&w=3840&q=100)
PM Modi to visit UK, Maldives from July 23-26 to strengthen ties: MEA
The 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's visit to the UK will be his fourth visit. He 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. The Prime Minister is also expected to call on King Charles III. During the visit, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP) with a specific focus on trade and economy, technology and innovation, defence and security, climate, health, education and people-to-people ties.
For the second leg of his visit, PM Modi will undertake a state visit to the Maldives from July 25 to 26, on the invitation of the President of the Republic of Maldives, Dr. Mohamed Muizzu. This will be Prime Minister's third visit to Maldives, and the first visit by a Head of State or Government to Maldives during the Presidency of Dr. Mohamed Muizzu.
Significantly, PM Modi will be the 'Guest of Honour' at the celebrations of the 60th anniversary of the Independence of Maldives on July 26, 2025.
During the visit, PM Modi will meet Dr Mohamed Muizzu and hold discussions on issues of mutual interest. The two leaders will also take stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership', adopted during the State Visit of the President of Maldives to India in October 2024.
MEA in its statement underscored that the visit reflects the importance India attaches to its maritime neighbour, Maldives, which continues to hold a special place in India's 'Neighbourhood First' policy and Vision MAHASAGAR. The visit will provide an opportunity for both sides to further deepen and strengthen the close bilateral relationship.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
23 minutes ago
- Economic Times
Helios is avoiding auto and consumer stocks for now; Dinshaw Irani explains why
Dinshaw Irani, CEO, Helios Mutual Fund, has a negative outlook on the auto sector, particularly PVs, due to EV competition and potential tariff implications. While seeing potential in new-generation EV two-wheeler players, he is wary of stretched valuations in consumer staples and QSRs. Additionally, concerns are raised about the durable goods sector, specifically AC sales, due to unfavorable weather conditions impacting performance. ADVERTISEMENT What is your view on auto and auto ancillaries? The India-UK FTA has been signed and there are a lot of products which we are eyeing but in particular, India is planning to lower tariffs on UK cars and to cut average tariff for UK goods to 3% from 15% earlier. What is your view on the automobile sector and not just on this news flow but also the fact that the auto sector is trying to help the market quite a lot? Dinshaw Irani: We do not like the auto space at all because we believe that the demand collapse was mainly driven by collapse in urban demand and the tight liquidity condition. But even going forward with liquidity coming into the system, we do not expect that sector to do well because now there are more options available in that segment. We are talking about basically EVs and frankly the EVs bet is playing out in the two-wheeler space. We feel the two-wheeler segment got robbed over by EV guys. Their growth just disappeared because of EV coming into play. In two-wheelers, we like the new generation EV players which are coming in. One saw a recent listing where we were the anchor and we continue to invest in that stock. The second one is an old hand which was listed last year, corrected a lot and that is also looking very exciting going forward. Given the fact that the management is now revamping the whole show out there, that is another sector to look at in the EV space. In the PV space, I do not think there has been any EV onslaught as of now. But once they do, and frankly, that is what the Trump tariffs are all about. If anything, they are targeting this segment per se. We saw that happening with the UK FTA. Finally, we had to come down to cutting off duties on the automobile space. The same is going to happen with the US. If the deal goes through, there has to be a big compensation for the auto space. So, we are not too keen on the auto space, specifically the PV space. Let us talk about the consumption space because on the staples side, the Q1 updates so far were decent enough to take the stocks higher and the consumer companies are now talking about the recovery in the urban areas which was not the case earlier. What do you make of this and how can investors take a part in the consumption basket, because discretionary as a play has been liked by a lot of these market participants? What is your take on discretionary versus staples and if at all, do you like the space at all? Dinshaw Irani: Though an uptick has happened in staples, look at the valuations of these stocks, They are already fairly stretched. Even in the QSR space, which we used to like earlier, apart from probably one particular pizza player, none of the others have reported good numbers. QSRs are basically impulse spends. But that also not picking up means consumption has not kicked in that much. A particular company which came out with its numbers, said salt has been a mainstay for them and that growth points out to the growth in entry-level staples. It will be a matter of time before the premium end starts moving up. Frankly looking at the valuations, we