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The European economy is performing well despite number of challenges. The economic expansion has continued into 2017, thereby completing four years of moderate, uninterrupted GDP growth. Concerns about elevated uncertainty are giving way to improving economic sentiment although this has yet to be reflected in hard economic indicators. Recent data show economic growth continuing at a steady pace, supported by macroeconomic policies, robust job creation, strong confidence, a gradual improvement in world trade, and the euro’s relatively low exchange rate.

But the conditions for an acceleration of economic activity are not yet present, as investment and wages are still constrained by lingering legacies of the crisis. Wage growth remains constrained by the continued presence of slack in the labour market. Hence, healthy net job creation is unlikely to fully offset the negative impact of temporarily rising inflation on household purchasing power. At the same time, investment is still dampened by the high level of public and private debt and the fact that banks and companies still need to adjust their balance sheets. According to European Commission’s Spring 2017 Economic Forecast, the European economy has entered its fifth year of recovery, which is now reaching all EU Member States. This is expected to continue at a largely steady pace this year and next. The European Commission expects euro area GDP growth of 1.7% in 2017 and 1.8% in 2018. GDP growth in the EU as a whole is expected to remain constant at 1.9% in both years.

The European economy is performing well despite number of challenges. The economic expansion has continued into 2017, thereby completing four years of moderate, uninterrupted GDP growth. Concerns about elevated uncertainty are giving way to improving economic sentiment although this has yet to be reflected in hard economic indicators. Recent data show economic growth continuing at a steady pace, supported by macroeconomic policies, robust job creation, strong confidence, a gradual improvement in world trade, and the euro’s relatively low exchange rate.

But the conditions for an acceleration of economic activity are not yet present, as investment and wages are still constrained by lingering legacies of the crisis. Wage growth remains constrained by the continued presence of slack in the labour market. Hence, healthy net job creation is unlikely to fully offset the negative impact of temporarily rising inflation on household purchasing power. At the same time, investment is still dampened by the high level of public and private debt and the fact that banks and companies still need to adjust their balance sheets. According to European Commission’s Spring 2017 Economic Forecast, the European economy has entered its fifth year of recovery, which is now reaching all EU Member States. This is expected to continue at a largely steady pace this year and next. The European Commission expects euro area GDP growth of 1.7% in 2017 and 1.8% in 2018. GDP growth in the EU as a whole is expected to remain constant at 1.9% in both years.

FICCI's Engagement

FICCI's Europe division has been effectively working to draft and chart a calibrated engagement plan for the region. The division is working towards optimally utilizing the emerging economic paradigms in Europe to enhance FICCI’s reach and depth and to seek opportunities for the Indian industry.

The Europe division has a solid institutional framework backing it. It has over the years signed number of agreements with some of the most prominent trade promotion organizations and agencies in the region. The close and sustained cooperation with the sectoral divisions within FICCI has further ensured the strengthening of the Europe division’s working relations with such organizations.

Be it the environment, higher education, skills development, healthcare, tourism, renewable energy or pharmaceuticals, biotech and S&T, the active contribution from the Europe division has furthered the process of promoting the “Brand FICCI” and its reach in Europe.
The division undertakes regular surveys and studies on the latest socio-economic developments in the region and their impact on the business prospects of the Indian industry in particular.

As a standard procedure, the Europe division has been regularly extending services and timely inputs to its members about the business opportunities existing in various parts of the continent.

The division regularly interacts with the European embassies in India for sharing ideas and for strengthening partnerships. It also seeks their assistance in number of FICCI sectoral initiatives and two way exchange programs of business delegation(s) and other important visits.

FICCI’s Europe division has actively contributed in devising and formulating the terms of engagement between the Indian and EU business communities during multi-lateral fora like B- 20 and India-EU Business Summits.
  • GoI has assigned FICCI the task for extending secretariat support to India-Spain CEOs Forum
  • India Europe 29 Business Forum remains the flagship business platform for articulating and promoting business dialogue between India & Europe 29 countries

Timeline

2023
Jun
Press Release

FICCI wins Business Promotion Organisation of the Year at the 5th India Global Forum Awards in London

May
Event

Interactive Meeting with Mr Didier Vanderhasselt, the Ambassador of Belgium in India

Apr
Event

Preparatory Meeting of India-Spain Business Forum

Event

Meeting with visiting Delegation of MPs from UK

Mar
Event

FICCI - Eurasian Peoples' Assembly International Business Forum

Event

Interactive Meeting with Mr. Kevin McCole Managing Director, UK India Business Council

Feb
Press Release

Equal opportunities in innovation and sustainable value chains: Jan Christian Vestre, Minister of Trade & Industry, Norway

Jan
Event

Diplomacy Unplugged with H.E. Mr. Firat Sunel, Ambassador of Turkiye to India

2022
Nov
Event

FICCI Business Delegation to Spain and Italy

Press Release

Aim to increase bilateral trade between India-Turkey to US$ 20 billion from US$ 11 billion: Fırat Sunel, Ambassador, Embassy of Turkey

Sep
Event

Great India Tribes @ INTERGIFT 2022

May
Press Release

Green hydrogen, Solar Energy & nuclear energy are new opportunities for India and Hungary to work on: Meenakashi Lekhi

Mar
Press Release

UK business leaders welcome Free Trade Agreement with India

Event

Launch of India in the UK: The Diaspora Effect 2.0

2021
Dec
Event

Global Exhibition & Congress on Innovation

Jun
Press Release

India is the opportunity that German Mittelstand must explore: Rahul Chhabra, Secretary (ER), MEA

Event

1st Indo-German SME/Mittelstand Business Summit

May
Press Release

FICCI welcomes the announcement of Pound 1 billion invest boost by UK and India

Apr
Press Release

India-Croatia relation to grow in trade, technology, talent, and tourism: Raj Kumar Srivastava, Ambassador of India to the Republic of Croatia

Event

India-Croatia Business Forum

Feb
Press Release

UK-India bilateral trade could rise to Pound 50 billion from the existing Pound 24 billion

Study

Ascent - Accelerating UK-India trade towards £50BN

Event

Virtual Launch of Ascent - Accelerating UK-India trade towards £50BN Report

2020
Nov
Press Release

French recovery plan can benefit Indian investors based in France, create new opportunities for a greener economy: Ambassador of France to India

Event

FICCI-Business France Webinar on Invest in France

Press Release

Need for sustained high-level G2G and B2B bilateral engagements to further bolster India-France relations: Ambassador of India to France

Oct
Press Release

UK-India Investing for Growth Forum

Study

India- Europe Knowledge Report Reimagining Technological Innovation

May
Event

Webinar on Discovering Future Opportunities for India-Italy Cooperation Post Covid-19 Crisis

Apr
Event

Webinar on How COVID-19 to impact future of India-France Economic Relations

Event

FICCI-UKIBC Webinar on Impact of COVID19 on the Indian Economy

Mar
Study

Challenges & Potential of Doing Business for Indian Companies in Germany

Feb
Event

Interactive meeting with H.E. Mr. Artis BĒRTULIS, Ambassador of Latvia to India on Tourism Sector

Press Release

Indian diaspora owned businesses make a significant and growing contribution to the UK

Study

Report on India in the UK: The Diaspora Effect

Jan
Press Release

Investments in economy need to be sustainable: Rajasree Ray, Economic Adviser, Ministry of Finance

Study

Untapped Potential Supercharging Green Finance in India

2019
Nov
Press Release

Bulgarian Deputy PM invites Indian investments in Bulgaria

Event

FICCI Delegation to Barcelona: India Pavilion at Smart City Expo World Congress

Press Release

Cut investment barriers to supercharge Indian green finance sector: City of London Corporation-FICCI report

Study

Untapped Potential: Supercharging Green Finance in India

Event

Launch of Report - Untapped Potential: Supercharging Green Finance in India

Event

Indo-German CEOs Roundtable

Oct
Event

India Pavillion at 28th Baltic Fashion & Textile Trade Fair

Sep
Event

Interactive Session with H. E. Mr. Emmanuel Lenain, Ambassador-Designate of France to India and Mr. Geoffroy Roux de Bézieux, President, MEDEF

Event

India-Poland Business Forum in presence of H.E Mr. Piotr Gliriski, Deputy Prime Minister of Poland

Jul
Event

Industry Interaction with H. E. Mr. Walter J. Lindner, Ambassador of Federal Republic of Germany to India

Mar
Event

Indian Business Delegation to Croatia accompanying Shri Ram Nath Kovind, Hon'ble President of India

Feb
Press Release

Marine litter, SDG monitoring, forestry and adaptation key areas for Indo-German collaboration on environment: Dr. Harsh Vardhan

Event

India-Slovak Republic Business Forum

Press Release

Optics, automotive and mechanical engineering are potential sectors for Indian companies to invest in German State of Thuringia: Minister Tiefensee

Event

Business Interaction with H.E. Mr. Wolfgang Tiefensee, Minister of Economic Affairs, Science, and Digital Society & the Accompanying Business Delegation from the State of Thuringia, Germany

Press Release

India & Monaco need to collaborate in developing hi-end technologies to address environmental issues- Suresh Prabhu

Event

India Monaco Business Forum

2018
Dec
Press Release

FICCI Welcomes UK's Immigration Whitepaper for inviting Skilled Workforce

Nov
Event

FICCI Business Delegation to Portugal & Spain

Sep
Event

Business Interaction with Agri & Food Processing Delegation from Turkey

Event

FICCI Business Delegation to the Netherlands and Italy

Event

FICCI Business Delegation to Bulgaria & Czech Republic accompanying Sh. Ram Nath Kovind, Hon'ble President of India

Aug
Event

Visit of Mr. Rashesh Shah, President FICCI during MEDEF Summer University in Paris

Jul
Event

Interactive business meeting with SMTC DELTA,GEORGIA

Apr
Event

Youth Diaspora Leaders Meet

Mar
Event

Indo-French Economic Partnership Signing Ceremony

Event

FICCI B2B Meeting with Malta Business Delegation

Press Release

Govt will extend every support to increase Indian investments in Europe: MoS External Affairs M J Akbar

Study

India and Europe 29: Synergising Economic Vision For Expanded Economic Relations - A Knowledge Report

Event

4th India-Europe 29 Business Forum (IE29BF)

Jan
Event

Commonwealth as a Trade and Investment bloc

2017
Nov
Event

India-Poland Business Forum

Event

FICCI Signs MoU with Hungarian Chamber of Commerce and Industry (HCCI)

Press Release

FICCI organizes session 'Innovative Climate Financing for Adaptation and Resilience' at COP 23 in Bonn, Germany

Oct
Event

India-Italy CEOs Roundtable

Study

Survey on 'Are Winds of Change Bringing Good Tidings for Indian Companies Doing Business in Europe'

May
Event

First India-Spain CEO Forum Meeting

Press Release

Minister Piyush Goyal explores India-Austria Collaboration on Clean Energy at India-Austria Business Forum organized by FICCI

Event

India-Turkey Business Summit

Apr
Event

India-Cyprus B2B Session

Event

India-Italy Business Forum

Event

Interaction with Mr. Petri Peltonen, Hon'ble Deputy Minister for Economic Affairs and Employment of Finland

Event

FICCI Business Delegation to Slovak Republic Coinciding with 9th India-Slovak Joint Economic Commission

Event

India Pavilion at Construma Home Making Exhibition Bunch

Mar
Event

India-UK Forum of Parliamentarians Interaction with HE Sir Dominic Asquith KCMG, British High Commissioner to India

Press Release

FICCI Represents Indian Publishing Sector at The London Book Fair

Feb
Study

Developing a startup ecosystem: Lessons from the UK

Event

Launch of Report - Developing a startup ecosystem: Lessons from the UK

Jan
Event

FICCI-AICEP MoU signing Ceremony on the sidelines of the visit of HE Mr Antonio Costa, Prime Minister of Portugal

2016
Dec
Study

India and Europe 29: Partnering for Transforming Economic Relations

Event

3rd India-Europe 29 Business Forum

Event

UK-India Ease of Doing Business Conference

Nov
Event

FICCI Business Delegation to France

Event

Business Interaction with H.E. Prof. George Katrougalos, Alternate Minister for Foreign Affairs of the Hellenic Republic

Event

10th India Belarus Joint Business Council Meeting

Event

Interactive Session on India@70: India-UK relations post-Brexit

Press Release

Opportune time for India and Sweden to jointly develop Indian green bond market says FICCI President; leads business delegation to Sweden and Finland

Oct
Event

seminar on 'Why Smart Investors Choose France?'

Event

FICCI Meeting with Delegation from Italy

Jul
Study

"INDIA-SPAIN: Synergizing Economic Complementarity" a Working Paper

Press Release

FICCI welcomes the New Prime Minister of UK

Press Release

Brexit may lead to dip in investment flows from India to UK in near term

Survey

BREXIT - Views and Suggestions from India Inc.

Jun
Press Release

India-Spain CEOs Forum Formally Launched in Madrid

Press Release

30-Member FICCI Business Delegation to Join 2016 Edition of FICCI-IIFA Global Business Forum in Madrid, Spain

Event

FICCI Business Delegation to Hungary Coinciding with 4th India-Hungary JEC

May
Event

Interaction with Business Delegation from Belarus

Event

FICCI leadership calls-on HE Sir Dominic Asquith, British High Commissioner to India

Apr
Event

Special Address by Mr Nicolas Sarkozy, Former President of the French Republic on "France, Europe, India: Challenges and Opportunities"

Mar
Event

Confederation of British Industry Leadership programme: India session @ FICCI

Study

FICCI UK Monthly Newsletter - March 2016

Feb
Press Release

FICCI comments on UK Referendum on BREXIT

Press Release

Austria fast tracks issuance of business visas to Indian travellers

Event

India-Austria Economic Forum

Jan
Press Release

Indo-French business leaders engage to strengthen partnerships

Press Release

FICCI and Terrawatt Initiative Seek a Global Common Market of Affordable Solar Power

Event

Business Session on 'India-France': Defining New Horizons

Event

India-France Business Summit

2015
Dec
Event

9th edition of World of Industry (WIN) INDIA show 2015: Hannover Messe India Edition

Nov
Event

Interactive session with H.E. Mrs. Nikolina Angelkova, Minister of Tourism of the Republic of Bulgaria

Oct
Study

India and Central Europe: Harnessing Business Complementarities

Press Release

Ambassador of France invites captains of Indian industry to invest in the country

Press Release

Germany's Partnership for Sustainable Textiles: Incentivizing the Indian textile supply chain

Event

2nd India-Central Europe Business Forum (ICEBF)

Event

Indo-German Business Roundtable

Aug
Event

Visit of FICCI President at MEDEF Summer University Program 2015 in Paris

Event

FICCI-EY Workshop on Indo-German High-technology Manufacturing

Jul
Event

Visit of Hon'ble CM of West Bengal to UK

Jun
Event

FICCI Business Delegation to Poland

Press Release

FICCI's reaction on UK's new immigration blueprint

May
Event

Business Delegation to Sweden & Belarus Accompanying Shri Pranab Mukherjee, Hon'ble President of India

Event

Panel Discussion on Opportunities and Challenges in Indo-German High-Technology Manufacturing

Event

Business Interaction with H.E. Mr. Johann Schneider-Ammann, Federal Councillor & Minister of Economic Affairs, Education and Research, Switzerland

Apr
Event

India-Norway Joint Business Council: A Dialogue on Enhancing Bilateral Trade and Investments

Event

FICCI @ Hannover Messe 2015

Event

FICCI Skills Delegation to Berlin, Germany

Event

Launch Meeting of 2nd India-Central Europe Business Forum

Event

B20 Consultative Meeting with Dr. Rifat Hisarcıklıoğlu, President, TOBB and Chair - B20

Mar
Event

Indo-French Companies Making in India

Event

Forum of Parliamentarian meeting with the Czech Republic parliamentary delegation

Event

FICCI Business Mission to London, Accompanying Sh Arun Jaitley, Hon'ble Finance Minister of India

Feb
Event

Interactive Session with Dr. Solomon Passy on - "The Digital Citizen of IT Global Nation"

Jan
Event

Indo-Czech Republic Business Forum

Event

Lecture by Dr. Wolfgang Schäuble,Federal Minister of Finance,Germany on Europe and India in the face of Globalisation

Event

The India Skills and Education Innovation Conference

2014
Nov
Study

Understanding the Regulatory Landscape for Mergers and Acquisitions in India & Germany

Press Release

FICCI signs MoU with ICEX Spain Trade and Investments to strengthen bilateral trade and economic relations

Event

Seminar on Investing in Turkey

Event

FICCI CEOs Mission to Germany

Event

FICCI signs MoU with ICEX Spain Trade and Investments to strengthen bilateral trade and economic relations

Press Release

FICCI President Sidharth Birla to lead CEOs' delegation to Germany from Nov. 11-14

Oct
Event

Meeting with The Rt. Hon Carwyn Jones AM, First Minister of Wales, UK

Event

India-UK Building Cybersecurity Competence to Protect Business & Government

Aug
Study

India-Turkey Trade and Economic Relations: Prospects for the Future

Study

FICCI UK Newsletter: Aug 2014

Event

India Show Turkey at iZMIR International Fair

Event

Business conference on 'UK India Business is Great' in honour of The Rt Hon Nick Clegg, Deputy Prime Minister of the United Kingdom

Jul
Study

FICCI UK Newsletter: Jul 2014

Study

FICCI UK Newsletter: July, Annual Summer Delegation

Event

FICCI Presidium Meeting with Uk Ministers

Jun
Event

Global India Business Meeting 2014

May
Study

FICCI UK Newsletter: May 2014

Event

Meeting with the Commerce Secretary of India, Mr. Rajeev Kher

Apr
Press Release

'This is an unfortunate development', says FICCI president Sidharth Birla on EU ban on fruits and vegetable import from India

Study

FICCI UK Newsletter: Apr 2014

Mar
Study

FICCI UK Newsletter: Mar 2014

Event

India-Central Europe Business Forum

Event

Meeting with Business Delegation from Central European Countries

Event

Meeting hosted by the Mr Ranjan Mathai, Indian High Commissioner to the UK for the members of the FICCI's Advisory Group in UK

Feb
Event

Consultative Meeting for India-Central Europe Business Forum

2013
Dec
Event

Furniture Delegation from Turkey

Event

9th Meeting of INDIA-UK JETCO

Event

Roundtable Discussion on "e-Governance and Transparency" with H.E Mr Hanno Pevkur, Minister of Justice, Republic of Estonia

Event

Interactive Business Meeting in Honour of Rt Hon Dr Vince Cable MP, Secretary of State for Business Innovation and Skills, UK

Event

India-Turkey CIS Business Forum

Nov
Event

Business Seminar on "Why Belgium should be on your radar screen" Strengths reinforced by tax & human resources

Event

Business Meeting with R. Hon. Mr. Artur Mas, President of the Catalan Government, Spain and the Accompanying Official and Business Delegation

Event

India-Romania Business Forum

Event

Round Table discussions with Mr Gregory Barker, Minister of State for Energy and Climate Change, UK & Minister for Business and Engagement with India

Oct
Event

Opportunities for UK business presented by the Delhi Mumbai Industrial Corridor and other economic corridors

Event

Meeting with Hungary Business Delegation

Event

Business Conference with H E Mr Viktor Orbàn, Hon`ble Prime Minister of Hungary 'Strengthening Partnership between India and Hungary'

Sep
Event

Interactive Meeting with Mr Edgars Rinkēvičs, Minister of Foreign Affairs, Latvia and Accompanying Delegation

Event

Visit of Lord Stephen Green, Minister of State for Trade and Investment, UK and Accompanying Delegation

Study

whitepaper on Modern Trams (Light Rail Transit) For Cities in India

Event

Conference on Indo-French Seminar on Sustainable cities: Next-Generation Tramways Solutions

Aug
Survey

FICCI Survey on 'Is the Worst Phase over for Indian Companies Doing Business in Europe?'

Jul
Event

Panel Discussion on 'Can Good Economics Make for Good Politics in India?'

Jun
Event

Seminar on Business Opportunities for Spanish SME in India

Event

FICCI Business Mission to the United Kingdom

Event

Future of Energy Security in India

Event

FICCI-UKIBC Round Table Discussion on UK India energy Partnership and Areas of collaboration

Apr
Event

Interactive Business Meeting with H E Mrs. Maria GRAPINI, Minister for SME’s, Business Environment and Tourism of Romania and Accompanying Textiles Delegation

Event

FICCI Business Delegation to Turkey

Mar
Event

"India-Czech Republic Business Forum" Interactive business meeting with H E Martin Kuba, Hon’ble Minister of Industry and Trade of the Czech Republic and the accompanying business delegation

Feb
Study

Doing Business in Poland

Event

Interactive Seminar on Emerging Business & Investment Opportunities in Poland

Event

UK-India Doing More Business Together

Event

India - France: Strengthening Long - Term Economic Partnership

Event

India-Estonia Business Forum

Event

ADS -FICCI MoU Exchange

Jan
Event

India-Slovenia Business Forum: Visit of H E Mr. Radovan Žerjav, Deputy Prime Minister & Minister of Economic Development and Technology and the accompanying business delegation from the Republic of Slovenia

2012
Nov
Event

"London: World Capital of Business" An Interaction with Mayor Boris Johnson

Event

13th Asia-Pacific Conference of German Business

Oct
Event

Interaction with Confederation of Norwegian Enterprise (NHO)

Event

"India-Bulgaria Business Forum" Visit of H E Delian Dobrev, Hon'ble Minister of Economy, Energy and Tourism of Bulgaria and the Accompanying Business Delegation

Event

An Interactive session with H.E. Mr Olaf Scholz, First Mayor of the Free and Hanseatic City of Hamburg

Sep
Event

FICCI Business Delegation to Basque Region, Spain

Aug
Survey

Ongoing Economic Scenario in Europe and its Impact on Indian Industry

Event

An Interaction with H.E.Mr Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs of Belgium

Jun
Event

FICCI CEOs delegation to Belgium

Event

FICCI Business Delegation to Turkey-World Trade Bridge-2012

May
Event

'Ideas Exchange lunch' organised by Policy Exchange, London

Event

Interactive Session with IDA, Ireland

Apr
Event

Interaction with H.E. Jurgen Roters, Mayor of City of Cologne

Study

Forging India UK Partnerships in Skills Development

Mar
Event

FICCI Post budget Interactive Session with the Hon'ble Finance Minister, Shri Pranab Mukherjee

Event

Emerging Investment and Trade Opportunities in Macedonia

2011
Jun
Event

Setting up your Business in the UK, A gateway to European Growth

Event

Seminar on 'Setting up Business in the UK - A Gateway to European Growth'

Apr
Event

Business Forum on Indian and Switzerland : A Winning Partnership

Jan
Event

FICCI CEOS Mission to Italy accompanying Shri Anand Sharma, Commerce & Industry Minister

Event

FICCI Welcomes Rt Hon Vince Cable, MP - Secretary of State for Business, Innovation & Skills, UK & the Accompanying Delegation

2010
Oct
Event

Interactive Business Meeting with H E Mr Muhammad Faruk Khan- Hon'ble Commerce Minister of Bangladesh

Aug
Event

India-Turkey-CIS Business Forum

Jul
Event

Launch of Publication "Indian Investments in the European Union" and Roundtable Discussion

Mar
Event

Dinner in Honour of HRH The Prince Andrew,Duke of York

Feb
Event

Seminar on Catalonia:Gateway to Europe in Honour of H E Josep Huguet

2009
Dec
Event

India-Italy Business Forum

Events

May, 2023

Interactive Meeting with Mr Didier Vanderhasselt, the Ambassador of Belgium in India

May 02, 2023, FICCI, Federation House, New Delhi

Apr, 2023

Preparatory Meeting of India-Spain Business Forum

Apr 13, 2023, FICCI, Federation House, New Delhi

Meeting with visiting Delegation of MPs from UK

Apr 10, 2023, FICCI, Federation House, New Delhi

Mar, 2023

FICCI - Eurasian Peoples' Assembly International Business Forum

Mar 24, 2023, Conference Room, Federation House, FICCI, Tansen Marg, New Delhi<br>10.00 hrs - 13.30 hrs (IST)

Interactive Meeting with Mr. Kevin McCole Managing Director, UK India Business Council

Mar 14, 2023, FICCI, Federation House, New Delhi

Jan, 2023

Diplomacy Unplugged with H.E. Mr. Firat Sunel, Ambassador of Turkiye to India

Jan 25, 2023, FICCI Federation House, New Delhi

Nov, 2022

FICCI Business Delegation to Spain and Italy

Nov 27, 2022,

Sep, 2022

Great India Tribes @ INTERGIFT 2022

Sep 14, 2022, IFEMA - Parque Ferial Juan Carlos, Madrid, Spain

Mar, 2022

FICCI-DIT Northern Powerhouse Investment Conclave (postponed)

Mar 15, 2022, Virtual Platform, 14:00 - 15:00 (IST); 08:30 - 9:30 (BST)

Launch of India in the UK: The Diaspora Effect 2.0

Mar 04, 2022, Hybrid, 6:45 pm (GMT)

Dec, 2021

Global Exhibition & Congress on Innovation

Dec 14, 2021, Virtual Platform

Jun, 2021

1st Indo-German SME/Mittelstand Business Summit

Jun 08, 2021, Virtual Platform

Apr, 2021

India-Croatia Business Forum

Apr 13, 2021, Virtual Platform, 03:30 PM (IST) / 11:00 PM (CST)

Feb, 2021

Virtual Launch of Ascent - Accelerating UK-India trade towards £50BN Report

Feb 10, 2021, Virtual Platform

Nov, 2020

FICCI-Business France Webinar on Invest in France

Nov 09, 2020, Virtual Platform, 04:00 PM to 05:40 PM (IST) //11.30 AM to 01.10 PM (CEST)

May, 2020

Webinar on Discovering Future Opportunities for India-Italy Cooperation Post Covid-19 Crisis

May 29, 2020, Webinar, 3:00-4:00 PM (IST) / 11.30-12:30 PM (Italy time)

Apr, 2020

Webinar on How COVID-19 to impact future of India-France Economic Relations

Apr 29, 2020, Webinar, 02:15 PM - 03:30 PM

FICCI-UKIBC Webinar on Impact of COVID19 on the Indian Economy

Apr 08, 2020, Webinar

Feb, 2020

Interactive meeting with H.E. Mr. Artis BĒRTULIS, Ambassador of Latvia to India on Tourism Sector

Feb 18, 2020, Mumbai, Maharashtra

FICCI Business Delegation to Italy & Spain postponed

Feb 17, 2020, Milan, Bresica / Bergamo / Valle d'Aosta - Italy, Madrid - Spain

Nov, 2019

FICCI Delegation to Barcelona: India Pavilion at Smart City Expo World Congress

Nov 19, 2019, Barcelona, Spain

Launch of Report - Untapped Potential: Supercharging Green Finance in India

Nov 07, 2019, London, Uk

Indo-German CEOs Roundtable

Nov 01, 2019, New Delhi

Oct, 2019

India Pavillion at 28th Baltic Fashion & Textile Trade Fair

Oct 17, 2019, Vilnius, Lithuania

Sep, 2019

Interactive Session with H. E. Mr. Emmanuel Lenain, Ambassador-Designate of France to India and Mr. Geoffroy Roux de Bézieux, President, MEDEF

Sep 24, 2019, FICCI, New Delhi

India-Poland Business Forum in presence of H.E Mr. Piotr Gliriski, Deputy Prime Minister of Poland

Sep 13, 2019, New Delhi

Jul, 2019

Industry Interaction with H. E. Mr. Walter J. Lindner, Ambassador of Federal Republic of Germany to India

Jul 12, 2019, FICCI, New Delhi

Mar, 2019

Indian Business Delegation to Croatia accompanying Shri Ram Nath Kovind, Hon'ble President of India

Mar 26, 2019, Zagreb, Croatia

Feb, 2019

India-Slovak Republic Business Forum

Feb 13, 2019, FICCI, New Delhi

Business Interaction with H.E. Mr. Wolfgang Tiefensee, Minister of Economic Affairs, Science, and Digital Society & the Accompanying Business Delegation from the State of Thuringia, Germany

Feb 11, 2019, FICCI, New Delhi

India Monaco Business Forum

Feb 04, 2019, FICCI, New Delhi

Nov, 2018

FICCI Business Delegation to Portugal & Spain

Nov 25, 2018, Lisbon, Porto - Portugal; Madrid, Barcelona - Spain

Sep, 2018

FICCI Business Delegation to the Netherlands and Italy

Sep 17, 2018, Rotterdam, Amsterdam and The Hague - Netherlands; Milan - Italy

Business Interaction with Agri & Food Processing Delegation from Turkey

Sep 17, 2018, FICCI, New Delhi

FICCI Business Delegation to Bulgaria & Czech Republic accompanying Sh. Ram Nath Kovind, Hon'ble President of India

Sep 04, 2018, Sofia, Bulgaria; Prague, Czech Republic

Aug, 2018

Visit of Mr. Rashesh Shah, President FICCI during MEDEF Summer University in Paris

Aug 28, 2018, Paris, France

Jul, 2018

Interactive business meeting with SMTC DELTA,GEORGIA

Jul 30, 2018, FICCI, New Delhi

Apr, 2018

Youth Diaspora Leaders Meet

Apr 18, 2018, London,UK

Mar, 2018

Indo-French Economic Partnership Signing Ceremony

Mar 10, 2018, New Delhi

FICCI B2B Meeting with Malta Business Delegation

Mar 08, 2018, Mumbai, Maharashtra

4th India-Europe 29 Business Forum (IE29BF)

Mar 05, 2018, New Delhi

Jan, 2018

Commonwealth as a Trade and Investment bloc

Jan 12, 2018, London

Nov, 2017

India-Poland Business Forum

Nov 28, 2017, New Delhi

FICCI Signs MoU with Hungarian Chamber of Commerce and Industry (HCCI)

Nov 20, 2017, FICCI, New Delhi

Oct, 2017

India-Italy CEOs Roundtable

Oct 30, 2017, New Delhi

May, 2017

First India-Spain CEO Forum Meeting

May 31, 2017, Madrid, Spain

India-Turkey Business Summit

May 01, 2017, New Delhi

Apr, 2017

India-Italy Business Forum

Apr 27, 2017, New Delhi

India-Cyprus B2B Session

Apr 27, 2017, The Grand Ballroom, The Leela Palace, Chanakyapuri, New Delhi, India

Interaction with Mr. Petri Peltonen, Hon'ble Deputy Minister for Economic Affairs and Employment of Finland

Apr 26, 2017, FICCI, New Delhi

FICCI Business Delegation to Slovak Republic Coinciding with 9th India-Slovak Joint Economic Commission

Apr 20, 2017, Bratislava

India Pavilion at Construma Home Making Exhibition Bunch

Apr 05, 2017, Budapest, Hungary

Mar, 2017

India-UK Forum of Parliamentarians Interaction with HE Sir Dominic Asquith KCMG, British High Commissioner to India

Mar 22, 2017, New Delhi

Feb, 2017

Launch of Report - Developing a startup ecosystem: Lessons from the UK

Feb 21, 2017, London, U.K

Jan, 2017

FICCI-AICEP MoU signing Ceremony on the sidelines of the visit of HE Mr Antonio Costa, Prime Minister of Portugal

Jan 08, 2017, Bengaluru

Dec, 2016

UK-India Ease of Doing Business Conference

Dec 08, 2016, New Delhi

3rd India-Europe 29 Business Forum

Dec 08, 2016, FICCI, New Delhi

Nov, 2016

FICCI Business Delegation to France

Nov 29, 2016, Paris & Marseille

Business Interaction with H.E. Prof. George Katrougalos, Alternate Minister for Foreign Affairs of the Hellenic Republic

Nov 25, 2016, FICCI, New Delhi

10th India Belarus Joint Business Council Meeting

Nov 15, 2016, FICCI, New Delhi

Interactive Session on India@70: India-UK relations post-Brexit

Nov 10, 2016, New Delhi

Oct, 2016

seminar on 'Why Smart Investors Choose France?'

