Latest news with #India-UKFTA
India Gazette
2 days ago
- Business
- India Gazette
UK Foreign Secretary's visit provides opportunity to sustain high-level engagement, further consolidate India-UK Comprehensive Strategic Partnership
New Delhi [India], June 8 (ANI): UK Foreign Secretary David Lammy's visit to India provided a valuable opportunity to sustain the high-level engagement between the two countries and to further consolidate the India-UK Comprehensive Strategic Partnership, the Ministry of External Affairs noted in a statement on Saturday. As per the statement issued by the MEA, UK Foreign Secretary David Lammy paid an official visit to India on June 7. This was his second official visit to India in his capacity as UK Foreign Secretary. During the visit, UK Foreign Secretary called on Prime Minister Narendra Modi and held delegation level talks with External Affairs Minister Dr. S. Jaishankar (EAM). He also met with Piyush Goyal, Commerce & Industry Minister and Ajit Doval, National Security Adviser. The statement noted that Prime Minister Narendra Modi termed the recent conclusion of the India-UK FTA and Double Contribution Convention (DCC) as a strategic milestone in India-UK bilateral ties, which will further unlock potential of the partnership in diverse sectors. He conveyed that he is looking forward to the visit of UK Prime Minister Sir Keir Starmer to India at the earliest mutual convenience. EAM Jaishankar and Foreign Secretary Lammy reviewed the entire gamut of bilateral cooperation and expressed satisfaction at the progress in diverse sectors, including trade & economy, defence & security, technology & innovation, health, green energy & climate, education and people-to-people ties under our Comprehensive Strategic Partnership. Both Ministers welcomed the conclusion of the India-UK FTA and DCC. They also expressed happiness at the launch of the Strategic Exports and Technology Cooperation Dialogue, the first meeting of which was Co-Chaired by Vikram Misri, Foreign Secretary, MEA and Sir Oliver Robbins, Permanent Under-Secretary(PUS), Foreign, Commonwealth & Development Office on June 3, the statement said. EAM Jaishankar conveyed India's appreciation for the UK government's expression of solidarity and support to India in the fight against terrorism. Both Ministers also exchanged views on regional and global issues of mutual interest. 'The visit provided a valuable opportunity to sustain the high-level engagement between the two countries and to further consolidate the India-UK Comprehensive Strategic Partnership. Both sides agreed to continue working closely to advance their shared objectives', the statement said. In a previous statement by the MEA on Foreign Secretary's meeting with PM Modi, it was noted, PM Modi expressed satisfaction at the successful conclusion of the India-UK Free Trade Agreement and Double Contribution Convention and appreciated the constructive engagement by both sides that led to this milestone. PM Modi also welcomed the growing momentum in bilateral ties and expressed satisfaction at the deepening of the India-UK Comprehensive Strategic Partnership. He welcomed the continued collaboration under the Technology Security Initiative and noted its potential to shape trusted and secure innovation ecosystems. The statement noted that Foreign Secreatary David Lammy conveyed UK's strong interest in further enhancing cooperation across key sectors including trade and investment, defence and security, technology, innovation, and clean energy. He expressed confidence that the FTA will unlock new economic opportunities for both countries. Foreign Secretary Lammy also shared inputs from his visit to India in a series of posts on X. Upon meeting PM Modi, Lammy wrote on X, 'Thank you Prime Minister @narendramodi for your warm welcome to India. Building on the free trade agreement between our great countries, we will continue working together to deepen our partnership, celebrate our unique living bridge, and deliver growth and security.' On his meeting with EAM Jaishankar, David Lammy said, 'Great to see my friend @drSJaishankar in Delhi today. We are advancing a new era in UK-India relations -- boosting trade and technology, tackling the climate crisis and providing greater security for our people.' Prime Minister Narendra Modi met United Kingdom's Foreign Secretary David Lammy on Saturday and shared the details in a post on X. PM Modi appreciated the progress made in the India-UK Comprehensive Strategic Partnership and also mentioned about the recently concluded FTA between the two countries. He appreciated the UK's support to India in the fight against cross-border terrorism. (ANI)
India Gazette
3 days ago
- Business
- India Gazette
India-UK FTA will propel bilateral trade, strengthen supply chains: Jaishankar during meeting with UK Foreign Secretary