are not excited at all. I mean, giving 50-60 PEs, forward PEs for growth rates of 10-11% in the best case scenario, is not going to work for us. So, we would rather avoid these stocks. ADVERTISEMENT In the durable space again, AC is a big player within that but AC is a play on weather and this time around the numbers are not looking too great for the AC players. We have seen that one of the players that reported the numbers did not do too well in air conditioning and I do not think that is what we are looking at either. Last time we interacted with you, BFSI, hospitals, and tourism were the spaces that you were liking. Does that conviction continue? Dinshaw Irani: Yes, definitely. I do not think we have been shaken there. The numbers are pretty good for the two major banks reporting the numbers. They have been taken very well by the market. The quality of asset growth has been good. It is obvious that things are working out perfectly for them. ADVERTISEMENT On the financial services and insurance numbers, whatever little has been reported by AMCs and the like, have been good numbers and so that continues to be good. When the numbers are reported, we will see that the whole story about the average revenue per occupied bed, arPob as they are called, are on the uptake. As a result, the breakeven levels for new hospitals have come off and that is what we are looking at. The same is the case with hospitality which is again looking good. Indian Hotels numbers were pretty decent. So that trend continues for us. (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
23 minutes ago
- Mint
India-UK FTA: Big gains for Indians? New visa route, exemptions from social security payments
The India-UK Free Trade Agreement (FTA) was signed and formalised on Thursday. Commerce and Industry Minister Piyush Goyal and Secretary of State for Business and Trade Jonathan Reynolds signed the agreement in the presence of Prime Minister Modi and Prime Minister Keir Starmer of the UK. The India-UK FTA marks a significant milestone in India's engagement with major developed economies. "UK rolls out the red carpet for 'Made In India'," Piyush Goyal posted on X. The agreement is expected to boost the bilateral trade between the two countries by $34 billion annually. "Big overseas avenues open up for India's skilled workforce," the government said, adding that the agreement provides greater market access in IT and IT-enabled services, financial and legal services, professional and educational services, and digital trade. Indian professionals, including those deployed by companies to work in the UK across all service sectors, professionals deployed on contracts such as architects, engineers, chefs, yoga instructors, and musicians, will benefit from simplified visa procedures and liberalised entry categories, making it easier for talent to work in the UK. 1. 75,000 Indian professionals are exempted from UK social security payment for 3 years. Indian professionals can work in 35 UK sectors for 24 months, even without a UK office. More than 1800 chefs, yoga experts and musicians can work in the UK each year. 2. Independent professionals and service providers in sectors such as IT, engineering, and architecture will be allowed to work in the UK for up to 12 months. Applicants must meet UK immigration requirements, including salary thresholds and documentation, to be eligible. 3. Access to 36 service sectors with no economic needs test for Indian firms and freelancers 4. Indian investors and graduate trainees will also continue to benefit from existing UK schemes, with eligibility subject to prevailing immigration rules. Nearly 1000% of India's trade value will be duty free 1. Indian exporters, particularly in textiles and apparel, are expected to gain from tariff reductions. Firms such as Welspun India, Arvind Ltd, Raymond, and Vardhman may benefit from duty-free access to the UK market. 2. From 16% to zero: Duty free access for leather and footwear 3. Duty-free access to UK's gems and jewellery market 1. Zero duty market access for Indian generic drugs. 2. 'Made in India' medical devices will attract no duty. Surgical instruments, diagnostic equipment, ECG machines, X-Ray systems exports to gain. The government anticipates more income to farmers and increased rural employment. 1. 99% of Indian exports to the UK will enjoy zero-duty access 2. Indian farmers get access to the UK's $37.5 billion agri-market and premium buyers. The FTA also ensures duty-free exports on nearly 95% of agricultural products, while fisherfolk gain from Zero Duty on 99% of marine exports, boosting their incomes. 3. Duty-free access for our instant coffee, tea, spices, and rubber, and processed goods like mango, pulp, pickles, pulses and ready to eat meals. Exports of Darjeeling tea from West Bengal and Araku coffee from Andhra Pradesh are likely to soar. 4. No tariff concession on sensitive sectors (Dairy, oats, apples, edible oils). This agreement will also provide Indian consumers high-quality goods at competitive prices. 5. Zero-duty for 99% of marine exports. Coastal states such as West Bengal, Odisha, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa, Maharashtra and Gujarat to benefit from export-led job creation. 6. Indian fishermen to have greater expansion opportunity into the UK's $5.4 billion marine market.
