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Mint
5 days ago
- Business
- Mint
India-UK FTA: Big gains for Indians? New visa route, exemptions from social security payments
The India-UK Free Trade Agreement (FTA) was signed and formalised on Thursday. Commerce and Industry Minister Piyush Goyal and Secretary of State for Business and Trade Jonathan Reynolds signed the agreement in the presence of Prime Minister Modi and Prime Minister Keir Starmer of the UK. The India-UK FTA marks a significant milestone in India's engagement with major developed economies. "UK rolls out the red carpet for 'Made In India'," Piyush Goyal posted on X. The agreement is expected to boost the bilateral trade between the two countries by $34 billion annually. "Big overseas avenues open up for India's skilled workforce," the government said, adding that the agreement provides greater market access in IT and IT-enabled services, financial and legal services, professional and educational services, and digital trade. Indian professionals, including those deployed by companies to work in the UK across all service sectors, professionals deployed on contracts such as architects, engineers, chefs, yoga instructors, and musicians, will benefit from simplified visa procedures and liberalised entry categories, making it easier for talent to work in the UK. 1. 75,000 Indian professionals are exempted from UK social security payment for 3 years. Indian professionals can work in 35 UK sectors for 24 months, even without a UK office. More than 1800 chefs, yoga experts and musicians can work in the UK each year. 2. Independent professionals and service providers in sectors such as IT, engineering, and architecture will be allowed to work in the UK for up to 12 months. Applicants must meet UK immigration requirements, including salary thresholds and documentation, to be eligible. 3. Access to 36 service sectors with no economic needs test for Indian firms and freelancers 4. Indian investors and graduate trainees will also continue to benefit from existing UK schemes, with eligibility subject to prevailing immigration rules. Nearly 1000% of India's trade value will be duty free 1. Indian exporters, particularly in textiles and apparel, are expected to gain from tariff reductions. Firms such as Welspun India, Arvind Ltd, Raymond, and Vardhman may benefit from duty-free access to the UK market. 2. From 16% to zero: Duty free access for leather and footwear 3. Duty-free access to UK's gems and jewellery market 1. Zero duty market access for Indian generic drugs. 2. 'Made in India' medical devices will attract no duty. Surgical instruments, diagnostic equipment, ECG machines, X-Ray systems exports to gain. The government anticipates more income to farmers and increased rural employment. 1. 99% of Indian exports to the UK will enjoy zero-duty access 2. Indian farmers get access to the UK's $37.5 billion agri-market and premium buyers. The FTA also ensures duty-free exports on nearly 95% of agricultural products, while fisherfolk gain from Zero Duty on 99% of marine exports, boosting their incomes. 3. Duty-free access for our instant coffee, tea, spices, and rubber, and processed goods like mango, pulp, pickles, pulses and ready to eat meals. Exports of Darjeeling tea from West Bengal and Araku coffee from Andhra Pradesh are likely to soar. 4. No tariff concession on sensitive sectors (Dairy, oats, apples, edible oils). This agreement will also provide Indian consumers high-quality goods at competitive prices. 5. Zero-duty for 99% of marine exports. Coastal states such as West Bengal, Odisha, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa, Maharashtra and Gujarat to benefit from export-led job creation. 6. Indian fishermen to have greater expansion opportunity into the UK's $5.4 billion marine market.
Time of India
6 days ago
- Business
- Time of India
India-UK trade deal: What gets cheaper for you after the free trade agreement? Check list
India-UK FTA: India and the UK have signed the Comprehensive Economic and Trade Agreement (CETA) or to put it simply a free trade agreement with an aim to increase two-way trade to $112 billion by 2030. Tired of too many ads? go ad free now The trade deal ensures duty-free access for 99% of Indian exports to Britain, which includes almost all trade categories. According to the commerce ministry, "The bilateral trade between the two countries stands at nearly $56 billion, with a joint goal to double this figure by 2030." The agreement will enhance exports from India's labour-intensive industries like textiles and leather, whilst reducing prices of British automobiles and whiskey in the Indian market. The India-UK trade deal was formally signed in London on Thursday, with Prime Minister Narendra Modi and British Prime Minister Keir Starmer in attendance. Also Read | The