Latest news with #EFTA
Mint
a day ago
- Business
- Mint
Govt on 100-day mission to fast-track growth: Piyush Goyal
New Delhi: The Union government is embarking on a 100-day mission to fast-track the country's journey to becoming a developed nation, commerce and industry minister Piyush Goyal said at an event on Monday. Virtually addressing the second Lokmat Global Economic Convention in London, Goyal said no power can stop India from becoming a developed nation. The government will follow Prime Minister Narendra Modi's call on 15 August to accelerate the country's development journey and implement the vision of a developed nation, he said. Goyal also referred to Modi's five pledges, which he articulated in his 2022 Independence Day speech. These included removing any trace of colonial mindset and taking pride in one's roots. On Friday, Modi had in his Independence Day speech focussed on self-reliance, innovation, and citizen empowerment. He also emphasised that indigenous capabilities, including Made-in-India weapons, enable the country to act decisively and independently, proving that national security cannot rely on foreign dependence. Modi also then urged Indian researchers and the youth to develop jet engines within the country, ensuring that future defence technology is entirely home-grown and self-reliant. He also announced then that India will launch Made in India semiconductor chips by the end of 2025, reflecting the nation's growing strength in critical technology sectors. In his address, Goyal referred to the global confidence in India's economic growth, noting experts' assessment that India is on course to emerge as the world's most sought-after consumer market and a top investment destination. The minister said this was the result of the 'make in India', and self-reliance campaigns, which are strengthening supply chains and building resilience. The minister said the government was reforming processes to improve the quality of life and the ease of doing business by removing regulatory burdens, reducing compliance requirements, and supporting theindustry's fearless investment. Goyal said that India has concluded balanced, fair and equitable free trade agreements with the United Arab Emirates, Mauritius, the four nations of the EFTA group (Switzerland, Norway, Liechtenstein, Iceland) and the UK, and is making rapid progress with other engagements. He said these efforts are collectively ensuring success for small businesses, farmers and the animal husbandry sector, while protecting the interests of India's dairy industry and expanding access for Indian goods and services across global markets. Goyal urged people to be 'vocal for local', referring to a campaign for strengthening local economies and fostering grassroots entrepreneurship. He added that the bedrock of becoming a developed nation is self-reliance.
Economic Times
a day ago
- Business
- Economic Times
Working on the next 100-day agenda of transformation to push economic growth: Piyush Goyal
Commerce and Industry Minister Piyush Goyal on Monday said the ministry has bee working on the next 100-day agenda to push the country's economic growth, adding that steps are being taken to promote ease of doing business and ease of living. "Earlier today, I had a meeting where we were discussing the next 100 days agenda of transformation, and we have collectively resolved that the next 100 days we are going to follow the clarion call given by Prime Minister Narendra Modi on 15th August, the clarion call to take India forward on a fast track pathway, implement our vision to make India a developed nation by 2047," he said while virtually addressing an event. The minister said that the government is aiming to reform processes to improve the business environment of the country."We are looking to make life of our citizens better through ease of living, where we are all focused on ease of doing business by removing regulatory overburden, reducing compliances, supporting industry to fearlessly invest and grow," he said, adding, "we are making win-win alliances with different parts of the world." So far, India has charted out balanced, fair and equitable free trade agreements with the United Arab Emirates, Australia, Mauritius, four nation bloc EFTA and the UK. The ministry is further looking at proposals such as liberalising foreign direct investment norms, easing investments from neighbouring countries, more tax benefits for startups, easing certain environmental norms for the leather and footwear industry, liberalised rules to promote exports through e-commerce hubs, and integrating lab testing and certification requirements for various Independence Day Prime Minister Narendra Modi announced the formation of a task force for 'next-generation reforms' and revision of GST laws. "We have decided to constitute a task force for next-generation reforms. This task force will work within a set time frame to align existing laws with the needs of the 21st century and prepare the nation to become Viksit Bharat by 2047," Modi announced from the Red Fort. The 'Task Force for Next-Generation Reforms' will evaluate all current laws, rules, and procedures related to economic activities. The panel will work within a set timeline to reduce compliance costs for startups, MSMEs, and entrepreneurs. The committee will provide freedom from fear of arbitrary legal actions, ensure streamlining of laws for ease of doing business.
Yahoo
3 days ago
- Business
- Yahoo
Family benefits in Europe: Which countries offer the best social security?
