Latest news with #UPA
&w=3840&q=100)
First Post
a day ago
- Business
- First Post
India-UK FTA: A bold new trade era set to take off
As Prime Minister Narendra Modi undertakes his fourth visit to the United Kingdom this week, the economic relationship that India has with the country has come into focus afresh. Both countries are going to sign a free trade agreement (FTA) during the PM's visit, which is his first since Keir Starmer came to power. The signing of the FTA will mark the culmination of three-year-long negotiations, a process that started in the year 2022 and saw both countries iron out significant differences to achieve a mutually beneficial deal. Once operational, this trading agreement is expected to boost India-UK bilateral trade from its current volume of $55 billion to $120 billion by 2030. STORY CONTINUES BELOW THIS AD The UK remains a key economic partner for India and is also the sixth-largest investor in India, with cumulative investments of around $36 billion. India itself is a key contributor to the British economy, with at least 1,000 Indian companies operating in the country, employing more than one lakh people, with a total investment of $20 billion. Inking an FTA with an emerging economic powerhouse like India is significant for the UK, and maybe this is why they have called it their 'biggest and economically most significant' bilateral agreement since exiting the European Union. For India, this FTA is equally important, as the country is an important market for Indian exports—one with which it also enjoys a modest trade surplus. The FTA is also crucial because it is one of those agreements that India has signed after overhauling its approach to trade liberalisation under the leadership of PM Modi. In 2014, when Modi came to power, one of the first things on his priority list was to review the existing trading arrangements that India had with countries across the world. Prior to this, the previous government had indiscriminately signed FTAs regardless of whether they were securing market access for Indian products or not. Within a decade, India had signed trade agreements with Singapore, ASEAN, Japan, South Korea, among others. This one-sided economic liberalism did provide the UPA coalition with an image of a progressive government that was doing a 'lot' for the country's economy, but by the time they went out of power, India's trade deficit with key countries—including China (with which there was no FTA but just ambitious bilateral trade targets)—had zoomed to unsustainable levels. The India-ASEAN FTA particularly faced a huge domestic backlash because it made India a dumping ground for cheap offerings, while Indian products struggled to survive. STORY CONTINUES BELOW THIS AD Naturally, the issue of the trade deficit and India's lack of capacity to compete in the global market was of grave concern to the Modi government, which preferred to adopt a strategic approach to FTAs—one that focused on securing market access for Indian products on a reciprocal basis. This was more than evident when his government put a pause on signing FTAs till 2021 and even withdrew from the China-dominated Regional Comprehensive Economic Partnership (RCEP). Though Modi faced a lot of flak from his detractors—who called him a socialist, a protectionist, and considered his move to not sign FTAs as adversarial to India's economic interest—he did not budge, as if he knew what was best to protect the country's economic interests. While a strategic pause was put on signing new trading agreements and a careful review of the existing ones was being undertaken, his government took concrete steps on one very important front—building India's indigenous manufacturing capacity so as to compete effectively at the global level. The spirit of Aatmanirbhar Bharat, the early launch of the 'Make in India' program, and the game-changing Production-Linked Incentive Scheme were some of the essential steps that were taken before actually boarding the FTA wagon again. STORY CONTINUES BELOW THIS AD Along with this, the government was also planning a new approach to integration with the global economy, where emphasis was on using this integration to boost India's economy and not just become a market open to exploitation by much more developed countries. When India signs the FTA with the United Kingdom this week during PM Modi's visit, the changed approach to bilateral trading arrangements would be more than visible. Because this time, it has literally put in unprecedented efforts to negotiate a favourable deal with a much-developed economy. The FTA with the UK is set to provide duty-free access to 99 per cent of Indian goods, with key sectors such as automobiles—including electric vehicles—engineering goods, sports goods, and even services benefiting. Most importantly, India, being a labour-intensive economy, will gain access to a wide market, particularly for its leather products, apparel and footwear, toys, marine products, and gems and jewellery. In the last decade, the Modi government's efforts to revive the electronics sector—making it a leading engine of the country's