Oct 25, 2016, FICCI, New Delhi

FICCI Meeting with Delegation from Italy

Oct 14, 2016, FICCI, Federation House, Tansen Marg, New Delhi

Jun, 2016

FICCI Business Delegation to Hungary Coinciding with 4th India-Hungary JEC

Jun 02, 2016, Budapest, Hungary

May, 2016

Interaction with Business Delegation from Belarus

May 12, 2016, FICCI, New Delhi

FICCI leadership calls-on HE Sir Dominic Asquith, British High Commissioner to India

May 05, 2016, New Delhi

Apr, 2016

Special Address by Mr Nicolas Sarkozy, Former President of the French Republic on "France, Europe, India: Challenges and Opportunities"

Apr 13, 2016, FICCI, New Delhi

Mar, 2016

Confederation of British Industry Leadership programme: India session @ FICCI

Mar 16, 2016, FICCI, New Delhi

Feb, 2016

India-Austria Economic Forum

Feb 16, 2016, New Delhi

Jan, 2016

Business Session on 'India-France': Defining New Horizons

Jan 25, 2016, FICCI, New Delhi

India-France Business Summit

Jan 24, 2016, Chandigarh

Dec, 2015

9th edition of World of Industry (WIN) INDIA show 2015: Hannover Messe India Edition

Dec 09, 2015, New Delhi

Nov, 2015

Interactive session with H.E. Mrs. Nikolina Angelkova, Minister of Tourism of the Republic of Bulgaria

Nov 23, 2015, FICCI, New Delhi

Oct, 2015

Indo-German Business Roundtable

Oct 05, 2015, New Delhi

2nd India-Central Europe Business Forum (ICEBF)

Oct 05, 2015, Bengaluru

Aug, 2015

Visit of FICCI President at MEDEF Summer University Program 2015 in Paris

Aug 27, 2015, Paris, France

FICCI-EY Workshop on Indo-German High-technology Manufacturing

Aug 13, 2015, FICCI, New Delhi

Jul, 2015

Visit of Hon'ble CM of West Bengal to UK

Jul 27, 2015, London

Jun, 2015

FICCI Business Delegation to Poland

Jun 14, 2015, Warsaw & Katowice

May, 2015

Business Delegation to Sweden & Belarus Accompanying Shri Pranab Mukherjee, Hon'ble President of India

May 31, 2015, Stockholm, Sweden; Minsk, Belarus

Panel Discussion on Opportunities and Challenges in Indo-German High-Technology Manufacturing

May 21, 2015, New Delhi

Business Interaction with H.E. Mr. Johann Schneider-Ammann, Federal Councillor & Minister of Economic Affairs, Education and Research, Switzerland

May 15, 2015, New Delhi

Apr, 2015

India-Norway Joint Business Council: A Dialogue on Enhancing Bilateral Trade and Investments

Apr 18, 2015, FICCI,New Delhi

FICCI @ Hannover Messe 2015

Apr 12, 2015, Hannover, Germany

Launch Meeting of 2nd India-Central Europe Business Forum

Apr 08, 2015, FICCI, New Delhi

FICCI Skills Delegation to Berlin, Germany

Apr 08, 2015, Berlin, Germany

B20 Consultative Meeting with Dr. Rifat Hisarcıklıoğlu, President, TOBB and Chair - B20

Apr 06, 2015, New Delhi

Mar, 2015

Indo-French Companies Making in India

Mar 23, 2015, FICCI, New Delhi

Forum of Parliamentarian meeting with the Czech Republic parliamentary delegation

Mar 20, 2015, FICCI, New Delhi

FICCI Business Mission to London, Accompanying Sh Arun Jaitley, Hon'ble Finance Minister of India

Mar 13, 2015, London

Feb, 2015

Interactive Session with Dr. Solomon Passy on - "The Digital Citizen of IT Global Nation"

Feb 11, 2015, FICCI, Federation House, New Delhi

Jan, 2015

Indo-Czech Republic Business Forum

Jan 28, 2015, FICCI, New Delhi

Lecture by Dr. Wolfgang Schäuble,Federal Minister of Finance,Germany on Europe and India in the face of Globalisation

Jan 20, 2015, FICCI, New Delhi

The India Skills and Education Innovation Conference

Jan 14, 2015, UK

Nov, 2014

FICCI signs MoU with ICEX Spain Trade and Investments to strengthen bilateral trade and economic relations

Nov 11, 2014, FICCI, New Delhi

FICCI CEOs Mission to Germany

Nov 11, 2014, Berlin, Frankfurt

Seminar on Investing in Turkey

Nov 11, 2014, FICCI, New Delhi

Oct, 2014

Meeting with The Rt. Hon Carwyn Jones AM, First Minister of Wales, UK

Oct 29, 2014, New Delhi

India-UK Building Cybersecurity Competence to Protect Business & Government

Oct 01, 2014, Guildford, UK

Aug, 2014

India Show Turkey at iZMIR International Fair

Aug 29, 2014, iZMIR, Turkey

Business conference on 'UK India Business is Great' in honour of The Rt Hon Nick Clegg, Deputy Prime Minister of the United Kingdom

Aug 25, 2014, New Delhi

Jul, 2014

FICCI Presidium Meeting with Uk Ministers

Jul 08, 2014, New Delhi

Jun, 2014

Global India Business Meeting 2014

Jun 22, 2014, Liverpool, England

May, 2014

Meeting with the Commerce Secretary of India, Mr. Rajeev Kher

May 13, 2014, Madrid

Mar, 2014

Meeting hosted by the Mr Ranjan Mathai, Indian High Commissioner to the UK for the members of the FICCI's Advisory Group in UK

Mar 27, 2014, London, UK

Meeting with Business Delegation from Central European Countries

Mar 27, 2014, FICCI, New Delhi

India-Central Europe Business Forum

Mar 27, 2014, Federation House, New Delhi

Feb, 2014

Consultative Meeting for India-Central Europe Business Forum

Feb 07, 2014, Federation House, New Delhi

Dec, 2013

Furniture Delegation from Turkey

Dec 12, 2013, FICCI, New Delhi

Interactive Business Meeting in Honour of Rt Hon Dr Vince Cable MP, Secretary of State for Business Innovation and Skills, UK

Dec 09, 2013, FICCI, New Delhi

Roundtable Discussion on "e-Governance and Transparency" with H.E Mr Hanno Pevkur, Minister of Justice, Republic of Estonia

Dec 09, 2013, FICCI, New Delhi

9th Meeting of INDIA-UK JETCO

Dec 09, 2013, New Delhi

India-Turkey CIS Business Forum

Dec 05, 2013, Istanbul, Turkey

Nov, 2013

Business Meeting with R. Hon. Mr. Artur Mas, President of the Catalan Government, Spain and the Accompanying Official and Business Delegation

Nov 25, 2013, FICCI, New Delhi

Business Seminar on "Why Belgium should be on your radar screen" Strengths reinforced by tax & human resources

Nov 25, 2013, Hotel Taj Palace, New Delhi

India-Romania Business Forum

Nov 19, 2013, FICCI, New Delhi

Round Table discussions with Mr Gregory Barker, Minister of State for Energy and Climate Change, UK & Minister for Business and Engagement with India

Nov 12, 2013, New Delhi

Oct, 2013

Opportunities for UK business presented by the Delhi Mumbai Industrial Corridor and other economic corridors

Oct 22, 2013, London

Business Conference with H E Mr Viktor Orbàn, Hon`ble Prime Minister of Hungary 'Strengthening Partnership between India and Hungary'

Oct 17, 2013, New Delhi

Meeting with Hungary Business Delegation

Oct 17, 2013, FICCI, New Delhi

Sep, 2013

Visit of Lord Stephen Green, Minister of State for Trade and Investment, UK and Accompanying Delegation

Sep 19, 2013, Gurgaon

Interactive Meeting with Mr Edgars Rinkēvičs, Minister of Foreign Affairs, Latvia and Accompanying Delegation

Sep 19, 2013, FICCI, New Delhi

Conference on Indo-French Seminar on Sustainable cities: Next-Generation Tramways Solutions

Sep 09, 2013, FICCI, New Delhi

Jul, 2013

Panel Discussion on 'Can Good Economics Make for Good Politics in India?'

Jul 02, 2013, London, UK

Jun, 2013

Seminar on Business Opportunities for Spanish SME in India

Jun 26, 2013, Zaragoza, Spain

FICCI Business Mission to the United Kingdom

Jun 23, 2013, London and Belfast

Future of Energy Security in India

Jun 11, 2013, London, UK

FICCI-UKIBC Round Table Discussion on UK India energy Partnership and Areas of collaboration

Jun 10, 2013, London, UK

Apr, 2013

Interactive Business Meeting with H E Mrs. Maria GRAPINI, Minister for SME’s, Business Environment and Tourism of Romania and Accompanying Textiles Delegation

Apr 25, 2013, FICCI, New Delhi

FICCI Business Delegation to Turkey

Apr 24, 2013, Istanbul, Izmir, Denzili/Afyon, Antalya, Isparta and Burdur

Mar, 2013

"India-Czech Republic Business Forum" Interactive business meeting with H E Martin Kuba, Hon’ble Minister of Industry and Trade of the Czech Republic and the accompanying business delegation

Mar 12, 2013, Federation House,New Delhi

Feb, 2013

Interactive Seminar on Emerging Business & Investment Opportunities in Poland

Feb 25, 2013, FICCI, New Delhi

UK-India Doing More Business Together

Feb 19, 2013, New Delhi

India - France: Strengthening Long - Term Economic Partnership

Feb 14, 2013, New Delhi

India-Estonia Business Forum

Feb 12, 2013, FICCI, New Delhi

ADS -FICCI MoU Exchange

Feb 05, 2013, Bangaluru

Jan, 2013

India-Slovenia Business Forum: Visit of H E Mr. Radovan Žerjav, Deputy Prime Minister & Minister of Economic Development and Technology and the accompanying business delegation from the Republic of Slovenia

Jan 29, 2013, FICCI, New Delhi

Nov, 2012

"London: World Capital of Business" An Interaction with Mayor Boris Johnson

Nov 27, 2012, FICCI, Federation House, New Delhi

13th Asia-Pacific Conference of German Business

Nov 02, 2012, Pearl Ballroom, The Leela Kempinski, Gurgaon

Oct, 2012

Interaction with Confederation of Norwegian Enterprise (NHO)

Oct 29, 2012, New Delhi

An Interactive session with H.E. Mr Olaf Scholz, First Mayor of the Free and Hanseatic City of Hamburg

Oct 15, 2012, New Delhi

"India-Bulgaria Business Forum" Visit of H E Delian Dobrev, Hon'ble Minister of Economy, Energy and Tourism of Bulgaria and the Accompanying Business Delegation

Oct 15, 2012, FICCI Federation House, New Delhi

Sep, 2012

FICCI Business Delegation to Basque Region, Spain

Sep 19, 2012, Basque Region, Spain

Aug, 2012

An Interaction with H.E.Mr Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs of Belgium

Aug 03, 2012, New Delhi

Jun, 2012

FICCI CEOs delegation to Belgium

Jun 24, 2012, Belgium

FICCI Business Delegation to Turkey-World Trade Bridge-2012

Jun 05, 2012, Istanbul

May, 2012

'Ideas Exchange lunch' organised by Policy Exchange, London

May 28, 2012, London, UK

Interactive Session with IDA, Ireland

May 22, 2012, The Park Hotel, Kolkata

Apr, 2012

Interaction with H.E. Jurgen Roters, Mayor of City of Cologne

Apr 24, 2012, FICCI, Federation House, New Delhi

Mar, 2012

FICCI Post budget Interactive Session with the Hon'ble Finance Minister, Shri Pranab Mukherjee

Mar 24, 2012, FICCI, Federation House, New Delhi

Emerging Investment and Trade Opportunities in Macedonia

Mar 05, 2012, FICCI, Federation House, New Delhi

Jun, 2011

Setting up your Business in the UK, A gateway to European Growth

Jun 30, 2011, Mumbai

Seminar on 'Setting up Business in the UK - A Gateway to European Growth'

Jun 29, 2011, Federation House, New Delhi

Apr, 2011

Business Forum on Indian and Switzerland : A Winning Partnership

Apr 07, 2011, New Delhi

Jan, 2011

FICCI CEOS Mission to Italy accompanying Shri Anand Sharma, Commerce & Industry Minister

Jan 31, 2011,

FICCI Welcomes Rt Hon Vince Cable, MP - Secretary of State for Business, Innovation & Skills, UK & the Accompanying Delegation

Jan 18, 2011, New Delhi

Oct, 2010

Interactive Business Meeting with H E Mr Muhammad Faruk Khan- Hon'ble Commerce Minister of Bangladesh

Oct 22, 2010, New Delhi

Aug, 2010

India-Turkey-CIS Business Forum

Aug 24, 2010, Istanbul

Jul, 2010

Launch of Publication "Indian Investments in the European Union" and Roundtable Discussion

Jul 23, 2010, New Delhi

Mar, 2010

Dinner in Honour of HRH The Prince Andrew,Duke of York

Mar 10, 2010, New Delhi

Feb, 2010

Seminar on Catalonia:Gateway to Europe in Honour of H E Josep Huguet

Feb 01, 2010, New Delhi

Dec, 2009

India-Italy Business Forum

Dec 14, 2009, New Delhi

Ongoing Economic Scenario in Europe and its Impact on Indian Industry

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The Machinist |

FICCI wins Business Promotion Organisation of the Year at India Global Forum Awards

  By Guest Author, Added 30 June 2023 FICCI's recognition as the Business Promotion Organisation of the Year highlights its role in promoting India's business interests globally and fostering a favourable ecosystem for economic development The Federation of Indian Chambers of Commerce and Industry (FICCI) has emerged triumphant as the Business Promotion Organisation of the Year at the prestigious 5th UK-India Awards 2023. FICCI received the award for its work in the India-UK corridor. The event, held in London, brought together industry leaders, policymakers, and renowned personalities to recognise and honour exceptional contributions to the India-UK business landscape.The UK-India Awards, organised by India Inc., celebrates the outstanding contributions of those who drive the UK-India partnership, including leaders in business, professional services, government, culture, and social impact. FICCI's recognition as the Business Promotion Organisation of the Year highlights its role in promoting India's business interests globally and fostering a favourable ecosystem for economic development.Baroness Usha Prashar, Chairperson, FICCI UK Council and Param Shah, Director – UK & Ireland, FICCI received the award. The award was presented by Sir Ron Kalifa, Chairman, Network International and Jury Member for the Awards.Subhrakant Panda, President, FICCI said, "We are truly honoured to be recognised as the Business Promotion Organisation of the Year at the 5th India Global Forum Awards. This award is a testament to the collective efforts of our members, partners, and stakeholders who have worked tirelessly to enhance India's global competitiveness. FICCI remains committed to empowering Indian businesses and driving sustainable economic growth."Baroness Prashar, Chairperson, FICCI UK Council said, “I am delighted that FICCI’s work in the United Kingdom has been recognised. This will further motivate us to work with greater enthusiasm to facilitate bilateral trade, investment, and research & innovation partnerships.”Professor Manoj Ladwa, Founder and CEO, India Inc. Group  said, “This evening, we celebrate the enterprise, the grit, the innovation and the success of British and Indian businesses and organisations, big and small, who represent what is now the super-highway of UK India Relations. I congratulate FICCI UK for the award and compliment them for the work that has enriched every aspect of the winning partnership between our two great nations.”FICCI UK Council has consistently spearheaded initiatives that have propelled India's relationship with the United Kingdom. It has played a crucial role in connecting Indian businesses with their counterparts, fostering partnerships, and promoting trade and investment opportunities across sectors. FICCI has also been instrumental in advocating for policy reforms for enhancing the bilateral trade and investments. Latest Updates & News Article Copyright © 2015-16 THE MACHINIST. All Rights Reserved.

Indian PSU |

FICCI wins Business Promotion Organisation Of The Year at 5th India Global Forum Awards in London

The Federation of Indian Chambers of Commerce and Industry (FICCI) has emerged triumphant as the Business Promotion Organisation of the Year at the prestigious 5th UK-India Awards 2023. FICCI received the award for its work in the India-UK corridor. The event, held in London, brought together industry leaders, policymakers, and renowned personalities to recognize and honour exceptional contributions to the India-UK business landscape.The UK-India Awards, organised by India Inc., celebrates the outstanding contributions of those who drive the UK-India partnership, including leaders in business, professional services, government, culture, and social impact. FICCI’s recognition as the Business Promotion Organisation of the Year highlights its instrumental role in promoting India’s business interests globally and fostering a favourable ecosystem for economic development.Baroness Usha Prashar, Chairperson, FICCI UK Council and Dr Param Shah, Director – UK & Ireland, FICCI received the award. The award was presented by Sir Ron Kalifa, Chairman, Network International and Jury Member for the Awards.Mr Subhrakant Panda, President, FICCI said, “We are truly honoured to be recognised as the Business Promotion Organisation of the Year at the 5th India Global Forum Awards. This award is a testament to the collective efforts of our members, partners, and stakeholders who have worked tirelessly to enhance India’s global competitiveness. FICCI remains committed to empowering Indian businesses and driving sustainable economic growth.”Baroness Prashar, Chairperson, FICCI UK Council said, “I am delighted that FICCI’s work in the United Kingdom has been recognised. This will further motivate us to work with greater enthusiasm to facilitate bilateral trade, investment, and research & innovation partnerships.”Mr Shailesh Pathak, Secretary General, FICCI expressed gratitude and pride on behalf of FICCI for receiving this award. “The Business Promotion Organisation of the Year award is a significant milestone for FICCI for its work in the United Kingdom. It is a testament to its unwavering commitment to promoting India’s business interests and fostering international partnerships. This recognition further reinforces FICCI’s position as a leading voice for Indian businesses and its instrumental role in shaping the country’s economic growth.”Professor Manoj Ladwa, Founder & CEO, India Inc. Group while congratulating FICCI said, “This evening, we celebrate the enterprise, the grit, the innovation and the success of British and Indian businesses and organisations, big and small, who represent what is now the super-highway of UK India Relations. I congratulate FICCI UK for the award and compliment them for the work that has enriched every aspect of the winning partnership between our two great nations.”FICCI UK Council has consistently spearheaded initiatives that have propelled India’s relationship with the United Kingdom. It has played a crucial role in connecting Indian businesses with their counterparts, fostering partnerships, and promoting trade and investment opportunities across sectors. FICCI has also been instrumental in advocating for policy reforms for enhancing the bilateral trade and investments.

Fibre2fashion |

Indian trade chamber hopes FTA with UK turns win-win for both sides

The United Kingdom and India have been negotiating a FTA since January last year. The 10th round of negotiations for the FTA recently concluded in the United Kingdom.Panda was in the United Kingdom for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach.The Indian delegation was briefed on areas of interest in the bilateral relationship over a series of discussions with businesses and parliamentarians."As far as Indian businesses are concerned, we are competitive, confident and looking to engage with the world," Panda was quoted as saying by a news agency."We hope that this is something that will be concluded and we have offered whatever inputs we had to provide as a chamber to the government of India, or some of our members have also individually provided feedback. So, based on that we're comfortable that common ground will be found for an FTA which is broad-based and works in the interests of both countries," he said."When we talk about growth today, the focus is not just on growth but on inclusive and sustainable growth. And talking about the sustainability part of it, when it comes to electric mobility or renewable energy or high-end industrial applications, all of these ultimately boil down to some critical mineral or the other," explained Panda, who is also managing director of Indian Metals and Ferro Alloys Ltd (IMFA).Fibre2Fashion News Desk (DS)Press ReleaseLetter to EditorRSS FeedSearch Companieseditorial@fibre2fashion.com

The Hindu Business Line |

JSPL enters into rail wheelset manufacturing at Raigarh

The New Indian |

India, Hungary discuss bilateral matters

India Global Business |

UK fires the starting gun on FTA with India

Financial Express |

Indian industry welcomes Rishi Sunak’s Budget, plan for new special visa

Indian industry on Wednesday widely welcomed UK Chancellor Rishi Sunak’s Budget, which the Indian-origin minister dubbed as paving the way for an “investment-led recovery” of a pandemic-hit economy.

Besides the measures put in place to help businesses with grants and loans, the minister’s announcement of consultations related to the visa regime were also hailed as a step in the right direction by both the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII).

“I’m launching two wide-ranging consultations today: to make sure our research and development tax reliefs and our Enterprise Management Incentives are internationally competitive,” Sunak said in his Budget Speech to the House of Commons.

“A new unsponsored points-based visa to attract the best and most promising international talent in science, research and tech. New, improved visa processes for scale-ups and entrepreneurs; and radically simplified bureaucracy for high skilled visa applications,” he said, adding that his mission is to make the UK the “best place in the world for high growth, innovative companies”.

Baroness Usha Prashar, Chairperson of the FICCI UK Council, said the move would help attract talent from countries like India. “FICCI UK Council welcomes the Budget from the Chancellor Rishi Sunak; in the short-term, it will protect the economy and kickstart recovery,” said Prashar.

“The significant announcement of a 700 million pounds support for the UK’s arts, culture, and sporting institutions as they reopen will ensure support to the sector. The launching of a consultation of a ‘new, unsponsored, points-based visa’ to attract international talent in science, research and tech’ is a welcome announcement,” she said.

Among the other highlights for FICCI UK is the announcement of at least 15 billion pounds in green bonds and world’s first sovereign green savings bond for retail investors. And, the creation of the first-ever UK Infrastructure Bank and eight new freeports are seen as having the potential to support trade between India and the UK.

“While the UK still remains the lowest in the G7 countries in terms of Corporation Tax, the hike of Corporation Tax to 25 per cent (from 19 per cent) in 2023 will impact large businesses, including Indian businesses in the UK,” cautioned Prashar.

CII was equally cautious about the proposed tax hike set for high-profit companies in the future, but overall welcomed the incentives put in place for businesses ahead of that.

“While steep hikes in Corporation Tax face businesses from 2023, it is welcome that the government has sought to boost investment through a new super-deduction; this scheme should cover the digital economy as well as plant and machinery,” said Lakshmi Kaul, CII Head and Representative for the UK.

The super-deduction refers to a cut in companies’ tax bill by 25p for every pound they invest in new equipment, meaning they can reduce their taxable profits by 130 per cent of the cost, from April 2021. “It is welcome that the government will continue to support businesses throughout the pandemic, through the furlough scheme and other programmes. This support should enable the UK economy to bounce back when the threat of the virus recedes. Given the extent of the government’s support over the last 12 months, it is understandable that the widening spending gap will need to be plugged in future,” added Kaul.

The Budget, which marks Sunak’s first since the pandemic hit last year, has largely received positive industry reactions for its support initiatives but the Confederation of British Industry (CBI) struck a note of concern for the future.

“This Budget succeeds strongly in protecting the economy now and kickstarting recovery. It leaves open the question of UK competitiveness long term,” said Tony Danker, CBI Director-General.

“The Chancellor has taken a welcome, broad view on how to stimulate growth from the new Infrastructure Bank, to Help to Grow and incentives to take on apprentices. The super-deduction should be a real catalyst for firms to greenlight investment decisions. The boldness of the Chancellor on this measure is to be admired,” he said.” But moving Corporation Tax to 25 per cent in one leap will cause a sharp intake of breath for many businesses and sends a worrying signal to those planning to invest in the UK,” he added.

SME Times |

India-UK trade has potential to reach Pound 50bn

With a robust economic foundation based on job creation and shared prosperity, trade and investment between the UK and India has the potential to increase to Pound 50 billion, according to a new research report.

ASCENT: The New Horizon of Trade Relations, an inaugural thought leadership report, maps the dynamics of trade growth between the UK and India in the context of a 48 percent rise in bilateral trade from 2016 to Pound 24 billion in 2019.

The data and insights in the report highlight the extent of the UK-India trade relationship and showcases the richness of British and Indian investments in one another's countries.

Welcoming the launch of the report, Her Excellency, Gaitri Issar Kumar, High Commissioner of India to the UK said, "I congratulate all partners of High Commission of India, London, FICCI, Sannam S4, Santander UK and Taylor Wessing, for their contribution to the report.

She commented, "India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills, and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors - which offer both sides tremendous opportunities for a win-win outcome.

"ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides," she said. "It also analyses the interplay between trade and FDI and will be a useful handbook for businesses and investors on both sides," she further added.

The report takes a deep dive into the UK-India trading relationship and focuses on opportunities for both countries against a changing global backdrop and rising ambitions.

Speaking at the launch of the report, Alan Gemmell, UK Trade Commissioner for South Asia commented, ."The report highlights significant opportunities for the UK and India in trade and investment. Already this week we have announced additional investment in jobs in the UK from top Indian businesses - with Tata Consultancy Services bringing 1,500 high-skilled jobs to sites across the UK and Indian pharmaceutical and biotechnology giant Wockhardt creating 40 new jobs in Wrexham."

We look forward to working with FICCI, Sannam S4, Santander UK and Taylor Wessing to develop and deepen the UK-India partnership, he added.

Trade Finance Global |

UK-India trade poised to double to £50bn, Santander report reveals

Trade between UK and India could double to £50 billion before the end of the decade, according to a joint report by Santander and the Indian High Commission.

Bilateral trade rose by 48 per cent to £24bn between the two nations from 2016 to 2019, with trade in services also representing 82% of goods, up from 47% three years previously.

With 10 per cent of UK companies now actively trading with India since 2016, the report forecasts this could double again over the next ten years.

Its publication follows a five-day trade mission by Trade Secretary Liz Truss earlier this week, where major Indian companies announced their plans to create over 1,500 new jobs in the UK.

India was also among the top five countries UK businesses wanted to secure a trade deal with in the aftermath of the withdrawal from the European Union.

The findings are presented in The New Horizon of Trade Relations, an inaugural thought leadership report produced by Santander in partnership with the High Commission of India, The Federation of Indian Chambers of Commerce and Industry (FICCI), Sannam S4 and Taylor Wessing

Gaitri Issar Kumar, High Commissioner of India to the UK said: “India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors – which offer both sides tremendous opportunities for a win-win outcome.”

John Carroll, Head of International and Transactional Banking, Santander UK added: “It is encouraging to see the UK more than doubling its exports to India across a number of sectors like pharmaceuticals, chemicals, electrical machinery and seafood over the last five years.

This strong momentum reflects the potential of this partnership as India continues on its high-growth trajectory in a post-Covid-19 world.”

India Education Diary |

UK-India bilateral trade could rise to £50 billion from the existing £24 billion

With a robust economic foundation based on job creation and shared prosperity, trade and investment between the UK and India has the potential to increase to ?0 billion, according to a new research report.

ASCENT: The New Horizon of Trade Relations, an inaugural thought leadership report, maps the dynamics of trade growth between the UK and India in the context of a 48 percent rise in bilateral trade from 2016 to ?24 billion in 2019. The data and insights in the report highlight the extent of the UK-India trade relationship and showcases the richness of British and Indian investments in one another’s countries.

Welcoming the launch of the report, Her Excellency, Gaitri Issar Kumar, High Commissioner of India to the UK said, “I congratulate all partners of High Commission of India, London, FICCI, Sannam S4, Santander UK and Taylor Wessing, for their contribution to the report.

She commented, “India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills, and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors – which offer both sides tremendous opportunities for a win-win outcome.

“ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides,” she said. “It also analyses the interplay between trade and FDI and will be a useful handbook for businesses and investors on both sides,” she further added.

The report takes a deep dive into the UK-India trading relationship and focuses on opportunities for both countries against a changing global backdrop and rising ambitions.

Speaking at the launch of the report, Mr Alan Gemmell, Her Majesty’s Trade Commissioner for South Asia commented, “This new report on the potential of the UK-India corridor follows this week’s hugely successful visit by International Trade Secretary, Ms Liz Truss. That visit set out plans to launch an Enhanced Trade Partnership when the British Prime Minister visits India later this year. The report highlights significant opportunities for the UK and India in trade and investment. Already this week we have announced additional investment in jobs in the UK from top Indian businesses with Tata Consultancy Services bringing 1,500 high-skilled jobs to sites across the UK and Indian pharmaceutical and biotechnology giant Wockhardt creating 40 new jobs in Wrexham. We look forward to working with FICCI, Sannam S4, Santander UK and Taylor Wessing to develop and deepen the UK-India partnership.”

The Rt Hon Baroness Usha Prashar of Runnymede CBE, PC, Chairperson FICCI UK Council said, “While UK-India trade is already an impressive ?24 billion annually, a step on the journey to build a stronger UK-India relationship over the next 10 years is a realistic focus on reaching ?50 billion. This report pinpoints the opportunities that exist for both British and Indian businesses alike. It also provides fresh insights that will serve as a useful guide for businesses and policymakers. India and the UK should aim at using the Enhanced Trade Partnership to jointly work on critical global issues of climate change, supply chain, defence and security, amongst others.”

As the global economy emerges from the pandemic and both the UK and India seek to achieve their individual goals, it will be even more critical for businesses in both countries to source new revenue streams and evaluate their supply chains.

“The UK-India trade and investment relationship has scope for significant development, particularly given the global challenges we currently face,” said Mr Ed Dixon, Executive Director, Sannam S4 Group in London. “It’s now time for government and business to forge even closer ties to help drive the growth towards reaching ?50 billion in bilateral trade.”

The report analyses trade in some detail, pinpointing a variety of focus industries, including apparel and homeware (?2.4 bn per annum in 2019) and advanced engineering. The report also examines a variety of fast-growing categories including UK exports of fish and seafood, whey protein, scientific and measuring instruments, pharma, heavy electrical machinery and chemicals, and Indian exports of optical fibre, surveying instruments, advanced engineering, and packaging materials.

Mr John Carroll, Head of International and Transactional Banking, Santander UK said: “It is encouraging to see the UK more than doubling its exports to India across a number of sectors like pharmaceuticals, chemicals, electrical machinery and seafood over the last five years. Our own Trade Barometer showed that almost 10 percent of UK companies had started to trade with India since 2016 and India was in the top five countries UK businesses wanted a trade agreement with post-Brexit. This strong momentum reflects the potential of this partnership as India continues on its high-growth trajectory in a post-Covid-19 world.”

The report also emphasizes the importance of trade in services for both countries (82% of goods in 2019, up from 47% in 2016).

“This report highlights the significant increase in both exports and imports of services between India and the UK since 2016,” said Russell Holden, Partner, Taylor Wessing LLP in London. “However, given the UK’s position as the second-largest exporter of services to the world and the growth of India’s services sector running at 10% per annum, there is a huge opportunity for both countries over the next few years.”

