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Business Standard
a few seconds ago
- Business Standard
India-UK FTA: Tariff cuts likely to weigh on Customs duty collections
For FY26, the Centre has budgeted Customs revenues to grow only 2.1 per cent to ₹2.4 trillion premium Asit Ranjan Mishra New Delhi Listen to This Article The India-UK free-trade agreement (FTA), under which New Delhi has agreed to reduce the weighted average tariff from 15 per cent to 3 per cent over a period of 10 years, may adversely affect Customs duty collections. However, economists believe the overall revenue impact could still be positive, driven by higher exports and increased economic activity. According to Global Trade Research Initiative (GTRI) calculations, India's revenue forgone in the first year of the agreement is estimated at ₹4,060 crore. 'By the 10th year, as tariff elimination phases in more broadly, the annual loss is projected to rise to ₹6,345 crore,
The Print
an hour ago
- The Print
RInfra, Rpower say Enforcement Directorate concludes searches
The company continues to operate in the normal course and the said action has no impact on its business operations, said two separate statements issued by both RInfra as well as RPower. 'The action by ED has concluded at all locations. The company and all its officials have fully cooperated and will continue to cooperate with the authority,' RPower said in its latest stock exchange filing. New Delhi, Jul 27 (PTI) Reliance Group firms Reliance Infrastructure (RInfra) and Reliance Power (RPower) on Sunday said the Enforcement Directorate (ED) has concluded searches at their premises and the companies will continue to cooperate with the federal probe agency. On Saturday, the ED carried out searches against the companies of Reliance Group chairman Anil Ambani in Mumbai for the third day and recovered a number of documents and computer peripherals from multiple locations, according to official sources. The raids were launched on July 24 by the federal probe agency as part of an alleged Rs 3,000-crore bank loan fraud-linked money laundering case apart from multiple other allegations of financial irregularities with crores of rupees by certain companies. 'The action by the ED has had no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders,' the two companies said in their stock exchange filings. Anil D. Ambani is not on the boards of RInfra and RPower. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of RInfra and RPower, the two companies said. According to ED sources, the investigation primarily pertains to allegations of illegal loan diversion of around Rs 3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017 and 2019. The Union government had informed the Parliament recently that the State Bank of India has classified RCOM along with Ambani as 'fraud' and was also in the process of lodging a complaint with the CBI. A bank loan 'fraud' of more than Rs 1,050 crore between RCOM and Canara Bank is also under the scanner of the ED apart from some 'undisclosed' foreign bank accounts and assets, the ED sources said. Reliance Mutual fund is also stated to have invested Rs 2,850 crore in AT-1 bonds and a 'quid pro quo' is suspected here by the agency. Additional Tier 1 (AT-1) are perpetual bonds issued by banks to increase their capital base and they are riskier than traditional bonds having higher interest rates. An alleged loan fund diversion of about Rs 10,000 crore involving Reliance Infrastructure too is under the scanner of the agency. PTI ABI HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
an hour ago
- Time of India
India-UK trade deal: British firms get telecom, construction access; no local office needed in India
India-UK Trade Deal (AI image) The recently signed free trade agreement between India and the United Kingdom will allow British companies to deliver services like telecom and construction within India without the need to establish a base in the country. As per news agency PTI, these firms will receive national treatment, meaning they'll be treated at par with Indian service providers. The deal, officially called the Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday. However, it may take up to a year to be fully implemented, as it awaits approval from the UK Parliament. The services chapter is considered a key part of the pact, given the strengths both countries hold in the sector. According to the commerce ministry, the UK has agreed to provide wide-ranging market access in 137 service sub-sectors, while India has reciprocated with commitments in 108. These cover areas such as accounting, auditing, financial services (with 74 per cent FDI cap), telecom (with 100 per cent FDI permitted), environmental services, and auxiliary air transport services. India currently enjoys a trade surplus of around $6.6 billion with the UK. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pirates Climb Aboard Cargo Ship - Watch What The Captain Did Next Tips and Tricks Undo Its services exports were valued at $19.8 billion, while imports stood at $13.2 billion. As per PTI, commerce and industry minister Piyush Goyal said the agreement has safeguarded India's sensitive sectors like dairy, rice, and sugar. He said, 'Zero compromise and extensive benefits make it a phenomenal free trade agreement.' He also emphasised that the pact opens the door for India to engage more deeply with the developed world. Goyal noted that the FTA would be particularly helpful for labour-intensive sectors such as textiles, footwear, and gems and jewellery. Additionally, the deal includes a social security arrangement that will benefit Indian professionals on short-term contracts in the UK, allowing them to pay into India's provident fund instead of losing a chunk of their earnings to UK's national insurance contributions. He also clarified that legal services have been excluded from the scope of this agreement. Although the deal opens up India's automobile sector, Goyal said this had been done in an 'intelligent' manner to ensure India's interests are protected. He plans to hold consultations with various industries and travel to states to spread awareness about the benefits of the agreement. The India-UK trade deal, Goyal said, could set a benchmark for future free trade agreements, as it balances protection for local sectors with expanded access to high-quality foreign goods and services. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