Family benefits play a key role in fighting poverty and promoting social inclusion. They help support households and are especially important in preventing child poverty. Across Europe, social security systems and family benefits vary hugely. One way to compare them is by looking at how much each country spends per person. In 2022, EU countries spent an average of €830 per person on family benefits. That's a 47% rise from €566 in 2012. But how do these benefits compare across Europe? Which countries spend the most to support families? In the EU, expenditure on family benefits per person in 2022 ranged from €211 in Bulgaria to €3,789 in Luxembourg according to Eurostat. When EU candidates and European Free Trade Association (EFTA) countries are included, Albania offered the lowest benefits per person at just €48, closely followed by Turkey (€57) and Bosnia and Herzegovina (€59). North-West vs South-East divide in family benefits In general, family benefits per person are highest in Northern and Western Europe, and lowest in the South and East. After Luxembourg, Nordic countries top the list: Norway (€2,277), Denmark (€1,878), Iceland (€1,874), Sweden (€1,449), and Finland (€1,440). 'Nordic countries and France remain among the highest overall spenders on family benefits, although their approach relies more on in-kind services such as childcare, which are not fully captured by per capita cash benefit measures,' Dr Anne Daguerre from University of Brighton told Euronews Business. Germany (€1,616), Switzerland (€1,375), Austria (€1,340), and Ireland (€1,026) also spend over €1,000 per person. Belgium (€976) and France (€867) rank above the EU average, but don't reach the €1,000 mark. The Netherlands offered €670 per person in family benefits. This is €160 below the EU average. Italy (€524) and Spain (€427), both part of the EU's 'Big Four' economies, fell short. EU candidate countries offer the lowest levels of family benefits. Montenegro (€131) and Serbia (€117) follow Albania, Turkey, and Bosnia and Herzegovina, which are among the bottom three. Prof. Grega Strban from the University of Ljubljana expressed caution when comparing countries: 'The question is whether all the countries classify all benefits in the same manner.' He emphasised that there are many policy considerations behind them. 'Some focus on the support for parents (or guardians of a child), others on children (and students) themselves. Some are universal, some targeted. Some are linked to disability or social assistance,' he added. Related Educated but still unemployed: How does unemployment vary among university graduates across Europe? Surviving retirement: Where do older Europeans get their money? How have family benefits changed over the past 10 years? Among 32 countries, family benefits per person decreased in only two nations in euro terms, while increases varied significantly over the past 10 years. In the EU, the average rose from €566 in 2012 to €830 in 2022. This a 47% increase, or €264. It declined by 5% (or -€130) in Norway and 18% (or -€62) in Cyprus. Part of this change may be due to exchange rate fluctuations. In percentage terms, Poland reported an unprecedented increase of 320%, followed by Latvia (245%), Romania (227%), and Lithuania (198%). Family benefits per person also more than doubled in Estonia (125%), Serbia (115%), Bulgaria (112%), Iceland (110%), and Croatia (101%). The increase was below 30% in Luxembourg, Austria, Finland, Hungary, France, Sweden, Denmark, and Ireland. Most of these countries already offered higher benefits with the exception of Hungary. In euro terms, the largest increases were recorded in Iceland (€980), Luxembourg (€819), and Germany (€558). Drivers of change in family benefits 'Family benefit spending per person has increased markedly across the EU since 2012, but the drivers of this growth differ sharply between countries,' Dr Daguerre told Euronews Business. She noted that the most striking increases are in Central and Eastern European (CEE) countries, particularly Hungary and Poland: 'In these cases, the growth is largely driven by selective pronatalist policies aimed at boosting fertility rates and supporting traditional family models. These cash-heavy strategies reflect a broader shift toward more socially conservative welfare agendas.' She also added that Italy under Prime Minister Giorgia Meloni has been following a similar path since 2022. Growth in family benefits can also reflect different priorities. 'Lithuania, for instance, has also seen significant increases, but through the introduction of a universal child benefit in 2018. This reform was primarily designed to reduce child poverty and ensure more inclusive access to support, especially for low-income families who had previously been excluded from tax-based systems,' she explained. Dr Anne Daguerre pointed out that some Southern European countries like Greece and Cyprus show stagnation or only modest increases in spending, despite persistently low fertility rates. Related Personal income tax rates in Europe: Where do workers pay the highest and lowest taxes? Which nations have the highest and lowest minimum wages across Europe? What are family benefits? Family benefits are 'all benefits in kind or in cash intended to meet family expenses under the social security legislation of a Member State' according to the European Commission. Family benefits include parental and child-raising allowances that help cover the costs of raising a child and compensate for lost income when a parent stops working. Childcare allowances for working parents also fall under family benefits. The chart above shows the impact of family tax allowances: One-earner couples with two dependent children have significantly higher take-home pay relative to their gross salaries. Euronews article titled 'Net vs gross salaries in Europe: How much are employees really taking home?' analyses in more detail the role of family allowances on personal finances across Europe. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Years at work: Which European countries have the longest average working life?
