Latest news with #India-U.K.
The Hindu
2 days ago
- Business
- The Hindu
India, U.K. discuss ways to boost ties in key sectors
India and the U.K. on Tuesday (June 3, 2025) held extensive talks boosting cooperation in areas such as defence and security, counter-terrorism, and green energy. The two sides discussed ways to expand the ties at the 17th India-U.K. foreign office consultations (FOC) and first strategic exports and technology cooperation dialogue. The Indian delegation was led by Foreign Secretary Vikram Misri while the U.K. side was headed by Sir Oliver Robbins, Permanent Under-Secretary (PUS) at Foreign, Commonwealth and Development Office. In the FOC meeting, Misri conveyed India's appreciation for the British government's solidarity and support to India in its fight against terrorism. India and the U.K. are comprehensive strategic partners. "The FOC provided an opportunity to review and discuss the entire gamut of bilateral relations. Both sides welcomed the conclusion of the India-U.K. free trade agreement and double contribution convention," the Ministry of External Affairs (MEA) said. Last month, India and the U.K. sealed a landmark free trade agreement that will benefit 99% Indian exports from tariff and will make it easier for British firms to export whisky, cars and other products to India besides boosting overall trade basket. Along with the FTA -- the biggest the U.K. has done since leaving the European Union -- the two sides also sealed a double contribution convention. In their talks, Mr. Misri and Mr. Robbins discussed ways to strengthen cooperation in trade, investment and financial sector, defence and security, counter-terrorism, technology, science, innovation, green energy, climate, health, education, and people-to-people relations, the MEA said in a statement. The two sides also exchanged views on regional and global issues of mutual interest, including developments in Russia-Ukraine, Indo-Pacific and West Asia, it said.
The Hindu
29-05-2025
- Business
- The Hindu
U.K. flags new Indian market for Scottish salmon trade after FTA
The U.K. Government has flagged the unlocking of the Indian market for Scottish salmon following the Free Trade Agreement (FTA) with India, finalised earlier this month and expected to be formally signed off in the coming weeks. Downing Street has this week been highlighting benefits of the India-U.K. FTA and other trade pacts struck in its wake with the U.S. and European Union (EU) in an effort to showcase the sectors and regions across the United Kingdom set to benefit. 'These trade deals deliver long term security for people in Scotland. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people's lives,' Prime Minister Keir Starmer said in a statement. 'These changes will be felt everywhere, whether it's lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Scotland,' he said. Downing Street noted that the FTA had 'unlocked a new salmon market through our deal with India, with tariffs dropping from 33% to 0%'. 'Securing frictionless access to key markets such as the EU, along with expanding opportunities in India, is crucial to protect our producers from unnecessary barriers like tariffs and red tape,' said Tavish Scott, chief executive of Salmon Scotland, the key representative of the sector. 'Ministers rightly recognise salmon as the jewel in the crown of our world-class produce and its vital role in the economy of coastal communities and across the U.K.,' he said. However, in Scotland, the spotlight remains on the whisky industry which is set to see tariffs for exports to India slashed significantly over the next decade following what the U.K. has dubbed as a 'landmark deal' — agreed on May 6 and expected to add an extra GBP 25.5 billion annually in the long run to the current two-way trade of GBP 41 billion. Under the pact, Scottish distillers will immediately see tariffs halved from 150% to 75% and eventually to just 40% over the next decade. U.K. Business and Trade Secretary Jonathan Reynolds said, 'The three landmark deals secured this month with the U.S., India, and the EU have shown this government is serious about striking the deals that our businesses want and need. 'For Scottish businesses, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners." "From our world-renowned whisky distilleries to our cutting-edge green energy sector, Scotland has so much to offer international markets... By securing better access to the European Union, United States and India, we're creating real opportunities for Scottish businesses to grow, supporting jobs in communities from the Highlands to the Borders,' added Secretary of State for Scotland Ian Murray. At the Indian end, leading Goa-based whisky producer John Distillers welcomed the India-U.K. FTA as a "significant step" towards strengthening bilateral trade and economic cooperation between the two countries. 'This may have a short-term impact on Indian products in India, however, we are confident about the quality of our products and believe we can rise to the challenge,' the makers of Paul John whisky said in a statement. 'We also hope that this deal will allow better ease of business for Indian products in the U.K.. It is crucial to ensure that both nations maintain a level playing field, safeguarding the interests of domestic industries and promoting fair competition,' it noted. Until further details of the FTA emerge, the Indian distiller said it plans to continue to 'build awareness and availability' of its portfolio in the U.K. Other industries boosted by the FTA include soft drinks and food that the UK government says will 'ramp up' Scotland's export economy.
