India and UK launch tech initiative as new British foreign minister makes his first official visit

India and the United Kingdom launched a new technology security initiative during the British foreign secretary’s first official visit to India, aiming to enhance economic growth and collaboration. The agreement involves cooperation on critical technologies like AI and telecoms, as well as strengthening ties in areas such as climate, trade, and education. Discussions also focused […]

India has ended its silver and platinum imports from the UAE due to removal of concessionary duties, as per a recent trade agreement. The cessation follows New Delhi’s decision to reduce import taxes, diminishing the duty arbitrage bullion dealers had been exploiting. On Tuesday, the world’s second-largest bullion consumer cut import duties on gold and […]

The government eased norms for the Export Promotion Capital Goods (EPCG) scheme to boost ease of doing business. Licence holders now have three years to submit a certificate from customs authorities confirming machine installation after importing. Earlier, they had only six months.

India purchased a record amount of edible oils for July delivery, driven by increased palm oil and soyoil purchases ahead of anticipated import duty hikes. Imports are projected to reach 1.92 million metric tons, up 26% from the previous month. These actions are expected to reduce inventories in top producer countries and support benchmark prices.

The Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha has been met with enthusiasm from the UK business and investor community. Key proposals include a fall in the Corporate Tax rate for foreign companies from 40 to 35% and the abolition of the “Angel Tax.” Experts believe that the budget’s announcements […]

India’s IT services exports show a shift in composition with a decline in software share and a rise in other business services, according to Economic Survey. The growth of GCCs is highlighted, with revenue projected to reach $100 billion by 2030. However, IT sector hiring has slowed down in FY24, signaling potential challenges ahead.

GTRI advises government to maintain current import tariffs on smartphone components to sustain growth in India’s manufacturing sector. Experts highlight success of policies like PLI scheme, driving significant exports and local production. Cutting tariffs may hinder long-term manufacturing growth and global competitiveness, they argue.

The Global Trade Research Initiative (GTRI) warns that increasing Chinese FDI in India could potentially undermine its long-term economic security and strategic autonomy. The GTRI suggests that Chinese firms’ dependence on India for manufacturing capabilities could lead to supply chain vulnerabilities and geopolitical risks.

David Lammy, UK’s Foreign Secretary, visits India to discuss the India-UK FTA from January 2022. India queries Labour’s stance, visa issues aren’t a priority. Lammy seeks swift conclusion. Labour’s manifesto, led by Keir Starmer, aims for a strategic partnership with India. Lammy also joins the ASEAN Foreign Ministers’ Meeting in Vientiane, noting Boris Johnson’s missed […]

India-Bangladesh trade via land ports halted due to protests, a two-day holiday, and unrest. BSF evacuated students. Over 700 trucks with general merchandise wait in Petrapole, South Asia’s largest port, impacted by unrest in North 24 Parganas. Mahadipur, Gojadanga, Fulbari affected. Economic factors and monsoon also impacted trade.