ANI 07 Jun 2025, 18:10 GMT+10 New Delhi [India], June 7 (ANI): Noting that the recent conclusion of the India-UK FTA and the Double Contribution Convention is truly a milestone, External Affairs Minister S Jaishankar said on Saturday it will propel two-way trade and investment and contribute to the strengthening of supply and value chains.' In his remarks during a meeting with the UK Foreign Secretary David Lammy, Jaishankar said India practices a policy of zero-tolerance against terrorism and expects its partners to understand this. 'I am pleased to welcome you back to India. We just had a very good meeting with Prime Minister Modi, and I think your visit at this time gives us an occasion to assess our comprehensive strategic partnership, which I believe has strengthened across all sectors in recent times,' he said. 'The recent conclusion of the India-UK FTA (Free Trade Agreement) and the Double Contribution Convention is truly a milestone. It will not only propel our two-way trade and investment but will also have a positive effect on other strategic aspects of our bilateral ties. It would also contribute to the strengthening of supply and value chains,' he added. Jaishankar said India will never countenance perpetrators of evil being put at par with its victims. 'I thank the Government of the United Kingdom for the strong condemnation of the barbaric terrorist attack in Pahalgam in the Union Territory of Jammu and Kashmir and for your solidarity and support to India in the fight against terrorism,' he said. The minister said that the UK-India infrastructure financial bridge can unlock quality long-term capital flows from the United Kingdom to India. 'There's very good collaboration in the education sector with many more universities. I believe planning to establish their campuses in India,' he said. Jaishankar said that people-to-people ties are getting stronger. (ANI)
Time of India
3 days ago
- Business
- Time of India
'Won't equate perpetrators of evil with victims': Jaishankar reiterates stance on terrorism; thanks UK for condemning Pahalgam attack
NEW DELHI: External affairs minister S Jaishankar on Saturday reiterated India's stance against terrorism and said that the nation would never equate the perpetrators of Pahalgam terror attack with their victims. He also thanked United Kingdom government for condemning the April 22 attack that killed 26. "We practice a policy of zero tolerance against terrorism and expect our partners to understand it," he said, speaking at his meeting with UK foreign secretary David Lammy. "We will never countenance perpetrators of evil being put at par with its victims." "I thank the Government of the United Kingdom for the strong condemnation of the barbaric terrorist attack in Pahalgam in the Union Territory of Jammu and Kashmir and for your solidarity and support to India in the fight against terrorism. We practice a policy of zero tolerance against terrorism and expect our partners to understand it," he added. Furthermore, Jaishankar hailed the India-UK FTA as a milestone that will boost trade and strengthen bilateral ties. "The recent conclusion of the India-UK FTA and the Double Contribution Convention is truly a milestone. It will not only propel our two-way trade and investment but will also have a positive effect on other strategic aspects of our bilateral ties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta nueva alarma con cámara es casi regalada en San Miguel De Tucumán (ver precio) Verisure Undo It would also contribute to the strengthening of supply and value chains," the minister added. Jaishankar told his British counterpart David Lammy that he is pleased to welcome him to India. "I am pleased to welcome you back to India. We just had a very good meeting with Prime Minister Modi, and I think your visit at this time gives us an occasion to assess our comprehensive strategic partnership, which I believe has strengthened across all sectors in recent times..."
India Gazette
5 days ago
- Business
- India Gazette
ICA conference reaffirms arbitration's central role in cross-border dispute resolution across India-UK economic corridor
New Delhi [India], June 5 (ANI): The Indian Council of Arbitration (ICA) organised the 3rd edition of its International Conference on 'Arbitrating Indo-UK Commercial Disputes' during the London International Disputes Week (LIDW) 2025, where Chief Justice of India (CJI) Justice Bhushan Ramkrishna Gavai recapitulated the huge potential of growth in the India-UK economic corridor, aided by a robust cross-border commercial dispute resolution mechanism. The symposium laid emphasis on 'Synergising India UK Arbitration Practices' with dedicated panel discussions on 'Hybrid Dispute Resolution Models in Indo-UK Commercial Conflicts' and 'Bridging Dispute Resolution Mechanisms in India-UK to Enhance Trade & Investment,' according to the Ministry of Law and Justice. In a packed hall of legal luminaries and other stakeholders, Justice Bhushan Ramkrishna Gavai, Chief Justice of India, inaugurated the Conference by delivering the inaugural address. 'The very foundation of the concept of arbitration and mediation can be found in Indian traditional values, where disputes were referred to the elders of the village. As India continues to solidify its position as a major player in the world economy, the significance of arbitration institutions is becoming increasingly important in enhancing India's standing as a hub for arbitration,' CJI said. Arjun Ram Meghwal, Union Minister of Law & Justice, while delivering the keynote address, highlighted that 'Our Prime Minister Narendra Modi, at the 'National Initiative towards Strengthening Arbitration and Enforcement ' concluded in India, organised on October 23, 2016, has highlighted the importance of ADR. Hence, there was a need to simultaneously facilitate a vibrant ecosystem for alternate dispute resolution, including arbitration, mediation and conciliation. This will provide additional comfort to