Latest news with #Ficci
&w=3840&q=100)
Business Standard
20-05-2025
- Business
- Business Standard
Responsibility on food firms to pack micronutrients, says FSSAI chief
The food regulator on Tuesday drew attention to the increasing consumption of processed food, while highlighting that food-processing companies have the responsibility of ensuring that packaged food contains the right nutrients. At the same time, the Food Safety and Standards Authority of India (FSSAI) issued a statement on Tuesday directing all states and Union Territories to intensify inspections and conduct special enforcement drives to curb the illegal use of non-permitted fruit ripening agents, as well as the colouring and coating of fruit with synthetic colours or non-permitted wax. The move is part of the regulator's ongoing efforts to ensure safe food for consumers. 'We have not defined ultra-processed food in India, and any food can be classified as healthy or unhealthy depending on the amount of consumption. It is a great social responsibility of the industry to ensure that you pack your food with micronutrients and use appropriate sources of protein and fats,' said G Kamala Vardhana Rao, chief executive officer at FSSAI, while speaking at the 16th edition of Ficci Foodworld India. Meanwhile, Hemant Malik, Chair of the Ficci food processing committee and executive director at ITC, said that among the broad consumer trends shaping the sector is health and wellness — especially products addressing challenges like protein deficiency and gut wellness. Malik further expressed industry concerns about the labelling debate, advocating for serving-size-based front-of-pack nutrition information rather than per-100-gram measurements. 'The most consumption of packaged food is in small sizes,' he said, while cautioning against broadly categorising packaged food as 'ultra-processed', citing examples such as soy nuggets, which provide affordable protein despite being processed products. At the event, Deloitte and Ficci together launched a report shedding light on the sector's contribution, accounting for roughly 7.7 per cent of India's total manufacturing gross value added. According to the report, titled Spurring Growth: Driving Innovation and Unlocking Opportunities in the Indian Food Processing Sector, the sector is valued at $160 billion and represents nearly 30 per cent of the national food market.
&w=3840&q=100)
Business Standard
11-05-2025
- Business
- Business Standard
From satellites to navigation, India's plan to go deep into space
India on Sunday celebrated National Technology Day to mark the successful nuclear tests conducted in Pokhran on May 11 and May 13, 1998. Space is a crucial part of India's technology ambitions. The country aims to grow its space economy from $8.4 billion in 2022 to $44 billion by 2033, according to a report by Ficci and EY. It seeks to capture 8 per cent of the global market.
Time of India
07-05-2025
- Business
- Time of India
India-UK FTA to push trade to $100 billion by 2030, says India Inc; FMCG, healthcare to gain
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The India-UK Free Trade Agreement (FTA) is expected to drive bilateral trade by more than two-thirds to $100 billion by 2030, India Inc said Tuesday, underscoring the role of the landmark deal in helping deepen strategic ties between the two leading economies of Asia and Europe."CII commends the government for finalising the landmark India-UK Free Trade Agreement," Sanjiv Puri, president, Confederation of Indian Industry (CII), said."The timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade toward the ambitious target of $100 billion by 2030."Bilateral trade between the UK and India totaled 42.6 billion pounds (the equivalent of about $57 billion) in 2024, said a Reuters report. India was the UK's 11th biggest trading partner, said the Inc expects sectors such as FMCG, healthcare, and innovation-driven enterprises to receive impetus from the FTA, benefiting exporters as they get greater access to the UK market."The India-UK Free Trade Agreement is not just a trade pact, but is also a bridge to shared prosperity," said Harsha Vardhan Agarwal, president, Federation of Indian Chambers of Commerce & Industry ( Ficci ). "It brings a new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises."Industry groupings said the majority of their demands were included in the agreement. "It is heartening to note that the key demands of industry in terms of greater market access for Indian products, enhanced mobility and social security pact to avoid double contribution to social security funds have been considered in the India-UK FTA," Ficci meanwhile, said the FTA was a win-win deal.
