Page 17 - India

India overtakes China to become world's top smartphone maker for the US

Apple assembled $22 bn worth of iPhones in India over the 12 months ending in March 2025, representing a nearly 60% increase year-on-year, with the majority manufactured at Foxconn's facility

'Historic' FTA with Britain shows world's trust in India: PM Modi

Prime Minister Narendra Modi on Saturday described the recently concluded FTA between India and UK as 'historic,' and said the trade pact showed the world's trust in the country. As regards Operation Sindoor, he said weapons manufactured under the 'Make in India' initiative played a great role during the cross-border military offensive in destroying enemy targets and made enemies lose sleep. The PM inaugurated, laid foundation stones and dedicated projects worth Rs 4,900 crore here and underscored the NDA government's commitment towards Tamil Nadu's growth. In his address after inaugurating the projects, Modi said he was blessed to directly land in Tamil Nadu after completing his foreign tour during which the India-UK Free Trade Agreement was signed before his visit to the Maldives. The trade pact with Britain was 'historic.' "India and Britain signed a FTA. This shows the growing trust of the world and our self-confidence. We will make Viksit (developed) Bharat and Viksit Tamil N

India reserves right to retaliate if carbon tax hurts our exports: Goyal

Commerce and Industry Minister Piyush Goyal on Saturday said India will "react and retaliate" if the UK imposes a carbon tax in the future that harms domestic exports. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM), starting in 2027. "As of now, no CBAM, we are a sovereign and a very powerful nation today...So, if anybody hurts our exports interest, we will react and hurt and retaliate or rebalance to make sure that our interest is not hurt," he told reporters when asked about the UK's proposed CBAM. "I can assure that no unilateral measure which hurts India can go away without a proportionate response from India," he added. Sources have said India flagged the issue during negotiations of the trade agreement. The comprehensive economic and trade agreement (CETA) was signed on July 24, with an aim to double bilateral trade by 2030. The issue is not in the pact, as Britain has not yet notified of the tax. Goyal added that the E

India, UK firms upbeat on FTA to double trade to $112 bn by 2030: Goyal

Commerce and Industry Minister Piyush Goyal has said that businesses in Britain as well as India are optimistic about the free trade agreement which aims to double the bilateral trade to USD 112 billion by 2030. The India-UK free trade agreement, also called Comprehensive Economic and Trade Agreement (CETA), was signed by Goyal and his counterpart Jonathan Reynolds in presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer on Thursday. In a post-signing interaction with business leaders from across sectors, Goyal said," Investors are looking to double down on their investments. People in industry and manufacturing are looking to expand markets. The services sector is excited about the growth potential. Everybody, whether from government or from the private sector, has a shared commitment to double the trade between the two countries by 2030." Anuj Chande, Partner at Grant Thornton UK and Head of its South Asia Business Group said," It (the deal) certainly .

India, UK to work on recognition of professional degrees to ease movement

India and the UK have agreed to negotiate mutual recognition agreements (MRAs) after implementing the trade deal, as these pacts are important for facilitating the movement of professionals such as nurses, accountants and architects to Britain, an official said. The India-UK trade agreement was signed on Thursday and it may take about a year for its implementation as it requires approval of the British parliament. "It has been agreed that both countries will engage on mutual recognition of qualifications because in certain professional services, recognition of qualifications is an essential requirement like nurses, architects, accountants, and dentists. Within a period of 36 months, we will try to enter intoAs with the UK," a commerce ministry official said. MRAs in professional services are voluntary pacts between competent authorities of respective nations. These confer recognition of certain licensing or qualification requirements obtained in the jurisdiction of other ...

India fails to secure exemption from UK carbon tax in trade deal: GTRI

India was unable to secure an exemption from the UK's carbon tax in the free trade agreement, signed on Thursday, a move that will impact India's carbon-intensive exports to Britain, think tank GTRI said on Friday. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM) starting 2027. By not securing a carve-out or exemption clause on CBAM (carbon border adjustment mechanism), India lost a vital opportunity to protect its carbon-intensive exports, the Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. "From January 2027, the UK can impose carbon taxes on Indian steel and aluminum, even as we grant UK goods duty-free access. That's a serious asymmetry. Expect the same treatment in India's trade agreement with the EU," he said. The GTRI in May stated that India's exports worth USD 775 million to the UK may be impacted due to Britain's decision to introduce a carbon tax on products such as iron and steel, aluminium, ...

