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Economic Times
6 days ago
- Automotive
- Economic Times
India's auto sector duty concession offer to UK under FTA is very nuanced: Official
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's duty concession offer for the auto sector under the free trade agreement (FTA) with the UK is "very nuanced" with relaxations and quotas linked to engine capacity and vehicle prices, an official said. India has included adequate safeguards in the agreement with the UK to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years, the official said."The duty cut and quota depends on engine capacity and price of vehicles. A lot of nuances are there in the auto sector. India's offer to the UK is very nuanced," the official and the UK, on May 6, announced the conclusion of negotiations for the trade pact that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade aim is to double the two-way commerce by 2030 from the present USD 60 on automotive imports will be reduced from over 100 per cent to 10 per cent under quotas on both sides, benefiting companies such as Tata-JLR. Tata Motors Group CFO PB Balaji has earlier said the agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much the other hand, Mercedes-Benz and BMW have termed the FTA a positive development while noting that it would not have much bearing on the prices of luxury cars in the country.
Time of India
7 days ago
- Automotive
- Time of India
India-UK FTA: New Delhi's auto sector duty concession 'very nuanced'
India's offer to cut import duties for the auto sector from the UK under the new FTA is 'very nuanced' including relaxations and quotas linked to engine capacity and the price of vehicles, a government official said. The free trade agreement (FTA), which was concluded on 6 May, aimed to lower tariffs on 99 per cent of Indian exports to the UK and make it easier for British companies to sell goods like whisky and cars in India. The goal is to double trade between the two countries by 2030 from the current level of $60 billion. India also included adequate safeguard points in the pact to protect its sensitive sections. For the automobile sector, India has agreed to reduce import duties gradually over a period of 10 to 15 years. Under the agreement, tariffs on car imports will fall from over 100 per cent to about 10 per cent, but only within fixed quotas. This is expected to benefit companies such as Tata Motors and its British brand Jaguar Land Rover (JLR), PTI reported. Tata Motors Group CFO PB Balaji earlier said that the agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster. Meanwhile, luxury carmakers like Mercedes-Benz and BMW have also called the deal a positive step, though they said it may not make a big difference to the prices of high-end cars in India. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
7 days ago
- Automotive
- Mint
Indias auto sector duty concession offer to UK under FTA is very nuanced: Official
New Delhi, May 24 (PTI) India's duty concession offer for the auto sector under the free trade agreement (FTA) with the UK is "very nuanced" with relaxations and quotas linked to engine capacity and vehicle prices, an official said. India has included adequate safeguards in the agreement with the UK to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years, the official said. "The duty cut and quota depends on engine capacity and price of vehicles. A lot of nuances are there in the auto sector. India's offer to the UK is very nuanced," the official added. India and the UK, on May 6, announced the conclusion of negotiations for the trade pact that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket. The aim is to double the two-way commerce by 2030 from the present USD 60 billion. Tariffs on automotive imports will be reduced from over 100 per cent to 10 per cent under quotas on both sides, benefiting companies such as Tata-JLR. Tata Motors Group CFO PB Balaji has earlier said the agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster. On the other hand, Mercedes-Benz and BMW have termed the FTA a positive development while noting that it would not have much bearing on the prices of luxury cars in the country.
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Business Standard
7 days ago
- Automotive
- Business Standard
India's auto duty offer under UK FTA linked to engine, vehicle price quotas
India's duty concession offer for the auto sector under the free trade agreement (FTA) with the UK is "very nuanced" with relaxations and quotas linked to engine capacity and vehicle prices, an official said. India has included adequate safeguards in the agreement with the UK to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years, the official said. "The duty cut and quota depends on engine capacity and price of vehicles. A lot of nuances are there in the auto sector. India's offer to the UK is very nuanced," the official added. India and the UK, on May 6, announced the conclusion of negotiations for the trade pact that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket. The aim is to double the two-way commerce by 2030 from the present USD 60 billion. Tariffs on automotive imports will be reduced from over 100 per cent to 10 per cent under quotas on both sides, benefiting companies such as Tata-JLR. Tata Motors Group CFO PB Balaji has earlier said the agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster. On the other hand, Mercedes-Benz and BMW have termed the FTA a positive development while noting that it would not have much bearing on the prices of luxury cars in the country.
Time of India
7 days ago
- Automotive
- Time of India
India's auto sector duty concession offer to UK under FTA is very nuanced: Official
India's duty concession offer for the auto sector under the free trade agreement (FTA) with the UK is "very nuanced" with relaxations and quotas linked to engine capacity and vehicle prices, an official said. India has included adequate safeguards in the agreement with the UK to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years, the official said. "The duty cut and quota depends on engine capacity and price of vehicles. A lot of nuances are there in the auto sector. India's offer to the UK is very nuanced," the official added. India and the UK, on May 6, announced the conclusion of negotiations for the trade pact that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket. The aim is to double the two-way commerce by 2030 from the present $60 billion. Tariffs on automotive imports will be reduced from over 100 per cent to 10 per cent under quotas on both sides, benefiting companies such as Tata-JLR. Tata Motors Group CFO PB Balaji has earlier said the agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster. On the other hand, Mercedes-Benz and BMW have termed the FTA a positive development while noting that it would not have much bearing on the prices of luxury cars in the country.