Time of India
06-05-2025
- Business
- Time of India
India-UK FTA to boost bilateral trade to $100 billion by 2030 and benefit exporters, say industry bodies
AI-generated image " Industry organisations on Tuesday welcomed the India-UK Free Trade Agreement (FTA), asserting it will significantly support Indian exporters aiming to expand their presence in the UK market, particularly in the face of current global economic uncertainties . The agreement aspires to elevate bilateral trade to USD 100 billion by cited by news agency PTI emphasised that the FTA's success will hinge on effective implementation and the capacity of Indian businesses to capitalise on enhanced market access while navigating competition from UK leaders underscored that the FTA would provide a strong push to sectors such as fast-moving consumer goods (FMCG), healthcare, and innovation-led President Harsha Vardhan Agarwal said, "Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress."The agreement, Ficci noted, comes at a critical time when global trade dynamics remain uncertain, offering Indian exporters a valuable opportunity to strengthen their foothold in the read: Piyush Goyal lauds India-UK Free Trade Agreement Echoing similar sentiments, Confederation of Indian Industry (CII) President Sanjiv Puri said, "This significant agreement reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment.""Guided by the 2030 roadmap, the timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030," he Venu, managing director of TVS Motor Company, highlighted the deal's potential to enable Indian firms like TVS Motor to grow globally saying, "We really appreciate the effort taken by the government to make this historic India-UK Free Trade Agreement . Our British brand Norton will launch later this year and this agreement will help us scale faster and leverage common supply chains. We are excited as we further progress towards Viksit Bharat."Rishi Shah, partner and economic advisory services leader at Grant Thornton Bharat, said, "The UK-India FTA... promises significant growth in bilateral trade... The deal's success will ultimately depend on implementation and whether Indian businesses can leverage new market access while navigating competitive pressures from UK imports."Mayank Jain, Partner at Khaitan & Co, added,The substantial duty reductions across various tariff lines are expected to enhance market access and foster long-term economic benefits for both nations. Moving forward, the emphasis should be on implementing best practices and adopting a phased approach to further strengthen and deepen trade relations."Also read: India, UK forge Free Trade Agreement, PM Modi terms it 'historic milestone' The trade deal removes customs duties on 99 per cent of Indian goods entering British markets, whilst providing opportunities for Indian professionals to work in Britain, maintaining the UK's current points-based immigration system. The United Kingdom and India, ranking as the world's sixth and fifth-largest economies, concluded their negotiations after three years of periodic bilateral trade between India and the UK increased to $21.34 billion in 2023-24, up from $20.36 billion in 2022-23. During April-January 2024-25, the trade exchange amounted to $21.33 billion, exceeding the previous period's figure of $20.26 billion. India continues to maintain a positive trade balance in this bilateral to government representatives, this trade arrangement is advantageous for both nations. The agreement is expected to enable Indian consumers to access superior products at competitive prices, which would boost domestic consumption and economic development. Additionally, it provides British enterprises with opportunities in India's large and growing marketplace, aligning with the UK government's economic growth strategies, according to more: What does the UK-India FTA mean for India? Top benefits - from cheaper cars, whisky to cheer for Indian professionals
&w=3840&q=100)
First Post
06-05-2025
- Automotive
- First Post
India-UK FTA set to boost exports, push trade to $100 billion by 2030: Industry
Industry bodies said the India-UK FTA amid the current uncertain global environment will immensely benefit Indian exporters looking to enhance their presence in the UK market, steering bilateral trade towards the ambitious target of USD 100 billion by 2030. read more Industry bodies on Tuesday said the India-UK FTA amid the current uncertain global environment will immensely benefit Indian exporters looking to enhance their presence in the UK market, steering bilateral trade towards the ambitious target of USD 100 billion by 2030. They stressed that the free trade agreement (FTA) will impact new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises. Ficci President Harsha Vardhan Agarwal said, 'Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress.'The India-UK FTA underscores the need for enhanced trade and investment opportunities amidst the current global trade environment that is faced with uncertainties. This deal will be immensely beneficial for Indian exporters looking to enhance their presence in the UK market, Ficci said. STORY CONTINUES BELOW THIS AD CII President Sanjiv Puri said this transformative accord 'reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment'. More from Business How Indian fintech startups are driving Malaysia's UPI-like digital payments revolution 'Guided by the 2030 roadmap, the timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030,' Puri said. Commenting on the deal, TVS Motor Company MD Sudarshan Venu said it creates large opportunities for Indian companies like TVS Motor to expand further and access new markets. 'We really appreciate the effort taken by the government to make this historic India-UK Free Trade Agreement. Our British brand Norton will launch later this year and this agreement will help us scale faster and leverage common supply chains. We are excited as we further progress towards Viksit Bharat,' he added. With inputs from agencies