agreement was signed by Commerce and Industry Minister Piyush Goyal and Secretary of State for Business and Trade Jonathan Reynolds, whilst both Prime Ministers witnessed the ceremony. India-UK Trade Deal: What Gets Cheaper for Indians? UK goods imported into India including soft drinks, beauty products, chocolates and biscuits, salmon, lamb, fish will be cheaper for Indian buyers, with tariffs dropping. For electric vehicles, the import duty will see a significant reduction from 110% to 10% within specified quotas. Premium British automotive manufacturers including Rolls-Royce, Jaguar Land Rover, Bentley and Aston Martin will see reduced prices in India following tariff reductions. Indian consumers and industries will benefit from reduced costs when importing medical equipment and aerospace components from Britain. The trade agreement will facilitate easier export of British products, particularly whisky, to India. The import duties on whisky will see a reduction from 150% to 75%, followed by a further decrease to 40% over a decade. The free trade agreement between India and the UK will lower tariffs on imported alcoholic beverages, enabling Indian consumers to access high-end international brands more readily, industry stakeholders suggest. However, experts point out that the advantages might be restricted, with potential price reductions capped at approximately Rs 300 per bottle. Also Read |
The Hindu
7 days ago
- Business
- The Hindu
Modi begins U.K. visit, trade deal to be inked today
Prime Minister Narendra Modi arrived in the U.K. on Wednesday- (July 23, 2025) evening, kicking off the first leg of his two-nation tour, as India and the U.K. prepare to sign a 'free trade' agreement (FTA) on Thursday (July 24, 2025). During the visit, Mr. Modi and U.K. Prime Minister Keir Starmer are expected to review ties, with the sides discussing technology, investment, climate, defence, trade, and migration. The Prime Minister is also scheduled to meet Britain's monarch, King Charles III. The Prime Minister's visit is fleeting — less than 24 hours long — with Mr. Modi set to fly to the Maldives on Thursday evening to celebrate the country's 60th anniversary of Independence from Britain and the 60th anniversary of diplomatic ties between New Delhi and Male. 'During my meeting with Prime Minister Rt Hon Sir Keir Starmer, we will have the opportunity to further enhance our economic partnership, aimed at fostering prosperity, growth and jobs creation in both countries. I also look forward to calling on His Majesty King Charles III during the visit,' Mr. Modi said in a pre-departure statement. The so-called 'Comprehensive Strategic Partnership' with the U.K. had made 'significant progress' in recent years, Mr. Modi said. The meeting comes exactly a year since the two countries signed a technology cooperation framework — the Technology and Security Initiative (TSI). A new bilateral investment treaty is also currently under discussion and a defence industrial cooperation framework was announced earlier this year. Commerce and Industry Minister Piyush Goyal, who is accompanying Mr. Modi on the trip, and his British counterpart, Business and Trade Secretary Jonathan Reynolds, will sign the trade agreement on behalf of the two governments. However, the impact of the trade deal with India is expected to be about 0.1% of GDP (or £4.8 billion annually) in the long run, for Britain, as per U.K. government estimates. Britain's economy is struggling and that a trade deal was signed is itself significant for Mr. Starmer. The British Prime Minister faces strong political headwinds from the right over immigration, and from his own Labour party, over attempts to cut spending on welfare. One area Mr. Starmer has been polling ahead of Conservative leader Kemi Badenoch and Reform UK leader Nigel Farage is on the issue of who is most prime ministerial, Anand Menon, a political scientist at King's College, London, told The Hindu. '… Burnishing that brand — one way to do that is to be seen with other world leaders,' he said. The world is unstable and uncertain for both India and the U.K. and forging closer ties with allies is a way of hedging, according to Mr. Menon. 'For neither side does it mean there's some deep ideological or any other affinity,' he said. Following his meetings with the Prime Minister and the king, Mr. Modi will fly to Male. 'I look forward to my meetings with President [Mohamed] Muizzu and other political leadership, to advance our joint vision of a Comprehensive Economic and Maritime Security Partnership, and to strengthen our cooperation for peace, prosperity and stability in the Indian Ocean Region,' Mr. Modi said about the Maldives leg of his trip. 'I am confident that the visit will yield tangible outcomes, benefiting our people and advancing our Neighbourhood First Policy,' he added.
