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Business Standard
09-05-2025
- Automotive
- Business Standard
'US-UK FTA can serve as launch pad for Indian Inc to enter to American mkt'
The latest comprehensive trade agreement inked between the US and the UK also opens a window of opportunity for Indian companies which can use it as another launching pad to enter the American market, said Dammu Ravi, Secretary (Economic Relations) at the Ministry of External Affairs. While the market size of the UK is small, the US-UK FTA offers Indian-owned automakers and others operating in Britain a big opportunity, Ravi said on Friday. He was speaking at the annual general meeting of the Public Affairs Forum of India. One of the firms expected to reap benefit from this treaty is UK-based luxury car maker Jaguar Land Rover (JLR), an arm of India's Tata Motors. The US-UK trade deal would allow UK-based manufacturers to export 100,000 cars to the US that would attract only 10 per cent duty. It was 25 per cent earlier. This pact is also expected to set a clear template for the Donald Trump administration for a long list of deals it is currently planning with other nations, he said. 'But the US-India FTA will have more than the tariff adjustments, and easing of regulatory mechanisms. They will have other issues in this case, including taxation, standards. We have to be mindful of where it's heading,' he said. Referring to another recent trade pact, the one signed between India and the UK, Ravi said this was one of the most ambitious free trade agreements (FTA) to have been signed by India so far. Ravi said the government recognises the need to ramp up India's trade in its neighbourhood considering that only 5 per cent of the global trade conducted by South Asian nations take place with each other. Ravi suggested that under-construction industrial corridors should be extended beyond India's borders and include hubs in neighbouring nations so that Indian manufacturing footprint can expand in those places. 'India doesn't have its own supply chains. China alone controls 70 per cent of the critical earth mineral supply, and 90 per cent of its processing,' Ravi said. However, pulling out the supply chains for disparate categories of goods won't be easy, he warned. The China+1 strategy, whereby foreign companies diversify their operations and supply chains by adding locations outside of China while still maintaining a presence in the country, won't automatically benefit India unless key infrastructure bottlenecks are removed, the Secretary said.
NDTV
09-05-2025
- Business
- NDTV
"We Should Remain Hopeful": Foreign Ministry Official On India-Pak Conflict Escalation
New Delhi: In the backdrop of the ongoing military conflict between India and Pakistan, a senior official in the Ministry of External Affairs (MEA) on Friday said "we should remain hopeful" that the existing situation does not escalate. Secretary (Economic Relations) in the MEA, Dammu Ravi, said this in response to a query during an event on the impact of any conflict on the economy and the resilience required in such matters, especially in view of the current scenario. Prior to his interaction with the audience, Mr Ravi addressed the event hosted by the Public Affairs Forum of India (PAFI), held in the shadow of the military flare-up between India and Pakistan. "Security, development and economic growth are highly inter-linked concepts around the world. So, in a conflict situation, the industry will naturally recoil, and keep on one side and take time for the situation to improve," Mr Ravi said. "We should remain hopeful that the existing conflict does not escalate, and subsides," he said, without naming any country. Till then, the industry will do what it thinks is right, which will normally be -- "not want to take risks", the MEA official said. India on Thursday night neutralised Pakistan's attempt to hit military stations in Jammu, Pathankot, Udhampur and some other locations with missiles and drones, as tensions soared between the two countries amid fears of a wider military conflict. Sirens and numerous explosions were reported in Akhnoor, Samba, Baramulla and Kupwara and several other places, as the Indian military carried out a massive aerial vigil along the border with Pakistan. After the Indian military foiled the Pakistani attempts, the defence ministry said the country remains "fully prepared to defend its sovereignty and ensure the safety of its people".
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Business Standard
09-05-2025
- Business
- Business Standard
US-UK FTA can serve as launch pad for Indian Inc to enter to American mkt
MEA's Dammu Ravi says Indian firms can leverage the US-UK trade pact to expand into American markets, but cautions on supply chain gaps and infrastructure hurdles Premium Subhayan Chakraborty New Delhi Listen to This Article The latest comprehensive trade pact between Washington DC and London holds much promise for Indian industry, which can use it as another launching pad to enter the American market, Dammu Ravi, secretary (economic relations) at the Ministry of External Affairs, said on Friday. Speaking at the annual general meeting of the Public Affairs Forum of India, Ravi said this was one of the most ambitious free trade agreements (FTA) India has been associated with. 'The earlier FTAs with Australia and the UAE have limited tariff structures. But this has almost 90 per cent coverage,' Ravi said. While the market size
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Business Standard
09-05-2025
- Business
- Business Standard
We should remain hopeful India-Pak conflict doesn't escalate: MEA official
Prior to his interaction with the audience, Ravi addressed the event hosted by the Public Affairs Forum of India (PAFI), held in the shadow of the military flare-up between India and Pakistan Press Trust of India New Delhi In the backdrop of the ongoing military conflict between India and Pakistan, a senior official in the Ministry of External Affairs (MEA) on Friday said "we should remain hopeful" that the existing situation does not escalate. Secretary (Economic Relations) in the MEA, Dammu Ravi, said this in response to a query during an event on the impact of any conflict on the economy and the resilience required in such matters, especially in view of the current scenario. Prior to his interaction with the audience, Ravi addressed the event hosted by the Public Affairs Forum of India (PAFI), held in the shadow of the military flare-up between India and Pakistan. "Security, development and economic growth are highly inter-linked concepts around the world. So, in a conflict situation, the industry will naturally recoil, and keep on one side and take time for the situation to improve," Ravi said. "We should remain hopeful that the existing conflict does not escalate, and subsides," he said, without naming any country. Till then, the industry will do what it thinks is right, which will normally be -- "not want to take risks", the MEA official said. India on Thursday night neutralised Pakistan's attempt to hit military stations in Jammu, Pathankot, Udhampur and some other locations with missiles and drones, as tensions soared between the two countries amid fears of a wider military conflict. Sirens and numerous explosions were reported in Akhnoor, Samba, Baramulla and Kupwara and several other places, as the Indian military carried out a massive aerial vigil along the border with Pakistan. After the Indian military foiled the Pakistani attempts, the defence ministry said the country remains "fully prepared to defend its sovereignty and ensure the safety of its people". (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