manufacturing story—will be suitably rewarded by this trade deal, as electronics exports from India to the UK have already surged from $450 million in 2020 to $1.7 billion in 2023. India's textiles sector will also benefit from the FTA, which already exports knit apparel and raw materials worth Rs 1.5 billion to the United Kingdom annually. The sheer scope of job creation due to a boost in these exports is going to be huge, with the country's large and cost-wise globally most competitive labour force finding meaningful avenues for employment. STORY CONTINUES BELOW THIS AD Interestingly, India has also allowed for liberalisation in the auto sector—but on a strictly reciprocal basis and that too with well-thought-out caution in place in the form of a quota-based easing of tariffs. This will definitely provide traction to Indian automakers in the UK market, unlocking newer opportunities for them. Another interesting aspect of the trade deal is India's access to the British public procurement market. This means Indian firms will be handed non-discriminatory treatment while applying to fulfil public procurement tenders floated by the UK government. While the exact figures for the UK's total procurement are not available, it is estimated to be an opportunity worth hundreds of billions of pounds that Indian suppliers can now readily tap into. In return, India has also allowed UK-based businesses to participate in public procurement contracts—but only in non-sensitive sectors, with a caveat that they must have at least 20 per cent Indian content. STORY CONTINUES BELOW THIS AD Along with other wins, a crucial victory for Indian negotiators is the provision for exemption from UK's social security contributions in the form of the Double Contributions Convention Agreement (DCCA). Due to this, Indian workers who are temporarily in the UK—and their employers—will not have to contribute anything towards social security in the country, thus leading to savings of around 20 per cent of their salaries. This will set a good precedent for other developed countries to follow with India. India's unexplored side as a tough negotiator has really come to the fore through this deal, as India has also secured exemption for sensitive agricultural products such as dairy products, apples, cheese, oats, etc., which would have collapsed due to fierce competition from British products in the category. Even sensitive industrial goods that need protection before they can compete globally—such as plastics, optical fibres, TV camera tubes, etc.—have also been excluded from the deal. On certain other goods, India has agreed to cut duties only on a gradual basis over a longer period of time. This also includes liquor, where duties will be reduced only over a period of ten years so as to protect the domestic market. STORY CONTINUES BELOW THIS AD This week, when PM Modi signs the FTA with the UK, it will not only signal India's new-found willingness to integrate with the global market, but it will also demonstrate its resolve to do it only on beneficial terms. The days of signing FTAs for the sake of appearing liberal and seeking validation from economists are over for India. This dispensation has shown that it is willing to walk the talk of trade liberalisation with the developed world—but only when it also boosts the country's own economy. The agreement is an example of India's growing assertiveness in the domain of foreign economic policy, and other developed countries who are looking to seal a deal with India must duly take note of it. The author is a New Delhi-based commentator on geopolitics and foreign policy. She holds a PhD from the Department of International Relations, South Asian University. She tweets @TrulyMonica. The views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views. STORY CONTINUES BELOW THIS AD
News18
3 days ago
- Politics
- News18
Dhankhar 3rd vice president to quit mid-term
Agency: PTI New Delhi, Jul 21 (PTI) Jagdeep Dhankhar on Monday became the third vice president to have resigned mid-term. Earlier, Vice President V V Giri, who had taken over as the acting president after the death of incumbent Zakir Hussain on May 3, 1969, had resigned from the post. Giri resigned as the vice president on July 2, 1969 to contest the presidential election as an independent candidate. He also became the first vice president not to complete his term in office. Vice President Bhairon Singh Shekhawat resigned from the post on July 21, 2007, after being defeated in the presidential election against Congress-led UPA nominee Pratibha Patil. After Shekhawat's resignation, the vice president's post was vacant for 21 days, before Mohammad Hamid Ansari was elected to the position. Vice Presidents R Venkataraman, Shankar Dayal Sharma and K R Narayanan too had resigned from their posts, but after their election as the president. Krishan Kant was the only vice president to die in office. He passed away on July 27, 2002. PTI SKU RC 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.
India.com
4 days ago
- General
- India.com
Who was the first Indian to get the Aadhaar Card? Who handed it over?
