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Time of India
20 hours ago
- Politics
- Time of India
To be truly liberal and inclusive, Mamdani will have to do more
To be truly liberal and inclusive, Mamdani will have to do more Jayanta Kalita Jun 27, 2025, 19:00 IST IST For a man who could be New York's next mayor and is capable of re-energising Democrats against a rampaging Trump, he will have to do more. To start with, he must make protecting Hindus and Jews a part of his anti-hate effort When rapper-turned-politician Zohran Mamdani declared his candidacy for mayor last October, he was a relatively obscure state legislator, unfamiliar to the majority of New Yorkers. Fast forward to June 24 night, the 33-year-old celebrated a remarkable rise in politics, announcing his triumph in the Democratic primary at a Queens bar – just moments after former governor Andrew Cuomo conceded defeat.
Economic Times
2 days ago
- Business
- Economic Times
UK's global trade outlook sees India as Asia's 'standout growth engine'
AI generated image As the "standout growth engine" in Asia, India is projected to be the third largest economy in the world by 2028, and the recent Free Trade Agreement (FTA) offer British businesses a "major advantage" over their international competitors, the UK's new trade strategy and outlook have said. The 'UK's Trade Strategy' and an accompanying 'Global Trade Outlook 2025' released by the Department for Business and Trade (DBT) on Wednesday spotlights the trade deal with India, concluded early last month, as the centrepiece of the Labour government's approach to utilising FTAs as an important tool to meet its economic growth agenda. "Asia is expected to benefit from standout growth from India and a new generation of fast-growing emerging markets," reads the outlook. "Asia's centre of growth is expected to shift from China to India and other emerging markets, while Africa's demographic boom could drive high growth if job creation can keep pace with population growth," it notes. About the FTA, the trade strategy points out that the "comprehensive agreement" with India is reflective of the "transformative" impact that Free Trade Agreements can make. It reads: "For example, the UK-India FTA is a landmark trade deal that will drive growth and boost trade with one of the fastest-growing economies in the world. As soon as the deal comes into force, UK products will benefit from a saving of up to an estimated GBP 400 million a year, from India cutting its tariffs on existing trade alone, which could increase to around GBP 900 million a year after staging over 10 years. "And that's before factoring in the savings from speedier and easier trade from improved customs and digital commitments. This immediate relief represents a major advantage our businesses will enjoy over their international competitors." The trade strategy, which complements an Industrial Strategy released earlier this week, is aimed at setting a clear direction for the government's growth and job creation goals. "What works for business, works for Britain. It means more jobs, more opportunities, and more money in people's pockets. That's why I've backed British industry through global headwinds - securing major trade deals with the US, India and the EU that protect jobs and drive growth right across the country," said British Prime Minister Keir Starmer. "Broad and complex trade deals like we secured with India will bring billions to our economy every year but to deliver the Plan for Change we will strike more agile, targeted deals that exploit the sectors which drive the most growth for our economy," added Business and Trade Secretary Jonathan Reynolds. The strategy reiterates the "huge economic win" from the India FTA, which "slashes Indian tariffs on key products such as whisky, cosmetics and medical devices, locking in reductions on 90 per cent of tariff lines for UK exports to unleash opportunities for businesses across our regions and nations". "Furthermore, it delivers certainty for service suppliers, including non-discrimination commitments to support new opportunities. It delivers on our Plan for Change and is expected to increase bilateral trade by GBP 25.5 billion, increase UK GDP by GBP 4.8 billion, and boost wages by GBP 2.2 billion every year in the long run," the strategy adds. The India-UK deal is expected to be officially signed off at the end of next month following the obligatory parliamentary clearance in Britain. "We in India have a much faster process, comparatively, so we'll be ready as soon as the legal scrubbing is done and the document is sorted out," Commerce and Industry Minister Piyush Goyal had said during his UK visit last week to discuss the next steps in the FTA.