The report provides case studies of small, medium, and large organisations operating in the UK-India trade corridor, showcasing a wide variety of experiences across industry sectors. The companies featured in the report are Accord Healthcare Limited, Aspen Pumps, Inver House, Macalloy, Multi Trade Links Ltd, Rolls Royce, Rotolok, Zensar Technologies, Supply Compass, The Open Group, Native Snacks and Credit Enable.

The report also echoes the importance of the ‘people-to-people’ connections; the ‘living bridge’ between the two countries as characterised by a dynamic and engaged 1.5 million-strong Indian diaspora. Education, too, further deepens the relationship, with the UK’s long-standing status as a leading study destination for Indian students eager for a quality education overseas and the extensive opportunities presented by universities in both countries working closely together.

KNN |

UK-India bilateral trade could rise to £50 billion: Report

With a robust economic foundation based on job creation and shared prosperity, trade and investment between the United Kingdom (UK) and India has the potential to increase to £50 billion, according to a new research report.

ASCENT, the New Horizon of Trade Relations, an inaugural thought leadership report, maps the dynamics of trade growth between the UK and India in the context of a 48 per cent rise in bilateral trade from 2016 to £24 billion in 2019.
The data and insights in the report highlight the extent of the UK-India trade relationship and showcases the richness of British and Indian investments in one another’s countries.
Welcoming the launch of the report, Gaitri Issar Kumar, High Commissioner of India to the UK said, “I congratulate all partners of the High Commission of India, London, FICCI, Sannam S4, Santander UK and Taylor Wessing, for their contribution to the report.

“India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills, and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors - which offer both sides tremendous opportunities for a win-win outcome,'' She commented.

“ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides,” she said. “It also analyses the interplay between trade and FDI and will be a useful handbook for businesses and investors on both sides,” she further added.

The report takes a deep dive into the UK-India trading relationship and focuses on opportunities for both countries against a changing global backdrop and rising ambitions.

Speaking at the launch of the report, Alan Gemmell, Trade Commissioner for South Asia commented, “This new report on the potential of the UK-India corridor follows this week’s hugely successful visit by International Trade Secretary, Ms Liz Truss. That visit set out plans to launch an Enhanced Trade Partnership when the British Prime Minister visits India later this year. The report highlights significant opportunities for the UK and India in trade and investment. Already this week we have announced additional investment in jobs in the UK from top Indian businesses – with Tata Consultancy Services bringing 1,500 high-skilled jobs to sites across the UK and Indian pharmaceutical and biotechnology giant Wockhardt creating 40 new jobs in Wrexham. We look forward to working with FICCI, Sannam S4, Santander UK and Taylor Wessing to develop and deepen the UK-India partnership.”

“While UK-India trade is already an impressive £24 billion annually, a step on the journey to build a stronger UK-India relationship over the next 10 years is a realistic focus on reaching £50 billion. This report pinpoints the opportunities that exist for both British and Indian businesses alike. It also provides fresh insights that will serve as a useful guide for businesses and policymakers. India and the UK should aim at using the Enhanced Trade Partnership to jointly work on critical global issues of climate change, supply chain, defence and security, amongst others,” said The Rt Hon Baroness Usha Prashar of Runnymede CBE, PC, Chairperson FICCI UK Council.

As the global economy emerges from the pandemic and both the UK and India seek to achieve their individual goals, it will be even more critical for businesses in both countries to source new revenue streams and evaluate their supply chains.

“The UK-India trade and investment relationship has scope for significant development, particularly given the global challenges we currently face,” said Ed Dixon, Executive Director, Sannam S4 Group in London.

“It’s now time for government and business to forge even closer ties to help drive the growth towards reaching £50 billion in bilateral trade,” Dixon added.

The report analyses trade in some detail, pinpointing a variety of focus industries, including apparel and homeware (£2.4 bn per annum in 2019) and advanced engineering. The report also examines a variety of fast-growing categories including UK exports of fish and seafood, whey protein, scientific and measuring instruments, pharma, heavy electrical machinery and chemicals, and Indian exports of optical fibre, surveying instruments, advanced engineering, and packaging materials.

John Carroll, Head of International and Transactional Banking, Santander UK said: “It is encouraging to see the UK more than doubling its exports to India across a number of sectors like pharmaceuticals, chemicals, electrical machinery and seafood over the last five years. Our own Trade Barometer showed that almost 10 percent of UK companies had started to trade with India since 2016 and India was in the top five countries UK businesses wanted a trade agreement with post-Brexit. This strong momentum reflects the potential of this partnership as India continues on its high-growth trajectory in a post-Covid-19 world.”

The report also emphasizes the importance of trade in services for both countries (82 per cent of goods in 2019, up from 47 per cent in 2016).
“This report highlights the significant increase in both exports and imports of services between India and the UK since 2016,” said Russell Holden, Partner, Taylor Wessing LLP in London. “However, given the UK’s position as the second-largest exporter of services to the world and the growth of India’s services sector running at 10 per cent per annum, there is a huge opportunity for both countries over the next few years.”

The report provides case studies of small, medium, and large organisations operating in the UK-India trade corridor, showcasing a wide variety of experiences across industry sectors. The companies featured in the report are Accord Healthcare Limited, Aspen Pumps, Inver House, Macalloy, Multi Trade Links Ltd, Rolls Royce, Rotolok, Zensar Technologies, Supply Compass, The Open Group, Native Snacks and Credit Enable.

The report also echoes the importance of the ‘people-to-people’ connections; the ‘living bridge’ between the two countries as characterised by a dynamic and engaged 1.5 million-strong Indian diaspora. Education, too, further deepens the relationship, with the UK’s long-standing status as a leading study destination for Indian students eager for a quality education overseas and the extensive opportunities presented by universities in both countries working closely together.

News Vibes of India |

UK-India bilateral trade could increase to £50 billion: Report

With a robust economic foundation based on job creation and shared prosperity, UK-India bilateral trade has the potential to increase to £50 billion from the existing £24 billion, a new report suggests.

The new research report, ASCENT: The New Horizon of Trade Relations, maps the dynamics of trade growth between the UK and India in the context of a 48 per cent rise in bilateral trade from 2016 to £24 billion in 2019.

The research report takes a deep dive into the UK-India trading relationship and focuses on opportunities for both countries against a changing global backdrop and rising ambitions, according to statement issued by FICCI.

The data and insights in the report highlight the extent of the UK-India trade relationship and showcases the richness of British and Indian investments in one another’s countries. the statement added.

The report analyses trade in detail, pinpointing a variety of focus industries, including apparel and homeware (£2.4 bn per annum in 2019) and advanced engineering.

It also examines a variety of fast-growing categories including UK exports of fish and seafood, whey protein, scientific and measuring instruments, pharma, heavy electrical machinery and chemicals, and Indian exports of optical fibre, surveying instruments, advanced engineering, and packaging materials.

In addition to this, emphasis on the importance of trade in services for both countries (82% of goods in 2019, up from 47% in 2016) has been laid in the report.

Speaking at the launch of the report, Alan Gemmell, Her Majesty’s Trade Commissioner for South Asia commented, “This new report on the potential of the UK-India corridor follows this week’s hugely successful visit by International Trade Secretary, Liz Truss. That visit set out plans to launch an Enhanced Trade Partnership when the British Prime Minister visits India later this year.”

“Already this week we have announced additional investment in jobs in the UK from top Indian businesses – with Tata Consultancy Services bringing 1,500 high-skilled jobs to sites across the UK and Indian pharmaceutical and biotechnology giant Wockhardt creating 40 new jobs in Wrexham,” he added.

Earlier this week, UK International Trade Secretary Liz Truss has concluded her 5-day visit to India, mapping the path to a potential future free trade deal and deepening trading ties between the UK and India.

Gaitri Issar Kumar, High Commissioner of India to the UK, during the report launch said, “I congratulate all partners of High Commission of India, London, FICCI, Sannam S4, Santander UK and Taylor Wessing, for their contribution to the report.”

She said, “India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills, and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors – which offer both sides tremendous opportunities for a win-win outcome.”

“ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides,” she said.

“It also analyses the interplay between trade and FDI and will be a useful handbook for businesses and investors on both sides,” she further added.

Meanwhile, Usha Prashar, Chairperson FICCI UK Council stated that while UK-India trade is already an impressive £24 billion annually, a step on the journey to build a stronger UK-India relationship over the next 10 years is a realistic focus on reaching £50 billion.

“India and the UK should aim at using the Enhanced Trade Partnership to jointly work on critical global issues of climate change, supply chain, defence and security, amongst others,” Parashar noted.

As the global economy emerges from the pandemic and both the UK and India seek to achieve their individual goals, it will be even more critical for businesses in both countries to source new revenue streams and evaluate their supply chains.

“It is encouraging to see the UK more than doubling its exports to India across a number of sectors like pharmaceuticals, chemicals, electrical machinery and seafood over the last five years, John Carroll, Head of International and Transactional Banking, Santander UK said, while adding that India was in the top five countries UK businesses wanted a trade agreement with post-Brexit.

This strong momentum reflects the potential of this partnership as India continues on its high-growth trajectory in a post-Covid-19 world.

Furthermore, ‘ASCENT’ provides case studies of small, medium, and large organisations operating in the UK-India trade corridor, showcasing a wide variety of experiences across industry sectors.

It also echoes the importance of the ‘people-to-people’ connections; the ‘living bridge’ between the two countries as characterised by a dynamic and engaged 1.5 million-strong Indian diaspora.

Notably, education, too, further deepens the relationship, with the UK’s long-standing status as a leading study destination for Indian students eager for a quality education overseas and the extensive opportunities presented by universities in both countries working closely together.

Media Brief |

UK-India bilateral trade could rise to £50 bn from the existing £24 bn: ASCENT report

With a robust economic foundation based on job creation and shared prosperity, trade and investment between the UK and India has the potential to increase to £50 billion, according to a new research report.

ASCENT: The New Horizon of Trade Relations, an inaugural thought leadership report, maps the dynamics of trade growth between the UK and India in the context of a 48 percent rise in bilateral trade from 2016 to £24 billion in 2019. The data and insights in the report highlight the extent of the UK-India trade relationship and showcases the richness of British and Indian investments in one another’s countries.

Welcoming the launch of the report, Her Excellency, Gaitri Issar Kumar, High Commissioner of India to the UK, said, “I congratulate all partners of High Commission of India, London, FICCI, Sannam S4, Santander UK and Taylor Wessing, for their contribution to the report.

“India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills, and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors – which offer both sides tremendous opportunities for a win-win outcome.

“ASCENT includes case studies that help to identify drivers of exports and imports and main contributors to the creation of value chains on both sides,” she said. “It also analyses the interplay between trade and FDI and will be a useful handbook for businesses and investors on both sides,” she further added.

The report takes a deep dive into the UK-India trading relationship and focuses on opportunities for both countries against a changing global backdrop and rising ambitions.

Alan Gemmell, Her Majesty’s Trade Commissioner for South Asia, said, “This new report on the potential of the UK-India corridor follows this week’s hugely successful visit by International Trade Secretary, Ms Liz Truss. That visit set out plans to launch an Enhanced Trade Partnership when the British Prime Minister visits India later this year.

“The report highlights significant opportunities for the UK and India in trade and investment. Already this week we have announced additional investment in jobs in the UK from top Indian businesses – with Tata Consultancy Services bringing 1,500 high-skilled jobs to sites across the UK and Indian pharmaceutical and biotechnology giant Wockhardt creating 40 new jobs in Wrexham. We look forward to working with FICCI, Sannam S4, Santander UK and Taylor Wessing to develop and deepen the UK-India partnership,” Gemmell said.

The Rt Hon Baroness Usha Prashar of Runnymede CBE, PC, Chairperson FICCI UK Council, said, “While UK-India trade is already an impressive £24 billion annually, a step on the journey to build a stronger UK-India relationship over the next 10 years is a realistic focus on reaching £50 billion. This report pinpoints the opportunities that exist for both British and Indian businesses alike.

“It also provides fresh insights that will serve as a useful guide for businesses and policymakers. India and the UK should aim at using the Enhanced Trade Partnership to jointly work on critical global issues of climate change, supply chain, defence and security, amongst others,” Prashar said.

As the global economy emerges from the pandemic and both the UK and India seek to achieve their individual goals, it will be even more critical for businesses in both countries to source new revenue streams and evaluate their supply chains.

Ed Dixon, Executive Director, Sannam S4 Group in London, said, “The UK-India trade and investment relationship has scope for significant development, particularly given the global challenges we currently face. It’s now time for government and business to forge even closer ties to help drive the growth towards reaching £50 billion in bilateral trade.”

The report analyses trade in some detail, pinpointing a variety of focus industries, including apparel and homeware (£2.4 bn per annum in 2019) and advanced engineering. The report also examines a variety of fast-growing categories including UK exports of fish and seafood, whey protein, scientific and measuring instruments, pharma, heavy electrical machinery and chemicals, and Indian exports of optical fibre, surveying instruments, advanced engineering, and packaging materials.

John Carroll, Head of International and Transactional Banking, Santander UK, said, “It is encouraging to see the UK more than doubling its exports to India across a number of sectors like pharmaceuticals, chemicals, electrical machinery and seafood over the last five years. Our own Trade Barometer showed that almost 10 percent of UK companies had started to trade with India since 2016 and India was in the top five countries UK businesses wanted a trade agreement with post-Brexit. This strong momentum reflects the potential of this partnership as India continues on its high-growth trajectory in a post-Covid-19 world.”

The report also emphasizes the importance of trade in services for both countries (82% of goods in 2019, up from 47% in 2016).

Russell Holden, Partner, Taylor Wessing LLP in London, said, “This report highlights the significant increase in both exports and imports of services between India and the UK since 2016. However, given the UK’s position as the second-largest exporter of services to the world and the growth of India’s services sector running at 10% per annum, there is a huge opportunity for both countries over the next few years.”

The report provides case studies of small, medium, and large organisations operating in the UK-India trade corridor, showcasing a wide variety of experiences across industry sectors. The companies featured in the report are Accord Healthcare Limited, Aspen Pumps, Inver House, Macalloy, Multi Trade Links Ltd, Rolls Royce, Rotolok, Zensar Technologies, Supply Compass, The Open Group, Native Snacks and Credit Enable.

The report also echoes the importance of the ‘people-to-people’ connections; the ‘living bridge’ between the two countries as characterised by a dynamic and engaged 1.5 million-strong Indian diaspora. Education, too, further deepens the relationship, with the UK’s long-standing status as a leading study destination for Indian students eager for a quality education overseas and the extensive opportunities presented by universities in both countries working closely together.

The Northeast Today |

UK minister to hold trade talks with Piyush Goyal during India visit

Britain's international trade secretary Liz Truss will arrive in New Delhi for talks with Commerce and Industry minister Piyush Goyal on Thursday.

According to officials, the meeting will work out further details around a proposed Enhanced Trade Partnership between India and the UK.

The visit follows a virtual dialogue between the two ministers in November 2020 to review the progress on a closer post-Brexit bilateral tie-up, which Goyal has articulated as holding out the promise of early harvest pacts ahead of a more full-fledged India-UK free trade agreement (FTA).

The visit by Liz Truss this week is also seen as a precursor to a proposed visit by UK Prime Minister Boris Johnson ahead of the G-7 summit, scheduled for June 11-13 in Cornwall.

The honourable ministers will be meeting in New Delhi as part of the ongoing engagement on reducing barriers to trade, Gaitri Issar Kumar, the Indian High Commissioner to the UK, said during a post-Budget virtual interaction session in London.

The envoy highlighted key aspects of the Union Budget tabled by finance minister Nirmala Sitharaman on Monday which would be of particular interest to UK-based investors, including the enhanced foreign direct investment (FDI) cap in the insurance sector to 74 per cent as well as opportunities in the healthcare and agribusiness sectors.

The Budget sets a firm path of job creation and economic growth and is also great news for British collaborators and investors, she said.

The interactive session, organised by the Indian High Commission with the Indian Professionals Forum (IPF), Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and Ernst & Young (EY), evaluated the most important aspects of the Union Budget from a foreign investor's perspective.

The proposed creation of a shadow bank for distressed assets and focus on privatisation were among the developments highlighted by IPF President Mohan Kaul.

This is the right Budget at the right time and efforts must be made on delivering the targets set, said investment banker Lord Jitesh Gadhia, who chaired a panel discussion with experts in the India-UK business corridor.

There was unanimity on the positive impact the Budget would have on India-UK trade and investment partnership, with a particular focus on research and design in the UK, make in India and export to the world.

It is a very pragmatic Budget, which has created the building blocks for both countries to push ahead with closer collaboration, said Gregory Rivers, Head of Government Affairs at Infosys, and Vice-Chair of the CII UK India Business Forum.

The Budget not only sets India on the path of medium-term growth but also to optimise global opportunities, added Loknath Mishra, MD & CEO of ICICI Bank UK, and Chair of the Financial Services Committee at the FICCI UK Council.

It was also agreed that the Indian High Commission in London would coordinate sectoral workshops to pursue opportunities thrown up by the Union Budget.

Outlook |

UK minister to hold trade talks with Piyush Goyal during India visit

Britain's international trade secretary Liz Truss will arrive in New Delhi for talks with Commerce and Industry minister Piyush Goyal on Thursday and to work out further details around a proposed Enhanced Trade Partnership between India and the UK, officials here said on Tuesday.

The visit follows a virtual dialogue between the two ministers in November 2020 to review the progress on a closer post-Brexit bilateral tie-up, which Goyal has articulated as holding out the promise of early harvest pacts ahead of a more full-fledged India-UK free trade agreement (FTA).

The visit by Liz Truss this week is also seen as a precursor to a proposed visit by UK Prime Minister Boris Johnson ahead of the G-7 summit, scheduled for June 11-13 in Cornwall.

“The honourable ministers will be meeting in New Delhi as part of the ongoing engagement on reducing barriers to trade,” Gaitri Issar Kumar, the Indian High Commissioner to the UK, said during a post-Budget virtual interaction session in London.

The envoy highlighted key aspects of the Union Budget tabled by finance minister Nirmala Sitharaman on Monday which would be of particular interest to UK-based investors, including the enhanced foreign direct investment (FDI) cap in the insurance sector to 74 per cent as well as opportunities in the healthcare and agribusiness sectors.

“The Budget sets a firm path of job creation and economic growth and is also great news for British collaborators and investors,” she said.

The interactive session, organised by the Indian High Commission with the Indian Professionals Forum (IPF), Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and Ernst & Young (EY), evaluated the most important aspects of the Union Budget from a foreign investor's perspective.

The proposed creation of a “shadow bank for distressed assets” and focus on “privatisation” were among the developments highlighted by IPF President Mohan Kaul.

“This is the right Budget at the right time and efforts must be made on delivering the targets set,” said investment banker Lord Jitesh Gadhia, who chaired a panel discussion with experts in the India-UK business corridor.

There was unanimity on the positive impact the Budget would have on India-UK trade and investment partnership, with a particular focus on research and design in the UK, make in India and export to the world.

“It is a very pragmatic Budget, which has created the building blocks for both countries to push ahead with closer collaboration,” said Gregory Rivers, Head of Government Affairs at Infosys, and Vice-Chair of the CII UK India Business Forum.

“The Budget not only sets India on the path of medium-term growth but also to optimise global opportunities,” added Loknath Mishra, MD & CEO of ICICI Bank UK, and Chair of the Financial Services Committee at the FICCI UK Council.

It was also agreed that the Indian High Commission in London would coordinate sectoral workshops to pursue opportunities thrown up by the Union Budget.

Eastern Eye |

UK trade minister to hold trade talks during India visit

Britain’s international trade secretary Liz Truss will arrive in New Delhi for talks with commerce and industry minister Piyush Goyal on Thursday and to work out further details around a proposed Enhanced Trade Partnership between India and the UK, officials said on Tuesday.

The visit follows a virtual dialogue between the two ministers in November 2020 to review the progress on a closer post-Brexit bilateral tie-up, which Goyal has articulated as holding out the promise of early harvest pacts ahead of a more full-fledged India-UK free trade agreement (FTA).

The visit by Truss this week is also seen as a precursor to a proposed visit by UK prime minister Boris Johnson ahead of the G-7 summit, scheduled for June 11-13 in Cornwall.

“The honourable ministers will be meeting in New Delhi as part of the ongoing engagement on reducing barriers to trade,” Gaitri Issar Kumar, the Indian High Commissioner to the UK, said during a post-Budget virtual interaction session in London.

The envoy highlighted key aspects of the Union Budget tabled by finance minister Nirmala Sitharaman on Monday which would be of particular interest to UK-based investors, including the enhanced foreign direct investment (FDI) cap in the insurance sector to 74 per cent as well as opportunities in the healthcare and agribusiness sectors.

“The Budget sets a firm path of job creation and economic growth and is also great news for British collaborators and investors,” she said.

The interactive session, organised by the Indian High Commission with the Indian Professionals Forum (IPF), Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and Ernst & Young (EY), evaluated the most important aspects of the Union Budget from a foreign investor's perspective.

The proposed creation of a “shadow bank for distressed assets” and focus on “privatisation” were among the developments highlighted by IPF president Mohan Kaul.

“This is the right Budget at the right time and efforts must be made on delivering the targets set,” said investment banker Lord Jitesh Gadhia, who chaired a panel discussion with experts in the India-UK business corridor.

There was unanimity on the positive impact the budget would have on India-UK trade and investment partnership, with a particular focus on research and design in the UK, make in India and export to the world.

“It is a very pragmatic budget, which has created the building blocks for both countries to push ahead with closer collaboration,” said Gregory Rivers, Head of Government Affairs at Infosys, and vice-chair of the CII UK India Business Forum.

“The Budget not only sets India on the path of medium-term growth but also to optimise global opportunities,” added Loknath Mishra, MD & CEO of ICICI Bank UK, and chair of the Financial Services Committee at the FICCI UK Council.

It was also agreed that the Indian High Commission in London would coordinate sectoral workshops to pursue opportunities thrown up by the Union Budget.

India Education Diary |

France ranks as most attractive country in Europe for FDI

HE Mr Emmanuel Lenain, Ambassador of France to India on Monday invited Indian companies to explore investment opportunities in France, assuring the industry of the French government’s support.

Addressing a virtual session, ‘Invest in France: the first destination for FDI in Europe’, organized by FICCI and Business France, Ambassador Lenain said that France is back to business with 100 billion euros allotted for the French recovery plan to help both French and foreign companies bounce back.

“This is a good time to invest in France as Indian companies will get exceptional support from the French government, the Embassy of France, Business France, and other stakeholders to invest in the country,” he assured.

Ambassador Lenain stated that with all the measures announced by the French government and in the context of Brexit, France will cement its leading position in Europe for FDI. “Last year, France ranked number one in terms of attracting investments in Europe, ahead of UK and Germany, for the first time in history. We wish to welcome many more foreign and Indian companies in France and are here, as Team France, to provide them with a soft landing,” the Ambassador explained.

Ambassador Lenain also highlighted that India and France share strong bilateral political and economic relations based on mutual trust. Thus, the two countries helped each other during COVID-19 times in particular by supplying medical drugs and equipment.

Dr Sangita Reddy, President, FICCI said, “India and France have agreed to expand the scope of existing regular bilateral joint exercises and develop strongly on a long-term perspective. France not only attracts multi-sectoral conglomerates and big groups but also mid-sized companies. Indian investments are mainly made in the software and IT services sector, while the pharma and bio-technologies sector are responsible for nearly 30 per cent of jobs generated by Indian investments.”

She further added that unfolding of the digital revolution is at the top of the bilateral agenda in areas like AI, digital security, and towards an inclusive, transparent, and open digital movement. India as an innovation sandbox and France as a pro-active dominant player globally, we can together boost our relationship, she emphasized.

Mr Vivek Chaand Sehgal, Chairman, Motherson Group said that the group is planning to collaborate further with French companies to invest in the aerospace sector. He added that Motherson has acquired two automotive companies in France and is currently the first Indian employer in France.

Mr Madhav Kejriwal, VP Worldwide & CEO Europe, Electrosteel Castings Ltd highlighted that France acts as an important gateway for Europe and Africa.

Mr Mark O’Connell, Founder & CEO, OCO Global said that Indian investment in France is growing significantly and healthcare and health services are important sectors to explore.

Mr Wiliam De Vijlder, Group Chief Economist, BNP Paribas said that the French recovery plan will not only impact the economic recovery but support the long-term economic prospects.

Mr Andre-Paul Leclercq, President, Economic Commission of Hauts-de-France Region; Mr Yann Pitollet, CEO, Nord France Invest; Mr Franck Margain, Councillor, Ile-de-France Regional Council & President, Choose Paris Region; Mr Lionel Grotto, CEO, Choose Paris Region; Mr Matthieu Vis, Head International & Strategy, Provence Promotion, Grand Port Maritime de Marseille; Mr Philippe Guillaumet, European & International Projects Manager, Grand Port Maritime de Marseille & General Secretary of MEDports; Ms Lynda LEE MOW SIM, Regional Councillor Indian Ocean Relations, Reunion Island Regional Council; Mr Benoit Charriere-Bournazel, Partner, DS Avocats; Mr Pankaj Walia, Partner, SN Dhawan & CO LLP; Ms Alisa Sakic, Head, Welcome Office, Business France; Ms Fiona Mougenot, Managing Director, Expat Partners, also shared their perspective on India-France investment opportunities.

India Education Diary |

Need for sustained high-level G2G and B2B bilateral engagements to further bolster India-France relations: Ambassador of India to France

Mr Jawed Ashraf, Ambassador of India to France today said that the strategic relationship between India and France is growing rapidly and the bilateral cooperation has touched across every field of national endeavour, including the defence and security sector. It is now evolving from its bilateral context to a regional and multilateral context. “Due to the current pandemic, the role of India-France strategic partnership for a stable and secure Indo-Pacific region in a multipolar world order anchored in multilateralism has grown even stronger,” he added.

Addressing the virtual session on France-India Business Forum: Moving Beyond COVID Pandemic, organized by FICCI and the Mouvement des Entreprises de France (MEDEF) International, Mr Ashraf said that for a much stronger economic partnership, we must use this crisis as an opportunity to accelerate the process of economic engagements across sectors of mutual interest between India and France. “There is great opportunity for nations to reinforce the economic momentum and recovery. The reforms launched in India are structural in nature and not cosmetic. Defence manufacturing will be an area of great opportunity,” he added.

Mr Ashraf further stated that we must make the economic partnership a key element not just to bring prosperity in both countries but as an important instrument of our strategic vision. “We need to have a much higher level of bilateral engagement, both at the government and industry level,” he added.

“Various sectors already have a strong presence of French companies in India,” noted Mr Ashraf. He further added that the government remained committed to remove the bottlenecks to attract more French investments to India.

Highlighting the investment opportunities for Indian companies, Mr Ashraf said that Indian companies who were earlier focusing on Europe will have to revisit their strategies. “France with its strategic location, infrastructure, technology, competitive market and the soon to be announced reduction in production taxes will offer huge opportunities for Indian companies to use the country to reach out to other European and North African countries as well,” he added.

He further stated that the geopolitics has started to influence the economic choices and trust has become an important factor. Strategies for diversification of supply chain that involve resilience will now be seen. “Trust and resilience are two important elements in the India-France strategic partnership. Technology will become an instrument of sovereignty of power, competitiveness in future and there will be great opportunities in this sector for both countries,” added Mr Ashraf.

Dr Sangita Reddy, President, FICCI said, “Being faced with an unparalleled situation due to the COVID-19 outbreak, the world is scouring to re-invent and rediscover the economic fabric that would weave a new future for the global economic order. India and France are ideally primed to further deepen the economic, technical and investment ties across sectors in the backdrop of ever-evolving geo-economic global scenario.”

Mr Geoffroy Roux De Bezieux, President, MEDEF said that we must take steps now to focus on the future. “India will certainly be one of the main partners in coming years. We have around 500 French companies who have invested in sectors like defence, energy, smart cities, manufacturing, cement. We can certainly do more to increase the trade between India and France,” he added.

Mr Arun Ramchandani, Co-Chair, FICCI Defence & Aerospace Committee and EVP, Guns Missiles & Armoured Systems BU, L&T Defence said that the Defence and Aerospace sector is an integral part of Indo French strategic partnership. “Post-COVID partnerships call for fostering cooperation in co-development of products, push towards digitalization, transfer of technology as some of the key significant synergies in India-France engagement,” he added.

Mr Parminder Kakria, Co-Chair, FICCI ICT & Digital Economy Committee and Head, Corporate Affairs, Wipro -European Union and APAC said that the India-France strategic partnership today focuses on cybersecurity and digital technologies as well. “To develop a strategic economic partnership between France and India, France’s reform agenda could provide a key guide for the companies. The key areas include economic development, digital revolution, focus on transportation and infrastructure, and employment generation post-COVID,” he said.

KNN |

Industry should leverage strategic relationship between France & India: Indian envoy

Ambassador of India to France, Jawed Ashraf has said that the strategic relationship between India and France is growing rapidly and the bilateral cooperation has touched across every field of national endeavour, including the defence and security sector.

Addressing the virtual session on France-India Business Forum on Wednesday, Ashraf said, ''It is now evolving from its bilateral context to a regional and multilateral context.''

"Due to the current pandemic, the role of India-France strategic partnership for a stable and secure Indo-Pacific region in a multipolar world order anchored in multilateralism has grown even stronger," he added.

Ashraf also said that for a much stronger economic partnership, we must use this crisis as an opportunity to accelerate the process of economic engagements across sectors of mutual interest between India and France.

"There is great opportunity for nations to reinforce the economic momentum and recovery. The reforms launched in India are structural in nature and not cosmetic. Defence manufacturing will be an area of great opportunity," he added.

Ashraf further stated that we must make the economic partnership a key element not just to bring prosperity in both countries but as an important instrument of our strategic vision.

"We need to have a much higher level of bilateral engagement, both at the government and industry level," he added.

"Various sectors already have a strong presence of French companies in India," noted Ashraf. He further added that the government remained committed to remove the bottlenecks to attract more French investments to India.

Highlighting the investment opportunities for Indian companies, Ashraf said that Indian companies who were earlier focusing on Europe will have to revisit their strategies.

"France with its strategic location, infrastructure, technology, competitive market and the soon to be announced reduction in production taxes will offer huge opportunities for Indian companies to use the country to reach out to other European and North African countries as well," he said.

He further stated that the geopolitics has started to influence the economic choices and trust has become an important factor. Strategies for diversification of supply chain that involve resilience will now be seen.

"Trust and resilience are two important elements in the India-France strategic partnership. Technology will become an instrument of sovereignty of power, competitiveness in future and there will be great opportunities in this sector for both countries," added Ashraf.

The Tribune |

UK's deep liquid capital markets can help India's infrastructure needs: Rishi Sunak

UK Chancellor Rishi Sunak has hailed a series of “ambitious” new UK-India initiatives across investment, trade, infrastructure, sustainable finance and research as he highlighted the role to be played by the UK’s capital markets in India’s infrastructure development.

The Indian-origin finance minister, addressing the UK-India Investing for Growth Forum on the sidelines of the UK-India 10th Economic and Financial Dialogue (EFD) on Wednesday, said while a new Partnership on Infrastructure Policy and Financing would help catalyse private finance flows into India’s ambitious National Infrastructure Pipeline (NIP), a new Sustainable Finance Forum would help green up the financial partnership between the two countries.

According to a high-level task force, India’s NIP has projected infrastructure investment of Rs 111 trillion during 2020-25.

