Latest news with #UK-IndiaFTA
Hindustan Times
9 hours ago
- Business
- Hindustan Times
India-UK FTA clears path for Indian talent in UK: Piyush Goyal
NEW DELHI: The recently concluded free trade agreement (FTA) between India and the United Kingdom would facilitate smooth mobility of skilled professionals across sectors, Union commerce minister Piyush Goyal said at the India Global Forum (IGF) 2025 in London. The minister reaffirmed India's commitment to transitioning the FTA from a negotiated text into a transformative economic partnership while delivering the keynote address at the India Global Forum's (IGF) plenary session — From Agreement to Action: The UK-India FTA, a commerce ministry statement said on Thursday. There he was joined in conversation by UK secretary of state for business and trade Jonathan Reynolds with moderation by journalist Mark Barton, the statement added. India and the UK successfully concluded FTA negotiations on May 6 where business mobility was one of the key demands of New Delhi. The deal is currently undergoing legal scrubbing before being formally passed by the respective authorities of the two countries. Summarising key benefits of the deal on the following day, global consultancy firm EY said that it would ease mobility for professionals, including contractual service suppliers, business visitors, investors, intra-corporate transferees, and independent professionals like yoga instructors, musicians, and chefs, offering greater global mobility for aspirational young Indians. Goyal described the FTA as a reflection of shared ambition between two vibrant democracies. He stated that the agreement not only enhances bilateral trade, but also demonstrates India's ability to negotiate balanced and future-oriented trade frameworks aligned with its national interests, the statement said. The minister is on a high-level visit to the UK from June 18 to 19. Outlining the next phase of implementation, he highlighted key priorities such as strengthening institutional mechanisms for joint governance, unlocking early benefits for small and medium enterprises (SMEs) and startups, and facilitating smooth mobility of skilled professionals across sectors, it added. The minister also participated in a special session on 'UK–India Science, Technology and Innovation Collaboration' at the Science Museum in London on Thursday. The session explored opportunities for UK stakeholders to contribute to India's expanding investments in digital public infrastructure, sustainable manufacturing, and green technologies. Discussions also covered efforts to make India a global manufacturing hub through Make in India, production-linked incentive schemes, and enhancing collaboration in sectors such as fintech, artificial intelligence, and creative industries, it said. 'Trade deals with competitors silly' Goyal said that 15 years ago, before his party's government came to power, India was 'more focused on doing trade agreements with countries that are our competitors'. 'It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India'.
Deccan Herald
2 days ago
- Business
- Deccan Herald
India-UK FTA provides stability, predictability to business: Piyush Goyal in London
During a session at the India Global Forum (IGF) UK-India Week titled 'Agreement to Action in the UK-India FTA' in London, the minister shared his optimism around the 'good marriage' agreed between both countries which will lead to bilateral trade doubling in five years.
Yahoo
19-05-2025
- Business
- Yahoo
PDS Ltd (BOM:538730) Q4 2025 Earnings Call Highlights: Strong Revenue Growth Amidst ...
Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. PDS Ltd (BOM:538730) achieved a 25% year-on-year growth in gross merchandise value, reaching approximately $2.2 billion. The company is well-positioned to scale up sourcing volumes for UK customers due to the UK-India FTA and the acquisition of Nit Gallery. PDS Ltd has strengthened its North America strategy by appointing Michael Yee, who brings extensive experience and customer relationships. The company has initiated a cost optimization program with BCG, expected to yield tangible benefits in the second half of the year. PDS Ltd reported a 21% year-on-year increase in revenue, closing the year with INR 12,578 crore. The company faced challenges with a slower-than-expected sales ramp-up in new verticals, resulting in a net loss of INR 162 crore. Margins witnessed pressure, declining by 23 basis points due to the impact of retail bankruptcies and agency business declines. The working capital days increased to 17, largely due to changes in business mix and geopolitical disturbances. PDS Ltd's profitability was impacted by investments in new verticals, with EBITDA margins at 3.6% after adjustments. The company experienced a temporary negative operating cash flow due to working capital build-up. Warning! GuruFocus has detected 1 Warning Sign with BOM:538730. Q: Can you explain the increase in depreciation this quarter? A: The increase in depreciation is due to investments in our costing tool across the organization, development of a vendor portal, and enhancements to properties in Gurgaon and the UK. These projects have led to increased depreciation year over year. (Unidentified_8) Q: What are the expected cost savings from merging loss-making verticals and other cost reduction initiatives? A: We anticipate a reduction of approximately 25-30% in losses from new verticals, translating to about 40-45 crore in savings. Additionally, centralized cost reductions are expected to save another 25-30 crore. Overall, we aim for a total savings of around 50 crore. (Unidentified_3) Q: How is the North America strategy being recalibrated, and what changes are being made? A: Michael Yee has been appointed to lead the North America strategy, replacing Mark Green. Michael brings a proactive approach and strong customer relationships. The reorganization aims to streamline operations and enhance business conversion rates. (Unidentified_10) Q: What is the outlook for revenue growth and profitability in FY26? A: We are targeting mid-teens growth in dollar terms for FY26, driven by factors like the UK FTA and diversified sourcing. We are also focusing on cost optimization and expect a gradual improvement in profitability. (Unidentified_4) Q: Can you provide details on the other comprehensive loss reported this quarter? A: The other comprehensive loss of 48 crore is primarily due to the increase in retirement age in Bangladesh and a reduction in the valuation of our investment portfolio. Additionally, currency depreciation in Bangladesh contributed to a 23 crore loss. (Unidentified_8) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
