Latest news with #VikramMisri
Russia Today
35 minutes ago
- Business
- Russia Today
India and UK to sign trade deal
New Delhi and London will sign a free trade agreement (FTA) when Prime Minister Narendra Modi visits Britain this week, Indian media outlets have reported. India's cabinet approved the FTA on Tuesday, the News18 website said, citing government sources. 'We are working on the legal scrubbing and other last-minute work for the FTA,' Indian Foreign Secretary Vikram Misri said on Tuesday. The UK is the sixth-largest investor in India, with cumulative investment of $36 billion. India is also a major investor in the UK, with nearly $20 billion in cumulative investment, according to official data. The deal has been in the works since 2001, but was stalled as London sought 'more favorable' conditions such as tariff reductions on goods being shipped to India, unnamed UK government officials told the Hindu BusinessLine newspaper last year. India is seeking a 'double contribution convention pact' with the UK, as per reports. Such a pact will save Indian IT professionals in the UK around 20% of their salary by exempting them from paying social security contributions for three years. This will benefit over 60,000 employees, according to the reports. Under the deal, India will reduce duty on UK whisky and gin from 150% to 75% and further to 40% in the tenth year of the agreement. Additionally, tariffs on automotive products will go down from over 100% at present to 10%, subject to a quota, a News18 report said. Reductions on import duties on cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate, and biscuits are also in the works. Once the FTA is signed, it will require approval from the British Parliament. New Delhi is also in talks for a trade deal with the US and EU.
Times of Oman
an hour ago
- Business
- Times of Oman
Business, tech, research, education emerged as pillars of India-UK cooperation: MEA
New Delhi: Foreign Secretary Vikram Misri on Tuesday enlisted areas that have emerged as pillars of India-UK bilateral cooperation, saying that the partnership has seen regular high-level exchanges across sectors such as trade, investment and defence. Addressing a special press briefing ahead of Prime Minister Narendra Modi's visit to the United Kingdom (UK) and Maldives, Foreign Secretary Misri said, "There are regular engagements at the level of External Affairs Minister and his counterpart, the British Foreign Secretary, and there are several other institutional mechanisms at ministerial level dealing with strategic issues, financial, economic, energy related issues, as well as science and technology. In the contemporary times, the sectors of business, technology, research, education innovation, the knowledge economy have emerged as pillars of our bilateral cooperation." Misri also mentioned how the India-UK partnership was upgraded to a comprehensive strategic partnership in 2021 and since then, it has seen regular high level political exchanges. He said that both sides remain committed to taking this partnership to even higher levels. "Our bilateral trade is across USD 55 billion in 2023-24. UK is also the sixth largest investor in India, with accumulative investment of USD 36 billion and interestingly, India itself is a large source of foreign direct investment in the UK with a cumulative investment of close to USD 20 billion," he said. Misri added, "In the defence sector, we are seeing regular interactions and exercises amongst all three branches of the armed forces." Speaking on the importance of the Indian Diaspora, Misri hailed them as the living bridge that connects India and the UK. "One of the most important, probably the foundational aspects of this relationship is the living bridge that connects India in the UK, people of Indian origin in the UK nearly 1.8 million strong Indian diaspora, which has contributed to strengthening bonds of friendship between our two countries, but has also made extremely valuable contributions through UK economy." He also spoke about the issue of Khalistani extremists and related groups as a matter of concern for India, which has been brought to the attention of partners in the UK. PM Modi will embark on a two-nation tour of the UK and the Maldives from July 23 to July 26, the MEA had said on July 20. This visit to the UK is at the invitation of Prime Minister Keir Starmer, while the state visit to the Maldives is at the invitation of President Mohamed Muizzu. According to the MEA, PM Modi will hold wide-ranging discussions with his UK counterpart on the entire gamut of India-UK bilateral relations. They will also exchange views on issues of regional and global importance. Over the years, the India-UK historical ties, have transformed into a robust, multi-faceted, mutually beneficial relationship. The relationship has been elevated to Comprehensive Strategic Partnership in 2021. New Delhi and London have seen sustained and frequent high level political engagements. Prime Minister Modi has met UK Prime Minister Sir Keir Starmer twice over the past one year. They met on the sidelines of G20 Summit in Brazil in November 2024, and again during G7 Summit in June 2025. Both also had multiple telephonic conversations over the period. (
Times of Oman
2 hours ago
- Business
- Times of Oman
