by the life of Param Vir Chakra awardee Lt Arun Khetarpal, while the Partition was also something that his own father had experienced. Sondhi said, 'We actually performed the play in the Partition Museum in Delhi last month. The lieutenant's brother attended the play and was quite moved by it.' British Telecom, meanwhile, owed part of its existence to the fact that Sondhi had known an interracial queer couple in the city during the 1980s. He added, 'One saw the stigma and the prejudice that the folks had to face. They lived just a few houses from us.' Sondhi has another play in the works, though that is also shaping up to be a one-act play like the others. He hopes that his fourth one will be longer. Considering the strong start that he has made as a playwright, there is every expectation that these will be something to look forward to for drama enthusiasts.