Hindustan Times
26 minutes ago
- Hindustan Times
Operational control enough to tax foreign firms in India, says SC
The Supreme Court on Thursday held that a multinational company may be taxed in India so long as it exercises significant operational control over such premises, even if it has no employees staying here for a period longer than the threshold typically used to assess whether the company is a so-called Permanent Establishment. Operational control enough to tax foreign firms in India, says SC The ruling , which has significant implications for MNCs operating in India, came as a setback to Dubai-based Hyatt International Southwest Asia Ltd, which had challenged its tax liability in India for advisory and management services rendered to Hyatt hotels across the country between 2009 and 2018. A bench of justices JB Pardiwala and R Mahadevan affirmed a 2023 Delhi High Court judgment that recognised Hyatt's presence in India as a Permanent Establishment (PE) under Article 5(1) of the India-UAE Double Taxation Avoidance Agreement (DTAA). The court concluded that Hyatt's active control over the day-to-day hotel operations in India through long-standing agreements established a fixed place PE, making it liable to pay tax in India. Typically, only branch offices, factories, mines etc are considered PEs, although there is also a stipulation related to the time employees spend in India. At the centre of this case was a Services and Operating Services Agreement (SOSA) signed by Hyatt with hotel owners in India, under which the Dubai-based entity provided hotel advisory and consultancy services. Hyatt contended that it operated solely from Dubai, was not obliged to station staff in India, and only permitted occasional visits by its personnel to Indian hotels. It further argued that the SOSA contained no clause allowing it to conduct business from within the hotels, nor did it maintain any office or branch in India. But the top court rejected these submissions, holding that the 'disposal test' for identifying a PE did not require exclusive possession or formal rights over premises, but a fact-specific inquiry into the foreign enterprise's ability to conduct core business functions from the premises. 'The appellant's contention that the absence of an exclusive or designated physical space within the hotel precludes the existence of a PE, is misconceived, said the court, relying on its earlier precedent in Formula One World Championship Ltd ()2017. 'Temporary or shared use of space is sufficient, provided business is carried on through that space,' it added. In this case, the bench found that Hyatt exercised 'pervasive and enforceable control' over the hotel's strategic, operational, and financial aspects. This included the authority to appoint and supervise key personnel, implement HR and procurement policies, control pricing and branding, operate bank accounts, and assign staff to the hotel without the owner's approval. 'These rights go well beyond mere consultancy and indicate that the appellant was an active participant in the core operational activities of the hotel,' said the court, noting that Hyatt's control extended to everyday affairs and not just high-level decisions. Amit Baid, Head of Tax at BTG Advaya law firm, said that the ruling could set a precedent for PE determinations in cases involving frequent employee travel to India. 'The judgment provides a clear conceptual framework for determining PE thresholds -- frequent, regular visits by employees, rather than the duration of individual stays, is the key factor. Once continuity of business presence is established, the return or rotation of individuals becomes irrelevant; and operational control, oversight, and income linked to core functions establish a commercial nexus necessary for a PE,' Baid added. The judgment meanwhile stressed that the 20-year duration of the agreements, combined with continuous and structured involvement of Hyatt's executives in India, satisfied the three-pronged test of stability, productivity, and dependence that governs the recognition of a PE. Further, the court ruled that even though no single Hyatt employee exceeded the 9-month threshold under Article 5(2)(i) of the DTAA, the aggregate and continuous presence of various employees, verified through travel logs and operational duties, fulfilled the requirement of a PE. The court clarified that the legal form of presence is secondary to the economic substance of business functions being carried out in India. 'The appellant's ability to enforce compliance, oversee operations, and derive profit-linked fees from the hotel's earnings demonstrates a clear and continuous commercial nexus and control with the hotel's core functions,' the bench said, calling the hotel premises the 'situs of the appellant's primary business operations.' Importantly, the Supreme Court clarified that under the India–UAE Direct Taxation Avoidance Agreement, the lack of a specific article allowing taxation of Fees for Technical Services (FTS) would not override the existence of a PE under Article 5(1), particularly where core business functions are carried out through a fixed place.