“Sustainable finance provides a significant opportunity for the UK-India relationship. In the next 20 years, India is estimated to require $4.5 trillion of investment in sustainable infrastructure. The UK, with our deep and liquid capital markets, can play an enormous role in providing private finance to meet that need,” said Sunak, in a virtual address to the summit.

“Building on the unique strengths each country brings to our partnership – the UK’s deep and liquid capital markets and India’s extraordinary economic dynamism – together we can build an ambitious and exciting economic partnership and through our close and cooperative working relationship, show the way to global recovery,” he said.

The address followed his ministerial-level EFD dialogue, also held virtually with Indian Finance Minister Nirmala Sitharaman, earlier on Wednesday, during which both sides concluded a broad range of agreements.

A new annual Financial Markets Dialogue between India and the UK to remove regulatory and market access barriers for British and Indian firms, is set to kick start with a meeting early next year.

It will be led by senior officials from the finance ministries of both countries and include the participation of financial regulators and private sector players.

“India holds huge potential for investors, and the Indian government’s ambitious vision for infrastructure financing is a massive opportunity to drive the post-pandemic global economy forwards,” said William Russell, the Lord Mayor of London.

“London has deep expertise in sustainable infrastructure investment and this event is a huge opportunity to mobilise capital ahead of COP26,” he said, in reference to the UK’s presidency of the UN climate summit COP26 scheduled for November 2021.

A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre, including regulatory capacity-building support for the new International Financial Services Centre Authority, was also flagged as a means to drive international capital flows from the City of London to India.

“The UK is home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory. It is vital that we continue to leverage that expertise enabling us to collaborate ever more closely as we look ahead to COP26 in the UK next year,” said Catherine McGuinness, Policy Chair at the City of London Corporation.

The corporation, the governing body of the financial hub of the UK capital known as the Square Mile, said the private sector-led UK-India Sustainable Finance Working Group, established earlier with the Federation of Indian Chambers of Commerce and Industry (FICCI), is already working on reducing barriers to sustainable investment.

“Much needs to be done to unlock capital for sustainable growth and together with the members of our working group, we hope to take practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26,” said the co-chairs of the working group — Hitendra Dave, head of Global Banking and Markets, HSBC India, and Richard Abel, MD, UK Climate Investments.

The UK government highlighted that since its first EFD with India in 2007, bilateral trade between the two countries has more than doubled to nearly GBP 24 billion in 2019.

Live Mint |

UK's deep liquid capital markets can help India's infrastructure needs: Rishi Sunak

UK Chancellor Rishi Sunak on Wednesday hailed a series of "ambitious" new UK-India initiatives across investment, trade, infrastructure, sustainable finance and research as he highlighted the role to be played by the UK's capital markets in India's infrastructure development.

The Indian-origin finance minister, addressing the UK-India Investing for Growth Forum on the sidelines of the UK-India 10th Economic and Financial Dialogue (EFD), said that while a new Partnership on Infrastructure Policy and Financing will help catalyse private finance flows into India's ambitious National Infrastructure Pipeline (NIP), a new Sustainable Finance Forum would help green up the financial partnership between the two countries.

According to a high-level task force, India's NIP has projected infrastructure investment of ₹111 trillion during 2020-25.

"Sustainable finance provides a significant opportunity for the UK-India relationship. In the next 20 years, India is estimated to require USD 4.5 trillion of investment in sustainable infrastructure. The UK, with our deep and liquid capital markets, can play an enormous role in providing private finance to meet that need," said Sunak, in a virtual address to the summit.

"Building on the unique strengths each country brings to our partnership – the UK's deep and liquid capital markets and India's extraordinary economic dynamism – together we can build an ambitious and exciting economic partnership and through our close and cooperative working relationship, show the way to global recovery," he said.

The address followed his ministerial-level EFD dialogue, also held virtually with finance minister Nirmala Sitharaman, earlier on Wednesday during which both sides concluded a broad range of agreements.

A new annual Financial Markets Dialogue between India and the UK to remove regulatory and market access barriers for British and Indian firms, is set to kick start with a meeting early next year.

It will be led by senior officials from the finance ministries of both countries and include the participation of financial regulators and private sector players.

"India holds huge potential for investors, and the Indian government's ambitious vision for infrastructure financing is a massive opportunity to drive the post-pandemic global economy forwards," said William Russell, the Lord Mayor of London.

"London has deep expertise in sustainable infrastructure investment, and this event is a huge opportunity to mobilise capital ahead of COP26," he said, in reference to the UK's presidency of the UN climate summit COP26 scheduled for November 2021.

A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre, including regulatory capacity building support for the new International Financial Services Centre Authority, was also flagged as a means to drive international capital flows from the City of London to India.

“The UK is home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory. It is vital that we continue to leverage that expertise enabling us to collaborate ever more closely as we look ahead to COP26 in the UK next year," said Catherine McGuinness, Policy Chair at the City of London Corporation.

The corporation, the governing body of the financial hub of the UK capital known as the Square Mile, said the private sector led UK-India Sustainable Finance Working Group, established earlier with the Federation of Indian Chambers of Commerce and Industry (FICCI), is already working on reducing barriers to sustainable investment.

“Much needs to be done to unlock capital for sustainable growth, and together with the members of our working group, we hope to take practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26," said the co-chairs of the working group – Hitendra Dave, Head of Global Banking and Markets, HSBC India, and Richard Abel, MD, UK Climate Investments.

The UK government highlighted that since its first EFD with India in 2007, bilateral trade between the two countries has more than doubled to nearly GBP 24 billion in 2019.

Mumbai News |

British and Indian financial relationship broadened

Britain and India entered into a range of agreements on Wednesday to solidify their relationship and promote investment in each other's economies.

The move comes as the United States and India too strengthen their Indian ties.

The UK agreements are centered on financial services, infrastructure and sustainable finance .

The landmark tenth Economic and Financial Dialogue (EFD) brought together the British Chancellor, Rishi Sunak (pictured), and the Indian Minister of Finance, Nirmala Sitharaman, in a landmark meeting to build and expand economic ties between the two countries.

The UK and India have a strong investment relationship, with UK and Indian investments supporting over half a million jobs in each other's economies. More than 800 Indian companies operate in the UK, employing more than 110,000 people.

"The UK's economic and financial relationship with India has never been more important with the global challenges we face," Chancellor of the Exchequer Rishi Sunak said Wednesday.

"Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK."

"We are also committed to working together to lead the global economic recovery as we build back better after the pandemic," the chancellor added.

Agreements reached on Wednesday include:
  • a new UK-India Partnership on Infrastructure Policy and Financing which will help to open up infrastructure opportunities in India to UK commercial expertise and financing.
  • strengthening cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system
  • a fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech
  • creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms
  • a new partnership in Gujarat International Finance Tec (GIFT) City, India's flagship new international financial centre, which will create opportunities for UK firms
  • joint investment in research collaborations worth up to £8 million to understand the impact of Covid in South Asian populations in the UK and India
During the talks, the chancellor pressed for measures to help the UK financial services industry win more business in India and said he welcomed the decision to allow Indian companies to list on the London Stock Exchange the UK being one of only seven jurisdictions permitted.

Ministers also agreed to explore ways to boost investment in insurance through an increase in India's foreign investment limit.

Alongside the EFD, the chancellor addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry. The chancellor highlighted what he described as the enormous potential for the UK and India to work together to drive green sustainable finance flows and generate even stronger bilateral investment.

India is now the UK's second largest source of investment with 120 new projects in 2019-20.

Indian investment in the UK is focused on technology, pharmaceuticals and manufacturing, including electric vehicles at Jaguar Land Rover's Castle Bromwich plant in the West Midlands.

UAE News |

British and Indian financial relationship broadened

Britain and India entered into a range of agreements on Wednesday to solidify their relationship and promote investment in each other's economies.

The move comes as the United States and India too strengthen their Indian ties.

The UK agreements are centered on financial services, infrastructure and sustainable finance .

The landmark tenth Economic and Financial Dialogue (EFD) brought together the British Chancellor, Rishi Sunak (pictured), and the Indian Minister of Finance, Nirmala Sitharaman, in a landmark meeting to build and expand economic ties between the two countries.

The UK and India have a strong investment relationship, with UK and Indian investments supporting over half a million jobs in each other's economies. More than 800 Indian companies operate in the UK, employing more than 110,000 people.

"The UK's economic and financial relationship with India has never been more important with the global challenges we face," Chancellor of the Exchequer Rishi Sunak said Wednesday.

"Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK."

"We are also committed to working together to lead the global economic recovery as we build back better after the pandemic," the chancellor added.

Agreements reached on Wednesday include:
  • a new UK-India Partnership on Infrastructure Policy and Financing which will help to open up infrastructure opportunities in India to UK commercial expertise and financing.
  • strengthening cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system
  • a fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech
  • creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms
  • a new partnership in Gujarat International Finance Tec (GIFT) City, India's flagship new international financial centre, which will create opportunities for UK firms
  • joint investment in research collaborations worth up to £8 million to understand the impact of Covid in South Asian populations in the UK and India
During the talks, the chancellor pressed for measures to help the UK financial services industry win more business in India and said he welcomed the decision to allow Indian companies to list on the London Stock Exchange the UK being one of only seven jurisdictions permitted.

Ministers also agreed to explore ways to boost investment in insurance through an increase in India's foreign investment limit.

Alongside the EFD, the chancellor addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry. The chancellor highlighted what he described as the enormous potential for the UK and India to work together to drive green sustainable finance flows and generate even stronger bilateral investment.

India is now the UK's second largest source of investment with 120 new projects in 2019-20.

Indian investment in the UK is focused on technology, pharmaceuticals and manufacturing, including electric vehicles at Jaguar Land Rover's Castle Bromwich plant in the West Midlands.

The Newsbar |

Two Covid-19 projects in India-UK financial dialogue

Two new projects related to the Covid-19 pandemic were among key outcomes in the 10th Economic and Financial Dialogue (EFD) between finance minister Nirmala Sitharaman and UK chancellor Rishi Sunak on Wednesday.

A joint statement called the pandemic the “biggest threat” to the global economy in decades, and noted the responses taken by the two governments, including steps to protect lives and livelihoods.

The UK Research and Innovation and India’s Department of Biotechnology will jointly invest up to £8 million for research to understand and address the factors leading to the severity of coronavirus in South Asian populations in UK and in India.

And the UK’s Department of Health and Social Care will contribute to India’s Coronavirus Joint Response Plan and antimicrobial resistance (AMR) via the World Health Organization with an initial amount of £600,000.

This will provide a platform for further bilateral cooperation on AMR through a Fleming Fund partnership with the Ministry of Health and Family Welfare in the future, the statement said.

Since the first EFD between the two countries in 2007, bilateral trade has more than doubled to nearly £24 billion in 2019, officials said, adding that India is now the UK’s second largest source of investment with 120 new projects in 2019-20.

The investment relationship between the two countries supports over half a million jobs in each other’s economies. More than 800 Indian companies operate in the UK, employing more than 110,000 people.

Sunak said: “The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK.”

“We are also committed to working together to lead the global economic recovery as we build back better after the pandemic,” he added.

Agreements reached on Wednesday include: a new UK-India Partnership on Infrastructure Policy and Financing which will help to open up infrastructure opportunities in India to UK commercial expertise and financing; and creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms.

It was also agreed to strengthen cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system; and a fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech; and a new partnership in Gujarat International Finance Tec (GIFT) City.

Sunak highlighted measures to help the UK financial services industry win more business in India and welcomed the decision to allow Indian companies to list on the London Stock Exchange.

Sunak addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry.

News Live Nation |

Two Covid-19 projects in India-UK financial dialogue

Two new projects associated to the Covid-19 pandemic have been amongst key outcomes in the 10th Economic and Financial Dialogue (EFD) between finance minister Nirmala Sitharaman and UK chancellor Rishi Sunak on Wednesday.

A joint assertion known as the pandemic the “biggest threat” to the worldwide economic system in a long time, and famous the responses taken by the 2 governments, together with steps to guard lives and livelihoods.
The UK Research and Innovation and India’s Department of Biotechnology will collectively make investments as much as £eight million for analysis to know and handle the elements resulting in the severity of coronavirus in South Asian populations in UK and in India.

And the UK’s Department of Health and Social Care will contribute to India’s Coronavirus Joint Response Plan and antimicrobial resistance (AMR) by way of the World Health Organization with an preliminary quantity of £600,000.

This will present a platform for additional bilateral cooperation on AMR by way of a Fleming Fund partnership with the Ministry of Health and Family Welfare in the long run, the assertion mentioned.

Since the primary EFD between the 2 nations in 2007, bilateral commerce has greater than doubled to just about £24 billion in 2019, officers mentioned, including that India is now the UK’s second largest supply of funding with 120 new projects in 2019-20.
The funding relationship between the 2 nations helps over half one million jobs in one another’s economies. More than 800 Indian firms function in the UK, using greater than 110,000 folks.

Sunak mentioned: “The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK.”

“We are also committed to working together to lead the global economic recovery as we build back better after the pandemic,” he added.

Agreements reached on Wednesday embrace: a brand new UK-India Partnership on Infrastructure Policy and Financing which can assist to open up infrastructure alternatives in India to UK industrial experience and financing; and creating a brand new Financial Markets Dialogue to take away regulatory and market entry boundaries for UK and Indian companies.
It was additionally agreed to strengthen cooperation on mobilising personal capital into inexperienced funding, together with by way of a brand new UK-India Sustainable Finance Forum, and greening the financial system; and a contemporary mandate for the industry-led India-UK Financial Partnership to discover nearer financial ties in areas together with FinTech; and a brand new partnership in Gujarat International Finance Tec (GIFT) City.

Sunak highlighted measures to assist the UK financial companies {industry} win extra enterprise in India and welcomed the choice to permit Indian firms to record on the London Stock Exchange.

Sunak addressed {industry} leaders on the UK-India Investing for Growth Forum hosted just about by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry.

Yahoo News |

UK's deep liquid capital markets can help India's infrastructure needs: Rishi Sunak

UK Chancellor Rishi Sunak on Wednesday hailed a series of 'ambitious' new UK-India initiatives across investment, trade, infrastructure, sustainable finance and research as he highlighted the role to be played by the UK's capital markets in India's infrastructure development.

The Indian-origin finance minister, addressing the UK-India Investing for Growth Forum on the sidelines of the UK-India 10th Economic and Financial Dialogue (EFD), said that while a new Partnership on Infrastructure Policy and Financing will help catalyse private finance flows into India's ambitious National Infrastructure Pipeline (NIP), a new Sustainable Finance Forum would help green up the financial partnership between the two countries.

According to a high-level task force, India's NIP has projected infrastructure investment of Rs 111 trillion during 2020-25.

'Sustainable finance provides a significant opportunity for the UK-India relationship. In the next 20 years, India is estimated to require USD 4.5 trillion of investment in sustainable infrastructure. The UK, with our deep and liquid capital markets, can play an enormous role in providing private finance to meet that need,' said Sunak, in a virtual address to the summit.

'Building on the unique strengths each country brings to our partnership – the UK's deep and liquid capital markets and India's extraordinary economic dynamism – together we can build an ambitious and exciting economic partnership and through our close and cooperative working relationship, show the way to global recovery,” he said.

The address followed his ministerial-level EFD dialogue, also held virtually with finance minister Nirmala Sitharaman, earlier on Wednesday during which both sides concluded a broad range of agreements.

A new annual Financial Markets Dialogue between India and the UK to remove regulatory and market access barriers for British and Indian firms, is set to kick start with a meeting early next year.

It will be led by senior officials from the finance ministries of both countries and include the participation of financial regulators and private sector players.

'India holds huge potential for investors, and the Indian government's ambitious vision for infrastructure financing is a massive opportunity to drive the post-pandemic global economy forwards,' said William Russell, the Lord Mayor of London.

'London has deep expertise in sustainable infrastructure investment, and this event is a huge opportunity to mobilise capital ahead of COP26,' he said, in reference to the UK's presidency of the UN climate summit COP26 scheduled for November 2021.

A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre, including regulatory capacity building support for the new International Financial Services Centre Authority, was also flagged as a means to drive international capital flows from the City of London to India.

“The UK is home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory. It is vital that we continue to leverage that expertise enabling us to collaborate ever more closely as we look ahead to COP26 in the UK next year,” said Catherine McGuinness, Policy Chair at the City of London Corporation.

The corporation, the governing body of the financial hub of the UK capital known as the Square Mile, said the private sector led UK-India Sustainable Finance Working Group, established earlier with the Federation of Indian Chambers of Commerce and Industry (FICCI), is already working on reducing barriers to sustainable investment.

“Much needs to be done to unlock capital for sustainable growth, and together with the members of our working group, we hope to take practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26,” said the co-chairs of the working group – Hitendra Dave, Head of Global Banking and Markets, HSBC India, and Richard Abel, MD, UK Climate Investments.

The UK government highlighted that since its first EFD with India in 2007, bilateral trade between the two countries has more than doubled to nearly GBP 24 billion in 2019.

The Hindu Business Line |

India-UK ink pacts on sustainable finance

India and the UK on Wednesday reached landmark agreements on financial services, infrastructure and sustainable finance, helping to boost jobs and investments in both countries.

These agreements came at the 10th Economic and Financial Dialogue (EFD) between the UK and India, jointly chaired by Finance Minister Nirmala Sitharaman and the UK Chancellor Rishi Sunak.

The agreements include a new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre, including regulatory capacity building support for the new International Financial Services Centre Authority. A new UK-India Partnership on Infrastructure Policy and Financing to support the Indian National Infrastructure Pipeline with UK commercial expertise and financing was also signed.

Green investment

Both sides agreed to strengthen cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum and greening the financial system.

Besides providing a fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including fintech, both sides agreed to create a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms.

The Chancellor and Finance Minister discussed the importance of cooperation in dealing with the economic impact of Covid-19 – which the UK and India are already leading as co-authors of the G20 Action Plan – and tackling climate change through sustainable finance.

Rishi Sunak said: “The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment and secure jobs. We are also committed to working together to lead the global economic recovery as we build back better after the pandemic.”

The Chancellor championed UK markets as a source for Indian companies to raise international capital, and welcomed the decision to allow Indian companies to directly list on the London Stock Exchange – the UK being one of only seven jurisdictions permitted.

Increase in FDI limit

Ministers also agreed to explore ways to boost investment in insurance through an increase in India’s foreign investment limit, an official release issued by the British High Commission after the EFD said.

Sitharaman said that UK-India Fast Track Start-up Fund backed by SIDBI and the UK Government will fund early-stage tech start-ups with technical assistance focussed on capacity building, policy advocacy and deepening entrepreneurial connection with the UK.

Ministers committed to leading the world’s economic recovery by working closely together through the UK’s G7 and COP Presidencies and India’s G20 Presidency in 2022.

Alongside the EFD, the Chancellor addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry. The Chancellor highlighted the enormous potential for the UK and India to work together to drive green sustainable finance flows and generate even stronger bilateral investment.

Hindustan Times |

Two Covid-19 projects in India-UK financial dialogue

Two new projects related to the Covid-19 pandemic were among key outcomes in the 10th Economic and Financial Dialogue (EFD) between finance minister Nirmala Sitharaman and UK chancellor Rishi Sunak on Wednesday.

A joint statement called the pandemic the “biggest threat” to the global economy in decades, and noted the responses taken by the two governments, including steps to protect lives and livelihoods.

The UK Research and Innovation and India’s Department of Biotechnology will jointly invest up to £8 million for research to understand and address the factors leading to the severity of coronavirus in South Asian populations in UK and in India.

And the UK’s Department of Health and Social Care will contribute to India’s Coronavirus Joint Response Plan and antimicrobial resistance (AMR) via the World Health Organization with an initial amount of £600,000.

This will provide a platform for further bilateral cooperation on AMR through a Fleming Fund partnership with the Ministry of Health and Family Welfare in the future, the statement said.

Since the first EFD between the two countries in 2007, bilateral trade has more than doubled to nearly £24 billion in 2019, officials said, adding that India is now the UK’s second largest source of investment with 120 new projects in 2019-20.

The investment relationship between the two countries supports over half a million jobs in each other’s economies. More than 800 Indian companies operate in the UK, employing more than 110,000 people.

Sunak said: “The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment, and create and secure jobs in the UK.”

“We are also committed to working together to lead the global economic recovery as we build back better after the pandemic,” he added.

Agreements reached on Wednesday include: a new UK-India Partnership on Infrastructure Policy and Financing which will help to open up infrastructure opportunities in India to UK commercial expertise and financing; and creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms.

It was also agreed to strengthen cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system; and a fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech; and a new partnership in Gujarat International Finance Tec (GIFT) City.

Sunak highlighted measures to help the UK financial services industry win more business in India and welcomed the decision to allow Indian companies to list on the London Stock Exchange.

Sunak addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry.

The Week |

UK's deep liquid capital markets can help India's infrastructure needs Rishi Sunak

UK Chancellor Rishi Sunak on Wednesday hailed a series of "ambitious" new UK-India initiatives across investment, trade, infrastructure, sustainable finance and research as he highlighted the role to be played by the UK's capital markets in India's infrastructure development.
The Indian-origin finance minister, addressing the UK-India Investing for Growth Forum on the sidelines of the UK-India 10th Economic and Financial Dialogue (EFD), said that while a new Partnership on Infrastructure Policy and Financing will help catalyse private finance flows into India's ambitious National Infrastructure Pipeline (NIP), a new Sustainable Finance Forum would help green up the financial partnership between the two countries.
According to a high-level task force, India's NIP has projected infrastructure investment of Rs 111 trillion during 2020-25.

"Sustainable finance provides a significant opportunity for the UK-India relationship. In the next 20 years, India is estimated to require USD 4.5 trillion of investment in sustainable infrastructure. The UK, with our deep and liquid capital markets, can play an enormous role in providing private finance to meet that need," said Sunak, in a virtual address to the summit.
"Building on the unique strengths each country brings to our partnership – the UK's deep and liquid capital markets and India's extraordinary economic dynamism – together we can build an ambitious and exciting economic partnership and through our close and cooperative working relationship, show the way to global recovery,” he said.
The address followed his ministerial-level EFD dialogue, also held virtually with finance minister Nirmala Sitharaman, earlier on Wednesday during which both sides concluded a broad range of agreements.
A new annual Financial Markets Dialogue between India and the UK to remove regulatory and market access barriers for British and Indian firms, is set to kick start with a meeting early next year.
It will be led by senior officials from the finance ministries of both countries and include the participation of financial regulators and private sector players.
"India holds huge potential for investors, and the Indian government's ambitious vision for infrastructure financing is a massive opportunity to drive the post-pandemic global economy forwards," said William Russell, the Lord Mayor of London.
"London has deep expertise in sustainable infrastructure investment, and this event is a huge opportunity to mobilise capital ahead of COP26," he said, in reference to the UK's presidency of the UN climate summit COP26 scheduled for November 2021.
A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre, including regulatory capacity building support for the new International Financial Services Centre Authority, was also flagged as a means to drive international capital flows from the City of London to India.
“The UK is home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory. It is vital that we continue to leverage that expertise enabling us to collaborate ever more closely as we look ahead to COP26 in the UK next year,” said Catherine McGuinness, Policy Chair at the City of London Corporation.
The corporation, the governing body of the financial hub of the UK capital known as the Square Mile, said the private sector led UK-India Sustainable Finance Working Group, established earlier with the Federation of Indian Chambers of Commerce and Industry (FICCI), is already working on reducing barriers to sustainable investment.
“Much needs to be done to unlock capital for sustainable growth, and together with the members of our working group, we hope to take practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26,” said the co-chairs of the working group – Hitendra Dave, Head of Global Banking and Markets, HSBC India, and Richard Abel, MD, UK Climate Investments.
The UK government highlighted that since its first EFD with India in 2007, bilateral trade between the two countries has more than doubled to nearly GBP 24 billion in 2019.

Outlook |

UK's deep liquid capital markets can help India's infrastructure needs: Rishi Sunak

UK Chancellor Rishi Sunak on Wednesday hailed a series of "ambitious" new UK-India initiatives across investment, trade, infrastructure, sustainable finance and research as he highlighted the role to be played by the UK's capital markets in India's infrastructure development.

The Indian-origin finance minister, addressing the UK-India Investing for Growth Forum on the sidelines of the UK-India 10th Economic and Financial Dialogue (EFD), said that while a new Partnership on Infrastructure Policy and Financing will help catalyse private finance flows into India's ambitious National Infrastructure Pipeline (NIP), a new Sustainable Finance Forum would help green up the financial partnership between the two countries.

According to a high-level task force, India's NIP has projected infrastructure investment of Rs 111 trillion during 2020-25.

"Sustainable finance provides a significant opportunity for the UK-India relationship. In the next 20 years, India is estimated to require USD 4.5 trillion of investment in sustainable infrastructure. The UK, with our deep and liquid capital markets, can play an enormous role in providing private finance to meet that need," said Sunak, in a virtual address to the summit.

"Building on the unique strengths each country brings to our partnership – the UK's deep and liquid capital markets and India's extraordinary economic dynamism – together we can build an ambitious and exciting economic partnership and through our close and cooperative working relationship, show the way to global recovery,” he said.

The address followed his ministerial-level EFD dialogue, also held virtually with finance minister Nirmala Sitharaman, earlier on Wednesday during which both sides concluded a broad range of agreements.

A new annual Financial Markets Dialogue between India and the UK to remove regulatory and market access barriers for British and Indian firms, is set to kick start with a meeting early next year.

It will be led by senior officials from the finance ministries of both countries and include the participation of financial regulators and private sector players.

"India holds huge potential for investors, and the Indian government's ambitious vision for infrastructure financing is a massive opportunity to drive the post-pandemic global economy forwards," said William Russell, the Lord Mayor of London.

"London has deep expertise in sustainable infrastructure investment, and this event is a huge opportunity to mobilise capital ahead of COP26," he said, in reference to the UK's presidency of the UN climate summit COP26 scheduled for November 2021.

A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre, including regulatory capacity building support for the new International Financial Services Centre Authority, was also flagged as a means to drive international capital flows from the City of London to India.

“The UK is home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory. It is vital that we continue to leverage that expertise enabling us to collaborate ever more closely as we look ahead to COP26 in the UK next year,” said Catherine McGuinness, Policy Chair at the City of London Corporation.

The corporation, the governing body of the financial hub of the UK capital known as the Square Mile, said the private sector led UK-India Sustainable Finance Working Group, established earlier with the Federation of Indian Chambers of Commerce and Industry (FICCI), is already working on reducing barriers to sustainable investment.

“Much needs to be done to unlock capital for sustainable growth, and together with the members of our working group, we hope to take practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26,” said the co-chairs of the working group – Hitendra Dave, Head of Global Banking and Markets, HSBC India, and Richard Abel, MD, UK Climate Investments.

The UK government highlighted that since its first EFD with India in 2007, bilateral trade between the two countries has more than doubled to nearly GBP 24 billion in 2019.

Orissa Diary |

FICCI organised a special virtual event entitled, 'UK – India Investing for Growth Forum'

Federation of Indian Chambers of Commerce and Industry (FICCI) and The City of London Corporation, today organised a special virtual event entitled, ‘UK – India Investing for Growth Forum’. This virtual forum took place as part of the 10th UK-India Economic and Financial Dialogue (EFD), following the formal ministerial dialogue. This exclusive forum brought together UK and Indian stakeholders to discuss on how finance can be mobilised in the economic recovery and simultaneously pave the way for a resilient future.

FICCI and City of London are together anchoring the India-UK Sustainable Finance Working Group established after the 9th EFD, and comprising of senior executives from some of India’s largest lenders (banks and non-banks), investors (asset managers, pension funds) representing the interests of the providers of capital/finance, and also has amongst its members some of the largest issuers and borrowers to represent the interest of the beneficiaries of such capital/finance.

Lord Mayor of the City of London, Rt Hon Alderman William Russell in his opening remarks mentioned about the persistent financing gap in infrastructure sector in India and the need to mobilise private capital at pace and scale to finance Infrastructure in India. Finances will have a substantial role to play in building back better. He said that sustainable finance is a great example of working together to ensure recovery. Working together we can ensure that recovery is fit for decades to come, he added.

The Rt Hon Rishi Sunak MP, Chancellor of the Exchequer said that the UK is the second fastest growing G-20 investor in India over the last decade. Sustainable finance provides a significant opportunity for UK-India relationship. In the next 20 years, India is estimated to require USD 4.5 trillion investments in sustainable infrastructure. The UK, with deep and liquid capital markets, can play an enormous role to provide climate finance to meet that need, especially as we look at UK’s Presidency of COP26 next year. We are pleased to announce the establishment of a new UK-India Sustainable Finance Forum, he added.

Dr C S Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance stated that Government of India has taken several measures to contain this economic loss. He also stated about GoI’s INR 20 lakh crore relief package (which was almost 10% of the GDP) announced in May’20 which included grains to the poor, tax relief for MSMEs, industries, working capital facility at concessional rates guaranteed by GoI along with liquidity boosting measures such as interest rate cuts. These measures were aimed at not only creating demand but boosting the Atmanirbhar Bharat initiative of the GoI.

He also welcomed the India-UK Sustainable Finance Working Group and looked forward to seeing as to how we can move forward on some of the action points provided by the Working Group, working alongside HMT. Sustainable finance will become even more important in the current context of a pandemic-hit world, as corporates and financial institutions will need to reorient themselves to a more sustainable and resilient future. We look to global investors investing in India for sustainable growth, and in new clean, green and sustainable sectors of the economy, he added.

Mr Hitendra Dave, India Co-Chair, India-UK Sustainable Finance Working Group & Managing Director and Head of Global Banking and Markets, HSBC India and Mr Richard Abel, UK Co-Chair, India-UK Sustainable Finance Working Group in India, and Managing Director, UK Climate Investments said, “We are delighted that the Chancellor and Finance Minister have welcomed the work of the India-UK Sustainable Finance Working Group anchored by FICCI and City of London, and together with the members of our working group, we hope to deliver practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26.”

Mr Rashesh Shah, Chairman, Edelweiss Group, and Past President, FICCI said that Indian financial markets are getting integrated globally. Long term availability of credit capital is a big opportunity and challenge for India. We need long term holding capacities. UK can play an important role through innovative financing mechanisms for infrastructure in India, he added.

India is a large economy, almost USD 3 trillion, but we are also a small economy because the per capita GDP is still under USD 2000. It is large and small from an opportunity point of view at the same time. Larger opportunities are in India’s own savings and lot of global savings also waiting to come to India.

Mr Sujoy Bose, CEO, NIIF said presenting the channels of capital to UK investors and presenting the opportunities to government and opening up of the bond markets would be the areas to focus on in the UK-India finance relationship. He alluded to the potential of pension funds to invest in infrastructure as a way for finance to find the right asset class in India.

Dr Sangita Reddy, President, FICCI said that both United Kingdom and India have been partners for long. And while the recent times have indeed been trying and unprecedented on many fronts – health, economic, social; on the positive side the current crisis has also given us an opportunity to widen the scope of our partnership and further strengthen it. “India remains open to a plethora of opportunities and going ahead we look forward to further deepening ties between the two countries on a strong investment partnership, and we are excited that the UK India joint EFD has included India UK Sustainable Finance Working Group anchored by FICCI and the City of London, which will pave the way for innovative financial instruments in sustainable infrastructure,” she added.