New Delhi: The Unique Identification Authority of India (UIDAI) issues Aadhaar cards to the residents of India as identity and address proof. So far, it has issued the Aadhaar card to more than 90 percent of the population of India. The Aadhaar card is an important document not only for adults but also for children as it plays a vital role from school admission to identity verification, accessing government services and subsidies, and financial transactions, online and offline authentication, and streamlining the process of proving one's identity for different needs. But do you know who was the first Indian who was issued the Aadhaar Card? Who got the first Aadhaar card of the country? India's first Aadhaar card was made on 29 September 2010. This card was given to Ranjana Sonawane of Nandurbar district of Maharashtra. Ranjana lived in Tambhali village at that time, which is about 470 kilometers away from Pune. Ranjana Sonawane was given her Aadhaar card during the UPA government. The then Prime Minister Manmohan Singh handed over the card to her. From that day onwards, the work of making Aadhaar cards started in the whole country. When was UIDAI formed? The Aadhaar card was started during the UPA government. In January 2009, the Unique Identification Authority of India (UIDAI) was formed for this. After this, Aadhaar cards started being made from September 2010. Today, Aadhaar card has become essential for many government schemes, banking, school admission and jobs etc. What are features of Aadhaar? Aadhaar is the world's largest biometric ID system. As of May 2023, more than 99.9% of India's adult population had been issued Aadhaar IDs. It has been described as 'the most sophisticated ID programme in the world'. Considered a proof of residence and not a proof of citizenship, Aadhaar does not itself grant any rights to domicile in India. In June 2017, the Home Ministry clarified that Aadhaar is not a valid identification document for Indians travelling to Nepal, Bhutan or other foreign countries.
News18
5 days ago
- Business
- News18
Waqf Bill, Tax Relief, Suspensions: Highlights Of Three Parliament Sessions Under Modi 3.0
Last Updated: Under PM Narendra Modi's third term, Monsoon Session, Winter Session 2024, and Budget Session 2025, were marked not just by bold reforms but also intense debates and disruptions. Parliamentarians are getting ready for Monsoon Session from July 21 to August 21. This is the first session of Parliament after the dastardly Pahalgam attack and India's Operation Sindoor against the terror sites in Pakistan. The Income Tax Bill 2025 is also set to come up this session. As Parliament prepares for the Monsoon Session, it's time to review the highlights of the previous three sessions after Modi 3.0 came to power. Under Prime Minister Narendra Modi's third term, Monsoon Session 2024, Winter Session 2024, and Budget Session 2025, were marked not just by bold reforms but also intense debates and disruptions. The monsoon session came just after the NDA came to power for a consecutive third term. Though it was less heavy on legislation, the session was a politically charged one. While no major announcements were made in Budget, Finance Minister Nirmala Sitharaman launched a strong defence of the government's economic performance, claiming record job creation, better inflation control, and stable fiscal management. 'Under UPA, 2.9 crore jobs were created. Under Modi, we created 12.5 crore jobs. That's the difference between headlines and hard work," she said, replying to the Budget debate. The Opposition attacked the Budget 2024–25 as a 'Kursi Bachao" exercise, accusing the BJP of favouritism towards Bihar and Andhra Pradesh ahead of state elections. Held from November 25 to December 20, 2024, the session was dominated by political turmoil. Over 140 Opposition MPs were suspended for continuous disruptions and protests — one of the most sweeping disciplinary actions in parliamentary history. The first week of the session saw repeated adjournments over issues including unrest in Manipur. Despite the chaos, the government introduced two major bills related to 'One Nation, One Election" — one proposing a constitutional amendment and another aimed at synchronising elections in Union Territories. Both were sent to a Joint Parliamentary Committee. The session also saw a heated debate on Constitution. 