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Profits earned through ethical means create wealth for nation: FM
"Wealth creation in India has never been a taboo in India. We promoted wealth creation. We would want wealth creation. That is why entrepreneurs in India, under Prime Minister Modi, we refer them as wealth creators. They are not thieves," she said while addressing the National Commemorative Seminar on 60 years of Pandit Deendayal Upadhyaya Integral Humanism Lectures.
Pandit Upadhyaya was one of the founding members of Jan Sangh from which the Bharatiya Janata Party (BJP) emerged in April 1980.
"We would like to have profit created by genuine ethical practices, and that is what is going to create wealth for the nation. And once you have wealth, you give dignity of labor, you provide for education, you provide for skilling, and you lift the tempo and the spirit of the nation," she said.
Recalling Deendayal Upadhyaya's idea for India, Sitharaman said that while planning, we must keep in mind the person at the very bottom of the system so that he can be uplifted keeping his dignity intact.
"Whether it was former Prime Minister Atal Bihari Vajpayee ji or whether it is the leadership of Prime Minister Narendra Modi ji, every government policy under these two eminent leaders has been very reflective of Integral Humanism," she said.
'Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayaas' is exactly what you do when you believe in Antyodaya theory propagated by Upadhyaya, she said.
"If you lift everyone out of poverty, give them employment, give them a certain standard of living and give them access to fundamental basic necessities, as a result, they are above where they were before, and they have greater access to the country's productive capacities. Then, the country's production levels also increase," she said.
Providing for national defence was one of the main priorities for a nation as per Upadhyay, she said, adding since 2014, Prime Minister Modi has been emphasising on Aatmanirbharta in defence production.
"That's what we have done and it's the reason Operation Sindoor was carried out. It was completely opposite to a government which said that it didn't have the money to spend for defence procurement," she said.
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India's response was shaped by an understanding of Maldivian domestic compulsions. When Muizzu demanded the withdrawal of Indian military personnel, India agreed, but replaced the 76 defence staff with trained civilian technicians in May 2024, thus maintaining functional continuity in aviation and surveillance operations. India also upped its economic engagement. It increased development assistance to Rs 600 crore, raised trade quotas, and accelerated work on key infrastructure, without any fanfare. By May 2024, Maldivian Foreign Minister Moosa Zameer was in New Delhi, seeking support and signalling readiness to restore ties. The Reset: Economy, Development And A Vision Document From that point, relations began to thaw. In October 2024, President Muizzu visited India for a five-day state visit, during which both countries adopted the landmark 'Vision for Comprehensive Economic and Maritime Security Partnership." 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Historically, the MDP maintained closer ties with India, while Muizzu's People's National Congress (PNC) leaned toward China. But 2024–25 has seen a more pragmatic approach from the PNC. During Muizzu's India visit, he met BJP President JP Nadda to bolster party-to-party ties. External Affairs Minister S Jaishankar, meanwhile, met Maldivian opposition leaders, neither side politicised the interactions. India's approach has remained institution-focused. As long as democratic processes are respected and security redlines maintained, New Delhi has demonstrated readiness to work with any elected government. Significance Of PM Modi's Visit To Maldives PM Modi's visit now is symbolically and strategically loaded: He becomes the first Indian PM to visit the Maldives under a non-MDP administration. The visit coincides with 60 years of India–Maldives diplomatic ties, established in 1965. Modi is being hosted as the Guest of Honour at the Maldives' most important national event, highlighting the personal and political weight both sides attach to the partnership. For Modi, the visit reaffirms India's leadership in the Indian Ocean as a steady, generous, and reliable regional actor. For Muizzu, it marks a domestic political win—showcasing sovereignty, but also the ability to engage productively with India. Regional Implications And Lessons The trajectory of India-Maldives ties over the past 18 months offers a clear illustration of how regional diplomacy in South Asia is shaped by domestic politics, but ultimately guided by strategic priorities. While anti-India rhetoric may yield short-term electoral gains, the demands of governance often require course correction. India's response, marked by strategic patience, development financing, and restrained diplomacy, helped prevent a rupture and brought the relationship back from the brink. Swipe Left For Next Video View all As Foreign Secretary Vikram Misri put it, 'There will always be events that will impact or try to intrude on the relationship. But I think this is testimony to the kind of attention that has been paid to the relationship, including attention at the highest levels… We've continued to work at it, and I think the result is there for you to see." That result is now on display in Malé: a diplomatic relationship once under pressure, now back on a path of mutual respect, strategic alignment, and renewed momentum. Karishma Jain Karishma Jain, Chief Sub Editor at writes and edits opinion pieces on a variety of subjects, including Indian politics and policy, culture and the arts, technology and social change. Follow her @kar... Read More Karishma Jain, Chief Sub Editor at writes and edits opinion pieces on a variety of subjects, including Indian politics and policy, culture and the arts, technology and social change. Follow her @kar... Read More view comments News explainers From Trust To Tensions To Reset: How India-Maldives Ties Came Full Circle | Explained 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.