Hindustan Times |

Indian-origin billionaire brothers from UK buy retail giant Asda

Zuber Issa and Mohsin Issa, sons of an immigrant from Gujarat who arrived to work in the textile industry, on Friday announced the acquisition of retail giant Asda (valued at £6.8 billion) currently owned by Walmart of the US, marking another success story in the UK’s Indian community.

Based in Blackburn, Zuber Issa, 48, and Mohsin Issa, 49, began small, working on a petrol station in Greater Manchester in 2001, and went on to build a chain of thousands of petrol stations in Europe and the United States as part of their company, EG Group.

Their success story was hailed in a report by FICCI, consultant Grant Thornton and the Indian high commission in February, titled ‘India in the UK: The Diaspora Effect’.

A consortium of Zuber Issa and Mohsin Issa and private equity firm TDR Capital will take a majority stake in Asda, a spokesperson for the brothers and the equity firm said. Walmart, which bought Asda in 1999 for £6.7 billion, will retain a minority stake in the chain.

The brothers said: “We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy”.

Goa Chronicle |

14th UK-India Joint Economic and Trade Committee (JETCO) sees commitment to enhanced trade partnership

UK and Indian Ministers agree to remove barriers to trade as part of a roadmap to a Free Trade Agreement at the first virtual Joint Economic and Trade Committee (JETCO).

The UK India Business Council warmly welcomes the announcement today by UK Secretary of State for International Trade, Liz Truss, and Indian Minister of Commerce and Industry, Piyush Goyal, that the Governments will establish an Enhanced Trade Partnership, which is the first step on a roadmap to a UK-India free trade agreement.

The UKIBC also welcomes the continued focus of both governments on tackling barriers to trade.

As part of their bilateral discussions, Ms. Truss and Mr. Goyal, joined by UK Minister for International Trade, Mr. Ranil Jayawardena, and Indian Minister of State for Commerce and Industry, Mr. Hardeep Singh Puri, met business leaders representing bilateral working groups in three priority sectors: food and drink, life science and healthcare, and digital and data services.

The Co-chairs of each working group presented a series of recommended market access reforms that would boost UK-India trade and investment in each of these sectors. The recommendations were drawn from detailed reports produced by the working groups, which consolidate feedback from a wide range of businesses from across the UK and India.

The feedback was gratefully welcomed by the Ministers, who committed to make progress to implement many of the recommendations.

Following the JETCO, UKIBC Managing Director Kevin McCole said, “The enhanced trade partnership announced today, setting the path to a UK-India FTA, is an important signal that both the UK and India are committed to deepening an already strong partnership. It is also important that the governments are retaining their sharp focus on tackling market access barriers, which will not only expand bilateral trade and investment, but build confidence and momentum towards an FTA.”

It is vital that Governments hear first-hand from businesses about the opportunities and challenges they face, and, critically, the solutions that would work for them. JETCO facilitates exactly that and the combination of G2G and B2G makes this meeting a unique and important event.

The UK sides of the Working Groups were chaired by senior figures from major UK investors in India: Wilson Del Socorro of Diageo, Patty O’Hayer of Reckitt Benckiser, and Alistair Tebbit of RELX.

Wilson Del Socorro, UK Co-chair of the Food and Drink working group, said, “Today was another step forward towards stronger UK-India bilateral trade relations to support the growth of the food and drink sector. There are significant trade and investment opportunities on both sides and we look forward to continuing to be part of the discussions to unlock trade and regulatory barriers working closely with the UK and India Governments through the JETCO process.”

Patty O’Hayer, UK Co-chair of the Life Science and Healthcare working group, said, “The COVID-19 pandemic has taught us that the best way to solve a global problem is through collaborative solutions, possible when businesses and governments come together. The openness and thought sharing which a platform like JETCO provides is key to both our nations futures.”

Alistair Tebbit, UK Co-chair of the Digital and Data Services working group, said, “Now is the time for us to capitalise on the huge strengths of India and UK in digital and data services and find ways of boosting investment, innovation and jobs as our two economies emerge from the pandemic. I hope that working closely with both governments we can turn these proposals, which have been put forward by leading Indian and UK tech business, into practical initiatives.”

The bilateral Ministerial meeting was followed by a virtual Plenary addressed by Mr. Jayawardena, Lord Grimstone, UK Minister for Investment, Mr. Singh Puri, and Mr. Ajay Piramal, Co-chair of the UK India CEO Forum and Chairman of the Piramal Group.

This year’s JETCO was the fourteenth such meeting between the UK and India of this annual event.

About the UKIBC

The UK India Business Council is a member-led advocacy and strategic advisory business working to promote trade and investment between the UK and India. UKIBC plays the role of a Secretariat for the JETCO talks and provides a forum for UK companies to enhance their links and develop new partnerships with Indian businesses.

The three JETCO working groups were coordinated by the UK India Business Council (UKIBC) along with Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce (FICCI).

India Today |

UK's new immigration system to come into force from January 1

As the UK exits EU by the end of the year, new immigration rules become applicable from the January 1, 2021 where equal weightage will be given to EU or non-EU applicants unlike before when EU citizens had access to free movement.

Now, anyone who wishes to live and work in the UK would need to acquire 70 points to be eligible for a visa as announced by the Home Office on July 13.

Indian-origin Home Secretary of UK, Priti Patel said, “The British people voted to take back control of our borders and introduce a new points-based immigration system. Now we have left the EU, we are free to unleash this country’s full potential and implement the changes we need to restore trust in the immigration system and deliver a new fairer, firmer, skills-led system from 1 January 2021. Britain is open for business and ready to welcome the best and brightest global talent.”

The government said, “Under a points-based immigration system, points are assigned for specific skills, qualifications, salaries and shortage occupations. Visas are then awarded to those who gain enough points.”

What does it mean?
  • Job offer must to come to the UK.
  • The applicant must have a job that pays more than £20,480 and is sponsored by Home-Office approved employer.
  • They must speak English to an acceptable standard.
  • More points can be given for skills that are in shortage or those with higher salary offer or having a PhD.
  • No route for unskilled work.
Prominent UK Immigration Solicitor Hasil Makkar said, “This is a significant announcement by the government and will make it easier for those with the most talent and potential to come to the UK to further their careers and at the same time make valuable contribution to Great Britain.”

Separate route for students?

There are separate routes for students, dependent family members or recent graduates.

Regardless of the nationality, the government under its new graduate route opening in Summer of 2021 which, “will allow international students to stay in the UK once they have successfully completed their studies - students who have completed undergraduate and master’s degrees will be able to stay for 2 years and those who have completed PhD can stay for 3 years, making it easier for some of the best, international graduates to secure skilled jobs in the UK and contribute to the UK’s economic growth.”

Responding to this Principal and Vice Chancellor of the University of Glasgow, Professor Sir Anton Muscatelli said, “It’s thanks to the world-class talent at our disposal that universities from all four nations of the UK have helped to lead the fightback against Covid-19. By broadening opportunity and boosting competitiveness, the Graduate and Global Talent visas are key to ensuring that the UK remains a world leading environment for research and innovation and that our universities continue to bring together the brightest and best minds from around the world.”

Application fees?

Workers with skilled background applying from outside of the UK would need to pay £610 for their visa application fee or £1,220 if it involves stay of more than three years.

In case of applying for visas that come under the shortage of skills category the fees will fall to £464 or £928 for stays over three years.

An Immigration Health Surcharge too is applicable for the use of NHS, which is £624 per year.

The companies employing the applicant must also pay an "immigration skills charge" of £1,000 per worker per year.

Charities and small or medium business would get a discounted rate of NHS surcharge at £364 per year

NHS workers?

Provision for a fast track entry health and care visa now with a discount on the £610 standard visa application fee will be opened.

“Fast track visa for health professionals,” was PM Boris Johnson and Home Secretary Priti Patels’ election promise.

In addition, as a result of massive campaigning from doctor groups and unions the applicant and immediate family the new point-based systems allows for applicant or their immediate family won’t have to pay the Immigration NHS surcharge.

Applicants though exempt from meeting the “bonus tradeable requirement of salary requirement,” must still meet the basic requirements for skilled workers as specified.

Those applying under health and care visa though can earn 20 extra points even if the job that they are applying for only pays £20,480 but for this they need to be on the list of “health occupations,” that includes dentists, physical medicine, physiotherapists, ophthalmic opticians, pharmacists, nurses, midwives, social workers and so on.

FICCI has welcomed the new points-based immigration system announced by the UK Home Secretary as it opens up the UK for business and ready to accept global talent. Baroness Prashar, Chairperson, FICCI UK Council said “The new system will benefit Indian Companies and employees doing business in the UK. It is equitable and will provide level playing field to EU and non-EU citizens seeking assignments and skilled jobs in the UK.”

On the healthcare and student’s initiative that Indian contributes greatly to Baroness Prashar further added, “The fast-track healthcare visa is a welcome initiative. The graduate route will help retain the brightest and best students to contribute to the UK. The Start-up and Innovator routes will attract Indian entrepreneurial talent and scalable business ideas to the UK. It will also encourage innovation. Access to highly skilled talent is critical especially for India’s service sector which generates substantial number of jobs in the UK. It will also benefit sectors like IT, financial services amongst others.” she added.

Rules for visitors visa pretty much remain the same. Usually granted for six months with provision for multiple entries.

Outlook |

UK tables new "cheaper, quicker and easier" Health Visa in Parliament

The UK government tabled a new "cheaper, quicker and easier” Health and Care Visa in Parliament on Tuesday, aimed at attracting overseas doctors, nurses and healthcare professionals to the state-funded National Health Service (NHS) as part of a new post-Brexit visa and immigration system.

The new visa, welcomed by Indian professional groups, will be launched from August to create a new fast-track visa route designed to attract the best global health professionals to work in the NHS, for NHS commissioned service providers, and in eligible occupations in the social care sector.

"We are indebted to overseas health and care professionals for their tremendous contributions, not just in saving thousands of lives throughout this crisis, but for the vital role they play year-round,” said Home Secretary Priti Patel, who worked on the new visa with Cabinet colleague Health Secretary Matt Hancock.

“This new visa is part of our new immigration system making it quicker, cheaper and easier for the best and brightest health and care professionals from around the globe to work in our brilliant NHS,” she said.

“Our health and care system has always had a proud tradition of welcoming overseas staff to work, train and live in the UK, and I'm proud that the NHS is a destination of choice for talented people from around the world,” added Hancock.

The new Health and Care Visa was included in Patel's announcements on Monday, when she laid out further details of the new points-based system to come into force from January 1, 2021, at the end of the Brexit transition period when the UK is no longer bound by the European Union (EU) free movement of people rules.

“The fast-track healthcare visa is a welcome initiative,” said Baroness Usha Prashar, Chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI) UK Council.

“The new system will benefit Indian companies and employees doing business in the UK. It is equitable and will provide level playing field to EU and non-EU citizens seeking assignments and skilled jobs in the UK,” she said.

The new Health and Care Visa will come with a reduced visa application fee compared to that paid by other skilled workers, including exemption from the Immigration Health Surcharge (IHS) – a long-standing demand of Indian-origin doctors' groups in the UK. Health and care professionals applying on the new route can also expect a decision on whether they can work in the UK within just three weeks, following biometric enrolment.

The British Association of Physicians of Indian Origin (BAPIO) has relentlessly campaigned for the scrapping of the IHS, which they had branded as a “financial penalty” on healthcare workers.

The IHS, introduced in April 2015, is imposed on anyone in the UK on a work, study or family visa for longer than six months and is set at 624 pounds per year. With the charge applicable on each member of a family, the overall cost was seen as prohibitive in a number of cases, over and above the tax payments.

The Home Office said that as part of the launch of the Health and Care Visa, those who apply via the visa and their dependants will be exempt from the IHS. Those working in health and social care who do not qualify for the Health and Care Visa will still be able to claim a reimbursement from the IHS if they have paid this on or after March 31, the Home Office said.

The Department of Health and Social Care said it is currently working with the sector to set up operational arrangements for reimbursing health and social care staff outside the scope of the Health and Care visa, which will commence from October.

"The unwavering commitment, skill and compassion staff have shown during the fight against this deadly virus is nothing short of phenomenal, and the reimbursement of the immigration health surcharge recognises the enormous contribution of those who have come to the UK to work in health and social care,” said Hancock.

The new Health and Care Visa will apply to eligible roles within the health and care sector.

Under current rules, a Tier 2 (General) visa for a skilled worker – including healthcare professionals – applying from outside the UK, can cost from 464 pounds for a visa lasting up to three years if the job is in national shortage or up to 1,220 pounds for a visa lasting more than three years in a role not in national shortage.

With the new Health and Care Visa, applicants will either pay 232 pounds if they are applying for a visa lasting up to three years or 464 pounds if they are applying for a visa lasting longer than three years.

The complete list of roles eligible for the new fast-track visa include: Biological scientists and biochemists, Physical Scientists, Medical Practitioners, Psychologists, Pharmacists, Ophthalmic Opticians, Dental practitioners, Medical Radiographers, Podiatrists, Health Professionals not elsewhere classified, Physiotherapists, Occupational Therapists, Speech and Language Therapists, Therapy professionals not elsewhere classified, Nurses, Midwives, Social Workers, Paramedics.

India Education Diary |

India-Italy must continue to strengthen their relationship – Ambassador of India to Italy

Ms Reenat Sandhu, Ambassador of India to Italy yesterday said that India and Italy are two vibrant democracies. We have traded with each other for centuries especially in the last 70 years of our diplomatic relations. Both countries add great value to this important relationship, and we must continue to do our best together to strengthen this relationship.

Addressing the webinar on ‘Discovering Future Opportunities for India-Italy Cooperation post COVID-19’, organized by FICCI, Ms Sandhu said, “India in the span of two months has become the second largest producer of PPE’s and this shows the resilience and the strength of the Indian Industry to adapt and innovate in changing times to meet demands as well as to exploit new opportunities.”

Ms Marta Grande, President, Foreign Affairs Committee, Italian Parliament stated that economic exchanges are necessary, but an important aspect of our bilateral relations is the scientific cooperation and exchange of researchers, work and experience that bound in a different way. “Post COVID-19 will open a new chapter in bilateral relations between the two countries,” added Ms Grande.

Mr Vincenzo De Luca, Ambassador of Italy to India emphasized the need for more international collaboration and sharing of experience in the in the wake of COVID-19. He said that Italy, India and Europe can be important players in promoting new, inclusive and sustainable globalization.

Mr Sandro Gozi President, Associazione Italia-India, Member of the European Parliament and Member of EU – India delegation said that he looks forward to the new ways of liberalisation in the Indian Agriculture sector.

Mr Matteo Ribaldi, Secretary General, Italy-India Association said, “Both Indian and Italian governments have shown their intention to intensify the current economic engagements, and in my view, it will be interesting to assess the current engagements changing not only in international relations but also connecting companies and doing business.”

Fortune India |

India, U.K. biz fight Covid-19 together

As countries across the world continue to deal with the impact of Coronavirus, business communities in India and the U.K. are showing solidarity and collaborating in the effort to tackle the effects of the global pandemic.

From Bengaluru to London, there are many examples of companies from India and the U.K. that are adapting and innovating their business offering to support local communities across both regions in the fight against COVID-19.

While India and the U.K. have longstanding business and trade links, in the face of a global pandemic organisations big and small from both countries have shown resilience and come together to help each other.

With increasing pressure on both countries’ healthcare systems and its workers, Indian hotel chain OYO Rooms has moved quickly to open its doors to key workers in both the U.K. and India. In London and across other locations in the U.K., OYO is offering around 2,000 rooms for NHS staff and other key workers at a discounted rate. Similar offers have been applied by OYO in its home market, with over 1,000 rooms offered for people looking to self-quarantine or isolate in the Delhi region.

Bengaluru-based ride-hailing unicorn Ola Cabs also announced further support for key workers across cities in the U.K. and India, with the news that it will offer workers across NHS, St John’s Ambulance, police and the U.K. government 50% off their rides to and from work as they care for patients impacted by Covid-19. This follows the company’s recent launch in London in February this year. In India, Ola is offering mobility support for healthcare professionals and senior citizens and the company has also pledged to donate ₹20 crore in relief funds.

Simon Smith, Head of International, Ola UK, says the company is committed to helping the local communities it serves during these difficult times. “The NHS and key workers in the U.K. and India are an inspiration to us all and we are doing everything we can to make things easier for them. There is a great opportunity for global businesses to adapt their services to help their local communities and we will continue to do everything we can to support them.”

Further evidence of the close working relationship between the U.K. and India’s business communities in response to Coronavirus was seen recently when The High Commission of India in the U.K., in partnership with Federation of Indian Chambers of Commerce and Industry (FICCI), organised a virtual roundtable on Covid-19. The roundtable was aimed at giving a comprehensive overview of various support measures announced by the U.K. government and was attended by over 40 Indian business representatives across sectors like financial services, hospitality, healthcare, IT and IT services, trading, and business services.

At a national level, the U.K. and Indian governments last week announced a deal for India to export almost 3 million packets of paracetamol to Britain. The medicine will be distributed to leading U.K. supermarkets and retailers to support supply shortages.

Home to clusters of companies in areas such as artificial Intelligence, medtech, edtech, and fintech, the U.K. and India’s business communities have been quick to rise to the challenge. Other examples of companies pivoting across the regions include:

From India
  1. Cradlewise: The Bengaluru-based tech start-up which produces intelligent baby cribs has adapted its technology to produce a splitter device that can help two patients use one ventilator. With increased demand for ventilators across India, Cradlewise’s technology will allow doctors to set different volume levels of air, thus serving two patients with different requirements.
  2. Saral Designs: The Mumbai-based menstrual products start-up has modified its sanitary pad-making machines to produce surgical masks to fight Covid-19. The company plans to ramp up production to 10,000 masks per day.
  3. CRED: The Bengaluru-based fintech start-up recently announced plans to launch a new product allowing users to pay rent using credit cards.
  4. Maker’s Asylum: This Indian makerspace/hackerspace has committed to give out 100,000 face shields to hospitals and doctors who are in need and they have designed something simple that can be cut and assembled in three minutes. There are over 500 makerspaces across the country, and they believe that their open-source design can help achieve fast, distributed, and localised manufacturing via these labs.
  5. MyLab: The Pune-based molecular diagnostics company, which specialises in molecular diagnostic kits, has developed the first made-in-India test kits for Covid-19 in a record time of six weeks.
From London
  1. CreditEnable: The London- and Mumbai-based fintech firm recently announced it will be ramping up its efforts to help Indian SMEs and lenders during the crisis. By using its AI-driven digital marketplace which allows borrowers and lenders to reduce transaction costs and better deploy capital, SMEs will be able to gain quicker access to credit and the finance needed to keep their business running during the crisis. As part of the scale-up plan, it launched a new programme in India called We Move Forward at the beginning of April. The programme is available to SMEs across India and offers a free business health check and help to secure working capital loans at no cost. “We are committed to supporting SMEs everywhere in India to keep going so that they can continue the important role they were playing prior to Covid in India’s growth story,” founder and CEO Nadia Sood says.
  2. Babylon Health: The London-based healthtech unicorn has added a new service to its healthcare app called COVID-19 Care Assistant. The service provides customers with updated information about Coronavirus, a symptom checker and a live chat feature to assess the appropriate assistance required. The app offers an alternative way to help large groups of low-risk patients, freeing up doctors to focus on those most in need.
  3. Starling Bank: One of London’s leading fintech startups has introduced the ‘Connected card’, a spare debit card that customers can link to their existing account and give to trusted neighbours or friends to pay for essential items on their behalf. The card reduces the need for bank transfers, IOUs or handling of cash and is only usable for in-store purchases.
  4. Brompton Bicycles: The London-based bicycle manufacturer has launched a ‘Wheels for Heroes’ campaign with the view to supply coronavirus-focused NHS staff with its iconic folding bikes. The company has launched a crowdfunding platform so it can build an extra 1,000 machines, all to be painted in NHS colours.
  5. DeliverAid: A London-based A&E doctor has founded the company to feed frontline NHS staff whilst simultaneously supporting local food outlets. DeliverAid has teamed up with cafes, restaurants and caterers who have been forced to close their doors and mobilised them to feed NHS frontline staff. The public can donate via the online platform, sending direct support to NHS staff whilst also supporting their local food businesses.
London & Partners, London’s international trade, investment and promotion agency, says business links between India and the U.K have always been strong, and is providing extra support at the time of the crisis.

“While the Coronavirus outbreak is challenging businesses all over the world, it’s been refreshing to see numerous examples of UK and Indian companies that are adapting and innovating to help communities across both regions. At London & Partners we are working closely with London’s businesses, and those in our networks across the world, to provide support and help where we can as we come together to respond to the current crisis,” the chief representative of London & Partners India, Hemin Bharucha, says.

Outlook |

Bilateral ties poised for even bigger take-off: Ruchi Ghanashyam

Ruchi Ghanashyam retired as the Indian High Commissioner to the UK early this month in an unusually discreet way given the constraints related to the coronavirus lockdown, bidding farewell to her team at the India House in London virtually over a conference call.

However, there has been little impact on her workload as she continues to be flooded with queries and requests as the first repatriation flight for Indian nationals takes off from London for Mumbai on Saturday.

The 60-year-old former diplomat, who is yet to fully pack her bags or say all her goodbyes, is confident that her tenure comes to a close at a time when India-UK relations are poised for real take-off.

"India and the UK have strategic ties and a deep relationship which spans almost every area we can think of," said Ghanashyam in a farewell interview.

"This depth was even more visible during this time of crisis, when we worked closely together to assist with the repatriation of each other''s nationals, facilitated the supply of life-saving medicines to the UK and set up collaborations between institutions and businesses to find meaningful solutions. This gives me hope that our bilateral ties are poised for an even bigger take-off," she said.

The career diplomat, who arrived in the UK in November 2018, has had an extremely eventful posting with General Elections in both countries, the ups and downs of Britain''s exit from the European Union (EU) at the start of this year and culminating in the coronavirus pandemic.

"I arrived in the thick of Brexit negotiations and retired in the thick of a global pandemic – so the journey has been most unusual. There were two major elections in 2019 – in India and the UK – so most certainly a very eventful time," she recalls.

"I have been extremely fortunate to have some wonderful interlocutors, from the Foreign and Commonwealth Office (FCO) as well as the wider network, who have facilitated and aided an even closer India-UK connect," she said.

This connect in her final few weeks involved weekly calls with FCO minister for South Asia, Lord Tariq Ahmad, among others, during which each side could raise areas of concern and highlight priorities on both sides in a "spirit of openness and willingness to listen".

"During a crisis of this nature, in my own country our Prime Minister (Narendra Modi) has been working so hard, as is our External Affairs Minister S Jaishankar and the entire team, so it is incumbent upon each one us to do what we can – for our own people but also for the wider society, whether we hold a position or not," she said.

The Indian High Commission in London has been hosting a series of virtual meetings, including with Indian businesses, diaspora and students'' groups, to create a support network for Indians caught up in the lockdown.

"From organising affordable accommodation to hot meals for those who may be feeling alienated being far away from their loved ones, we have very capable officers at the mission who have found ways to help every Indian who reaches out to us," she said.

"Our endeavour has been to connect with everyone and understand the challenges faced to try and address them as best as possible, within the constraints of the lockdown," she added.

Ghanashyam, who will head back to Delhi once the COVID-19 related travel restrictions are eased, feels like her retirement has not entirely sunk in yet as there is an ongoing demand on her time, including this week at the virtual launch of the Grant Thornton and Confederation of Indian Industry (CII) ''India Meets Britain Tracker 2020'' of the fastest growing Indian companies in the UK.

She was also instrumental in encouraging the first-ever report on ''The Diaspora Effect'', collated by Grant Thornton and the Federation of Indian Chambers of Commerce and Industry (FICCI) earlier this year to quantify the impact of the 1.5-million-strong Indian diaspora in the UK.

"There are so many highlights of my tenure, which was short [17 months] but immensely eventful. There were two major celebrations, the 550th anniversary of Guru Nanak Devji and the 150th birth anniversary of Mahatma Gandhi, both of which were marked in a big way across the UK," she said.

The diplomat, seen at every major UK event dressed in her trademark saree, also initiated the first-ever India Day at the London Fashion Week in February to promote the work of the Indian weavers behind the garment.

"It has been a privilege to wear these beautiful creations throughout my career. That was the reason behind the first India Day, to highlight the genius behind some of the handwoven and carefully crafted sarees by Indian weavers and crafts people," she said.

And, asked about the possibility of penning down her memoirs as she settles into her retirement, Ghanashyam admits she has not entirely signed off yet.

"It has been a particularly hectic time and though I have retired, there is work still to be done. My diplomatic career has been my life for 38 years, the longest association after my parents and family, so it is only natural that I can''t simply just switch off," she said.

"As and when I get a chance to settle into my retired life, I will think about things to do. I can''t say I have given a memoir a serious thought but maybe over time I might feel the urge to write about the various amazing experiences across so many international postings of my career," she added.

India Education Diary |

Webinar on Navigating COVID19: Accessing Finance through CBILS for your Business

The High Commission of India in the UK, in partnership with Federation of Indian Chambers of Commerce & Industry (FICCI) and India Professional Forum (IPF), organised a webinar on ‘Navigating COVID19: Accessing Finance through CBILS for your business’ for the Indian Diaspora Small Businesses, Startups, Professionals in the UK as well as UK businesses in the UK India business corridor.

The session aimed to discuss the issues and challenges with regards to CBIL scheme for small businesses. The session also explored non-banking options for obtaining funding under the CBIL scheme. The webinar was attended by over 60 Indian business representatives across sectors like financial services, healthcare, IT & IT services, trading, and business services.

Ms Ruchi Ghanashyam, High Commissioner of India to the UK said, “The pandemic presents and undoubtedly very challenging period in our lives, though we must try and navigate these challenges safely.”

“We are finding new ways of working and organising efforts with businesses with new technologies and the Economic team of the High Commission stands ready to assist businesses from across the UK,” she added.

Lord Karan Bilimoria, said, “It’s not a fight between health and wealth. Impatience cannot be confused with recklessness and restarting the economy has to be done very carefully to avoid another lockdown.”

He further added, “We are starting to look ahead to see how to come out the crisis, and at the CBI we refer to the three phases of restart, revival and renewal. We need a sustainable restart based on clear scientific evidence.”

The webinar was followed by a panel discussion on Accessing Finance through CBILS for Small & Medium Businesses. While moderating the panel Dr Mohan Kaul, President, India Professional Forum said, “This webinar is a part of a number of joint initiatives to assist Indian diaspora businesses to continue to succeed and play an important role in strengthening the UK economy.’

The Panel Members included, Mr Sharad Chandak, Regional Director, SBI & CEO, SBI UK; Ms Katrin Herrling, CEO & Co-founder, Funding Exchange; Mr Ben Davey, CEO, Barclays Ventures; Mr Deepesh Thakrar, Senior Director, Debt Finance, OakNorth. The panel discussed about the CBILS in detail and responded to queries and questions of the participants at length.

Mr Ben Davey, CEO, Barclays Ventures said, “SMEs are the heart of our economy – the government has recognised that through the range of support schemes now available and the banking industry has an important role to play in supporting SMEs in accessing those funds”

Mr Rishi Khosla, Co-founder and Group CEO of OakNorth shared on message, “This crisis may be as bad or even worse than 2008. There will be many businesses that were strong, profitable, healthy businesses before the pandemic which will now be struggling to survive. We are trying to find ways to support these businesses and help them through this extremely difficult time. We want to look back on this and know that as a society, we came together to support one another, to help the vulnerable, and to protect SMEs. If we get that right, it will be a great learning for generations to come.”

Current Affairs |

Indian High Commission (UK) hosts virtual meet for businesses

The Indian High Commission in United Kingdom has organised a virtual roundtable COVID-19 meet for businesses “Covid-19: Issues, Challenges and Way Forward”. The virtual conference was held to address concerns around the economic impact of the coronavirus lockdown in the United Kingdom. It was held in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI) and purposed to provide a comprehensive understanding of the various stimulus steps unveiled by the UK government.

The “Covid-19: Issues, Challenges and Way Forward” meet also deliberated on the issues faced by Indian businesses across various sectors such as financial services, hospitality, healthcare, information technology and IT services.


Express Pharma |

FICCI and High Commission of India in the UK organise Virtual Roundtable on COVID19

The High Commission of India in the UK, in partnership with Federation of Indian Chambers of Commerce & Industry (FICCI) organised a Virtual Roundtable on ‘COVID19 – Issues, Challenges & Way forward’ for Indian Businesses in the UK.

The roundtable was aimed at giving a comprehensive overview of various stimulus measures announced by the UK government. It also took stock of the issues and challenges being faced by the businesses. The roundtable was attended by over 40 Indian business representatives across sectors like Financial Services, Hospitality, Healthcare, IT & IT Services, Trading, and business services.

Ruchi Ghanashyam, High Commissioner of India to the UK said, “The Government of India and the High Commission of India are constantly working with businesses and business organisations with regard to the Government’s response to COVID19.” She also expressed her gratitude to the UK Government for extending the visas for all those who are currently unable to return home due to travel restrictions in place in the wake of COVID-19.

A senior representative of the High Commission briefed the participants about the issues around visa extension and some of the challenges faced by those stranded in the UK and the measures taken by the HCI to assist in addressing these.

Lord Jitesh Gadhia highlighted the various stimulus packages announced by the UK Government. Amongst other points, he elaborated on key measures like Coronavirus Business Interruption Loan (CBIL), furlough scheme, support for Small and Medium Businesses (SMBs) as well as provisions for rent relief, etc. He stressed that going forward the businesses will have to prepare for a reopening strategy that would be graduated, phased, and respaced.

Lord Karan Bilimoria stressed on the requirement of a public-private partnership for devising a scheme for tech companies and Start-ups to help them navigate the pandemic. “Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trials and, in due course, develop a vaccine, once the rate of COVID-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner”, he added.

Baroness Usha Prashar, Chairman, FICCI UK Council said, “The roundtable was very informative and constructive. Response of the Government, initiatives by businesses and communities were appreciated by all present. There is going to be a prolonged period of uncertainty and disruption and ‘new normal’ will be very different. While response to immediate issue is crucial so is thinking about the future adjustments that businesses will have to make. Planning for the future, particularly in areas such as increasing role of technology, people skills and well-being are some of the key areas. “FICCI will continue to support its members in whatever way possible and draw the issues raised at this roundtable to the attention of relevant UK Government Departments,” she added.

Yahoo News |

Indian High Commission, FICCI organise virtual roundtable on coronavirus impact on Indian businesses in UK

Indian High Commission on Wednesday organised a virtual roundtable on issues and challenges being faced by Indian businesses in the United Kingdom while also highlighting the various stimulus measures announced by the UK government.

The roundtable, held in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI), was attended by over 40 Indian business representatives across sectors like Financial Services, Hospitality, Healthcare, IT and IT Services, Trading, and business services.

While welcoming the participants, High Commissioner of India to the UK, Ruchi Ghanashyam, said, "The Government of India and the High Commission of India are constantly working with businesses and business organisations with regard to the Government's response to COVID-19."

She also expressed her gratitude to the UK Government for extending the visas for all those who are currently unable to return home due to travel restrictions in place in the wake of COVID-19.

