Latest news with #SIAM
Deccan Herald
5 days ago
- Automotive
- Deccan Herald
‘At least a year' before India-UK trade deal is operational
New Delhi: The Comprehensive Economic and Trade Agreement (CETA) between India and the UK, signed in London on Thursday, will take at least a year to become operational, as it requires approval from the British Parliament, Commerce Secretary Sunil Barthwal said on Friday.'In the UK, it will take almost a year or so before it is ratified in Parliament,' Barthwal stated at a media said that the agreement must be approved by both houses of Parliament — the House of Commons and the House of Lords. There is also likely to be a select committee discussion on the issue. In India, the deal has already been approved by the Union Cabinet. No parliamentary approval is required here for free trade agreements to be to discussions with his British counterpart, Barthwal said the UK has expressed willingness to ratify the agreement in Parliament at the said that the British government, led by Prime Minister Keir Starmer, is keen on the early implementation of the to Barthwal, the Indian government would utilise the time for capacity building of exporters and other claimed that the deal would bring significant benefits to several labour-intensive sectors, including textiles, leather, footwear and gems & will India's auto, farm sectors benefit from UK trade deal?.'Four times concessions'On the auto sector, Barthwal said, 'India has secured market access to the tune of four times the concessions given to the UK on electric vehicles in the British market.'The Society of Indian Automobile Manufacturers (SIAM), which represents major vehicle and vehicular engine manufacturers in the country, welcomed the agreement, saying that it would open new trade opportunities across industries.'The commitments made by the Government of India on automobile sector tariffs strike a thoughtful balance — addressing consumer interests while supporting the broader goals of Indian industry,' said Shailesh Chandra, SIAM who is also the Managing Director of Tata Passenger Vehicles, added, 'We view this agreement as part of a wider strategic engagement and believe it opens new avenues for collaboration and opportunity with a key global partner.'Commerce Secretary Barthwal clarified that no concessions would be given to the UK in the import of electric, hybrid and hydrogen-powered vehicles in the first five years of the implementation of the deal.'Market access in EV is given mostly in the high price segment of vehicles priced above 80,000 British pounds,' he said.
Economic Times
5 days ago
- Automotive
- Economic Times
India-UK trade pact supports auto sector, addresses consumers' interests: SIAM
Representative Image The commitments made by the government on automobile sector tariffs under the India-UK Free Trade Agreement addresses consumers' interests while supporting the broader goals of Indian industry, auto industry body SIAM said on Friday. The India-UK trade deal provides duty-free access to several domestic sectors such as leather, electrical machinery and chemicals in the British market, unlocking nearly USD 23 billion in opportunities. The pact, officially called Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer. "We view this agreement as part of a wider strategic engagement and believe it opens new avenues for collaboration and opportunity with a key global partner," the Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra said in a statement. SIAM remains committed to working closely with the Government of India to ensure the benefits of the agreement translate into greater growth, global competitiveness, and technological progress for the Indian automotive industry, he added. Chandra notes that that the pact marks a significant step forward in strengthening India's global economic engagement, particularly with developed economies. As two major economies enter a new phase of partnership, SIAM appreciates the government's extensive stakeholder consultations throughout the negotiation process, he added. Concluding this transformative agreement amid global trade uncertainties reflects India's growing leadership in shaping modern trade and investment frameworks, Chandra said.
Time of India
5 days ago
- Automotive
- Time of India
India-UK trade pact supports auto sector, addresses consumers' interests: SIAM
The commitments made by the government on automobile sector tariffs under the India-UK Free Trade Agreement addresses consumers' interests while supporting the broader goals of Indian industry, auto industry body SIAM said on Friday. The India-UK trade deal provides duty-free access to several domestic sectors such as leather, electrical machinery and chemicals in the British market, unlocking nearly USD 23 billion in opportunities. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Data Science Healthcare MBA Operations Management Product Management CXO others Project Management Management Leadership Digital Marketing Cybersecurity Design Thinking Data Analytics PGDM Others Artificial Intelligence Finance Technology Public Policy healthcare MCA Degree Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details The pact, officially called Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo "We view this agreement as part of a wider strategic engagement and believe it opens new avenues for collaboration and opportunity with a key global partner," the Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra said in a statement. SIAM remains committed to working closely with the Government of India to ensure the benefits of the agreement translate into greater growth, global competitiveness, and technological progress for the Indian automotive industry , he added. Live Events Chandra notes that that the pact marks a significant step forward in strengthening India's global economic engagement, particularly with developed economies. As two major economies enter a new phase of partnership, SIAM appreciates the government's extensive stakeholder consultations throughout the negotiation process, he added. Concluding this transformative agreement amid global trade uncertainties reflects India's growing leadership in shaping modern trade and investment frameworks, Chandra said.
