India-UK Trade Deal Incoming? Major Economic Pact Likely on July 24
| India-UK Trade Deal Likely On July 24-Sources In a major development, India and the United Kingdom are likely to seal their long-awaited Free Trade Agreement (FTA) on July 24, according to top government sources. This pact is expected to significantly boost bilateral trade, investments, and economic cooperation, creating new opportunities for industries, startups, and job growth on both sides.The deal, years in the making, aims to remove trade barriers, enhance market access, and strengthen strategic ties between the two nations. With sectors like defense, pharma, textiles, and technology in focus, the agreement could mark a turning point in India-UK relations.@SiddhantVM and @ElizaSherine bring you the latest from diplomatic sources on what's at stake and how this deal might reshape the global trade landscape. n18oc_world News18 Mobile App - https://onelink.to/desc-youtube
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Strategic partnership to FTA: 7 things that have define India-UK ties under PM Modi
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High-level political engagement has underpinned this partnership with frequent meetings between Prime Minister Modi and UK counterparts including Boris Johnson, Rishi Sunak, and Keir Starmer. Other key engagements include President Droupadi Murmu's visit to London for Queen Elizabeth II's funeral, Vice President Jagdeep Dhankhar's attendance at King Charles III's coronation and PM Modi's meetings with UK leaders during G7 and G20 summits. Speaker Om Birla also visited the UK in January 2025 further strengthened parliamentary exchanges. STORY CONTINUES BELOW THIS AD Free Trade Agreement in focus India and the UK have long maintained strong economic ties, underpinned by institutional mechanisms like the India-UK Joint Economic and Trade Committee (JETCO) and the Economic and Financial Dialogue (EFD). These forums have facilitated deeper trade and financial cooperation. A major milestone was the conclusion of the India-UK Free Trade Agreement (FTA) and a 'Double Taxation Avoidance Convention' in May 2025 after three years of negotiations. The FTA, one of India's most comprehensive covers 26 chapters including goods, services, digital trade, IPR and labour standards. Bilateral trade reached £43 billion in 2024, with the UK being the 6th largest investor in India (FDI of $35 billion) and nearly 1,000 Indian firms operating in the UK. The Indian diaspora and corporate presence in both countries have further bolstered this growing economic partnership. Bilateral trade crosses $55 billion Trade volumes between the two nations have seen remarkable growth. By 2024, bilateral trade surpassed $55 billion, driven by growing demand for Indian goods and services in the UK and rising British exports to India. Both countries have also committed to increasing trade by investing in innovation, digitalisation, and sustainable practices. Robust investment flows The UK remains a major foreign investor in India with cumulative FDI exceeding $36 billion. British firms have expanded operations in India's manufacturing, services and fintech sectors. Conversely, over 1,000 Indian companies now operate in the UK, creating jobs and contributing majorly to the British economy. The presence of Indian firms like Tata, Infosys and Wipro in the UK showcases the depth of this economic engagement. Defence and technology cooperation India and the UK share a broad defence relationship encompassing joint military exercises, defence technology cooperation, defence education, procurement and promotion of the Make in India initiative. Key joint exercises include Exercise Konkan 2023 (naval), Cobra Warrior 2023 (air), Ajeya Warrior 2023 (army), and participation in Tarang Shakti 2024. Regular exchanges of subject matter experts further strengthen operational synergy. In science and innovation, the UK has become India's second-largest international research partner with joint projects worth £300–400 million. During the India-UK Science and Innovation Council (SIC) held in April 2023, both sides signed MoUs in cutting-edge areas such as quantum tech, AI, clean energy and pandemic preparedness. The two countries also launched the India-UK Net Zero Innovation Virtual Centre, focused on industrial decarbonisation and green hydrogen solutions. India was recognised as a partner country under the UK's International Science Partnership Fund, extending the legacy of the Newton-Bhabha partnership. Health and education Health cooperation between India and the UK gained momentum during the COVID-19 pandemic, particularly through the AstraZeneca–Serum Institute of India vaccine partnership, which highlighted the countries' joint capability in addressing global health challenges. In 2022, both governments signed the India-UK Framework Agreement for Collaboration on Health Care Workforce, facilitating training and recruitment of Indian nurses and healthcare professionals. By 2023, over 60,000 Indians were working in the UK's NHS, making them the second-largest nationality group after British citizens. In education, bilateral ties have deepened through growing student exchanges and institutional collaborations. Nearly 170,000 Indian students are currently studying in the UK, supported by increased visa issuances. The UK has also begun to invest directly in India's higher education ecosystem, with the University of Southampton opening a campus in Gurugram, the first under India's New Education Policy (NEP). People-to-people ties People-to-people linkages have flourished, aided by the Migration and Mobility Partnership (MMP) and the Young Professional Scheme, which allows youth from both countries to live and work for up to two years. 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News18
13 minutes ago
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PNB asks customers to update KYC info by Aug 8
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News18
13 minutes ago
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ED files case against credit payment app company for FDI violation
New Delhi, Jul 23 (PTI) The Enforcement Directorate on Wednesday said it has registered a foreign exchange violation case against a Bengaluru-based company that offers credit payment service through a mobile app named SIMPL for alleged contravention of FDI rules to the tune of more than 913 crore. The case pertains to the company named One Sigma Technologies Pvt. Ltd. and its director Nithya Nand Sharma. The company runs its business through its app that provides 'Buy Now Pay Later' services, including a facility for its customers to pay in installments. 'The company received FDI under automatic route and issued convertible notes under automatic route without obtaining prior approval from the Government of India and thereby contravened the provisions of the Foreign Exchange Management Act (FEMA) collectively to the tune of Rs 913,75,88,062 and rendered itself liable to be proceeded under FEMA," the federal probe agency said in a statement. The ED said a probe was initiated against the company on the basis of 'credible" information that it received a 'substantial" amount of foreign direct investment (FDI) from the US, allegedly in violation of the policy. It was learnt, the agency said, that One Sigma Technologies received FDI to the tune of Rs 648,87,76,480 and issued Convertible Notes of Rs 264,88,11,582 under 100 per cent automatic route by declaring its business activity as 'Benefits of Information Technology and other computer service activities'. However, as per a circular issued by RBI, FDI in financial activities not regulated by any authority is to be brought under 100 per cent approval route, it said. In activities where government approval is necessary for receiving FDI, any startup company can issue convertible notes only with the approval of the Central government. However, One Sigma Technologies has issued convertible notes 'without obtaining" any approval from the government, the ED said. PTI NES ZMN view comments First Published: July 23, 2025, 18:45 IST 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.