investors and business. More importantly, it will also ease the case load on Indian Courts'. During the inaugural session, the Rt Hon Lord Michael Briggs of Westbourne, Judge Supreme Court of the UK, stated in his keynote address that 'The statutory arbitration regimes in India and the UK are similar yet also different. In both, the statutory regime is embedded in our shared fabric of common law, which has for centuries recognised the right to a fair hearing in court. The recent signing of the India-UK FTA and the enhanced cooperation in terms of arbitral frameworks, replacing the mechanism of litigation for commercial dispute resolution, holds the potential to enhance the bilateral economic relations in times that come'. Vikram K Doraiswami, High Commissioner of India to the United Kingdom, in his special address highlighted 'The India-UK FTA is India's most ambitious FTA to date. It isn't just about the figures; it opens up government procurements on equal footing with British companies and spans a range of services and sectors to let both our countries benefit. The growth of commerce invites the growth of disputes unavoidably. However, eventually an efficient and effective dispute resolution is what will enhance innovation & private sector ingenuity, aiding the growth of commerce across the jurisdictions. In his welcome address, NG Khaitan, President, ICA & Senior Partner, Khaitan & Co highlighted, 'The Indian arbitral landscape is pro-arbitration which heightens investor confidence making India a preferred destination for international commercial dispute resolution. The New India is most cost effective and with best of arbitrators and mediators to aid commercial dispute resolution. Between 2016 & 2025, India mediated 7,57,000 through mediation in Lok Adalat, highest globally. This shows the reliability and trust the institution has garnered'. Arun Chawla, Director General, ICA and former DG FICCI, in his opening remarks underscored that, 'The base and promise of the India-UK Free Trade Agreement (FTA) is unmistakable: to enhance bilateral trade to USD 120 billion by 2030. This ambition is supported by greater services interoperability and increased professional mobility, especially for legal professionals, which holds particular significance. Legislative reforms in both jurisdictions are working tirelessly to advance this vision.' Karishma Vora, Barrister 39 Essex Chambers, London & Member of the ICA International Advisory Committee delivered the vote of thanks, emphasising the commonalities of dispute resolution in the UK & India within the India-UK economic corridor. ICA is one of the oldest arbitral institution in India, established in 1965 with prominent co-founders Government of India & FICCI (India's apex & largest chamber for commerce and industry) among others. We have been a trailblazer in institutional arbitration with highest adjudication rate of arbitration matters in India. Annually, the ICA adjudicates claims exceeding Rs 4000 crores (approximately USD 470 million), highlighting its significant role in dispute resolution. In addition to its role in spearheading institutional arbitration in India, ICA also has role in propagating and popularizing idea of ADR mechanisms, of disseminating information and educational material concerning arbitration processes and law. (ANI)
Time of India
6 days ago
- Business
- Time of India
A home-grown liquor giant is making a bold pivot
The making of India's brandy boss Live Events You Might Also Like: India-UK FTA will make Scotch whiskies more competitively priced: Pernod Ricard India You Might Also Like: Alcohol makers seek phased import duty cuts, strong safeguards to prevent EU FTA misuse From brandy to whisky You Might Also Like: Amrut launches its ₹10 lakh marquee Indian single malt whisky (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Amid a rapidly transforming market, one of India's home-grown liquor producer is taking a sharp turn. Premium brandy manufacturer Tilaknagar Industries Ltd, the owner of India's biggest and the world's second biggest brandy brand Mansion House , is reportedly eying a big foray into whisky business. ET has reported based on information from people familiar with the matter that Tilaknagar Industries is the frontrunner in the race for the Imperial Blue whisky brand being sold by the French alcobev major Pernod Ricard Imperial Blue, Pernod Ricard's largest brand by volume, has an estimated enterprise value of up to $600 million, as per the ET report, and a deal will mean the largest M&A in India's liquor industry in more than a decade after Diageo's buyout of United Spirits in 2013 for $1.9 billion. Chairman-cum-Managing Director Amit Dahanukar refused to comment on ET's query on the proposed has been asked to submit a binding bid by June 23, as per the ET report, while Inbrew Beverages , established by London-based serial entrepreneur Ravi Deol, is also in the is one of the biggest markets for brandy, accounting for nearly 40% of the overall consumption globally. In India, brandy is the second most consumed alcoholic beverage after whisky, but more than 98% is sold in southern India, especially Kerala and Tamil Industries, or TIL, India's fifth-largest alcoholic beverage firm by market cap, is the leader by far in India's brandy business. The company enjoys a leadership position in the segment with 94% of total volume) in the IMFL industry, with a market