'Your slogan 'Garibi Hatao' was a fraud. We didn't give slogans — we gave toilets, electricity, and gas cylinders," Prime Minister Narendra Modi said, during the debate on constitutional values. Another bill passed was the Bharatiya Vayuyan Vidheyak, 2024, which updated India's civil aviation law. Budget Session 2025: Tax Reforms And the Waqf Bill Debate Spanning January 31 to April 4, 2025, this session delivered a politically strategic budget that included substantial middle-class tax relief, record capital investment, and new welfare schemes. The highlight was the revamp of the Income Tax structure with incomes up to Rs 12 lakh became tax-free under the New Tax Regime, with significant relief for incomes up to Rs 24 lakh and streamlined compliance norms. Infrastructure commitments included a Rs 1.5 lakh crore capital outlay, and the launch of 200 new Vande Bharat trains. Farmers received a major boost through the PM Dhan-Dhaanya Krishi Yojana, while women were empowered through the Lakhpati Didi scheme. However, the Waqf (Amendment) Bill, 2024, passed after a 12-hour debate in Lok Sabha, triggered backlash in West Bengal and Tripura. Opposition alleged it was aimed at weakening Muslim institutions, while the government called it a transparency reform. AIMIM chief Asaduddin Owaisi tore a copy of the Bill in Lok Sabha and said, 'You want to take over our lands, dismantle our institutions, and now you call it reform? This is a targeted attack on Muslims — cloaked in legal jargon." Union Minister Kiren Rijiju, tabling the bill in the Lok Sabha, quipped that the Congress government would have given Parliament and airport lands to Waqf had the BJP not come to power in 2014. He accused the Opposition of misleading the public on matters unrelated to the Waqf Bill, citing a lawsuit over multiple properties claimed as Waqf properties by the Delhi Waqf Board. 'These were claimed as Waqf properties by the Delhi Waqf Board. The UPA government denotified 123 properties and turned them over to the Waqf Board while the lawsuit was still pending," he said. Congress MP Sonia Gandhi called Bill a 'brazen assault" on the Constitution, accusing the BJP of using it to ensure 'permanent polarisation" in society. She also accused the government of 'bulldozing" the Bill. Opposition parties staged walkouts, accusing the Centre of ramming bills through without adequate debate. view comments Location : New Delhi, India, India First Published: July 20, 2025, 07:11 IST News politics Waqf Bill, Tax Relief, Suspensions: Highlights Of Three Parliament Sessions Under Modi 3.0 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.
Hans India
5 days ago
- Business
- Hans India
India will enter trade deals only if they're in country's interest: Piyush Goyal
Mumbai: Union Commerce Minister Piyush Goyal on Saturday said that India will enter international trade agreements only if they serve the country's interests. Addressing the media during an event organised by leading industry chamber Assocham here, the minister said if India gets a good trade deal, it will go ahead with it. Goyal said that negotiations with the US are ongoing, adding that trade deals would materialise only if these are in the country's larger interests. "If it doesn't happen, we will not do it. India always puts the country's interest first," the minister asserted. India and the US teams have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington this week. The negotiations were held for four days in Washington, DC. India's chief negotiator and special secretary in the Department of Commerce, Rajesh Agrawal, lead the team for negotiations. He further stated that India has huge domestic demand. "We have imports coming into the country which can be replaced by developing domestic industry to scale for high-quality production," said the minister. Addressing a gathering of industry leaders and entrepreneurs during the event, the minister emphasised the importance of mindset change in the micro, small and medium enterprises (MSME) sector. He called for a shift towards collective growth and mutual cooperation between small and large companies. 'We need a change in goals, guidance and mindset. Big or small, companies have to grow together. We have to support each other and be vocal for local interests," he highlighted. He also emphasised the need for focus on research, innovation, quality and expansion by MSMEs to compete globally. The minister urged MSME stakeholders to proactively inform the government about non-tariff barriers that are impacting their businesses. 'Only when you inform us, we can take up these issues during bilateral discussions and work towards their resolution," Goyal told the industry leaders. Dwelling on the macroeconomic framework, the minister compared the current banking system with the tenure of the previous UPA government. He said the Prime Minister Narendra Modi-led government has successfully restructured the banking sector. 'During the UPA regime, the banking sector was in shambles due to rising non-performing assets (NPAs). We have restructured it in a transparent manner. Today, the banking system is strong and performing well,' said the minister.
