Latest news with #WelspunIndia
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First Post
24-07-2025
- Business
- First Post
Scotch, cars, chocolates and more: What will become cheaper as India-UK sign FTA?
India and the UK are signing a Free Trade Agreement (FTA) on Thursday, as PM Narendra Modi meets his British counterpart Keir Starmer in London. Under the landmark deal, the UK will eliminate duties on several Indian imports, including textiles, leather, gems and jewellery and machinery. For Indians, Scotch whisky, British cars, and chocolates will become cheaper read more India and the UK are signing a Free Trade Agreement on July 24. File Photo/Reuters India and the United Kingdom (UK) are set to sign a Free Trade Agreement (FTA) on Thursday (July 24). British Prime Minister Keir Starmer is hosting his Indian counterpart, Narendra Modi, in London and the two will hold discussions on a range of topics. The signing of the FTA is a key part of PM Modi's UK visit. New Delhi and London concluded talks in May to reach a bilateral Free Trade Agreement, discussions for which first began in January 2022. STORY CONTINUES BELOW THIS AD As per the British government estimates, the FTA will boost its GDP by £4.8 billion ($6.5 billion) annually. Indian exports to the UK are expected to double by 2030. The trade deal will benefit both countries. Here's how it will impact you. How India will gain The India-UK FTA would eliminate duties on 99 per cent of Indian exports to Britain, including key sectors such as textiles, leather, gems and jewellery, auto parts and engines, furniture, sports goods, chemicals, and machinery. Several of these goods are facing UK tariffs ranging from four per cent to 16 per cent. The removal of UK taxes on Indian garments and home textiles – which range from eight to 12 per cent – will make them more competitive against products from Bangladesh and Vietnam. The Indian exports in this sector are projected to rise to up to 40 per cent in the next three years. Zero tariffs on gold, diamond jewellery, and leather goods will be a boost for MSME exporters and luxury product manufacturers in India. The UK will ease the process of approvals for Indian pharmaceutical companies, with the NHS opening further for generic medicines from India. The European country will also cut duties on Indian processed foods, basmati rice, shrimp, spices, and tea, giving a fillip to exports from Kerala, Assam, Gujarat, and West Bengal. Under the FTA, premium Indian food brands will have enhanced access to the UK market. Tariffs will also be removed on agrochemicals, industrial chemicals, and plastics. India's chemical exports to the UK could double by 2030. STORY CONTINUES BELOW THIS AD Indian electric and hybrid vehicle makers are also set to benefit with preferential access to the UK under a quota system. Welspun India, Arvind Ltd, Bata India, Relaxo, Tata Motors, Mahindra Electric, and Bharat Forge are among the companies likely to benefit from greater market access. According to the Indian Commerce Ministry, the UK will provide assured access to business visitors, contractual service providers, yoga instructors, chefs and musicians for temporary stay. The FTA will also make it easier for Indian professionals to work in the UK by streamlining employment laws and visa procedures. The British government will expand the range of occupations for which highly qualified Indians can apply. Indian professionals working temporarily in the UK will not have to pay social security contributions for up to three years, saving around Rs 4,000 crore annually. What gets cheaper for Indians? Scotch whisky and luxury cars from the UK will become cheaper. India has agreed to reduce tariffs on Scotch whisky and gin from 150 per cent to 75 per cent, and further to 40 per cent over the next 10 years. Taxes on imported UK-made cars, currently over 100 per cent, will drop to 10 per cent under a quota system that will gradually expand. STORY CONTINUES BELOW THIS AD UK-based firms such as Diageo (Scotch whisky) and British luxury carmakers like Aston Martin and Jaguar Land Rover will greatly benefit from better access to India's growing consumer market. India will also eliminate or reduce tariffs on products such as cosmetics, salmon, chocolates, medical devices, and biscuits. With inputs from agencies
Time of India
23-07-2025
- Business
- Time of India
India-UK free trade pact: Tariff cuts, job access and market openings - Who gains what from the deal?
