India and the UK’s free trade agreement, along with a social security deal, will commence on July 15. This pact eliminates tariffs on 99% of Indian exports, benefiting sectors like textiles and engineering. Discussions resolved steel trade concerns, ensuring balanced market access for exporters. Indian consumers will see reduced duties on Scotch, automobiles, and cosmetics.
Markets had broadly expected the US Federal Reserve to keep its benchmark interest rate unchanged, extending the pause that has been in place throughout the year.
India has secured protection for 85% of its steel exports to the UK under the upcoming free trade agreement, with the remaining shipments covered by country-specific quotas and other access schemes. This agreement resolves a key sticking point ahead of the Comprehensive Economic and Trade Agreement’s operationalization on July 15.
Oil and gas firms are urged by PNGRB to boost worker compensation beyond legal mandates for accident victims and their families. While some companies have improved their voluntary payouts, others lag. The regulator is also pushing for enhanced safety culture and training to prevent incidents, aiming for zero accidents in the sector.
G7 leaders are uniting to lessen reliance on China for vital minerals, essential for defense and green tech. Plans include coordinated stockpiling, enhanced recycling, and a new platform with the IEA. The goal is to significantly cut dependence on single suppliers by 2030, fostering more secure global supply chains.
The National Stock Exchange has officially filed for its long-awaited IPO, aiming to raise $2-3 billion. This move follows a nine-year delay due to the co-location controversy. The offer is entirely an ‘offer for sale,’ with existing shareholders, including Tiger Global, divesting stakes. This listing marks a significant milestone after regulatory hurdles were cleared.
Europe faces a looming “China Shock” as booming exports, redirected from the US, threaten its industries. G7 leaders are discussing trade imbalances, with concerns that China’s manufacturing dominance and sophisticated products could mirror past disruptions. Policymakers are considering tougher trade measures against Chinese imports, particularly in key sectors.
Indian airlines anticipate a 10-15% drop in operating profits this fiscal year. Soaring aviation fuel prices, airspace limitations, and a weakening rupee, exacerbated by the Middle East conflict, are significantly impacting the sector. Despite potential fuel price moderation, higher costs and lease rentals will continue to pressure airline finances.
India and the UK will implement their landmark free trade agreement on July 15, significantly reducing tariffs on key products like whisky and automobiles. This historic pact is set to boost bilateral trade by billions and enhance economic cooperation, with businesses having 28 days to prepare for its benefits.