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First Post
26 minutes ago
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India-UK FTA makes Scotch cheaper. India and its love affair with whisky
It's time for Indians to raise a toast. The signing of the India-UK FTA on Thursday (July 24) will see tariffs on Scotch whisky reduced at the first stage to 75 per cent from 150 per cent, followed by a progressive reduction to 40 per cent over the next decade. This, in turn, will help reduce the cost of these alcoholic spirits read more Hic, hic, hooray! On Thursday (July 24), India and the United Kingdom finally signed the much-awaited Free Trade Agreement (FTA) after three years of intense negotiations and deliberations. As PMs — Narendra Modi and Keir Starmer — signed on the dotted line, the UK government announced that the new trade pact will likely boost annual bilateral trade between India and the UK by £25.5 billion. The India-UK FTA will see a reduction in tariffs on several British products, including items such as chocolates, Scotch whisky, luxury cars, cosmetics, chocolates, biscuits, lamb, salmon, soft drinks, and medical devices. STORY CONTINUES BELOW THIS AD But how much cheaper will Scotch whisky and gin become as a result of the trade deal? We examine the impact of it. Reduced tariffs on Scotch whisky and gin The newly-signed India-UK FTA reduces the import duties on Scotch whisky and gin. Under the FTA, the Total Customs Duty on imported alcoholic spirits, limited to whisky and gin from the UK, will be halved at the first stage to 75 per cent from 150 per cent, followed by a progressive reduction to 40 per cent over the next decade. This new tariff structure will apply to both Bottled-in-Origin (BIO) and bulk imports used for making Bottled in India (BII) products, as well as blending with Indian Made Foreign Liquor (IMFL). Shortly after the signing of the FTA, the International Spirits and Wines Association of India (ISWAI), the apex body representing premium alcoholic beverage companies in India, welcomed the move, calling it a historic moment. The ISWAI said that for the alcobev sector, this agreement paves the way for a more balanced and equitable trade environment, particularly given that Indian alcohol exports to the UK have zero import duties. 'The deal will significantly benefit Indian consumers, as premium international spirits will become more accessible, thereby accelerating the ongoing trend of premiumisation. It will also stimulate growth across ancillary sectors such as hospitality, tourism, and retail, while potentially increasing revenue for Indian states,' said Sanjit Padhi, CEO, ISWAI. Other industry executives also welcomed the move. Diageo India MD and CEO Praveen Someshwar said, 'We laud the Indian and British governments for formalising this historic treaty, which will boost bilateral trade and positively impact the accessibility of premium Scotch whisky in India, reigniting growth and increased choice for Indian consumers.' STORY CONTINUES BELOW THIS AD Chivas Brothers Chairman and CEO Jean-Etienne Gourgues also termed the India-UK FTA as 'a sign of hope in challenging times for the spirits industry'. Even Onkar Sharma, a partner at Khaitan & Co agreed with this, telling Moneycontrol, 'This tariff reduction is expected to make premium UK brands more affordable in India, boosting their market share and benefiting companies like Diageo and Chivas Brothers while enhancing consumer choice and potentially increasing state revenues through premiumisation.' Raising a toast to lowered prices As a result of the FTA and reduced tariffs, the price of Scotch whisky brands in India is expected to fall — depending on the Indian states' excise and pricing policies. Most news reports state that in the premium segment, the cost of brands such as Johnnie Walker Black Label and Chivas Regal will fall by Rs 200-300 per bottle. Currently, the price of a Johnnie Walker Black Label (750 ml) costs around Rs 3,100 in Delhi and Rs 4,200 in Mumbai. In the standard segment, brands like Red Label and Ballantine's may cost less by Rs 100-150. The cost of whisky brands such as Chivas Regal in India will most likely be reduced by Rs 200-300 as a result of the India-UK FTA. File image/Reuters Industry experts noted that the biggest winner from the India-UK FTA won't be the end consumer, but the companies. Liquor industry expert Vinod Giri explained to PTI, 'Consumer prices for imported Scotch (whiskey) are not likely to change much. 'Most of the taxes on alcohol sit in states, and even if all customs duty reduction is passed on, the impact on consumer prices of imported Scotch whiskies will be in the range of Rs 100-300 per bottle.' STORY CONTINUES BELOW THIS AD He further highlighted, 'Stripped off all the noise, all the UK-India FTA will do for the whisky industry is help the bottom lines of companies. Consumers should not expect many changes. FTA will neither dramatically change the Indian whisky market nor open new vistas for Indian producers.' India's Scotch whisky consumption India has long been a consumer of alcohol with whisky consumption exploding by more than 200 per cent in the past decade. Last year, India was ranked as the world's number one Scotch whisky market by volume, according to the Scotch Whisky Association data. It regained its position after replacing France, with 192 million bottles exported in 2024, the association said. Other experts also note that whisky is among India's favourite spirits — it accounted for over 60 per cent of India's alcohol consumption last year, according to a report by The Times of India and The Hindu Business Line. In fact, a Moneycontrol report stated that within the first six months of 2024, India's whisky exports had increased 26 per cent to $78.5 million. Out of this, blended whisky, which accounts for half of the total exports, jumped 37 per cent, and premium whisky exports almost doubled to $6.3 million. Scotch whisky is one of India's most preferred alcoholic drinks. It accounted for over 60 per cent of India's alcohol consumption last year. File image/Reuters Moreover, the whisky market in India that was estimated to be worth $21.13 billion in 2023 is expected to grow at a compound annual growth rate (CAGR) of 4.61 per cent between 2024 and 2030, reaching a value of $28.97 billion by 2030. STORY CONTINUES BELOW THIS AD However, it's interesting to note that India's introduction to whisky wasn't all that smooth. As the British colonised India, it brought in its favourite, the whisky. But they came up against an obstacle in the form of Indians, who argued that they had their own local drinks. Owing to this, the British Raj established a commission to study scotch whisky in an attempt to prove to India that it was worth drinking. On completion of their studies, found out that scotch was harmless of outstanding quality, making it a perfect drink for social occasions. Scotch whisky entered India then, and has become a sign of taste and culture ever since. It became the drink that Indians brought in for social gatherings or used to toast during a particularly special celebration. At first, it was associated with the British and the Indian elite and the royalty. However, as time passed, whisky became more accessible to Indians, and as they say, the rest is history. STORY CONTINUES BELOW THIS AD With inputs from agencies
