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News18
6 days ago
- Business
- News18
'India-UK FTA Marks Defining Moment, Reflects Shared Commitment To Economic Resilience': India Inc
'This landmark UK-India trade deal is more than an economic milestone. It's a bold vision for shared prosperity and innovation,' says Indian Inc leaders. The India-UK free trade agreement (FTA) is a defining moment in both countries' relationship and reflects a shared commitment to inclusive growth, economic resilience and industrial transformation, Indian industry leaders said on Thursday. Welcoming the bilateral trade pact between the countries, CII Director-General Chandrajit Banerjee said, 'The India-UK FTA marks a defining moment in our bilateral relationship, reflecting a shared commitment to inclusive growth, economic resilience, and industrial transformation." The trade deal, the UK's biggest such agreement since Brexit and India's first with a European economy, aims to expand the bilateral trade. The FTA is expected to boost bilateral trade between India and the UK by 25.5 billion pounds every year. 'This landmark UK-India trade deal is more than an economic milestone. It's a bold vision for shared prosperity and innovation. It opens new doors for collaboration in clean energy, advanced tech, and sustainable manufacturing. At Mahindra, we see this as a powerful platform to deepen global partnerships and drive inclusive, future-ready growth. It also signals India's growing leadership in shaping a new era of global cooperation," said Group CEO & MD, Mahindra Group. India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around USD 34 billion annually The deal was signed by Commerce Minister Piyush Goyal and his British counterpart Jonathan Reynold in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer. The FTA is expected to benefit 99 per cent Indian exports from tariff and will make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket, according to Indian officials. Welcoming the deal, Bharti Enterprises Founder & Chairman Sunil Bharti Mittal, who is also the co-chair of the India-UK CEO Forum, said, 'This agreement establishes a modern, forward-looking partnership that will stimulate innovation, ease market access, and foster investment. Businesses in India as well as the UK stand to gain tremendously, as it lays the groundwork for scaling up bilateral cooperation across key growth sectors." Vedanta Group chairman Anil Agarwal said, 'The FTA will be a win-win for both countries. It will boost economic activity and create many more jobs and opportunities for entrepreneurship in both countries." Agarwal said he has closely seen the economic engagement between India and the UK grow substantially over the last two decades. 'We made a great partnership, be it trade, investment or people-to-people links," he added. The deal, the UK's biggest such agreement since Brexit and India's first with a European economy, aims to expand the bilateral trade. The India-UK FTA, firmed up after three years of negotiations, is expected to ensure comprehensive market access for Indian goods across all sectors and India will gain from tariff elimination on about 99 per cent of tariff lines (product categories) covering almost 100 per cent of the trade values, they said. The UK said Indian consumers will benefit from improved access to the best British products — from soft drinks and cosmetics to cars and medical devices — as average tariffs will drop from 15 per cent to 3 per cent after the FTA kicks in. Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
18-07-2025
- Business
- Mint
Top Gainers and Losers on July 18: Alok Industries, Axis Bank, Data Patterns, Atul, BEML among top losers today
The Indian stock market ended another session in the red, dragged down by a sharp sell-off in large-cap private banking stocks. Axis Bank led the decline after posting weaker-than-expected Q1 results, triggering a broader sell-off across the sector. The pressure on banking heavyweights, coupled with continued weakness among PSU stocks, led the Nifty 50 to lose 0.56%, settling below 25,000 at 24,968 points, while the S&P BSE Sensex closed the session with a drop of 0.61% at 81,757. Both indices finished the week lower, losing up to 0.90%, which is a third losing week for the indices. Investors had hoped for a turnaround in earnings by Indian Inc. in Q1FY26, but the initial set of results has been largely muted, leaving little hope for a strong performance in the ongoing earnings season, turning investors to take a selective approach. In addition, the lack of fresh triggers and ongoing uncertainty around a potential India–US trade deal are also weighing on investor sentiment, which is also clearly reflected in the continued sell-off by foreign portfolio investors (FPIs), who have remained net sellers in most sessions so far in July. Although optimism emerged earlier this week after domestic inflation fell to a six-year low, raising expectations of another rate cut by the RBI, the softness in credit demand has raised concerns about urban consumption.