Times of Oman
5 days ago
- Automotive
- Times of Oman
Indian automobile industry welcomes landmark India-UK Free Trade Agreement
New Delhi: The Indian automobile industry has warmly welcomed the recently signed India-UK Free Trade Agreement (FTA), terming it as a landmark and transformative development in the global economic landscape. Commenting on the agreement, Anish Shah, Group CEO & MD, Mahindra Group said, "It's not just a win for trade, but a blueprint for a modern, values-led partnership that puts innovation, sustainability, and inclusive growth at the heart of global collaboration." Expressing Mahindra's strong support, Shah said, "At Mahindra, we believe deeply in the power of such cross-border partnerships to unlock economic potential, create high-quality jobs, and accelerate progress in future-facing sectors from green mobility and clean energy to digital technologies and advanced manufacturing." The much-awaited landmark India-UK Free Trade Agreement was signed on Thursday, in the presence of Prime Ministers Narendra Modi and Keir Starmer, providing greater access to goods and services between the two countries. Shailesh Chandra, President of the Society of Indian Automobile Manufacturers (SIAM) and Managing Director- Tata Motors Passenger Vehicles, echoed industry-wide optimism, "SIAM remains committed to working closely with the Government of India to ensure the benefits of the agreement translate into greater growth, global competitiveness, and technological progress for the Indian automotive industry." He further emphasised the broader significance of the deal and said, "We view this agreement as part of a wider strategic engagement and believe it opens new avenues for collaboration and opportunity with a key global partner." Under FTA, India has opened a Tariff Rate Quota (TRQ) for passenger cars from the UK. For large-engine petrol cars above 3000 cc and diesel cars over 2500 cc, India has committed to lower the current 100 per cent + customs duty to 10 per cent in a phased manner in over 15 years, within a quota starting at 10,000 units and rising to 19,000 units over five years. For mid-sized cars (1500-2500 cc diesel / up to 3000 cc petrol), a 50 per cent in-quota duty applies initially, falling to 10 per cent by year five. Small cars under 1500 cc follow a similar tariff reduction path with a growing quota. These in-quota vehicles enjoy sharply reduced duties, while out-of-quota imports still face tariffs ranging from 95 per cent to 50 per cent, depending on vehicle size and year. The TRQ marks a major policy shift, especially as India has long used high tariffs to protect its domestic automotive industry. By year five, up to 37,000 UK-built ICE vehicles could enter India annually at just 10 per cent duty--far below the current base rate of 110 per cent. This creates a preferential entry path for high-end British brands such as Jaguar and Land Rover, both owned by Tata Motors, but also for other UK-based exports.
NDTV
22-07-2025
- Automotive
- NDTV
SAVWIPL Recalls Kushaq, Slavia, Virtus, And Others Over Seatbelt-Related Issues
Skoda Auto Volkswagen India Private Limited has announced a recall for its recently launched lineup. The recall includes two sedans, namely Volkswagen Virtus and Skoda Slavia. It also consists of three SUVs- Skoda Kylaq, Skoda Kushaq, and Volkswagen Taigun. It must be noted that it is the second recall by the brand within a year. The brand has clarified that the models of the car may have seatbelt-related issues, for which the recall decision has been taken for models manufactured between December 2021 to May 2025. Skoda Kylaq The official recall document issued by SIAM reads- "This concern was identified during the ongoing quality inspection for Skoda Kushaq, Slavia, and Kylaq manufactured during the aforesaid period. 1. Rear seatbelt assembly (Left side / Right side)- Metal Base frame crack 2. Front/Rear seat belt incorrect part installed." Also, the data mentions that the recall affects 860 units of the Skoda cars (includes- Kushaq, Slavia & Kylaq) and 961 units of the Volkswagen models (Taigun & Virtus). Volkswagen Virtus While the newly launched Volkswagen Golf GTI and Taigan R Line face no trouble, as they are available as CBU. Following the recall, the brand is expected to directly reach out to the customer. Meanwhile, the existing user can also check for the recall notification for their models on the official website by entering their 17-character VIN or by visiting their nearest dealership. It must be noted that Skoda Auto Volkswagen India Private Limited also issued a recall for these car models in May due to similar seatbelt-related issues that affected a total of 47,235 units.