A senior representative of the High Commission briefed the participants about the issues around visa extension and some of the challenges faced by those stranded in the UK and the measures taken by the HCI to assist in addressing these.

Lord Jitesh Gadhia addressed the participants and briefed them about the various stimulus packages announced by the UK Government.

Baroness Usha Prashar, Chairman, FICCI UK Council said, "The roundtable was very informative and constructive. The response of the Government, initiatives by businesses and communities were appreciated by all present. There is going to be a prolonged period of uncertainty and disruption and 'new normal' will be very different."

Businesses all around the world have been hard hit by coronavirus pandemic and consequent lockdown put in place to prevent the spread of coronavirus.

Britain's economy could shrink by 13 per cent this year due to the government's coronavirus shutdown, the Office for Budget Responsibility said on Tuesday.

Finance minister Rishi Sunak said he was "deeply troubled" by the prospect that two million people would lose their jobs due to the impact of the virus.

Outlook |

Indian mission in UK hosts COVID-19 virtual roundtable for Indian businesses

Around 40 Indian business representatives logged on to a first-of-its-kind virtual roundtable organised by the Indian High Commission in London to address concerns around the economic impact of the coronavirus lockdown in the UK.

"COVID-19: Issues, Challenges and Way Forward", organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), was aimed at giving a comprehensive understanding of the various stimulus measures unveiled by the UK government.

It also took stock of the issues and challenges being faced by Indian businesses across sectors such as financial services, hospitality, healthcare, information technology and IT services.

"The government of India and the High Commission of India are constantly working in consultation with businesses and business organisations with regard to the government’s response to COVID-19," said Ruchi Ghanashyam, the Indian High Commissioner to the UK.

She welcomed the UK government’s initiative to extend the visas for Indian nationals currently unable to return home due to the COVID-19 lockdown.

Indian-origin peer Lord Jitesh Gadhia briefed businesses about the various measures announced by the British government, including the Coronavirus Business Interruption Loan (CBIL) as well as support for small and medium enterprises (SMEs) and highlighted the need for companies to prepare for a graduated and phased reopening strategy beyond the lockdown.

Fellow peer, Lord Karan Bilimoria, stressed on the need for public-private partnerships to devise a scheme for tech companies to navigate the pandemic.

"Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trails and in due course a vaccine, once the rate of Covid-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner," he said.

Baroness Usha Prashar, Chair of the FICCI UK Council, added: "There is going to be a prolonged period of uncertainty and disruption and the ‘new normal’ will be very different.

"While response to immediate issues is crucial, so is thinking about the future adjustments businesses will have to make. Planning for the future, particularly in areas such as the increasing role of technology, people skills and well-being, are some of the key areas."

The UK went into full coronavirus lockdown on March 23.

Prime Minister Boris Johnson has said that citizens will only be allowed to leave their homes for essential work, exercise, and purchasing food or medicine. Citizens are only allowed one form of outdoor exercise a day.

AIR News |

Indian High Commission, FICCI organise virtual roundtable on coronavirus impact on Indian businesses in UK

Indian High Commission on Wednesday organised a virtual roundtable on issues and challenges being faced by Indian businesses in the United Kingdom while also highlighting the various stimulus measures announced by the UK government.

The roundtable, held in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI), was attended by over 40 Indian business representatives across sectors like Financial Services, Hospitality, Healthcare, IT and IT Services, Trading, and business services.

While welcoming the participants, High Commissioner of India to the UK, Ruchi Ghanashyam, said, "The Government of India and the High Commission of India are constantly working with businesses and business organisations with regard to the Government's response to COVID-19."

She also expressed her gratitude to the UK Government for extending the visas for all those who are currently unable to return home due to travel restrictions in place in the wake of COVID-19.

A senior representative of the High Commission briefed the participants about the issues around visa extension and some of the challenges faced by those stranded in the UK and the measures taken by the HCI to assist in addressing these.

Lord Jitesh Gadhia addressed the participants and briefed them about the various stimulus packages announced by the UK Government.

Baroness Usha Prashar, Chairman, FICCI UK Council said, "The roundtable was very informative and constructive. The response of the Government, initiatives by businesses and communities were appreciated by all present. There is going to be a prolonged period of uncertainty and disruption and 'new normal' will be very different."

Businesses all around the world have been hard hit by coronavirus pandemic and consequent lockdown put in place to prevent the spread of coronavirus.

Britain's economy could shrink by 13 per cent this year due to the government's coronavirus shutdown, the Office for Budget Responsibility said on Tuesday.

Finance minister Rishi Sunak said he was "deeply troubled" by the prospect that two million people would lose their jobs due to the impact of the virus.

India TV |

Indian mission in UK hosts COVID-19 virtual roundtable for Indian businesses

Around 40 Indian business representatives logged on to a first-of-its-kind virtual roundtable organised by the Indian High Commission in London to address concerns around the economic impact of the coronavirus lockdown in the UK.

"COVID-19: Issues, Challenges and Way Forward", organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), was aimed at giving a comprehensive understanding of the various stimulus measures unveiled by the UK government.

It also took stock of the issues and challenges being faced by Indian businesses across sectors such as financial services, hospitality, healthcare, information technology and IT services.

“The government of India and the High Commission of India are constantly working in consultation with businesses and business organisations with regard to the government’s response to COVID-19,” said Ruchi Ghanashyam, the Indian High Commissioner to the UK.

She welcomed the UK government’s initiative to extend the visas for Indian nationals currently unable to return home due to the COVID-19 lockdown.

Indian-origin peer Lord Jitesh Gadhia briefed businesses about the various measures announced by the British government, including the Coronavirus Business Interruption Loan (CBIL) as well as support for small and medium enterprises (SMEs) and highlighted the need for companies to prepare for a graduated and phased reopening strategy beyond the lockdown.

Fellow peer, Lord Karan Bilimoria, stressed on the need for public-private partnerships to devise a scheme for tech companies to navigate the pandemic.

“Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trails and in due course a vaccine, once the rate of Covid-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner,” he said.

Baroness Usha Prashar, Chair of the FICCI UK Council, added: “There is going to be a prolonged period of uncertainty and disruption and the ‘new normal’ will be very different.

“While response to immediate issues is crucial, so is thinking about the future adjustments businesses will have to make. Planning for the future, particularly in areas such as the increasing role of technology, people skills and well-being, are some of the key areas.”

The UK went into full coronavirus lockdown on March 23.

Prime Minister Boris Johnson has said that citizens will only be allowed to leave their homes for essential work, exercise, and purchasing food or medicine. Citizens are only allowed one form of outdoor exercise a day.

Telangana Today |

Indian mission in UK hosts COVID-19 virtual talk for Indian businesses

Around 40 Indian business representatives logged on to a first-of-its-kind virtual roundtable organised by the Indian High Commission in London to address concerns around the economic impact of the coronavirus lockdown in the UK.

“COVID-19: Issues, Challenges and Way Forward”, organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), was aimed at giving a comprehensive understanding of the various stimulus measures unveiled by the UK government. It also took stock of the issues and challenges being faced by Indian businesses across sectors such as financial services, hospitality, healthcare, information technology and IT services.

“The government of India and the High Commission of India are constantly working in consultation with businesses and business organisations with regard to the government’s response to COVID-19,” said Ruchi Ghanashyam, the Indian High Commissioner to the UK.

She welcomed the UK government’s initiative to extend the visas for Indian nationals currently unable to return home due to the COVID-19 lockdown.

Indian-origin peer Lord Jitesh Gadhia briefed businesses about the various measures announced by the British government, including the Coronavirus Business Interruption Loan (CBIL) as well as support for small and medium enterprises (SMEs) and highlighted the need for companies to prepare for a graduated and phased reopening strategy beyond the lockdown.

Fellow peer, Lord Karan Bilimoria, stressed on the need for public-private partnerships to devise a scheme for tech companies to navigate the pandemic.

“Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trails and in due course a vaccine, once the rate of Covid-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner,” he said.

Baroness Usha Prashar, Chair of the FICCI UK Council, added: “There is going to be a prolonged period of uncertainty and disruption and the ‘new normal’ will be very different.

“While response to immediate issues is crucial, so is thinking about the future adjustments businesses will have to make. Planning for the future, particularly in areas such as the increasing role of technology, people skills and well-being, are some of the key areas.”

The UK went into full coronavirus lockdown on March 23. Prime Minister Boris Johnson has said that citizens will only be allowed to leave their homes for essential work, exercise, and purchasing food or medicine.

Citizens are only allowed one form of outdoor exercise a day.

Latest LY |

Indian Mission in UK Hosts COVID-19 Virtual Roundtable for Indian Businesses

Around 40 Indian business representatives logged on to a first-of-its-kind virtual roundtable organised by the Indian High Commission in London to address concerns around the economic impact of the coronavirus lockdown in the UK.

"COVID-19: Issues, Challenges and Way Forward", organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), was aimed at giving a comprehensive understanding of the various stimulus measures unveiled by the UK government.

It also took stock of the issues and challenges being faced by Indian businesses across sectors such as financial services, hospitality, healthcare, information technology and IT services.

“The government of India and the High Commission of India are constantly working in consultation with businesses and business organisations with regard to the government's response to COVID-19,” said Ruchi Ghanashyam, the Indian High Commissioner to the UK.

She welcomed the UK government's initiative to extend the visas for Indian nationals currently unable to return home due to the COVID-19 lockdown.

Indian-origin peer Lord Jitesh Gadhia briefed businesses about the various measures announced by the British government, including the Coronavirus Business Interruption Loan (CBIL) as well as support for small and medium enterprises (SMEs) and highlighted the need for companies to prepare for a graduated and phased reopening strategy beyond the lockdown.

Fellow peer, Lord Karan Bilimoria, stressed on the need for public-private partnerships to devise a scheme for tech companies to navigate the pandemic.

“Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trails and in due course a vaccine, once the rate of Covid-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner,” he said.

Baroness Usha Prashar, Chair of the FICCI UK Council, added: “There is going to be a prolonged period of uncertainty and disruption and the ‘new normal' will be very different.

“While response to immediate issues is crucial, so is thinking about the future adjustments businesses will have to make. Planning for the future, particularly in areas such as the increasing role of technology, people skills and well-being, are some of the key areas.”

The UK went into full coronavirus lockdown on March 23.

Prime Minister Boris Johnson has said that citizens will only be allowed to leave their homes for essential work, exercise, and purchasing food or medicine. Citizens are only allowed one form of outdoor exercise a day.

Orissa Diary |

High Commission of India in the UK, in partnership with FICCI organised a Virtual Roundtable on COVID19 - Issues

The High Commission of India in the UK, in partnership with Federation of Indian Chambers of Commerce & Industry (FICCI), yesterday, organised a Virtual Roundtable on ‘COVID19 – Issues, Challenges & Way forward’ for Indian Businesses in the UK.

The roundtable was aimed at giving a comprehensive overview of various stimulus measures announced by the UK government. It also took stock of the issues and challenges being faced by the businesses. The roundtable was attended by over 40 Indian business representatives across sectors like Financial Services, Hospitality, Healthcare, IT & IT Services, Trading, and business services.

Ms Ruchi Ghanashyam, High Commissioner of India to the UK said, “The Government of India and the High Commission of India are constantly working with businesses and business organisations with regard to the Government’s response to COVID19.” She also expressed her gratitude to the UK Government for extending the visas for all those who are currently unable to return home due to travel restrictions in place in the wake of COVID-19.

A senior representative of the High Commission briefed the participants about the issues around visa extension and some of the challenges faced by those stranded in the UK and the measures taken by the HCI to assist in addressing these.

Lord Jitesh Gadhia highlighted the various stimulus packages announced by the UK Government. Amongst other points, he elaborated on key measures like Coronavirus Business Interruption Loan (CBIL), furlough scheme, support for Small and Medium Businesses (SMBs) as well as provisions for rent relief, etc. He stressed that going forward the businesses will have to prepare for a reopening strategy that would be graduated, phased, and respaced.

Lord Karan Bilimoria stressed on the requirement of a public-private partnership for devising a scheme for tech companies and Start-ups to help them navigate the pandemic. “Businesses are facing unprecedented challenges, but if we can line up the capacities of hospitals, testing, drug trials and, in due course, develop a vaccine, once the rate of COVID-19 infections, hospital admissions and deaths are on a consistent and confirmed downward direction, we can start to open up the economy in a phased manner”, he added.

Baroness Usha Prashar, Chairman, FICCI UK Council said, “The roundtable was very informative and constructive. Response of the Government, initiatives by businesses and communities were appreciated by all present. There is going to be a prolonged period of uncertainty and disruption and ‘new normal’ will be very different. While response to immediate issue is crucial so is thinking about the future adjustments that businesses will have to make. Planning for the future, particularly in areas such as increasing role of technology, people skills and well-being are some of the key areas. “FICCI will continue to support its members in whatever way possible and draw the issues raised at this roundtable to the attention of relevant UK Government Departments,” she added.

The Dispatch |

Indian High Commission, FICCI organise virtual roundtable on coronavirus impact on Indian businesses in UK

Indian High Commission organised a virtual roundtable on issues and challenges being faced by Indian businesses in the United Kingdom while also highlighting the various stimulus measures announced by the UK government. The roundtable, held in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI), was attended by over 40 Indian business representatives across sectors like Financial Services, Hospitality, Healthcare, IT and IT Services, Trading, and business services.

While welcoming the participants, High Commissioner of India to the UK, Ruchi Ghanashyam, said, “The Government of India and the High Commission of India are constantly working with businesses and business organisations with regard to the Government’s response to COVID-19.” She also expressed her gratitude to the UK Government for extending the visas for all those who are currently unable to return home due to travel restrictions in place in the wake of COVID-19.

A senior representative of the High Commission briefed the participants about the issues around visa extension and some of the challenges faced by those stranded in the UK and the measures taken by the HCI to assist in addressing these. Lord Jitesh Gadhia addressed the participants and briefed them about the various stimulus packages announced by the UK Government.

Baroness Usha Prashar, Chairman, FICCI UK Council said, “The roundtable was very informative and constructive. The response of the Government, initiatives by businesses and communities were appreciated by all present. There is going to be a prolonged period of uncertainty and disruption and ‘new normal’ will be very different.” Businesses all around the world have been hard hit by coronavirus pandemic and consequent lockdown put in place to prevent the spread of coronavirus.

Britain’s economy could shrink by 13 per cent this year due to the government’s coronavirus shutdown, the Office for Budget Responsibility said on Tuesday. Finance minister Rishi Sunak said he was “deeply troubled” by the prospect that two million people would lose their jobs due to the impact of the virus.

Eastern Eye |

Indian groups in UK welcome new visa system

Indian industry and students’ groups in the UK have welcomed the points-based visa system announced by Home Secretary Priti Patel.

“We welcome the Home Office’s proposed new system, which rightly recognises that immigration to the UK should be based on skills, salaries and knowledge of the English language,” said Jim Bligh, chair of the Confederation of Indian Industry’s UK-India Business Forum.

“For business, it’s essential that the system retains flexibility for employers, particularly those bringing in highly-skilled workers on short-term assignments to support UK PLCs’ growth and transformation.

“It will also be important to ensure salary thresholds are not a deterrent to finding staff with the right specialist skills from around the world.”

The possibility of trading points vis-a-vis salary threshold is likely to prove beneficial for Indian professionals, who already make up the largest chunk of skilled worker visas issued by the UK to nationals outside the EU.

Baroness Usha Prashar, chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI), UK, said the changes meet a long-standing business demand.

She said: “Majority of the Indian businesses in the UK require skilled manpower. The new point-based immigration system coupled with the lower salary threshold is a positive move. This has been a long-standing demand of FICCI members.

“The new system will benefit not just qualified professionals from India but also large number of Indian students in the UK universities.”

Student visa routes will also be points-based and bring EU students into the same remit as other international applicants from next year, at the end of the Brexit transition period on December 31, 2020.

A graduate route announced by the government earlier had reintroduced a two-year, post-study work visa option for overseas students.

The National Indian Students and Alumni Union UK, which had sought a fairer visa regime would allow international students gain work experience after their courses, believes the new changes are a step in the right direction.

“It feels like a good step towards creating a fair immigration system that meets the need of the British economy but also creates an environment that welcomes talent, particularly scientific talent,” said Sanam Arora, founder and chairperson of NISAU UK.

“Genuine Indian applicants with demonstrable skills should considerably benefit. As always though, the proof lies in the pudding and we await clarity over the coming months on details, and also particularly on how the Graduate route fits into the overall points-based system.”

India Post |

Indian industry, students welcome UK's new points-based visa system

Indian industry and students’ groups in the UK have widely welcomed the new points-based visa system unveiled by Home Secretary Priti Patel on Wednesday to attract the “brightest and the best” from around the globe.
The new post-Brexit policy is pitched as a firm and fair mechanism that will treat all migrants equally as the free movement of people from within the European Union (EU) comes to an end from January 1 next year.

The magic number of points required to apply under the new system will be 70, accrued in increments of 20 or 10 based on professional skills, English language proficiency, a job offer from an approved sponsor and salary levels between 20,480 pounds and 25,600 pounds or above.

Some of the categories will fall under tradable points, such as salary levels and jobs that fall within the shortage occupation list, giving applicants some options to make up a total of 70.

“We welcome the Home Office’s proposed new system, which rightly recognises that immigration to the UK should be based on skills, salaries and knowledge of the English language, said Jim Bligh, Chair of the Confederation of Indian Industry’s (CII) UK-India Business Forum (IBF).

“For business, it’s essential that the system retains flexibility for employers, particularly those bringing in highly-skilled workers on short-term assignments to support UK plc’s growth and transformation. It will also be important to ensure salary thresholds are not a deterrent to finding staff with the right specialist skills from around the world, he said.

The tradable aspect of the salary threshold is likely to prove beneficial for Indian professionals, who already make up the largest chunk of skilled worker visas issued by the UK to nationals outside the EU.

Baroness Usha Prashar, Chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI), UK, said the changes meet a long-standing business demand.

She said: “Majority of the Indian businesses in the UK require skilled manpower. The new point-based immigration system coupled with the lower salary threshold is a positive move. This has been a long-standing demand of FICCI members.

The new system will benefit not just qualified professionals from India but also large number of Indian students in the UK universities.

Student visa routes will also be points-based and bring EU citizens into the same remit as other international students from next year, at the end of the Brexit transition period on December 31, 2020.

A Graduate route announced by the government earlier had brought back a two-year post-study work visa route for overseas students, to allow eligible students to work, or crucially look for work, in any career or position of their choice, for two years after completing their studies from later this year.

The National Indian Students and Alumni Union UK (NISAU), which actively lobbied the government on a fairer visa regime that offers international students the chance to gain some work experience at the end of their degrees, believes the new changes are a step in the right direction.

“We welcome the points-based system. It feels like a good step towards creating a fair immigration system that meets the need of the British economy but also creates an environment that welcomes talent, particularly scientific talent, said Sanam Arora, founder and chairperson of NISAU UK.

Genuine Indian applicants with demonstrable skills should considerably benefit. As always though, the proof lies in the pudding and we await clarity over the coming months on details, and also particularly on how the Graduate route fits into the overall points-based system, she said.

The latest announcement follows British Prime Minister Boris Johnson’s constant references to moving towards an Australian-style points-based visa system once the UK is free of EU immigration rules as a non-member of the economic bloc. The new regime effectively clamps down on low-skilled workers, aimed at cutting down overall numbers coming into the country a central pledge of the ruling Conservative Party government.

“For too long, distorted by European free movement rights, the immigration system has been failing to meet the needs of the British people. Failing to deliver benefits across the UK and failing the highly-skilled migrants from around the world who want to come to the UK and make a contribution to our economy and society,” notes the Home Office in its policy statement, which will take the form of a new Immigration Bill to be passed by Parliament.

“We are ending free movement and will introduce an Immigration Bill to bring in a firm and fair points-based system that will attract the high-skilled workers we need to contribute to our economy, our communities and our public services. We intend to create a high wage, high-skill, high productivity economy, the Home Office said.

The Opposition parties remain critical of the new system, with shadow home secretary Diane Abbott warning that the government did not “appear to have thought through what the effects of this policy will be on the economy as a whole and what message it sends to migrants already living and working here”.

The Wire |

UK's 'Erratic and Hostile' Immigration Rules put Indian Students in Bind

UK Prime Minister Boris Johnson has promised that his government would put “people before passports”, as he rolls out a lower wage threshold and re-hauls visa policies to attract the best talent from across the world. Yet there are fears that the erratic and hostile attitude of the Home Office towards migrants is damaging Britain’s reputation as a welcoming nation.

A junior scholar at the University of Cambridge’s application to secure her permanent residency in the UK after the mandatory ten year period is symptomatic of this.

Ten years ago, Asiya Islam, a graduate of Aligarh Muslim University, enrolled in a postgraduate programme at the London School of Economics and Political Science. She then did a PhD at the University of Cambridge on a Gates Scholarship. Last year she was awarded a three-year junior research fellowship at Newnham College at the university.

Islam applied for an indefinite leave period to remain in Britan in September 2019 and paid an additional £800 for super priority next-day visa processing but received a response only after five weeks. Much to her shock, she was refused on the grounds that she was out of the country for more than 540 days over the course of the decade.

Islam’s thesis on ‘Gender, Class, and Labour in the New Economy of Urban India’ saw her spend time between 4 July 2016 to 1 June 2017 in New Delhi to conduct fieldwork, a crucial part of any doctoral programme and accounted for 320 of the 645 days she stayed away from the UK.

Speaking to The Wire, Islam said, “The letter went on to say how I’m still young and could go back and live in India and ‘reintegrate into life and society in India’ and how I can also stay in touch with my friends here through ‘modern means of communication’.”

With just a few days to appeal against this decision, Islam engaged legal help, adding to her costs. “The entire process cost me more than £3500, a huge amount for someone who has just completed her PhD,” says Islam.

Her appeal was based on two grounds: that there was a careless assessment of the evidence, and that the exceptional circumstances discretion was not applied to the 540 days limit in her case. She also attached letters from the university and head of department explaining that she was on official leave to do her fieldwork in India even while being enrolled at the university.

“Before going away for the fieldwork, I enquired with the International Student Visa team at the university whether this would affect my residency application. They contacted the Home Office, which assured us that having excess absence does not automatically disqualify an applicant and they will consider the duration of fieldwork when taking the application into consideration,” Islam told The Wire.

In December, an open letter signed by more than 25o academics urged the home secretary, Priti Patel, to “exercise appropriate discretion” in Islam’s case as “her research is an asset to the UK and its academic community, yet her very success in academic fieldwork is now being held against her”. Patel was appointed as an Indian diaspora champion by former prime minister David Cameron. MP for Cambridge, Daniel Zeichner, also wrote to the home secretary about Islam’s case but received no response.

A Freedom of Information request made by Islam found that from her entire application file, only the application letter was forwarded to the officer for decision making without any supporting evidence. “At no point did they consider the evidence at all,” she said shocked by the cursory evaluation of her painstakingly put together visa application.

But Islam will never know if her appeal would have overturned this decision. As her visa was due for expiry on 31 January 2020, and appeals can drag on for many months, she was left with little option but to apply for a general work visa available to non-EU citizens who have been offered a skilled job called the Tier 2 visa, to be able to work and secure rental accommodation. Now, she has lost out on the right to apply for permanent residency as she could only apply for the tier 2 visa after she withdrew her appeal, and has a visa valid until only 2022, when her contract with the university ends.

Not an isolated case

Islam’s case is not an isolated one. A post-doctoral engineering scholar from India at the University of Oxford, who chose not to give his name, has to apply for his visa extension every year for his three-year position at the university. This means, additional costs of premium visa processing service, bringing it to £1200.

“Let’s not also forget that those with an Indian passport need a Schengen visa to travel to conferences in Europe, which is an important part of scientific and academic work. But that application is also constrained by your UK visa,” he told The Wire. Indian passport holders with UK residency permits (non-tourist visa) can only apply for a Schengen visa (normally of six months in duration) with the strict condition that their UK residency permit is valid of at least another three months beyond the date they plan to leave the Schengen Area.

“All this is not just expensive and time-consuming but also restraining on so many fronts,” said the young scholar, who hopes to make Oxford his new home.

Indian students to the UK on a rise

There has been a steady influx of students from India going to the UK, with 2019 statistics showing that more than 30,000 Indian students received a study visa (Tier 4 category). This was up by 19,000 from the previous year. They also pay higher fees than locals and are often seen as ‘cash cows’.

This rides on the back of the UK government’s recent announcement of a new ‘graduate’ route for immigration, where eligible students can avail a post-study visa that will allow them to work or look for work in any career for two years after completing their studies and then switch to a skilled work visa if they find a job that meets the criteria of that route. Until recently, students were given visas that expired at the end of their course and were expected to return to their home countries once they finished their study, without any opportunity to work in the UK. This new scheme will be applicable to the September 2020-21 intake of students and is still in initial stages.

The British fear that international students want to stay on, but that may not be necessarily true. Sanam Arora, founder and chairperson of National Indian Student and Alumni Union (NISAU) told The Wire that research shows that most students do not want to settle in the UK but gain some international work experience before they return to India. “We urge the Home Office to look at settlement application from scholars in the context of the demands of their studies and affiliations to universities when assessing them,” he said. The NISAU had campaigned relentlessly for the post-study visa. “Indian students are one of the biggest consumers of international education and should be at the heart of the immigration policymaking,” said Arora.

Empty rhetoric?

The home secretary has promised that this new route “will mean talented international students, whether in science and maths or technology and engineering, can study in the UK and then gain valuable work experience as they go on to build successful careers”.

But some find this nothing more than an ‘empty rhetoric’ as they struggle to make this country, where they have spent many years building their career and friendships, their new home.

In a recent parliamentary debate, Home Office minister Kevin Foster indicated that British “citizenship is a privilege, not a right”. Many argue that this only indicates the Home Office’s hostile attitude towards immigrants who have devoted many years to this country and hope to make it their permanent home.

“It’s not necessarily a complete disaster if I have to return to India. But I have spent ten years of my life here, have worked in the UK and contributed to the research here, and so I believe I should have a right to live here,” said Islam.

Her thoughts are echoed among many others who are caught in the chaos of the UK immigration system.

New points-based system announced

On Wednesday, the UK announced a new points-based immigration system which takes effect from January 2021. This new global system will offer visas to EU and non-EU citizens alike, based on points assigned to specific skills, qualifications, salaries or professions and promises to give top priority to scientists, engineers and academics.

Calling it a “historic moment” Patel said, “We will attract the brightest and the best from around the globe, boosting the economy and our communities, and unleash this country’s full potential. By introducing a new UK points-based immigration system, which will bring overall migration numbers down.”

Patel also admitted that under the new immigration rules she is proposing, her own parents may not have been admitted to the UK.

However, some see it as a positive move. Baroness Usha Prashar of Runnymede, who is the chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI) UK, said, “Majority of the Indian Businesses in the UK require skilled manpower. The new points-based immigration system coupled with the lower salary threshold is a positive move. This has been a long-standing demand of FICCI members. The new system will benefit not just qualified professionals from India but also large number of Indian students in the UK universities.”

The Times of India |

Indian businesses and students welcome new UK points-based immigration system

Thousands more highly skilled Indians could potentially work in Britain as the UK launches a new points-based immigration system starting next year.

The new streamlined visa system, inspired by Australia’s points-based immigration system, will take effect from January 1, 2021, and will replace the Tier 1 and Tier 2 schemes. The cap on the numbers of skilled workers is being scrapped and a small number of highly skilled workers will be allowed to enter without a job offer.

The new single global system for workers will treat EU and non-EU citizens equally, replacing the “free movement” that has existed between the UK and the EU, allowing an unlimited number of EU citizens to live and work in the UK and vice versa, without the need for any visa. Freedom of movement ends when the transition period ends on December 31, 2020.

Skilled migrants will now require 70 points to be eligible to apply to enter the UK to work. The new route will open in Autumn 2020.

A job offer with an employer, a minimum salary of £25,600 a year, the ability to speak English and an A-level qualification or equivalent will be mandatory under the new skilled worker route. Under the current Tier 2 system, skilled workers need a degree and a £30,000 minimum salary.

Points will be assigned for specific skills, qualifications, salaries or professions with the aim being to attract those from across the globe with the highest skills.

There will be no resident labour market test, skilled workers can be accompanied by dependents and they will be eligible to apply for indefinite leave to remain (permanent residency).

The salary threshold has been lowered to £25,600 in line with recommendations from the Migration Advisory Committee (MAC).

Those who don’t meet the salary threshold will be able to ‘trade’ characteristics such as having a job offer in a shortage occupation or having a PhD relevant to the job, against a lower salary, provided they will earn above £20,480.

The Home Office said, in its policy statement, that it was a “firm and fair points-based system” designed to “attract the high-skilled workers” the UK needs. “We intend to create a high wage, high-skill, high productivity economy,” it said.

Significantly, there will be no general low-skilled or temporary work route.

The Home Office said it estimated 70 per cent of the existing EU workforce in Britain would not meet the requirements of the skilled worker route.

“We’re ending free movement, taking back control of our borders and delivering on the people’s priorities by introducing a new UK points-based immigration system, which will bring overall migration numbers down,” home secretary Priti Patel said, launching the scheme on Wednesday.

There will be no route for self-employed people either, although they may be able to obtain an innovator visa, or enter under the global talent scheme, which allows high skilled scientists, academics and researchers to work in the UK without a job offer.

Indian business bodies welcomed the move, saying it would greatly benefit skilled Indians, but expressed concerns about whether it might create labour shortages in some sectors.

Life peer Baroness Prashar CBE, chair of FICCI UK, said: “The majority of Indian businesses in the UK require skilled manpower. The new point-based immigration system coupled with the lower salary threshold is a positive move. This has been a long-standing demand of FICCI members.”

“With the focus on attracting highly skilled individuals, this should be good news for ambitious and well-qualified Indians and for businesses in the UK keen to hire top talent,” said Kevin McCole, managing director of the UK India Business Council. “Following the UK Government’s announcement last September that foreign students will be able to work in the UK after graduation, this is a further boost to India-UK people to people links.”

“The lower salary threshold means skilled Indians are easily the biggest winner,” said Pratik Dattani, managing director, EPG. “The major flaw is that the policy change will exacerbate Britain’s chronic labour shortages in vocational skills, which have relied so heavily on Eastern Europeans.”

“We welcome the Home Office’s proposed new system, which rightly recognises that immigration to the UK should be based on skills, salaries and knowledge of the English language,” said Jim Bligh, chair of the Confederation of Indian Industry (CII)’s India Business Forum. “For business, it’s essential that the system retains flexibility for employers, particularly those bringing in highly-skilled workers on short-term assignments.”

Students will also be covered by the points-based system. They will achieve the required points if they can demonstrate that they have an offer from an approved educational institution, speak English and are able to support themselves during their studies.

“As per our members, the immigration rules are the biggest challenge a student from India faces when in the UK,” said Amit Tiwari, president of INSA (Indian National Student Association) UK. “This new proposal helps in levelling the field as a lot of Indian students want to put experience to their qualifications. The lowering of the salary threshold is a welcome move.”

The Telegraph |

Priti Patel visa plan favours Indian PhDs

First, the good news for Indians in the new “points based” immigration proposals officially announced on Wednesday by the home secretary Priti Patel - if you have got “a PhD in in science, technology, engineering or mathematics”, you are out of the blocks with a flying start.