India-UK FTA may restrict India's use of compulsory licensing: GTRI

India has accepted language in the intellectual property chapter of the free trade agreement with the UK that subtly curtails its ability to issue compulsory licences, a critical tool for accessing life-saving technologies during emergencies, think tank GTRI said on Thursday. It also said that India has agreed to "adequate remuneration" norms for compulsory licensing for the pharma sector in the agreement with the UK, thus risking delays in future access to affordable medicines and green tech. The Global Trade Research Initiative (GTRI) said that in "a significant concession, India has accepted language in the Intellectual Property (IP) chapter of the agreement that subtly curtails its ability to issue compulsory licenses (CL), a critical tool for accessing life-saving technologies during emergencies". "For the first time" in any trade agreement, India has explicitly agreed to wording that stresses the need for 'adequate remuneration' to patent holders, GTRI founder Ajay Srivastava

India-UK FTA to cut spirit duties, but price drop may be limited: Experts

The India-UK free trade agreement will reduce duties on imported spirits, making premium international options more accessible to Indian consumers, according to industry players, but experts cautioned that the benefits may be limited as the maximum price reduction could be only up to Rs 300 per bottle. As per the FTA signed in London between the two governments, India is reducing duty on UK whisky and gin from 150 per cent to 75 per cent and further to 40 per cent in the tenth year of the deal. "Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next ten years - giving the UK an advantage over international competitors in reaching the Indian market," as per an official statement of the UK government. Reacting to the development, the International Spirits and Wines Association of India (ISWAI), which represents premium alcoholic beverage companies in India (mostly MNCs)

India reopens doors to Chinese tourists, ends 5-year suspension | India-China relations

India will resume tourist visa issuance for Chinese nationals from today, July 24.This marks the first time since 2020 that Chinese tourists can apply to visit India. Watch the video for details.

Indo-UK deal to give Indian market access at lower tariff, says JLR

Jaguar Land Rover on Thursday said the India-UK free trade agreement would help the marquee automaker to access lower tariffs in India for its luxury models. Under the India-UK FTA, India will reduce tariffs on automotive imports from about 110 per cent to 10 per cent under quotas on both sides, benefiting companies such as Jaguar Land Rover (JLR). "We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR's luxury vehicles," a company spokesperson said in a statement. India is an important market for the company's British-built products and represents significant future growth opportunities, the spokesperson added. In a separate query regarding a change in pricing of imported products into the Indian market, a UK-based spokesperson said: "No decisions have been made on pricing." Around 60 per cent of the cars JLR sells in India, including popular models in the Range Rover portfolio Range Rov

India, China review border situation ahead of special representatives talks

India and China on Wednesday reviewed the overall situation along the Line of Actual Control (LAC) and prepared ground for the Special Representatives dialogue on the boundary question. The review was carried out at a meeting of Working Mechanism for Consultation and Coordination (WMCC) that took place in Delhi. The Ministry of External Affairs (MEA) said the two sides also prepared for the next round of the Special Representatives' (SR) talks to be held in India later this year. Chinese Foreign Minister Wang Yi is expected to visit India for the SR talks. Wang and NSA Ajit Doval are the SRs for the talks. The MEA said the two sides reviewed the situation in the India-China border areas. They expressed "satisfaction with the "general prevalence of peace and tranquillity in the border areas, leading to gradual normalisation of bilateral relations," it said in a statement. The two sides "agreed to maintain regular exchanges and contacts on issues related to the boundary affairs at

Will retire in 2027: Jagdeep Dhankhar's 10-day-old video in focus after sudden exit

A recent video of Jagdeep Dhankhar stating that he would retire as Vice President in August 2027 resurfaced on social, a day after he stepped down from the post.