Life expectancy has been rising across the EU in recent decades and with that retirement ages are increasing in many countries, meaning people are spending more years on the job. In 2024, the average expected working life in the EU was 37.2 years, according to Eurostat. This represents an increase of 2.4 years, or 7%, compared to 2014, when it was 34.8 years. Within the EU, expected working life ranges from 32.7 years in Romania to 43.8 years in the Netherlands. When EU candidates and EFTA countries are included, it varies from 30.2 years in Turkey to 46.3 years in Iceland. But what explains the wide gap in expected working life across Europe? How many years do Europeans work for? While there are some exceptions, the expected duration of working life in Europe generally follows geographical patterns. Northern European countries—particularly the Nordic region—lead with the longest working lives. Iceland tops the list, followed by the Netherlands (43.8 years) and Sweden (43 years). Denmark (42.5 years), Norway (41.2 years), and Finland (39.8 years) also report high figures, all ranking in the top 10 of 35 European countries. Western European countries also tend to have above-average working life durations. Switzerland (42.8 years), Ireland (40.4 years) and Germany (40 years) all exceed 40 years and rank in the top 10. However, France (37.3 years), Belgium (35 years), and Luxembourg (35.6 years) fall closer to, or below, the EU average of 37.2 years. The most recent available figure for the UK is from 2018, when it was 39.2 years. Considering the rising trend across the EU, the current figure is likely to be higher. The figures are more mixed in Southern Europe. While Portugal (39.3 years) and Malta (39 years) show relatively long working lives, Italy (32.8 years), Greece (34.8 years), and Spain (36.5 years) are significantly lower. Eastern European countries mostly fall around or just below the EU average. Hungary (37.4 years) performs moderately, while others—such as Romania (32.7 years) and Bulgaria (34.8 years)—report significantly shorter expected working lives. The shortest durations are observed in Southeastern Europe and the Balkans, including Turkey (30.2 years), North Macedonia (31.5 years), and Montenegro (32.1 years). All three are EU candidate countries, with the figures for North Macedonia and Montenegro based on 2018 data. Related Surviving retirement: Where do older Europeans get their money? Family benefits in Europe: Which countries offer the best social security? Why does the average working life differ? As these figures show, the average expected working life significantly differs across Europe. But, why? Prof. Moritz Hess from the University of Applied Sciences Niederrhein noted that the duration of working life, as well as labour force participation in Europe, differs due to several reasons. 'First, the demand side plays an important role: if employers need workers, this increases labour force participation and extends the duration of working life,' he told Euronews Business. 'Second, the institutional context matters, particularly in relation to pension and labour market regulations. A key factor in this regard is the official retirement age: the higher it is, the longer the expected duration of working life. The fewer early retirement options a pension system offers, the longer people are likely to remain in the workforce,' he added. Prof Hess also explained that ageism—discrimination based on age—also plays a role. In countries where older workers are not discriminated against and their contributions are valued, they are more likely to want to continue working, which leads to longer working lives. Timo Anttila, Senior Lecturer at University of Jyväskylä in Finland, pointed out that the family models of countries, such as single/dual earners, pension systems and family care models are possibly important factors having an impact on work life duration expectancy. Related Warning signs in Europe's job market: Workers now brace for tariff effects Labour force participation rate matters 'Most of the duration of working life can be explained by the labour force participation rate,' Eurostat finds. In general, countries with lower participation rates tend to have shorter average working lives. The chart above illustrates this relationship for the total population, comparing each country's expected working life with its labour force participation rate. The labour force participation rate explains approximately 81.5% of the variance in expected working life according to Eurostat. Several countries have already introduced measures to raise the retirement age. By 2060, the OECD estimates that the average retirement age across the EU will be near 67, with some nations expected to exceed 70. Euronews article —Europe's rising retirement ages— explains the current retirement ages across Europe as well as projections for future increases. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données
Indian Express
5 days ago
- Business
- Indian Express
India-EFTA trade deal to come into effect on Oct 1, Oman deal signing soon, fast-tracking EU: Official
Amid steep US tariffs on India, the Commerce and Industry Ministry has begun fast-tracking trade deal negotiations with the European Union and is set to sign a trade deal with Oman, a government official said on Thursday, adding that the India-EFTA trade deal is set to come into effect on October 1. 'We have requested the UK to fast-track and implement the trade deal. The trade deal talks with Oman have concluded and it will be signed when both countries mutually agree on a day. We have also begun fast-tracking EU trade deal negotiations,' the official said. India and the four-nation EFTA – an intergovernmental grouping comprising Iceland, Liechtenstein, Norway and Switzerland – signed a trade pact in March 2024, under which EFTA countries have committed to investing $100 billion in India over a 15-year period. This comes amid stress in the Indian export-driven industry due to fear of 50 per cent tariffs on India, highest globally. According to Crisil estimates, in the last fiscal year, the US accounted for 20 per cent of India's merchandise exports and 2 per cent of its overall GDP. The 25 per cent reciprocal tariff on India already in effect exceeds those applicable to many competing Asian countries, except China. 'As a result, the diamond polishing, shrimp and home textiles sectors may see sales volumes decline due to high reliance on US trade, and costs rise due to partial absorption of tariffs, ultimately affecting their earnings,' the Crisil report said. The report said that for diamond polishers, exports to the US accounted for 25 per cent of total revenue last fiscal year, and the tariff will also put further pressure on the already modest operating margin of the sector. 'Working capital cycles will elongate as inventory moves slowly and customers stretch payment cycles,' the report read. The US accounts for 48 per cent of revenue for Indian shrimp exporters. With applicable reciprocal tariffs, countervailing duty, and anti-dumping duties in place, India is now one of the highest-taxed major shrimp exporters to the US, the report said, adding that this could drag down export volumes, even as players look for alternative markets to support their exports. Home textiles and carpets are both significant export-oriented sectors, with exports accounting for 70–75 per cent and 65–70 per cent of total sales respectively for these sectors; of this, the US accounts for 60 per cent of exports for home textiles and 50 per cent of exports for carpets.