That gets you 20 points towards the 70 points you need before you can apply for a work visa.

A Phd in any other subject counts for 10 points.

Speak English? Great, that’s another 10 points.

Do you have a job offer with a salary of at least £25,600 (the level was previously £30,000)? That’s 20 points.

Are you applying for work in an area where there is a skills shortage? Yes? That’s another 20 points.

Obviously, this set up favours Indians who have been to English medium schools.

The corollary is that the door is closed to Indians without English and also those who don’t meet the salary target. As with all rules, the salary rule can be relaxed for those who want to work as nurses because there is a critical shortage in the National Health Service.

Indian community leaders obviously support Priti’s idea of putting Indians on the same level as those who come from the EU because the latter are going to lose freedom of movement from January 1 next year.

Priti’s proposals received a qualified welcome from the Tory peer Jitesh Gadhia, who strives to promote UK-India relations.

He told The Telegraph: “The new immigration proposals should be welcome news for the ‘brightest and best’ from India wishing to work in the UK.

“However, the devil is always in the detail and depends on how the points-based scheme will operate in practice.

“Among the priority skill areas where India could help fill a big gap are medical professionals - especially general practitioners and dentists.

“Visas are certainly part of the issue but an even bigger barrier for NHS recruitment is mutual recognition of qualifications.

“There is no use having one without the others.”

The independent peer Ushar Prashar, chairperson of the UK branch of FICCI, was upbeat about the consequences for India: “Majority of the Indian businesses in the UK require skilled manpower. The new points-based immigration system coupled with the lower salary threshold is a positive move. This has been a long standing demand of FICCI members.”

She added: “The new system will benefit not just qualified professionals from India but also large numbers of Indian students in the UK universities.”

Crossbench peer Karan Bilimoria, vice-president of the Confederation of British Industry and chairman of Cobra Beer, said: “Several aspects of the new system will be welcomed by business, particularly abolishing the cap on skilled visas, introducing a new post-study work visa for overseas students, and reducing the minimum salary threshold from £30,000.

“Nonetheless, in some sectors firms will be left wondering how they will recruit the people needed to run their businesses. With already low unemployment, firms in care, construction, hospitality, food and drink could be most affected.

“Above all, the government must work with employers and employees - especially smaller firms - to ensure they have the time to adapt to new policies and practices.”

There are genuine problems with the new immigration proposals. The main one is that large sections of British industry have got used to recruiting EU nationals. Everyone knows they work a lot harder than their British counterparts.

There are now fears that that the British economy will be badly hit if workers from the EU – in construction, for example – are barred entry. The door is also closed to the self-employed – plumbers from Poland, for instance.

It is thought there are around 3.4 million EU citizens living in the UK and most are said to be unskilled or low-skilled.

To all this, Priti’s response is that it is high time the British stopped being lazy and did the work themselves – instead of relying on relatively cheap labour from Eastern Europe.

Some feel this is a little rich coming from the daughter of Indian immigrants who came to the UK from Uganda.

Priti’s policy document says: “UK businesses will need to adapt and adjust to the end of free movement, and we will not seek to recreate the outcomes from free movement within the points-based system.

“As such, it is important that employers move away from a reliance on the UK’s immigration system as an alternative to investment in staff retention, productivity, and wider investment in technology and automation.”

Which is another way of telling British workers: “Stop being lazy.”

The home secretary told Sky News: “It is about time businesses started to invest in people in this country. We have over eight million people – that is 20 per cent of the workforce – aged between 16 and 64 that are economically inactive right now.”

“Economically inactive” is code for indolent or work shy.

“It is down to businesses to work well with the government and join us in investing in people, levelling up across the UK so we can have wage growth across the entire country,” continued Priti.

She believes the new immigration measures will reduce net migration even though there will be no cap on the numbers of highly qualified professionals who are admitted.

The BBC’s health correspondent Nick Triggle pointed out: “The immigration plans spell trouble for adult social care. The majority of people employed by the sector are low-paid care workers. They are responsible for providing daily help to older and disabled adults in care homes and the community. There are already significant shortages – one in 11 posts is unfilled.”

For Labour, shadow home secretary Diane Abbott said the government did not “appear to have thought through what the effects of this policy will be on the economy as a whole and what message it sends to migrants already living and working here”.

Liberal Democrat home affairs spokeswoman Christine Jardine alleged the proposals were based on “xenophobia”.

And Scotland’s First Minister Nicola Sturgeon said the plans would be “devastating” for the Scottish economy.

But Priti insisted that a new Immigration Bill would be introduced for a “firm and fair” system which would “attract the high-skilled workers” to create a “high wage, high skill, high productivity economy”.

Deccan Herald |

Indian industry, students welcome UK's new points-based visa system

Indian industry and students' groups in the UK have widely welcomed the new points-based visa system unveiled by Home Secretary Priti Patel on Wednesday to attract the "brightest and the best" from around the globe.

The new post-Brexit policy is pitched as a “firm and fair” mechanism that will treat all migrants equally as the free movement of people from within the European Union (EU) comes to an end from January 1 next year.

The magic number of points required to apply under the new system will be 70, accrued in increments of 20 or 10 based on professional skills, English language proficiency, a job offer from an approved sponsor and salary levels between 20,480 pounds and 25,600 pounds or above.

Some of the categories will fall under tradable points, such as salary levels and jobs that fall within the shortage occupation list, giving applicants some options to make up a total of 70.

"We welcome the Home Office’s proposed new system, which rightly recognises that immigration to the UK should be based on skills, salaries and knowledge of the English language,” said Jim Bligh, Chair of the Confederation of Indian Industry’s (CII) UK-India Business Forum (IBF).

"For business, it's essential that the system retains flexibility for employers, particularly those bringing in highly-skilled workers on short-term assignments to support UK plc’s growth and transformation. It will also be important to ensure salary thresholds are not a deterrent to finding staff with the right specialist skills from around the world,” he said.

The tradable aspect of the salary threshold is likely to prove beneficial for Indian professionals, who already make up the largest chunk of skilled worker visas issued by the UK to nationals outside the EU.

Baroness Usha Prashar, Chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI), UK, said the changes meet a long-standing business demand.

She said: "Majority of the Indian businesses in the UK require skilled manpower. The new point-based immigration system coupled with the lower salary threshold is a positive move. This has been a long-standing demand of FICCI members.

“The new system will benefit not just qualified professionals from India but also large number of Indian students in the UK universities.”

Student visa routes will also be points-based and bring EU citizens into the same remit as other international students from next year, at the end of the Brexit transition period on December 31, 2020.

A Graduate route announced by the government earlier had brought back a two-year post-study work visa route for overseas students, to allow eligible students to work, or crucially look for work, in any career or position of their choice, for two years after completing their studies from later this year.

The National Indian Students and Alumni Union UK (NISAU), which actively lobbied the government on a fairer visa regime that offers international students the chance to gain some work experience at the end of their degrees, believes the new changes are a step in the right direction.

"We welcome the points-based system. It feels like a good step towards creating a fair immigration system that meets the need of the British economy but also creates an environment that welcomes talent, particularly scientific talent,” said Sanam Arora, founder and chairperson of NISAU UK.

“Genuine Indian applicants with demonstrable skills should considerably benefit. As always though, the proof lies in the pudding and we await clarity over the coming months on details, and also particularly on how the Graduate route fits into the overall points-based system,” she said.

The latest announcement follows British Prime Minister Boris Johnson’s constant references to moving towards an Australian-style points-based visa system once the UK is free of EU immigration rules as a non-member of the economic bloc. The new regime effectively clamps down on low-skilled workers, aimed at cutting down overall numbers coming into the country – a central pledge of the ruling Conservative Party government.

"For too long, distorted by European free movement rights, the immigration system has been failing to meet the needs of the British people. Failing to deliver benefits across the UK and failing the highly-skilled migrants from around the world who want to come to the UK and make a contribution to our economy and society," notes the Home Office in its policy statement, which will take the form of a new Immigration Bill to be passed by Parliament.

"We are ending free movement and will introduce an Immigration Bill to bring in a firm and fair points-based system that will attract the high-skilled workers we need to contribute to our economy, our communities and our public services. We intend to create a high wage, high-skill, high productivity economy,” the Home Office said.

The Opposition parties remain critical of the new system, with shadow home secretary Diane Abbott warning that the government did not "appear to have thought through what the effects of this policy will be on the economy as a whole and what message it sends to migrants already living and working here".

Outlook |

Indian industry, students welcome UK''s new points-based visa system

Indian industry and students' groups in the UK have widely welcomed the new points-based visa system unveiled by Home Secretary Priti Patel on Wednesday to attract the "brightest and the best" from around the globe.

The new post-Brexit policy is pitched as a 'firm and fair' mechanism that will treat all migrants equally as the free movement of people from within the European Union (EU) comes to an end from January 1 next year.

The magic number of points required to apply under the new system will be 70, accrued in increments of 20 or 10 based on professional skills, English language proficiency, a job offer from an approved sponsor and salary levels between 20,480 pounds and 25,600 pounds or above.

Some of the categories will fall under tradable points, such as salary levels and jobs that fall within the shortage occupation list, giving applicants some options to make up a total of 70.

"We welcome the Home Office’s proposed new system, which rightly recognises that immigration to the UK should be based on skills, salaries and knowledge of the English language,” said Jim Bligh, Chair of the Confederation of Indian Industry’s (CII) UK-India Business Forum (IBF).

"For business, it's essential that the system retains flexibility for employers, particularly those bringing in highly-skilled workers on short-term assignments to support UK plc’s growth and transformation. It will also be important to ensure salary thresholds are not a deterrent to finding staff with the right specialist skills from around the world,” he said.

The tradable aspect of the salary threshold is likely to prove beneficial for Indian professionals, who already make up the largest chunk of skilled worker visas issued by the UK to nationals outside the EU.

Baroness Usha Prashar, Chairperson of the Federation of Indian Chambers of Commerce and Industry (FICCI), UK, said the changes meet a long-standing business demand.

She said: "Majority of the Indian businesses in the UK require skilled manpower. The new point-based immigration system coupled with the lower salary threshold is a positive move. This has been a long-standing demand of FICCI members.

“The new system will benefit not just qualified professionals from India but also large number of Indian students in the UK universities.”

Student visa routes will also be points-based and bring EU citizens into the same remit as other international students from next year, at the end of the Brexit transition period on December 31, 2020.

A Graduate route announced by the government earlier had brought back a two-year post-study work visa route for overseas students, to allow eligible students to work, or crucially look for work, in any career or position of their choice, for two years after completing their studies from later this year.

The National Indian Students and Alumni Union UK (NISAU), which actively lobbied the government on a fairer visa regime that offers international students the chance to gain some work experience at the end of their degrees, believes the new changes are a step in the right direction.

"We welcome the points-based system. It feels like a good step towards creating a fair immigration system that meets the need of the British economy but also creates an environment that welcomes talent, particularly scientific talent,” said Sanam Arora, founder and chairperson of NISAU UK.

“Genuine Indian applicants with demonstrable skills should considerably benefit. As always though, the proof lies in the pudding and we await clarity over the coming months on details, and also particularly on how the Graduate route fits into the overall points-based system,” she said.

The latest announcement follows British Prime Minister Boris Johnson’s constant references to moving towards an Australian-style points-based visa system once the UK is free of EU immigration rules as a non-member of the economic bloc. The new regime effectively clamps down on low-skilled workers, aimed at cutting down overall numbers coming into the country – a central pledge of the ruling Conservative Party government.

"For too long, distorted by European free movement rights, the immigration system has been failing to meet the needs of the British people. Failing to deliver benefits across the UK and failing the highly-skilled migrants from around the world who want to come to the UK and make a contribution to our economy and society," notes the Home Office in its policy statement, which will take the form of a new Immigration Bill to be passed by Parliament.

"We are ending free movement and will introduce an Immigration Bill to bring in a firm and fair points-based system that will attract the high-skilled workers we need to contribute to our economy, our communities and our public services. We intend to create a high wage, high-skill, high productivity economy,” the Home Office said.

The Opposition parties remain critical of the new system, with shadow home secretary Diane Abbott warning that the government did not "appear to have thought through what the effects of this policy will be on the economy as a whole and what message it sends to migrants already living and working here".

Hindustan Times |

New UK visa system shuts EU's low-skilled; to benefit Indian professionals

Citizens of the European Union will no longer enjoy preferential access to living and working in the post-Brexit UK from January 1, 2021 under a new points-based immigration system likely to benefit Indian professionals who are already preferred by British employers.

Announcing the radical change on Wednesday, home secretary Priti Patel – daughter of Indian-origin immigrants – said the ‘free movement’ enjoyed by EU citizens over decades of UK’s membership of the EU will end, offering more opportunities to global talent.

The UK already issues more than half of its work visas to Indian professionals (52 per cent of Tier 2 visas). The new system, which has a lower annual salary threshold (£25,600) is likely to enable more Indians to access employment opportunities in the post-Brexit UK.

British business organisations cautiously welcomed the new regime, hailing the scrapping of cap on work visas, but feared severe labour shortages when low-skilled EU citizens will no longer be available in hospitality, care, food processing and other sectors.

Patel advised them to adapt and train 8 million economically inactive people in the UK population: “UK businesses will need to adapt and adjust to the end of free movement…(It) is important that employers move away from a reliance on the UK’s immigration system as an alternative to investment in staff retention, productivity, and wider investment in technology”.

The new system’s policy document states: “For too long, distorted by European free movement rights, the immigration system has been failing to meet the needs of the British people. Failing to deliver benefits across the UK and failing the highly-skilled migrants from around the world who want to come to the UK”.

“Our approach will change all of this. We are implementing a new system that will transform the way in which all migrants come to the UK to work, study, visit or join their family…From 1 January 2021, EU and non-EU citizens will be treated equally”.

Applicants will need to have at least 70 points under heads such as a confirmed job offer, knowledge of English, education qualifications and salary level. Indian students enrolling from September this year will also be eligible for post-study work visa valid for two years.

Jim Bligh of the UK chapter of Confederation of Indian Industry said: “We welcome the Home Office’s proposed new system, which rightly recognises that immigration to the UK should be based on skills, salaries and knowledge of the English language”.

“For business, it’s essential that the system retains flexibility for employers, particularly those bringing in highly-skilled workers on short-term assignments to support UK plc’s growth and transformation. It will also be important to ensure salary thresholds are not a deterrent to finding staff with the right specialist skills from around the world.”

Acting British high commissioner to India, Jan Thompson, added: “The new is great news for Indian nationals looking to work in the UK. It puts Indian applicants on a level playing field, and prioritises those with the greatest skills and talent – something which India has in abundance”.

Usha Parashar, chair of FICCI UK, said: “The majority of Indian businesses in the UK require skilled manpower. The new point-based immigration system coupled with the lower salary threshold is a positive move. This has been a long standing demand of FICCI members”.

“The new system will benefit not just qualified professionals from India but also large number of Indian students in UK universities”.

News Track |

Big disclosure about British economy, Indians contribute most

Indian people are becoming great by making the biggest contribution in upgrading the place they went to. Another case has come up recently which is from Britain where companies owned by overseas Indians have made exemplary contributions to the British economy. These companies have paid more than one billion pounds (Rs 9306 crore) corporation tax and have given jobs to 1.74 lakh people.

This is the first research report of its kind that has been released under the name The Diaspora Effect'. According to the report, these companies jointly contribute revenues of £ 36.84 billion (Rs 3.42 lakh crore) to the British economy. The report analyzes data from 654 British companies owned by Indian expatriates, whose turnover is one million pounds.

It is also being said that this report has been produced by Grant Thornton UK jointly with the London-based High Commission of India and the Federation of Indian Chambers of Commerce and Industry (FICCI, UK). Whereas Indian High Commissioner Ruchi Ghanshyam said that this report does not claim to keep a record of the full contribution of all businesses owned by Indian expatriates but it contains a complete account of more than 650 big businesses.

The Navhind Times |

Indian diaspora's contribution to UK economy

Indian diaspora-owned companies in the UK with a combined revenue of 36.84 billion pounds employ over 174,000 people and pay over 1 billion pounds in Corporation Tax, according to a first-of-its-kind research.

The ‘India in the UK: The Diaspora Effect’ report, released here on Tuesday, analysed data related to 654 Indian diaspora-owned companies in the UK with a turnover of at least 100,000 pounds and found that they collectively invest around 2 billion pounds through capital expenditure.

The report, produced by Grant Thornton UK jointly with the Indian High Commission in London and the Federation of Indian Chambers of Commerce and Industry (FICCI UK), zeroed in on a select few of an estimated total of over 65,000 diaspora-connected companies.

“This report does not claim to be an exhaustive record of the full contribution of the UK businesses owned by the Indian diaspora. It covers over 650 relatively large businesses owned by the Indian diaspora, which were looked at in greater detail,” said Ruchi Ghanashyam, the Indian High Commissioner to the UK who was the catalyst behind the project which began in March last year.

“Though this report looks only at the businesses with an annual turnover of more than 100,000 pounds, we hope that contributions of the many smaller enterprises will be added in future reports,” said the envoy, as she dedicated the report to the 1.5-million-strong Indian diaspora in the UK, which she noted has been described as a “living bridge” between the two countries by Prime Minister Narendra Modi.

The report aims to help develop a better understanding of the contributions of businesses owned by people of Indian origin to the UK and builds on the insight developed by Grant Thornton’s annual ‘India Meets Britain Tracker’, which track the fastest-growing Indian companies in the UK.

“This report celebrates the contribution of the Indian diaspora not just to the UK’s economic prosperity, but increasingly to its wider society too,” said Anuj Chande, Partner and Head of the South Asia Group, Grant Thornton UK.

Among some of its other highlight findings, of the 654 companies researched, around 35 per cent have one or more women directors on their board and 23 businesses generate 80 per cent of the total jobs provided by the Indian diaspora companies in the UK – a total of 140,000 jobs.

The top five employers include B&M Retail Limited, with 26,496 jobs, followed by Vedanta Resources Ltd (25,083), Boparan Holdco Ltd (21,949), Hinduja Automotive (19,601) and HC-One Ltd (10,949).

“The economic contribution of the Indian diaspora in the UK is rightly applauded and commented upon but to date it has not been quantified. This report is an attempt to fill that gap,” said Baroness Usha Prashar, Chair of FICCI UK.

“It provides very helpful information which we hope will be built upon in the future. This is an excellent start and the report’s key findings are a matter of both pride and celebration,” she said.

The report, with the tag line ‘Celebrating the energy and entrepreneurship of the Indian diaspora in the UK’, finds a sector-wide sweep of diaspora-owned firms, with hospitality dominating the landscape at 19 per cent, followed by healthcare and pharmaceuticals at 15 per cent, retail and wholesale (13 per cent), real estate and construction (13 per cent) and food and beverage (9 per cent) to complete the top five.

London dominates the overall spread, with 52 per cent of the diaspora-owned companies based in the UK capital.

The estimated India-related contribution to the UK economy, combining the figures for India-owned companies from the annual Tracker with the latest diaspora findings, brings a combined turnover of around 85 billion pounds, with over 1.7 billion pounds paid in taxes and close to 280,000 employees.

“These are significant numbers. We anticipate that these numbers are likely to grow even further as the bilateral relationship develops,” notes the report.

The methodology used for the inaugural report is based on the latest published accounts of companies that are majority owned by the Indian diaspora, with at least one director of presumed Indian origin living in the UK.

The authors stress that the facts and figures contained within the report should be treated as indicative, rather than absolute, with the outlook likely to be further defined over the next few editions.

The Wire |

Report on 'Diaspora Effect' hopes to highlight contributions of British Indians

The ‘India in the UK: The Diaspora Effect’ report was launched on Tuesday by the Indian high commission in London along with Federation of Indian Chamber of Commerce and Industry (FICCI), UK and Grant Thornton UK in London and is aimed at dispelling many doubts here about British Indians.

The report was the brainchild of high commissioner Ruchi Ghanshyam, who was determined to show the world the immense contributions Indians made overseas. “British Indians have the highest total median wealth at £178,980 and British Indian households are the second wealthiest among major British ethnic groups,” said Ghanshayam to Indian and British business leaders at the iconic Old Library at Guildhall.

In less than a year, Grant Thornton put together the first report of its kind to give a glimpse into the contributions of the Indian diaspora to the UK’s economy. The report skims the surface, with barely 1% of British Indian businesses as its sample (645 of the 65,000).

Its findings are, at best, expected: Of the total businesses surveyed, 52% are located in London. The top sectors include hospitality (19%) and healthcare and pharmaceuticals (15%). Retail and wholesale, and real estate and construction follow at 13%, with food and beverage constitute 9% and tech and telecom at 8%. Interestingly, 35% of the directors of the surveyed businesses are women.

The research appears to lacks academic vigour and in-depth analysis, which was reflected by every member of the team apologising for the hurried output. “This is not a comprehensive report. But it is the first step in recognising the contributions of this community that we in India are so proud of,” said Ghanshyam. He added, “It does not claim to be an exhaustive record of the full contribution of the UK businesses owned by the Indian diaspora. We hope that, over the years, the contributions of more enterprises will be added.”

The timing of this report is crucial. With Brexit paving way for more collaborations and trade relations with non-European countries, especially those in the Commonwealth, the need to project India as a perfect partner for Britain is important now.

The report aims to dispel certain prevalent notions about Indians in British society. These are:

Immigrants (Indians) are a drain on the British economy

The report highlights that the 654 businesses, all of which have an annual turnover of over £100,000, have a combined turnover of £36.84 billion. They invest £1.98 billion in capital expenditure and pay over £1.045 billion in corporation taxes into the British coffers.

Indians are stealing British jobs

According to the report, the 654 businesses employ 174,000 people. Of these, 23 businesses generate 80% of the jobs – 140,000. The largest three employers provide half of these figures – B&M Retail with 26,5000 employees, Vedanta Resources Ltd with 25,000 and Boparan Holvo Ltd with 22,000. Add to this the contributions of the 99% businesses that were not surveyed, the number will be significantly higher. This changes the notion of the Indian diaspora from job seekers to job creators.

Undocumented Indian immigrants should be deported to India

British Home Office estimates that there are 75,000-100,000 undocumented Indians living in the UK, the largest for any single nationality in the UK. The British government has raised with India the issue of undocumented migrants several times. It is believed that India had backed off signing a bilateral agreement on returning such immigrants in May 2018. New Delhi maintains that the figure of Indian undocumented immigrants is significantly lower than what is claimed by the UK. This issue has remained a sour one between the two countries since Prime Minister Narendra Modi’s visit to the UK in May 2018. The massive wealth creation in the UK by Indian diaspora could take the focus away from the issue of undocumented Indians.

Indian economy is on a downward spiral and bad for business

At the recent World Economic Forum in Davos, Gita Gopinath, the chief economist of the International Monetary Fund stated that India was partly responsible for the downgrade in global growth and lowered India’s economic growth estimate for the current fiscal year to 4.8%. The image of the Indian economy has suffered greatly on the global business front.

Constant references in this report are made to a prior report called India meets Britain Tracker 2019 on Indian owned companies with a significant base in the UK. The companies surveyed in that report showed a combined turnover of £85 billion with 280,000 people employed and £1.7 billion paid in taxes. The tracker is dominated by technology and telecom companies. This paints a strong relationship between the two countries. UK has been the largest investor from the G20 in India, while India has been among the top five investors in the UK since 2010. Indian companies have invested over £2.2 billion in London Stock Exchange’s Masala Bonds.

References to how former prime minister David Cameron had once said Indians put the “Great” in Great Britain was also evoked to remind the British establishment and the audience of the mutually beneficial relationship the two countries shared.

“A flair for entrepreneurship sees Indian diaspora-run businesses making an increasingly important contribution to the UK economy,” said Anuj Chande, partner and head of South Asia Group at Grant Thornton UK.

Baroness Usha Parashar of Runnymead CBE and chairperson of FICCI UK agreed that the economic contribution to the UK of the Indian diaspora is “rightly applauded and commented upon, but to date, it has not been quantified. The report is an attempt to fill that gap.”

That much-needed gap may take some more time to be filled with relevant data and analysis. This report could be a beginning.

Connected to India |

Companies in UK owned by Indian diaspora paid GBP 1 bn in taxes: Report

A FICCI and Grant Thornton UK study in collaboration with the Indian High Commission found that Indian diaspora-owned companies had a combined revenue of GBP 36.84 billion employed over 174,000 people and paid over GBP 1 billion pounds in Corporation Tax.

The 'India in the UK: The Diaspora Effect' report, released here on Tuesday, analysed data related to 654 Indian diaspora-owned companies in the UK with a turnover of at least GBP 100,000 and found that they collectively invest around GBP 2 billion through capital expenditure.

The report, produced by Grant Thornton UK jointly with the Indian High Commission in London and the Federation of Indian Chambers of Commerce and Industry (FICCI UK), zeroed in on a select few of an estimated total of over 65,000 diaspora-connected companies.

"This report does not claim to be an exhaustive record of the full contribution of the UK businesses owned by the Indian diaspora. It covers over 650 relatively large businesses owned by the Indian diaspora, which were looked at in greater detail," said Ruchi Ghanashyam, the Indian High Commissioner to the UK.

"Though this report looks only at the businesses with an annual turnover of more than GBP 100,000, we hope that contributions of the many smaller enterprises will be added in future reports," said the envoy, as she dedicated the report to the 1.5-million-strong Indian diaspora in the UK, which she noted has been described as a "living bridge" between the two countries by Prime Minister Narendra Modi.

The report aims to help develop a better understanding of the contributions of businesses owned by people of Indian origin in the UK and builds on the insight developed by Grant Thornton's annual 'India Meets Britain Tracker', which track the fastest-growing Indian companies in the UK.

"This report celebrates the contribution of the Indian diaspora not just to the UK's economic prosperity, but increasingly to its wider society too," said Anuj Chande, Partner and Head of the South Asia Group, Grant Thornton UK.

The top five employers include B&M Retail Limited, with 26,496 jobs, followed by Vedanta Resources Ltd (25,083), Boparan Holdco Ltd (21,949), Hinduja Automotive (19,601) and HC-One Ltd (10,949).

The methodology used for the inaugural report is based on the latest published accounts of companies that are majority owned by the Indian diaspora, with at least one director of presumed Indian origin living in the UK.

The Tribune |

Diaspora’s contribution to UK economy quantified

Indian diaspora-owned companies in the UK with a combined revenue of £36.84 billion employ over 1.74 lakh persons and pay over £1 billion in corporation tax, according to a first-of-its-kind research.

The “India in the UK: The Diaspora Effect” report, released here on Tuesday, analysed data related to 654 Indian diaspora-owned companies in the UK with a turnover of at least £1 lakh and found they collectively invest around £2 billion through capital expenditure.

The report, produced by Grant Thornton UK jointly with the Indian High Commission in London and the Federation of Indian Chambers of Commerce and Industry (FICCI UK), zeroed in on a select few of an estimated total of over 65,000 diaspora-connected companies.

“This report does not claim to be an exhaustive record of the full contribution of the UK businesses owned by the Indian diaspora. It covers over 650 relatively large businesses owned by the Indian diaspora, which were looked at in greater detail,” said Ruchi Ghanashyam, Indian High Commissioner to the UK, who was the catalyst behind the project that began in March last year.

“Though this report looks only at the businesses with an annual turnover of more than £1 lakh, we hope contributions of the many smaller enterprises will be added in future reports,” said the envoy, as she dedicated the report to the 1.5-million-strong Indian diaspora in the UK, which, she noted, has been described as a “living bridge” between the two countries by Prime Minister Narendra Modi.

The report aims to help develop a better understanding of the contributions of businesses owned by people of Indian origin to the UK and builds on the insight developed by Grant Thornton’s annual “India Meets Britain Tracker”, which track the fastest-growing Indian companies in the UK.

“This report celebrates the contribution of the Indian diaspora not just to the UK’s economic prosperity, but increasingly to its wider society too,” said Anuj Chande, Partner and Head of the South Asia Group, Grant Thornton UK.

Among some of its other highlight findings, of the 654 companies researched, around 35 per cent have one or more women directors on their board and 23 businesses generate 80 per cent of the total jobs provided by the Indian diaspora companies in the UK-a total of 1.4 lakh jobs.

The top five employers include B&M Retail Limited, with 26,496 jobs, followed by Vedanta Resources Ltd (25,083), Boparan Holdco Ltd (21,949), Hinduja Automotive (19,601) and HC-One Ltd (10,949).

The Economic Times |

New report quantifies Indian diaspora's contribution to UK economy

Indian diaspora-owned companies with a combined revenue of 36.84 billion pounds employ over 174,000 people and pay over 1 billion pounds in Corporation Tax, according to a first-of-its-kind research.

The 'India in the UK: The Diaspora Effect' report, released here on Tuesday, analysed data related to 654 Indian diaspora-owned companies in the UK with a turnover of at least 100,000 pounds and found that they collectively invest around 2 billion pounds through capital expenditure.
The report, produced by Grant Thornton UK jointly with the Indian High Commission in London and the Federation of Indian Chambers of Commerce and Industry (FICCI UK), zeroed in on a select few of an estimated total of over 65,000 diaspora-connected companies.

"This report does not claim to be an exhaustive record of the full contribution of the UK businesses owned by the Indian diaspora. It covers over 650 relatively large businesses owned by the Indian diaspora, which were looked at in greater detail," said Ruchi Ghanashyam, the Indian High Commissioner to the UK who was the catalyst behind the project which began in March last year.

"Though this report looks only at the businesses with an annual turnover of more than 100,000 pounds, we hope that contributions of the many smaller enterprises will be added in future reports," said the envoy, as she dedicated the report to the 1.5-million-strong Indian diaspora in the UK, which she noted has been described as a "living bridge" between the two countries by Prime Minister Narendra Modi.

The report aims to help develop a better understanding of the contributions of businesses owned by people of Indian origin to the UK and builds on the insight developed by Grant Thornton's annual 'India Meets Britain Tracker', which track the fastest-growing Indian companies in the UK.

"This report celebrates the contribution of the Indian diaspora not just to the UK's economic prosperity, but increasingly to its wider society too," said Anuj Chande, Partner and Head of the South Asia Group, Grant Thornton UK.

Among some of its other highlight findings, of the 654 companies researched, around 35 per cent have one or more women directors on their board and 23 businesses generate 80 per cent of the total jobs provided by the Indian diaspora companies in the UK - a total of 140,000 jobs.

The top five employers include B&M Retail Limited, with 26,496 jobs, followed by Vedanta Resources Ltd (25,083), Boparan Holdco Ltd (21,949), Hinduja Automotive (19,601) and HC-One Ltd (10,949).

"The economic contribution of the Indian diaspora in the UK is rightly applauded and commented upon but to date it has not been quantified. This report is an attempt to fill that gap," said Baroness Usha Prashar, Chair of FICCI UK.

"It provides very helpful information which we hope will be built upon in the future. This is an excellent start and the report's key findings are a matter of both pride and celebration," she said.

The report, with the tag line 'Celebrating the energy and entrepreneurship of the Indian diaspora in the UK', finds a sector-wide sweep of diaspora-owned firms, with hospitality dominating the landscape at 19 per cent, followed by healthcare and pharmaceuticals at 15 per cent, retail and wholesale (13 per cent), real estate and construction (13 per cent) and food and beverage (9 per cent) to complete the top five.

London dominates the overall spread, with 52 per cent of the diaspora-owned companies based in the UK capital.