The Hindu
23-05-2025
- Business
- The Hindu
India-U.K. FTA might help offset impacts of U.S. tariff on Indian apparel sector: Gokaldas Exports MD
The reciprocal tariff imposed by the U.S. posed a formidable challenge at it would induce business volatility and margin pressure, however, the implementation of India-U.K. FTA was likely open newer market opportunities, said Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director, Gokaldas Exports. ''As we step into FY26, the reciprocal tariff imposed by the US poses a formidable challenge by inducing business volatility and margin pressure. The recently concluded India-U.K. FTA, however, presents an opportunity as and when it is implemented,'' he said as part of his market commentary at the company's fourth quarter earnings on Thursday (May 22, 2025). Gokaldas Exports, a firm that manufactures and exports apparel to various brands in over 50 countries, has registered a total income growth of 27% and 84% growth in profit before tax on a YoY basis during the fourth quarter of FY25. In Q4, the company reported a consolidated total income of ₹ 1,035 crore and a consolidated profit before tax of ₹79 crore. Its EBITDA margins improved by 272 bps on a YoY basis during the quarter, supported by productivity gains and robust cost management efforts, the export house said. Gokaldas Exports total income for the full year touched ₹3917 crore, the highest in its history, and a consolidated profit before tax of ₹218 crore. The company's full-year total income and profit before tax registered a growth of 63% and 37%, respectively. Meanwhile, Bengaluru-based Page Industries, has posted Q4 net income of ₹1,64 crore, which was a growth of 51.6% year-on-year while revenue was ₹1098.1 crore, a 10.6% year-on-year growth. For the full year, it posted a 28.1% increase in net profit to ₹7,29.1 crore on and revenue for the year grew 8% to ₹49,34.9 crore. FY25 saw its sales volumes growing to 219.6 million pieces, a 5.5% increase. V.S. Ganesh, MD, Page Industries Ltd said, 'FY'25 was characterised by rapid shifts in economic, geopolitical and technological tailwinds, compelling the company to remain further agile and responsive.'' While inflationary pressures constrained consumer spending, particularly in the first half of the year, the company's ability to adapt was very evident in the overall strong performance, especially of its e-commerce channels, he commented. The growth and a healthy operating margin was further supported by stable fabric prices and optimised overheads, Mr. Ganesh added.
The Hindu
23-05-2025
- Business
- The Hindu
Could India-U.K. trade deal be a template for other FTAs?
There has been a lot of excitement around the India-U.K. trade deal — PM Narendra Modi termed the deal a 'historic milestone' while announcing that both countries 'successfully concluded an ambitious and mutually beneficial Free Trade Agreement', and U.K. PM Keir Starmer recently called it a fantastic deal. India enjoys a trade surplus with the U.K., the deal could help India maintain its competitive edge. Under the deal, India will cut tariffs on 90% of British goods, with 85% becoming duty-free over ten years. In return, the U.K. will abolish duties on selected products, leaving 99% of Indian exports tariff-free. The deal talks about streamlining regulations, which could make India's exports cheaper to the British. Trade between India and the U.K. has grown over the past few decades, and trade relations between the two countries are set to become stronger due to this agreement. The U.K.'s government believes that the FTA will give bilateral trade an annual boost of £25.5 billion by 2040, while India has set a target to double trade to $100 billion by 2030. Given that India is negotiating trade agreements with other countries, can this FTA serve as a template for other deals? Guest: Amrita Saha, Research Fellow, Institute of Development Studies, University of Sussex. Host: Nivedia. V Edited by Sharmada Venkatasubramanian. Listen to more In Focus podcasts:
CNBC
09-05-2025
- Business
- CNBC
India's long-term growth story is 'intact' despite ongoing conflict, says economist
Shumita Sharma Deveshwar, Chief India Economist at GlobalData TS Lombard discusses India's economic resilience despite rising tensions with Pakistan. She highlights the significance of an India-U.K. trade deal and emphasizes the country's progress in advanced manufacturing, while stressing the need for parallel job creation in labor-intensive sectors.