This is an AI-generated image, used for representational purposes only. India and the UK are set to sign a wide-ranging free trade agreement on Thursday during Prime Minister Narendra Modi's London visit, unlocking major tariff cuts and service sector benefits after three years of negotiations. The pact promises gains for exporters, professionals and businesses on both sides, though it still requires approval from the British Parliament and India's federal cabinet. India to get duty-free access on 99% of goods As per news agency Reuters, the UK will offer duty-free market access to 99% of Indian products, covering nearly the entire trade value. According to India's commerce ministry, this will particularly benefit labour-intensive exports like textiles, footwear, gems and jewellery, furniture, auto components, and engineering goods. Many of these currently face UK duties ranging from 4% to 16%. Big tariff cuts on Whisky, cars and more India will reduce tariffs on nearly 90% of UK goods. The biggest cuts include duties on British whisky and gin, which will fall from 150% to 75% immediately and gradually to 40% within ten years. Automobile tariffs on certain UK-made vehicles will drop from over 100% to 10% under a quota system. Other items like salmon, medical devices, chocolates, biscuits, and cosmetics will also see cheaper import duties in India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like My 4-year-old kidneys are failing, only you can help Donate For Health Donate Now Undo Easier entry for Indian professionals The agreement opens up new avenues for Indian professionals. Chefs, yoga instructors, musicians, and other contractual service providers will have assured temporary access to the UK market. Business visitors, investors, and intra-corporate transferees will also benefit from relaxed rules. Indian workers posted temporarily to the UK will be exempt from paying social security contributions for up to three years, saving nearly Rs 40 billion ($463 million) annually for them and their employers, according to Reuters. Indian and British companies set to benefit Indian exporters like Welspun India, Raymond, Arvind, Vardhman, Bata India, Relaxo, Tata Motors, and Bharat Forge are expected to gain from duty-free access in Britain. In turn, British companies like Diageo, Aston Martin, and Tata-owned Jaguar Land Rover are likely to benefit from lower duties and easier access to India's growing market. Public procurement access and economic boost According to news agency PTI, the pact will allow UK firms to bid on Indian federal government procurement tenders worth over Rs 2 billion in non-sensitive sectors. The UK estimates the value of these tenders at about £38 billion a year. The UK government expects the deal to add £4.8 billion ($6.5 billion) annually to its GDP. Consumers in both countries stand to gain through cheaper imported goods. The deal, formally called the Comprehensive Economic and Trade Agreement, also includes chapters on innovation, intellectual property, and government procurement. Once signed by commerce minister Piyush Goyal and UK trade secretary Jonathan Reynolds in the presence of PM Modi and his British counterpart Keir Starmer, it will proceed for legislative clearances in both countries. The goal is to double bilateral trade to $120 billion by 2030. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Fashion Network
23-07-2025
- Business
- Fashion Network
Indian textile and apparel giants set to benefit from India-UK free trade deal
As Britain and India gear up to formally sign a free trade agreement on Thursday, numerous Indian textile, apparel, and footwear giants such as Raymond and Welspun are expected to benefit from favourable rates. Indian exports such as textiles, footwear, gems and jewellery, furniture, and sports goods among other items likely to have zero duties, down from current levels of 4% to 16% in the UK. The trade pact is expected to increase the UK's GDP by 4.8 billion pounds annually in the long term, according to British government estimates, with consumers getting access to cheaper garments and footwear items from India. Indian textile and apparel manufacturers such as Welspun India, Arvind Ltd, Raymond, Vardhman are likely to benefit from duty-free access for exports to the UK. Footwear manufacturers such as Bata India and Relaxo could also benefit, according to industry analysts. According to the Indian commerce ministry, the UK will also provide assured access for temporary stay to Indian business visitors and contractual service providers. UK businesses will in turn receive access to India's public procurement market. Britain and India are set to formally sign a free trade agreement on Thursday during Prime Minister Narendra Modi's UK visit, following three years of negotiations. The deal then needs approvals from the British parliament and India's federal cabinet, likely to come to fruition within a year. The UK will offer duty-free access to 99% of Indian items, according to the Indian commerce ministry, covering nearly 100% of trade value. with Reuters
Time of India
23-07-2025
- Business
- Time of India
Key facts about India-UK free trade deal as PM Modi, Starmer set to sign FTA soon