DAE exploring rare earth elements in key areas across India: G Kishan Reddy

The exploration and augmentation of rare earth group elements in many potential geological areas in the country is being carried out by a unit of the Department of Atomic Energy, the Parliament was informed on Monday. China's restrictions on the export of rare earth elements and related magnets are affecting the domestic auto and white goods sectors. Replying to a question in Rajya Sabha, coal and mines minister G Kishan Reddy said, "Atomic Minerals Directorate for Exploration and Research (AMD), a constituent unit of Department of Atomic Energy (DAE), is carrying out exploration and augmentation of rare earth group elements along coastal/ inland/ riverine placer sands, as well as in hard rock terrains in several potential geological domains in the country." The minister further said that as on date, AMD has estimated approximately 7.23 million tonnes (MT) of in-situ Rare Earth Elements Oxide (REO) contained in 13.15 MT of monazite in coastal beach, teri/red sand and inland alluvium

Rosneft calls EU sanctions on Nayara Energy unjustified and illegal

Russian oil giant Rosneft on Sunday termed as unjustified and illegal the sanctions that the EU has slapped on its Indian unit, Nayara Energy. "Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal," it said in a statement. "These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state." The European Union on Friday imposed sanctions on the Indian oil refinery of Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers li

EU curbs on Russian oil may hit India's $15 bn fuel exports: GTRI

India's petroleum product exports worth USD 15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of Russian crude oil refined in third countries, economic think tank GTRI said. The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia's oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country. The Global Trade Research Initiative (GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland. This measure will hurt nations such as India, Turkey, and the UAE, which have been refining Russian crude and selling diesel, petrol, and jet fuel to Europe, it said. "India's USD 5 billion exports of petroleum products to the EU are at ri

Income of unrecognised political parties jumps 223% in FY23: ADR report

The declared incomes of registered unrecognised political parties witnessed a 223 per cent spike in 2022-23 and more than 73 per cent of these parties failed to publicly disclose their financial records, according to poll rights body the Association for Democratic Reforms (ADR). Its report analysed the status of submission of annual reports of a total of 739 (26.74 per cent) registered unrecognised parties across 22 states in India, whose either audit or contribution reports were available on the websites of respective state CEOs for the 2022-23 financial year. The analysis showed that both annual audit and contribution reports of a significant 73.26 per cent or 2025 of the total registered unrecognised parties are not available in the public domain for FY 2022-23. The maximum number of registered unrecognised parties, whose statements are available are in Uttar Pradesh, followed by Delhi and Bihar, given that these states have the highest number of registered unrecognised political

India needs to be careful, clever in trade talks with US: Raghuram Rajan

India needs to be 'very careful and clever' while negotiating trade agreements with the US, especially with regard to the agriculture sector, which is heavily subsidised by developed countries, former RBI Governor Raghuram Rajan said on Friday. In an interview with PTI Videos, Rajan said India's economic growth has sort of settled in the range of 6-7 per cent, and a fraction of percentage point may be affected by the global trade uncertainties. "I think where it is much more sort of difficult (trade negotiations) is in areas such as agriculture, where every country subsidises its producers, and our producers may be relatively smaller, may have somewhat lower subsidies... the kind of harm that unconstrained flow of agricultural products into the country may create problems for them," he said. Earlier this week, the Indian team was in Washington for the fifth round of negotiations for the proposed Bilateral Trade Agreement (BTA). "For example, can we encourage more foreign direct ...

Prada’s Sandal & the Kolhapuri Original: How Global Fashion Rebrands Craft

When Prada launched its ₹1.2 lakh “toe-ring sandal,” many in India saw something familiar — the traditional Kolhapuri chappal. But this isn’t an isolated case.

India, France to collaborate on ₹61,000 cr deal for fighter engines

The ₹61,000 crore initiative seeks to develop a 120 kilonewton engine for future platforms, with French company Safran offering full technology transfer as part of the collaboration

US Solar firms file trade petition against India over cheap imports

The new anti-dumping and countervailing duty petitions were filed by the Alliance for American Solar Manufacturing and Trade, which includes First Solar Inc, Mission Solar Energy and Qcells