India helping Maldives stabilise its "stressful financial" situation: Foreign Secretary Misri
New Delhi: Foreign Secretary Vikram Misri on Tuesday stated that India has been lending a "helping hand" to the Maldives to stabilise its "stressful financial" situation, highlighting New Delhi's role in bolstering the island nation's foreign exchange reserves through significant financial assistance. Addressing a press briefing ahead of Prime Minister Narendra Modi's visit to the Maldives, Misri elaborated on India's support for the island nation, noting that a USD 400 million swap line has been nearly fully utilised to stabilise its financial situation. Maldives has been grappling with a mounting debt crisis that threatens its economic sovereignty, as its foreign exchange reserves dwindle to precarious levels while substantial debt repayments loom. Maldives is currently needing to service external debt worth USD 600 million in 2025, which can amount to a staggering USD 1 billion by 2026. Misri also emphasised that India remains in close contact with Maldivian authorities to explore further support, describing the situation as dynamic and requiring ongoing collaboration. "Insofar as the issue related to the financial stability of Maldives is concerned, it is a fact that it has faced a stressful financial environment, and that is why we have been giving a helping hand to Maldives in order to stabilise the financial situation. Our recent assistance has led to accretions in the foreign exchange position of the Maldives, and it is this accretion, as a matter of fact, that has been cited by international financial organisations, including the IMF, as a positive factor that has helped the Maldives stave off outcomes that could be difficult for it," the Foreign Secretary stated. "This is a dynamic situation. We will remain in close touch with our friends and partners in the Maldives to see what else we can do. In any case, so far as the swaps are concerned, my understanding is that the USD 400 million swap line has been drawn almost completely, and now perhaps the USD 30 billion rupee Indian swap line will also be drawn upon," he added. Last year, during Maldivian President Mohamed Muizzu visit to India, the Union Government extended support in the form of USD 400 million and Rs 30 billion as a bilateral currency swap agreement in order to tackle the ongoing financial challenges faced by the Maldives. Earlier in May, the Union Government has extended support to the island nation by rolling over the USD 50 Million treasury bill. Addressing the broader turnaround in India-Maldives relations after ties between New Delhi and Male were strained following derogatory remarks made by Maldivian officials about Prime Minister Modi in early January last year, Misri underscored the resilience of the partnership. He credited the close discussions with Maldivian partners for providing clarity and assurances on the matter while highlighting India's continued support through its military or infrastructural assets provided to the Maldives for its development. "There will always be events that will impact or try to intrude on the relationship. But I think this is testimony to the kind of attention that has been paid to the relationship, including attention at the highest levels that has been paid to the relationship. We've continued to work at it, and I think the result is there for you to see. I think we have also been in very close discussions with our partner partners in the Maldives to provide clarity and assurances about what it is that we want to do bilaterally, and I think this is the result is there for all to see," the Foreign Secretary stated. "With regard to the assets that we have provided them. They continue to function there with the appropriate personnel to manage them and to assist the Maldives authorities in using them for the best possible results," Misri added. Notably, ties between New Delhi and Male were strained after Maldivian officials made derogatory remarks about Prime Minister Modi in early January last year. However, during the visit of Maldivian Foreign Minister Moosa Zameer in April 2024, Zameer distanced his government from the derogatory remarks made by these officials, stating that it was not the government's stance and that "proper action" had been taken to ensure such remarks were not repeated. Earlier in January, India handed over defence equipment and stores to the Maldives, as per the island nation's request, while reiterating its firm commitment to working closely in realising the joint vision for the India-Maldives Comprehensive Economic and Maritime Security Partnership, the Ministry of External Affairs said in a statement. PM Modi will embark on his two-nation tour of the UK and the Maldives from July 23 to July 26, the MEA had said on Sunday. From July 25, he will be on a two-day state visit to Maldives at the invitation of President Mohamed Muizzu. He has been invited as the 'Guest of Honour' for the 60th Anniversary celebrations of the Independence of Maldives on July 26. Notably, the visit by PM Modi comes at a historic juncture as New Delhi and Male are marking their 60th anniversary of the establishment of diplomatic ties. This will be the Prime Minister's third visit to the Maldives and the first visit by a Head of State or Government to the Maldives during the Presidency of Mohamed Muizzu.