Economic Times
2 days ago
- Business
- Economic Times
Study finds Indian firms leading in e-invoicing adoption among biz from 6 major economies
Representative image (AI image) Indian companies lead in e-invoicing adoption and market penetration among businesses surveyed from six countries, including the US and the UK, according to a companies reported more than 80 per cent of invoices are received electronically, outpacing the global average of 71.5 per cent, claimed the study of 1,720 businesses across six major markets - the US, the UK, France, Germany, India, and Australia. The study was conducted by tax compliance firm Avalara and the Center for Economics and Business Research (Cebr). It stated that full-scale adoption of e-invoicing by Indian firms could unlock approximately Rs 32,035.71 crore in annual economic value and save the average Indian business approximately Rs 1.09 crore each year driven by productivity gains, reduced fraud, and faster payments. "India leads globally in e-invoicing adoption and market penetration, with over 80 per cent of invoices received and 70 per cent issued electronically, outpacing the global averages of 71.5 per cent and 68.2 per cent respectively," the study said. While many of the early benefits of e-invoicing adoption have been absorbed through government mandates under GST-now applicable to businesses with turnover above Rs 5 crore-India still recorded the highest global satisfaction rate, with 68 per cent of businesses satisfied and 50 per cent extremely satisfied with e-invoicing's performance, the study also highlighted the need to deepen integration, especially for Micro, Small, and Medium Enterprises (MSMEs), and smaller businesses. The average Indian business adopting e-invoicing processes 3,827 invoices per week, one of the highest globally, the study claimed. "While compliance has improved, broader B2B integration and MSME and SMB inclusion are now critical to realise the full ₹32,035.71 crores opportunity. E-invoicing must evolve beyond being a tax compliance requirement into a strategic business enabler," Anil Paranjape, General Manager, India Operations, Avalara said.
Economic Times
2 days ago
- Business
- Economic Times
India-UK FTA to include co-equal origin provision; product-specific norms to offer flexibility
AI generated image The draft India–UK free trade agreement (FTA) has introduced a 'coequal' rule or product-specific origin norms to offer greater flexibility to specific goods, said people aware of the matter. The rule will allow the producer of a good to meet any of the criteria of origin to claim benefits under the FTA. The origin rules are vital for checking any circumvention of the trade agreement rules and the flow of substandard imports into India. India's FTA with the UK is different from its earlier trade agreements, which had simple rules of origin linked to the wholly-obtained criterion from the trade partner country, value-added norms, or changes in the tariff heading parameter, which meant transformation of a product leading to a change in its duty classification. However, the rules are getting more complex and offer greater flexibility to specific goods, known as the 'co-equality' of rules. The India–UK FTA will feature the digital exchange of certificates of origin on a self-certification basis for the first time under such a trade accord. 'This deal secures rules of origin to facilitate improved access to both sides. Co-equal rules will allow a producer of a good to meet any of the criteria of origin to claim benefit under the FTA,' said one person aware of the development. Product-specific rules of origin in the current interconnected global supply chains can help to mitigate any misuse of duty concessions given by India, said Bipin Sapra, partner, EY. The conclusion of FTA negotiations between India and the UK was announced on May 6. The agreement is expected to be signed soon after which it will be made public. It will then be ratified by both countries before coming into force. To qualify for reduced tariffs, the rules of origin specify that a product must either be wholly obtained or significantly transformed through processing in either the UK or India. The chapter on origin rules also provides robust mechanisms for compliance to be checked. 'If risk parameters find an issue in a product, then checks will be carried out,' said another official. Such co-equal origin norms are being considered in the India–EU FTA as well. The EU had suggested some processes related to spun yarn for determining whether textiles are of European or Indian origin to enjoy duty benefits. India has said that 99% of its exports to the UK will benefit from zero duty and that the FTA opens up significant export opportunities for labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, engineering goods, auto parts and engines, and organic chemicals. As per the UK, the agreement will cut Indian tariffs on 90% of product lines, with 85% of those becoming fully tariff-free within a decade.
Time of India
3 days ago
- General
- Time of India
The forgotten Indian fighter that could have changed defence history
The forgotten Indian fighter that could have changed defence history Rajesh SharmaJairaj Singh Updated: Jun 25, 2025, 19:38 IST IST In 1961, India became the first non-Western nation to build a supersonic-capable jet. Designed with German help, the HF-24 Marut was bold, homegrown and ahead of its time, but it crashed before it could truly soar In 1961, India made global aerospace history. On a Bangalore airstrip, a silver-grey fighter jet lifted off the tarmac and soared into the sky. The aircraft was the HF-24 . The man in the cockpit was Wing Commander Suranjan Das. And the moment marked India's entry into a one-of-a-kind club. The Hindustan Fighter-24 (HF-24), designed in India and capable of supersonic speeds, was the first such aircraft to be built outside the Western world. For a country just 14 years into independence, whose industrial base was still emerging from colonial rule and exploits, it was a feat of staggering ambition.