share of nearly 25%, excluding Tamil Nadu, as per a CRISIL analysis from December last year. Within the prestige and above segment, TIL has around 30% market share. Brandy is the second largest in the spirits category, forming over 20% volume share after whiskey (55%).Tilaknagar was founded in 1933, as The Maharashtra Sugar Mills Ltd by Mahadev L Dahanukar. In the 1970s, the company shifted its focus to alcohol production, and soon became a prominent manufacturer of alcoholic beverage (alcobev) brands in India. Tilaknagar is the maker of India's highest-selling premium brandy brands, Mansion House and Courrier Napoleon. The company offers over 15 different brands of brandy, whiskey, gin, rum and vodka, with a focus on the 'prestige-and-above' segments. Manufacturing operations span 19 units, including 4 owned units and 15 contract manufacturing company has a strong distribution network of nearly 40,000 outlets across the country, and sells mainly through state corporations, direct sales, and distributors. It also exports to Africa, Middle East, East and South-East Asia and Europe, as per CRISIL. Tilaknagar is a major player in south India, which accounted for around 86% of total revenue. The promoters have experience of more than five decades and strong relationships with dealers/distributors. CMD Amit Dahanukar joined the board in 2001 and has been instrumental in guiding the company through its troubled phase and reviving the business forms nearly 20% of the overall IMFL market in India. Tilaknagar is the largest player in the brandy segment with nearly 25% market share excluding Tamil Nadu (market dominated by local players). Tilaknagar has a strong foothold and brand-recall in South Indian states (AP, Telangana, Karnataka, Kerala and Puducherry). In fiscal 2024, the company sold over 11.2 million cases (1 case = 9 litres), reflecting 16% increase compared to fiscal 2023, with southern states contributing 86% of the volume, as per Tilaknagar, a successful acquisition of Imperial Blue would help expand its brand as well as non-brandy portfolio. While brandy is a dominant category in Tilaknagar's portfolio, the company forayed into whisky in 2012, leveraging flagship brand Mansion House. However, more than 90% of its sales still comes from brandy. During its earnings call on May 21, chairman and managing director Dahanukar said Tilaknagar will focus on enhancing its presence within brandy and other IMFL categories through its own brands and strategic investments. Tilaknagar had earlier acquired Round The Cocktails, Spaceman Spirits and Incredible Spirits. Tilaknagar has been in a long-drawn trademark dispute with Allied Blenders & Distillers (ABD) and Dutch distiller Herman Jansen Beverages (formerly UTO) over its Mansion House if it indeed ends up buying Imperial Blue, will be making a big push into the whisky market when it is in ferment. After several years of growth, demand for spirits across categories slowed down to 1.6% in FY25, falling from 4.2% a year ago. Volume sales of whiskey, which accounts for roughly two-thirds of the market, saw a muted 1.5% increase in volume last fiscal while brandy and vodka sales were flat, according to excise department data reported by ET. Brandy grew less than 1%. Globally too, liquor sales fell 1% by volume in 2024, according to alcohol market researcher IWSR, which attributed this to large markets such as China and India failing to live up to growth projections. Spirits slowdown in India has been attributed mainly to distribution changes in a few states, higher taxes and tipplers cutting back on most discretionary spends including these disruptions, liquor industry in India holds immense potential. Despite being the world's most populous nation with more than 1.4 billion inhabitants, India's drinking consumer base is estimated at around 300 million-of whom nearly half rely on cheap, unbranded 2024, India's alcohol industry is valued at approx. $64.19 billion with projections indicating it could reach $115.27 billion by 2034 at a CAGR of 6.7 per cent, as per an ET report. Spirits like whisky, vodka and rum are expected to dominate the market reaching USD 50.55 billion by 2034. India remains one of the world's largest consumers of whisky, accounting for over 48 per cent of global whisky liquor industry is transforming in response to consumer trends and policy shifts. Premiumization and innovation are driving growth, with consumers willing to pay more for craft breweries, premium whiskies and flavored spirits. Companies are adapting by launching unique offerings tailored to local tastes. Meanwhile, although e-commerce restrictions remain in place, some states are exploring online liquor delivery, which could unlock new growth opportunities. Policy reforms are also gaining momentum, with increasing pressure on state governments to streamline tax structures and modernize the industry. Progressive moves by states like reduced state duties by 10-15 per cent across various alcoholic beverage segments in Karnataka suggest a shift towards a more business-friendly the FTA with the UK, which includes deep cuts in import duties on several spirits, and a possible trade deal with the US can make make imported liquor more affordable in India which may challenge local liquor brands in the premium and luxury space, Imperial Blue whisky brand may not be impacted much as it straddles the space between mass and premium.