India Today
3 hours ago
- Business
- India Today
PM's 4-day UK, Maldives visit to start today, trade deal, diplomatic reset in focus
Prime Minister Narendra Modi will embark on a crucial visit to the United Kingdom on Thursday, with the formal signing of the landmark India-UK Free Trade Agreement (FTA) expected to be the centrepiece of his two-day Modi will hold wide-ranging talks with British Prime Minister Keir Starmer and is also scheduled to meet King Charles III during his July 23–24 stay. Starmer is set to host him at Chequers, the British prime minister's official country residence near Minister Piyush Goyal is likely to sign the free trade agreement alongside his UK counterpart Jonathan Reynolds and the two prime ministers, capping three years of hard bargaining. Britain sees the deal as its biggest trade win since Brexit and hopes it will inject fresh momentum into defence, research and tech partnerships with India. Foreign Secretary Vikram Misri confirmed that "last-minute work" was underway to seal the deal, which is set to benefit nearly 99 per cent of India's exports by removing tariffs and will help British firms export products like whisky and cars more easily to 2023–24, bilateral trade between the two countries crossed USD 55 billion. The UK is India's sixth largest investor with USD 36 billion invested so far, while nearly 1,000 Indian companies in Britain employ around 1,00,000 people. Indian investments in the UK stand at close to USD 20 trade, defence and high-tech collaboration will be on the table. Both India and the United Kingdom have stepped up joint military exchanges and are exploring electric propulsion systems together. A recent milestone has been the University of Southampton opening a campus in Gurugram, the first under India's revamped education policy — with more UK institutions looking to follow."In the defence sector, we are seeing regular interactions and exercises amongst all three branches of the armed forces. We have placed military instructors at each other's military academies," Vikram Misri the British authorities are learnt to have ramped up security measures to prevent any disruption by pro-Khalistan groups during the visit. Security agencies have reportedly been sensitised to New Delhi's concerns, with special instructions to avert protests or India and the UK are keen to avoid a repeat of the March incident when a pro-Khalistan protester managed to breach security and approach external affairs minister S Jaishankar's vehicle during his London MODI MALDIVES VISITFrom Britain, PM Modi will travel to the Maldives where he will grace the island nation's Independence Day celebrations as "guest of honour". During his July 25-26 trip to the Maldives, the Prime Minister will hold extensive talks with President Mohamed Muizzu and inaugurate a number of India-assisted development projects in the island prime minister's state visit also happens to be the first state visit of a head of government that President Muizzu is hosting in his presidency since he assumed the office in November 2023," Misri said."The Maldives is a very close partner in our neighbourhood, a very important partner in India's Neighbourhood First policy, and as part of the MAHASAGAR vision of India, which is Mutual and Holistic Advancement for Security and Growth Across Regions," he Prime Minister's visit to the Maldives is being viewed as a crucial step towards resetting strained bilateral relations that took a hit after Mohamed Muizzu, widely seen as pro-China, assumed office in November 2023.- Ends(With inputs from agencies.)Must Watch
Time of India
12 hours ago
- Politics
- Time of India
India and UK working on legal scrubbing, other work for FTA: FS Misri
Tired of too many ads? Remove Ads Foreign secretary Vikram Misri, on the eve of PM Narendra Modi's London trip, stated that India is continuing to "make the case" for the extradition of fugitives Lalit Modi, Nirav Modi and Vijay Mallya from the United Kingdom as part of their ongoing efforts to secure the return of these individuals wanted for legal proceedings in said the issue of Khalistani extremists in the UK is also a matter of concern for New a special briefing here, Misri said, "We are working on the legal scrubbing and other last-minute work for the UK is the sixth-largest investor in India, with cumulative investment of $36 billion. Interestingly, India is also a major investor in the UK, with nearly $20 billion in cumulative FDI."The highlight of the UK tour could be the signing of the Free Trade Agreement (FTA). "There are a few questions related to fugitives from Indian law and Indian justice in the UK. These have been a matter of discussion between both sides, and we have continued to make the case for these fugitives to be rendered to India. Obviously, there is a legal process that such requests and such issues go through in the other country, and we continue to follow up very closely with our partners in the UK on these," he said the Prime Minister will embark on an official visit to the UK on July 23, for discussions with Keir Starmer, UK's PM. He will also call on King Charles III. An interaction is also planned with the business leaders, from India and the UK. This will be Modi's fourth visit to the UK since assuming office.