Britain and India are set to formally sign a free trade agreement on Thursday during Prime Minister Narendra Modi's UK visit, following three years of negotiations. The deal then needs approvals from the British parliament and India's federal cabinet, likely within a year. Here are the key points of the agreement: Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Finance Management Product Management healthcare MBA Degree Operations Management others MCA PGDM Leadership Project Management Data Analytics Healthcare Public Policy Others Digital Marketing Artificial Intelligence Design Thinking Data Science Data Science CXO Technology Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details TARIFF CUTS India to reduce tariffs on nearly 90% of UK goods Whisky and gin levy to fall from 150% to 75%, then to 40% in a decade Live Events Automobile tariff to fall from 100%-plus to 10% under quota Tariffs to be cut on other goods including cosmetics, medical devices, salmon, chocolates, biscuits UK to offer duty-free access to 99% of Indian items, according to Indian commerce ministry, covering nearly 100% of trade value BENEFITS FOR INDIAN SECTORS Indian exports such as textiles, footwear, gems & jewellery, furniture, auto components, chemicals, machinery, sports goods and other items likely to have zero duties, down from current levels of 4%-16% in the UK. SERVICES According to Indian commerce ministry, the UK will provide assured access for temporary stay to business visitors and contractual service providers as well as to yoga instructors, chefs and musicians. Indian workers working temporarily in the UK and their employers will be exempted from paying social security contributions in the UK for three years, with savings estimated at about 40 billion rupees ($463 million) annually. UK FIRMS TO GET ACCESS TO INDIAN GOVERNMENT PROCUREMENT India will provide access to British suppliers for non-sensitive government procurement tenders in the federal government, with a threshold of 2 billion rupees. The deal will give UK businesses access to India's public procurement market, comprising about 40,000 tenders with a value of about 38 billion pounds a year, according to UK government estimates. BOOST TO UK ECONOMY The trade pact is expected to increase UK GDP by 4.8 billion pounds ($6.5 billion) annually in the long term, according to British government estimates, with consumers getting access to cheaper garments, footwear and food items from India. INDIAN FIRMS TO BENEFIT Indian textile and apparel manufacturers such as Welspun India , Arvind Ltd , Raymond , Vardhman likely to benefit from duty-free access for exports to the UK. Footwear manufacturers such as Bata India , Relaxo , auto manufacturers like Tata Motors , Mahindra Electric and also Bharat Forge could benefit, according to industry analysts. UK COMPANIES UK firms including whisky distiller Diageo, auto manufacturer Aston Martin and Tata-owned Jaguar Land Rover could benefit from access to fast-growing Indian market.
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First Post
09-07-2025
- Sport
- First Post
The Made in India Wimbledon towels that tennis stars love to flick
Wimbledon's iconic green and purple towels, manufactured in India, remain a favourite among tennis stars with hundreds going missing during the 2025 Championships alone. read more The famous green and purple Wimbledon towels, manufactured in India, have become a popular item among tennis players, with many admitting to taking them home after matches. Despite each towel costing around £40 (over Rs 4,600), several players have taken them as souvenirs, including top names like Roger Federer, Novak Djokovic, and Iga Swiatek. Made in India towels from Gujarat at Wimbledon The towels are made by Christy, a company based in Stockport, Cheshire, which was acquired by Welspun India in 2006. Christy has been supplying towels to Wimbledon since 1987 and ever since the company was taken over by Welspun India, the towels have been coming to the Grand Slam from their Vapi plant in Gujarat. The towels are used by players during matches to wipe sweat and deal with moisture. Every year, the company produces two designs - the traditional green and purple, and a special seasonal design. This year's seasonal version is in aqua and sky blue. STORY CONTINUES BELOW THIS AD According to The Sunday Times, Wimbledon's court services team has reported that about 500 towels a day have gone missing during the first few days of the 2025 Championships. Staff have now been told not to try and recover the iconic towels from players. The report further stated that around 2,799 towels have already been handed out in the first week of the tournament but only 828 were returned to the staff. Swiatek, Federer, Djokovic among stars who take them home Poland's Iga Swiatek, after winning her first-round match, admitted to trying to take several towels for her family and friends. 'It's like a topic no one talks about. We love our towels, you know. Every time I come back from a Slam, I have like 10 friends and 10 family members wanting towels. So, sorry guys, sorry Wimbledon,' Swiatek said with a smile after her first round match last week. 'I have a lot at home, trust me. If I play 15 more years, I'll have to build another room in my house just for Grand Slam towels,' she added. Now retired tennis legend Roger Federer had once said he has a 'big collection' of Wimbledon towels, calling them 'a good gift.' 24-time Grand Slam winner Novak Djokovic once mentioned that he keeps a separate suitcase for towels to take home, saying they bring happiness to his close ones.