The National
22-07-2025
- Business
- The National
SNP MPs in call for full UK arms embargo on Israel
A total of 57 MPs have written to Foreign Secretary David Lammy and Business and Trade Secretary Jonathan Reynolds calling on the Labour Government to explain why arms exports to Israel have increased since it suspended 30 out of around 350 licences last September. The letter, which was penned by Steve Witherden, Labour MP for Montgomeryshire and Glyndŵr, also raises concerns about a lack of transparency on the licencing of arms exports. READ MORE: Tory MP in stark 'Hague' warning to David Lammy over UK complicity in Gaza The letter states: "We are writing once again to call for a full arms embargo on Israel and request greater transparency from the Government regarding the UK's arms exports and military licensing." The letter points towards figures published by The National which showed that Labour licensed exports of more military equipment to Israel in the final three months of 2024 than the Tories did for all of 2020-2023. The signatories to the letter said "further urgent questions" must be raised on the UK Government's continued licensing of arms exports. The letter asks: "Why is the UK continuing such co-production with a state that the Government has acknowledged is not committed to complying with international humanitarian law? "Why did the value of licences for co-production with Israel increase so significantly following the arms suspension?" The letter also asks what message such a surge in licensing "sends to Israel." It goes on to consider the continued export of F-35 parts, which have been documented being used by Israel in Gaza. The Labour Government has repeatedly claimed that it is not sending F-35 parts directly to Israel, however the UK is still contributing components through an international pool. Despite this, the Foreign Secretary insisted earlier on Tuesday that he was "satisfied that we are not sending arms that could be used in Gaza". The letter further calls on the UK Government to take steps to improve transparency on arms licences. All nine SNP MPs have signed the letter, as well as a number of current Labour MPs, Green parliamentarians and a host of independent MPs including Jeremy Corbyn and Zarah Sultana. READ MORE: Watch as King Charles confronted by public over royal family costs to taxpayers Other signatories include the four Labour MPs who who recently lost the whip for "repeated breaches of discipline" – Brian Leishman, Rachael Maskell, Chris Hinchliff and Neil Duncan-Jordan – as well as Diane Abbott, who was recently suspended pending an investigation into comments she made on racism. The full list of signatories is: Rt Hon. Diane Abbott MP Shockat Adam MP Paula Barker MP Apsana Begum MP Siân Berry MP Kirsty Blackman MP Olivia Blake MP Baroness Christine Blower Baroness Pauline Christina Bryan of Partick Richard Burgon MP Ian Byrne MP Ellie Chowns MP Rt Hon. Jeremy Corbyn MP Ann Davies MP Carla Denyer MP Dave Doogan MP Neil Duncan-Jordan MP Sorcha Eastwood MP Cat Eccles MP Rt Hon. Stephen Flynn MP Mary Kelly Foy MP Andrew George MP Stephen Gethins MP Lord John Hendy KC Chris Hinchliff MP Imran Hussain MP Adnan Hussain MP Kim Johnson MP Ayoub Khan MP Ben Lake MP Peter Lamb MP Ian Lavery MP Chris Law MP Graham Leadbitter MP Brian Leishman MP Clive Lewis MP Seamus Logan MP Rachael Maskell MP Andy McDonald MP Rt Hon. John McDonnell MP Llinos Medi MP Baroness Nosheena Mobarik Iqbal Mohamed MP Grahame Morris MP Yasmin Qureshi MP Adrian Ramsay MP Bell Ribeiro-Addy MP Liz Saville-Roberts MP Zarah Sultana MP Jon Trickett MP Brendan O'Hara MP Dr Simon Opher MP Kate Osborne MP Lord Prem Sikka Nadia Whittome MP Pete Wishart MP Steve Witherden MP The Foreign Office and the Department for Business and Trade have been contacted for comment.
Western Telegraph
08-07-2025
- Business
- Western Telegraph
M&S cyber attackers may have worked with Asia-based DragonForce, MPs hear
Archie Norman, who was quizzed by MPs, refused to say whether or not the retailer paid the group's ransom money following the hack. M&S was left unable to take any online orders for more than six weeks when its systems were targeted by hackers at the end of April. It was not an overstatement to describe it as traumatic Archie Norman, M&S chairman It has estimated the attack would cost it around £300 million in lost profits – but expects to recover as much as half of the impact through cost management, insurance and other reactions. Mr Norman, speaking at a Business and Trade select committee, said it was 'not an overstatement to describe it as traumatic', adding: 'We're still in the rebuild mode and will be for some time to come.' Talking about the nature of the attack, he told MPs that the hackers 'never send you a letter signed Scattered Spider, that doesn't happen'. It is believed that this group were former computer gamers who graduated into cyber – that may not be true, I'm relying entirely on hearsay Archie Norman, M&S's chairman 'The attacker is working through intermediaries too, so we believe in this case there was the instigator of the attack, and then – believed to be DragonForce – who are a ransomware operation based, we believe, in Asia. 'So you've got loosely aligned parties working together. 'We took an early decision that nobody at M&S would deal with the threat actor directly – we felt the right thing was to leave this to the professionals who have experience in the matter.' 'It is believed that this group were former computer gamers who graduated into cyber – that may not be true, I'm relying entirely on hearsay,' Mr Norman said. The chairman said the so-called 'threat actors' also chose to communicate with the media, and were in contact with the BBC following the hack. Mr Norman stressed that he would not talk about the nature of the discussions that had taken place with the hackers. However, when asked whether businesses have to pay the ransomware demand following an attack, he said: 'No I don't think you do. That's a business decision… the question businesses have to ask is when they look at the demand, what are they getting from it? 'Because once your systems are compromised and you're going to have to rebuild it anyway, maybe they've exfiltrated data that you don't want to publish, maybe there's something there. 'But in our case, substantially the damage had been done.'