The estimated India-related contribution to the UK economy, combining the figures for India-owned companies from the annual Tracker with the latest diaspora findings, brings a combined turnover of around 85 billion pounds, with over 1.7 billion pounds paid in taxes and close to 280,000 employees.

"These are significant numbers. We anticipate that these numbers are likely to grow even further as the bilateral relationship develops," notes the report.

The methodology used for the inaugural report is based on the latest published accounts of companies that are majority owned by the Indian diaspora, with at least one director of presumed Indian origin living in the UK.

The authors stress that the facts and figures contained within the report should be treated as indicative, rather than absolute, with the outlook likely to be further defined over the next few editions.

Business Standard |

654 Indian diaspora-owned firms employ over 174,000 people in UK: Report

Indian diaspora-owned companies with a combined revenue of 36.84 billion pounds employ over 174,000 people and pay over 1 billion pounds in Corporation Tax, according to a first-of-its-kind research.

The 'India in the UK: The Diaspora Effect' report, released here on Tuesday, analysed data related to 654 Indian diaspora-owned companies in the UK with a turnover of at least 100,000 pounds and found that they collectively invest around 2 billion pounds through capital expenditure.

The report, produced by Grant Thornton UK jointly with the Indian High Commission in London and the Federation of Indian Chambers of Commerce and Industry (FICCI UK), zeroed in on a select few of an estimated total of over 65,000 diaspora-connected companies.

"This report does not claim to be an exhaustive record of the full contribution of the UK businesses owned by the Indian diaspora. It covers over 650 relatively large businesses owned by the Indian diaspora, which were looked at in greater detail," said Ruchi Ghanashyam, the Indian High Commissioner to the UK who was the catalyst behind the project which began in March last year.

"Though this report looks only at the businesses with an annual turnover of more than 100,000 pounds, we hope that contributions of the many smaller enterprises will be added in future reports," said the envoy, as she dedicated the report to the 1.5-million-strong Indian diaspora in the UK, which she noted has been described as a "living bridge" between the two countries by Prime Minister Narendra Modi.

The report aims to help develop a better understanding of the contributions of businesses owned by people of Indian origin to the UK and builds on the insight developed by Grant Thornton's annual 'India Meets Britain Tracker', which track the fastest-growing Indian companies in the UK.

"This report celebrates the contribution of the Indian diaspora not just to the UK's economic prosperity, but increasingly to its wider society too," said Anuj Chande, Partner and Head of the South Asia Group, Grant Thornton UK.

Among some of its other highlight findings, of the 654 companies researched, around 35 per cent have one or more women directors on their board and 23 businesses generate 80 per cent of the total jobs provided by the Indian diaspora companies in the UK a total of 140,000 jobs.

The top five employers include B&M Retail Limited, with 26,496 jobs, followed by Vedanta Resources Ltd (25,083), Boparan Holdco Ltd (21,949), Hinduja Automotive (19,601) and HC-One Ltd (10,949).

"The economic contribution of the Indian diaspora in the UK is rightly applauded and commented upon but to date it has not been quantified. This report is an attempt to fill that gap," said Baroness Usha Prashar, Chair of FICCI UK.

"It provides very helpful information which we hope will be built upon in the future. This is an excellent start and the report's key findings are a matter of both pride and celebration," she said.

The report, with the tag line 'Celebrating the energy and entrepreneurship of the Indian diaspora in the UK', finds a sector-wide sweep of diaspora-owned firms, with hospitality dominating the landscape at 19 per cent, followed by healthcare and pharmaceuticals at 15 per cent, retail and wholesale (13 per cent), real estate and construction (13 per cent) and food and beverage (9 per cent) to complete the top five.

London dominates the overall spread, with 52 per cent of the diaspora-owned companies based in the UK capital.

The estimated India-related contribution to the UK economy, combining the figures for India-owned companies from the annual Tracker with the latest diaspora findings, brings a combined turnover of around 85 billion pounds, with over 1.7 billion pounds paid in taxes and close to 280,000 employees.

"These are significant numbers. We anticipate that these numbers are likely to grow even further as the bilateral relationship develops," notes the report.

The methodology used for the inaugural report is based on the latest published accounts of companies that are majority owned by the Indian diaspora, with at least one director of presumed Indian origin living in the UK.

The authors stress that the facts and figures contained within the report should be treated as indicative, rather than absolute, with the outlook likely to be further defined over the next few editions.

Hindustan Times |

New report highlights multi-billion pound Indian diaspora effect in the UK

The story of nearly 850 Indian companies based in the UK as major investors is known, but a new report released on Tuesday provides a unique indication of the Indian diaspora’s multi-billion-pound contribution to the British economy.

Over 65,000 businesses are owned by British citizens of Indian origin, whose economic clout has rarely been highlighted beyond the assessment that the 1.5 million-strong diaspora accounts for 1.8 per cent of the UK population but contribute 6 per cent to its GDP.

The new report by consultants Grant Thornton in collaboration with the Indian high commission and the FICCI focusses on 654 diaspora-owned companies with a turnover of over £100,000 and employing over 1,000 people each. The report is to be updated annually.

The Indian-origin segment of the UK population often figures in the top brackets of various social and economic indicators, from house ownership to education to employment. The report, titled ‘India in the UK: The Diaspora Effect’, complements such data.

The 654 companies – excluding partnerships or sole traders – have combined revenues of £36.84 billion, employing over 174,000 people. They also pay over £1 billion in corporation tax and invest close to £2 billion through capital expenditure.

Prominent diaspora businessmen – many of whom arrived with small capital and went on to build empires – include Ghulam Noon, Swraj Paul, Karan Bilimoria, Rishi Khosla, the Arora brothers, Kartar and Tej Lalvani, Mohsin Issa and Zuber Issa, and Cyrus Todiwala.

The top three sectors in which the diaspora companies operate are hospitality, healthcare and pharmaceuticals, and retail and wholesale. Real estate and construction also figure among its top focus sectors. Of the 654 companies, 52 per cent are based in London.

The diaspora-owned companies, when combined with the Indian parent-owned companies based in the UK, present a stronger picture: a combined turnover of £85 billion, over £1.7 billion paid in taxes and nearly 280,000 people employed, the report says.

Indian high commissioner Ruchi Ghanashyam referred to Prime Minister Narendra Modi’s conception of the diaspora as a ‘living bridge’ between the two countries, and said: With not only valuable contributions to industry and business, but also to the areas of academia, literature, arts, medicine, science, sport and politics, the diaspora adds to the rich tapestry of British culture, which is widely acknowledged and appreciated”.

Anuj Chande of Grant Thornton added: “Since the 1950s, Indians have come to the UK to contribute to the country’s economic development, or in the case of Indian’s expelled from Uganda, to seek refuge. Today almost 1.5 million strong, they make up one of the most prosperous and dynamic ethnic minority communities in the UK”.

Business Standard |

India needs to ensure that investments Made in Economy are sustainable in terms of Low Carbon Emission

Rajasree Ray, Economic Adviser, Ministry of Finance, Govt of India, today said that India, which is aiming for $5 trillion economy by 2024-25, needs to ensure that investments made in the economy are sustainable in terms of low carbon emission.

Speaking at 'India-UK Dialogue: Supercharging Sustainable Finance in India', organised by FICCI in collaboration with UK's Foreign & Commonwealth Office', the City of London and Climate Bonds Initiative, Ray said that sustainable finance is no longer in the margins of discourse, but serious effort is being made to mainstream it. The challenge is not only to mobilise resources and invest in various segments of the economy including infrastructure but to ensure that these investments are going to be sustainable particularly consistent with low carbon and sustainable development pathway, she noted.

Devdiscourse |

Serious effort being made to mainstream sustainable finance: Rajasree Ray

Ms. Rajasree Ray, Economic Adviser, Ministry of Finance, Govt of India, today said that India, which is aiming for $5 trillion economies by 2024-25, needs to ensure that investments made in the economy are sustainable in terms of low carbon emission.

Speaking at 'India-UK Dialogue: Supercharging Sustainable Finance in India', organised by FICCI in collaboration with UK's Foreign & Commonwealth Office', the City of London and Climate Bonds Initiative, Ms. Ray said that sustainable finance is no longer in the margins of discourse, but serious effort is being made to mainstream it.

"The challenge is not only to mobilize resources and invest in various segments of the economy including infrastructure but to ensure that these investments are going to be sustainable particularly consistent with low carbon and sustainable development pathway," she said.

Ms. Rajasree Ray said that India joined the International Platform on Sustainable Finance in October 2019 acknowledging the fact that the global nature of financial markets has the potential to help finance the transition to a green, low carbon and climate-resilient economy by linking financing needs to global sources of funding.

Ms. Catherine McGuinness, Policy Chair, City of London Corporation, said that India is one of the few countries with commitment compatible with the ambitions of the Paris Agreement. Meeting India's clean growth needs and the ambitions of the Paris Agreement will not just require energy transition, but it will require a repetition of that feat across the economy whether that's in transport, agriculture, or in waste. And, that will require even more capital and investment, she said.

"London with its deep capital markets, its expertise in green finance and its own experience of low carbon transition is a partner of choice. And, indeed that's why we have set up the UK-India Green Finance Working Group. We recognize just how important it is to invest in India and to invest in the green transition," she added.

Mr. Rajnath Ram, Adviser, NITI Aayog, said that massive finance is needed for the growth of the renewable energy sector. He also said that NITI Aayog is soon coming with a policy for the storage of batteries.

The first report of the India-UK Working Group on Sustainable Finance titled 'Untapped Potential: Supercharging Green Finance in India' was released during the event.

Ms. Natalie Toms, Economic Counsellor, British High Commission, said that climate action is a priority for both India and the UK, and it is a natural area for partnership between the two nations.

Mr. Hitendra Dave, India Co-Chair, India-UK Working Group on Sustainable Finance and MD & Head of Global Banking and Markets, HSBC India, said that the report is high-quality work and provides a platform to start working with its set of recommendations. He added that the India Working Group is a set of highly qualified key constituents of the market both from the investors/ lenders side as well as the issuers/ borrower's side and together with the UK side will look at delivering practical and implementable solutions to mobilize sustainable finance.

Mr. Richard Abel, UK Co-Chair, India-UK Working Group on Sustainable Finance and MD, UK Climate Investments, Macquarie, said that green financing is gaining popularity in India and that there is a need to improve the visibility of bankable projects.

Business Standard |

India, Norway hold discussions on investment opportunities

India and Norway on Thursday agreed that the dynamic nature of trade and investment between the two countries will result in an increasing number of companies interested in establishing and gaining access to the markets in both sides.

During the first session of India-Norway Dialogue on Trade and Investment (DTI), convened in the national capital on January 15-16, both sides exchanged views on investment opportunities available in the respective countries.

On the first day, the session was preceded by an interaction between the representatives of Indian industries, including Federation of Indian Chambers of Commerce and Industry (FICCI), and the Confederation of Indian Industry (CII), as well as Norwegian ones, wherein discussions were held on various areas of mutual interest like blue economy, shipping and maritime, ICT, renewable energy, fisheries and MSMEs.

During the meeting, the Department for Promotion of Industry and Internal Trade (DPIIT), and the Department of Economic Affairs highlighted various policy initiatives of the Indian government for promoting investment in the country.

The second day of the session was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi on the Indian side, and Director General, Ministry of Trade, Industry and Fisheries, Erling Rimestad, from the other.

Noting that the economic exchanges between India and Norway remain satisfactory, the session concluded that there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

The session was based on the Terms of Reference (ToR) signed between India and Norway during the visit of Prime Minister Erna Solberg in January last year.

Latest LY |

India, Norway Hold Discussions on Investment Opportunities

India and Norway on Thursday agreed that the dynamic nature of trade and investment between the two countries will result in an increasing number of companies interested in establishing and gaining access to the markets in both sides.During the first session of India-Norway Dialogue on Trade and Investment (DTI), convened in the national capital on January 15-16, both sides exchanged views on investment opportunities available in the respective countries.On the first day, the session was preceded by an interaction between the representatives of Indian industries, including Federation of Indian Chambers of Commerce and Industry (FICCI), and the Confederation of Indian Industry (CII), as well as Norwegian ones, wherein discussions were held on various areas of mutual interest like blue economy, shipping and maritime, ICT, renewable energy, fisheries and MSMEs.During the meeting, the Department for Promotion of Industry and Internal Trade (DPIIT), and the Department of Economic Affairs highlighted various policy initiatives of the Indian government for promoting investment in the country.The second day of the session was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi on the Indian side, and Director General, Ministry of Trade, Industry and Fisheries, Erling Rimestad, from the other.Noting that the economic exchanges between India and Norway remain satisfactory, the session concluded that there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.The session was based on the Terms of Reference (ToR) signed between India and Norway during the visit of Prime Minister Erna Solberg in January last year.

ANI |

India, Norway hold discussions on investment opportunities

India and Norway on Thursday agreed that the dynamic nature of trade and investment between the two countries will result in an increasing number of companies interested in establishing and gaining access to the markets in both sides.

During the first session of India-Norway Dialogue on Trade and Investment (DTI), convened in the national capital on January 15-16, both sides exchanged views on investment opportunities available in the respective countries.

On the first day, the session was preceded by an interaction between the representatives of Indian industries, including Federation of Indian Chambers of Commerce and Industry (FICCI), and the Confederation of Indian Industry (CII), as well as Norwegian ones, wherein discussions were held on various areas of mutual interest like blue economy, shipping and maritime, ICT, renewable energy, fisheries and MSMEs.

During the meeting, the Department for Promotion of Industry and Internal Trade (DPIIT), and the Department of Economic Affairs highlighted various policy initiatives of the Indian government for promoting investment in the country.

The second day of the session was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi on the Indian side, and Director General, Ministry of Trade, Industry and Fisheries, Erling Rimestad, from the other.

Noting that the economic exchanges between India and Norway remain satisfactory, the session concluded that there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

The session was based on the Terms of Reference (ToR) signed between India and Norway during the visit of Prime Minister Erna Solberg in January last year.

Devdiscourse |

India-Norway Dialogue on Trade & Investment convened on 15-16 Jan

The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January 2020. The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI.

The first session was preceded by an industry interaction on 15th January 2020 with the representatives from the Indian industry, where discussions were held on various areas of mutual interest like the blue economy, shipping & maritime, ICT, renewable energy, fisheries, and MSME. Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments.

Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.

Representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), fisheries, ICT, renewable energy, electrical equipment, IT and solar energy sectors participated in the industry interaction. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.

The main session on 16th January 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Mr. Erling Rimestad.

The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises, New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.

Cumulative FDI equity inflows to India from Norway from April 2000 to September 2019 were around USD257 million. While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

Both sides noted that the dynamic nature of the commercial exchange between the two countries will result in an increasing number of companies interested in establishing and gaining access to the markets in India and Norway.

India Education Diary |

1st Session of India-Norway Dialogue on Trade & Investment Held in New Delhi

The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, 2020. The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI.

The first Session was preceded by an industry interaction on 15th January, 2020 with the representatives from Indian industry, where discussions were held on various areas of mutual interest likeblue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME. Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments.Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.Representativesfrom the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII),fisheries,ICT, renewable energy, electrical equipment, IT and solar energy sectorsparticipated in the industry interaction. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.

The main session on 16th January, 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Mr. ErlingRimestad.The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises,New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.

Cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD257 million. While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

Both sides noted that the dynamic nature of commercial exchange between the two countries will result in increasing number of companies interested in establishing and gaining access to the markets in India and Norway.

Pen News |

India, Norway exchange views on investment opportunities

India and Norway said on Thursday the dynamic nature of commercial exchange between the two countries will result in an increasing number of companies interested in establishing and gaining access to the markets of the two countries.

During the first Session of India-Norway Dialogue on Trade and Investment (DTI) convened on January 15-16, both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments. Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India. The session was based on the Terms of Reference (ToR) signed between India and Norway on January 8 during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI.

The first Session was preceded by an industry interaction on January 15 with the representatives from Indian industry, where discussions were held on various areas of mutual interest including blue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME. Representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII),fisheries,ICT, renewable energy, electrical equipment, IT and solar energy sectors participated in the industry interaction.

The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country. Cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD 257 million.

While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

The South Asian Express |

1st Session of India-Norway Dialogue on Trade & Investment Held in New Delhi

The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, 2020. The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI.

The first Session was preceded by an industry interaction on 15th January, 2020 with the representatives from Indian industry, where discussions were held on various areas of mutual interest likeblue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME. Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments.Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.Representativesfrom the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII),fisheries,ICT, renewable energy, electrical equipment, IT and solar energy sectorsparticipated in the industry interaction. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.

The main session on 16th January, 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Mr. ErlingRimestad.The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises,New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.

Cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD257 million. While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

Both sides noted that the dynamic nature of commercial exchange between the two countries will result in increasing number of companies interested in establishing and gaining access to the markets in India and Norway.

SME Times |

India, Norway discuss cooperation in MSME sector

During the first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, India and Norway discussed ways to boost cooperation in range of sectors including Micro, Small and Medium Enterprises (MSMEs).

The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI.

The first Session was preceded by an industry interaction on 15th January, 2020 with the representatives from Indian industry, where discussions were held on various areas of mutual interest like blue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME.

Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments.

Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.Representativesfrom the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), fisheries, ICT, renewable energy, electrical equipment, IT and solar energy sectorsparticipated in the industry interaction.

The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.

The main session on 16th January, 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Mr. Erling Rimestad.

The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises, New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.

Cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD257 million.

While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

Both sides noted that the dynamic nature of commercial exchange between the two countries will result in increasing number of companies interested in establishing and gaining access to the markets in India and Norway.

Business Standard |

First Session of India-Norway Dialogue on Trade & Investment (DTI) Convened

The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, 2020. The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI. The first Session was preceded by an industry interaction on 15th January, 2020 with the representatives from Indian industry, where discussions were held on various areas of mutual interest likeblue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME. Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments.

Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.Representativesfrom the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII),fisheries,ICT, renewable energy, electrical equipment, IT and solar energy sectorsparticipated in the industry interaction. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.

Cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD257 million. While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities. Both sides noted that the dynamic nature of commercial exchange between the two countries will result in increasing number of companies interested in establishing and gaining access to the markets in India and Norway.

Business Standard |

Bulgaria hopes to further strengthen links with India: FICCI

Ms Mariyana Nikolova, Deputy Prime Minister of Bulgaria for Economic and Demographic Policy, said she hoped that new initiatives and partnerships will be established to further strengthen the links between Bulgaria and India, speaking at an 'Interactive Session' with the Bulgarian Deputy Prime Minister and the accompanying business delegation, organized by FICCI. She said that Bulgaria offers one of the lowest corporate tax regimes in European Union and foreign companies tend to expand their businesses after setting up base in the country.

"Our taxes are one of the lowest in European Union. Besides having corporate tax of only 10%, we do not tax profit reinvested in municipalities with high unemployment rate. Our tax on dividend is a mere 5%. We also offer a two-year exemption from VAT for imports of equipment designated for investment projects worth over 2.5 million euro," she said.

Inviting the Indian business community for their participation and investments in Bulgaria, Ms Nikolova said that for the Bulgarian government, an important indicator of investor confidence is that after their establishment in Bulgaria, foreign companies tend to expand their production capacity.

"In 2018, President Ram Nath Kovind visited Sofia. This is a clear sign of the efforts to maintain a constructive political dialogue which focuses on furthering the development of relationship between Bulgaria and India. Business and industrial associations have a leading role in this process," she added.

Entrepreneur |

Here's what Bulgaria's Deputy PM has to say to Indian Investors

Mariyana Nikolova, Deputy Prime Minister of Bulgaria for Economic and Demographic Policy, at the Indo-Bulgaria business forum said that Indian businesses should develop interest in increasing investment and firming business ties with Bulgaria for further economic growth.

She mentioned that Bulgaria offers one of the lowest corporate tax regimes in European Union. Due to which, foreign companies and investors tend to expand their businesses after setting up base in the country.

Aiming the new initiatives started by both the nations, Nikolova stated that the new business ideologies and partnerships developed between both countries will further strengthen the economic links.

Highlighting the Indian President Ramnath Kovind’s visit to Bulgaria, she said “In 2018, President Ram Nath Kovind visited Sofia. This is a clear sign of the efforts to maintain a constructive political dialogue which focuses on furthering the development of relationship between Bulgaria and India. Business and industrial associations have a leading role in this process”.

Speaking at an ‘Interactive Session’ with the accompanying business delegation, organized by FICCI, Nikolova described about the lowest corporate tax rate of Bulgaria in the entire Europian Union, she said “our taxes are one of the lowest in European Union. Besides having corporate tax of only 10 per cent, we do not tax profit reinvested in municipalities with high unemployment rate. Our tax on dividend is mere 5 per cent. We also offer a two-year exemption from VAT for imports of equipment designated for investment projects worth over 2.5 million euro”.

Bulgarian companies are subjected to a tax rate of 10 per cent and the taxable profit is the annual financial result adjusted for tax purposes. Bulgaria also levies a flat personal income tax rate of 10 per cent.

Reiterating Tourism sector

Attracting the business opportunities in the Bulgarian’s tourism sector, Lyuben Kanchev, Deputy Tourism Minister of Bulgaria emphasized on the tourism and said that Bulgaria is specifically focussing on the cultural and historical tourism.

He mentioned in his speech that Bulgaria stands at the third platform in terms of archaeological and historical monuments across Europe after Italy and Greece. Bulgaria is one of the countries of Europe which has a plethora of tourist attractions and percentage of tourists’ visits is large.

India-Bulgaria’s Key Business Areas

At the forum, senior executive committee member of FICCI and CMD of RRB energy Ltd., Rakesh lBakshi illustrated the business ideas related to specific sectors. He mentioned that some of the key areas of business cooperation between the two nations are Agri-products, Pharmaceuticals, Renewable energy and IT and ITes. He explained about the business possibilities in these areas which Indian business tycoons can explore in Bulgaria in order to expand their businesses and make the country’s economy powerful.

Adding to this, Tsvetan Simeonov, President of Bulgarian Chamber of Commerce and Industry (BCCI) mentioned that Bulgaria considers India as a friendly country and a strategic business partner. Recalling the Bulgarian Chamber’s first agreement with FICCI in 1976, he said that sectors like tourism and food processing can be the new areas of cooperation with significant outcomes between India and Bulgaria.

About the forum

A Business forum between India and Bulgaria was being organized by FICCI (Federation of Indian Chambers of Commerce and Industry) at Indian Habitat Centre in Delhi to strengthen and develop the business ties between both nations. Various business delegates were present at the event to share their ideas with the Bulgarian’s bureaucrats. Deputy Prime Minister of Bulgaria along with the Bulgarian’s deputy tourism minister, President BCCI (Bulgarian Chambers of Commerce and Industry) was accompanied by the senior executive committee member of FICCI and CMD of RRB Energy Ltd from India.

Cross |

Mariana Nikolova: We are working to build a comprehensive Bulgarian-Indian partnership

On the first day of his official visit to India, Deputy Prime Minister for Economic and Demographic Marianna Nikolova held a working meeting in Delhi with Commerce, Industry and Railways Minister Pius Goyal.

They discussed the development of bilateral economic relations, expressing the common view that there is untapped potential in a number of areas of industry.

"We are working to build a comprehensive Bulgarian-Indian partnership, in the context of the EU-India Strategic Partnership," said the Bulgarian Deputy Prime Minister.

The two sides agreed to strive for more intensive investment attraction and for Bulgarian companies to enter the Indian market.

The hosts expressed interest in organizing a business delegation to visit Bulgaria in the spring.

The meeting was also attended by Deputy Minister of Transport, Information Technology and Communications Veliki Zanchev and Deputy Minister of Tourism Lyuben Kanchev.

Earlier in the day, Deputy Prime Minister Mariana Nikolova opened an interactive meeting between the Bulgarian Chamber of Commerce and Industry and the Federation of Indian Chambers of Commerce (FICCI).

In her speech to business representatives, she stressed that the Bulgarian government envisages maintaining macroeconomic and fiscal stability and special incentive measures through the Investment Promotion Act as a top priority.

At the beginning of the meeting, Rakesh Bakshi, a member of the Board of Directors of the Federation of Indian Chambers of Commerce, presented the Deputy Prime Minister with a Green Certificate for tree planting in her honor.

He shared that Bulgaria is interested in Indian business because of its skilled workforce, tax policy and access to the European market with 500 million users.

Deputy Prime Minister Mariana Nikolova also visited the headquarters of the Bulgarian-based company Exitel, which supplies broadband to more than 300,000 households.

The company is the first in the fixed internet sector with a 100% foreign participation permit and is considered one of the most successful projects with Bulgarian roots in India.

On November 20 and 21, the official Bulgarian delegation led by Deputy Prime Minister Nikolova will participate in the fifth edition of the India-Europe 29 International Business Forum in Delhi.

Business Standard |

Cut investment barriers to supercharge Indian Green Finance Sector says City of London Corporation - FICCI Report

The City of London Corporation, along with the Federation of Indian Chambers of Commerce and Industry (FICCI), launched a report calling on policymakers to reduce investment barriers to supercharge India's green finance sector. The report titled 'Untapped Potential: Supercharging Green Finance in India' has been written with inputs from the UK-India Green Finance Working Group and looks at the opportunities and challenges for sustainable finance in India. It offers recommendations on how to drive the green finance sector forward.

The recommendations include reduction in structural barriers to investment, including the development of the rupee-denominated masala bond market; innovative financing mechanisms tailored to the Indian landscape; increased transparency; greater visibility of opportunities and funding gaps; greater government cooperation for building domestic support in the country; greater sharing of technical expertise among regulators; and targeted reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with 'green' track records.

The Hindu Business Line |

City of London explores steps to 'supercharge' India's green finance sector

Aiming at “supercharging” India’s green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape.

In a report titled ‘Untapped Potential: Supercharging Green Finance in India’, the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India’s green finance sector, including the Rupee-denominated Masala Bond market.

“The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory,” said City of London Corporation Policy Chair Catherine McGuinness.

“India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India,” she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with green track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field.

“Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital,” he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said, “Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities. The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India.”

The Economic Times |

City of London explores steps to 'supercharge' India's green finance sector

Aiming at "supercharging" India's green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape.

In a report titled 'Untapped Potential: Supercharging Green Finance in India', the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India's green finance sector, including the Rupee-denominated Masala Bond market.

"The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory," said City of London Corporation Policy Chair Catherine McGuinness.

"India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India," she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with “green” track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field.

"Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital," he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said: "Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities.

"The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India."

Financial Express |

City of London Corporation explores steps to 'supercharge’ India's green finance sector

Aiming at “supercharging” India’s green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape. In a report titled ‘Untapped Potential: Supercharging Green Finance in India’, the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India’s green finance sector, including the Rupee-denominated Masala Bond market. “The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory,” said City of London Corporation Policy Chair Catherine McGuinness.

“India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India,” she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with “green” track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field. “Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital,” he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said: “Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities. “The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India.”

The Times of India |

City of London explores steps to 'supercharge' India's green finance sector

Aiming at "supercharging" India's green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape.

In a report titled 'Untapped Potential: Supercharging Green Finance in India', the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India's green finance sector, including the Rupee-denominated Masala Bond market.

"The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory," said City of London Corporation Policy Chair Catherine McGuinness.

"India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India," she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with “green” track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field.

"Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital," he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said: "Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities.

"The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India."

The Hindu |

City of London explores steps to 'supercharge' India's green finance sector

Aiming at “supercharging” India’s green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape.

In a report titled ‘Untapped Potential: Supercharging Green Finance in India’, the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India’s green finance sector, including the Rupee-denominated Masala Bond market.

“The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory,” said City of London Corporation Policy Chair Catherine McGuinness.

“India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India,” she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with green track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field.

“Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital,” he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said: “Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities.

“The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India.”

Outlook |

City of London explores steps to 'supercharge' India's green finance sector

Aiming at "supercharging" India''s green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape.

In a report titled ''Untapped Potential: Supercharging Green Finance in India'', the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India''s green finance sector, including the Rupee-denominated Masala Bond market.

"The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory," said City of London Corporation Policy Chair Catherine McGuinness.

"India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India," she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with “green” track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field.

"Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital," he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said: "Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities.

"The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India."

Money Control |

City of London explores steps to 'supercharge' India's green finance sector

Aiming at "supercharging" India's green finance sector, the City of London Corporation, the financial hub of the British capital, on Thursday unveiled a series of recommendations, including reducing structural barriers to investment and innovative financing mechanisms tailored to the Indian landscape.

In a report titled 'Untapped Potential: Supercharging Green Finance in India', the corporation alongside the Federation of Indian Chambers of Commerce and Industry (FICCI) explores the opportunities and challenges for sustainable finance in India.

The report, which has inputs from the UK-India Green Finance Working Group, calls on policymakers to reduce barriers to investment in order to accelerate the development of India's green finance sector, including the Rupee-denominated Masala Bond market.

"The UK is a leading global hub for green finance, home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory," said City of London Corporation Policy Chair Catherine McGuinness.

"India is a market with incredible diversity of opportunity and collaboration between our two countries gives us a chance to make a real difference to the climate change efforts. We are, therefore, delighted to be launching this step towards supercharging relations between the UK and India," she said.

Some of the other main recommendations from the report cover the need for increased transparency and standards; greater visibility of opportunities and funding gaps; further government cooperation to building domestic support in India, greater technical experience sharing among regulators; and targeted policy reforms and incentives, such as changes to the External Commercial Borrowing (ECB) guidelines by the Reserve Bank of India (RBI) for issuers with “green” track records.

FICCI Secretary General Dilip Chenoy described the new report as a welcome step towards India-UK cooperation in the field.

"Sustainable finance is indeed an imperative for achieving low-carbon, inclusive and stable growth for India. India and UK have a long-standing relationship and both countries can mutually collaborate and proactively support initiatives on green growth and investment internationally to unlock domestic and international flow of green capital," he said.

The UK-India Green Finance Working Group was founded in May this year to showcase best practice among London-based firms with an interest in sustainable infrastructure projects in India.

Chaired by Richard Abel, Managing Director for UK Climate Investments at Macquarie, and Hitendra Dave, Managing Director at HSBC India, the working group aims at creating a link between London-based service providers with a business interest in green infrastructure in India, and Indian-based firms searching for expertise or financing through the UK-India Green Finance Dialogue and Partnership.

Dave said: "Both India and the UK are witnessing a greater understanding of new opportunities created by the convergence of the economic and environmental priorities.

"The report is indeed a very high quality first report being launched at the most opportune time and should act as an anchor and reference point as we all move to the next stage of implementation, policy advocacy and defining and executing the more granular steps to scale up sustainable finance for India.

Eastern Eye |

FICCI UK Council gets Baroness Usha Prashar as Chairperson

FICCI UK Council has appointed Baroness Usha Prashar of Runnymede as its inaugural chairperson for a period of two years.

Baroness Prashar is a crossbench member of the House of Lords and served on the European Union Select Committee and chaired its Sub-Committee on Home Affairs. She was also a member of the Joint Committee on Human Rights and Select Committee on Economic Regulation.

Sandip Somany, president, The Federation of Indian Chambers of Commerce and Industry (FICCI) said: "We are honoured and privileged that Baroness Prashar has accepted our invitation to become its inaugural Chairperson. I am sure under her leadership FICCI UK will play a vital role in the India-UK trade and investment initiatives."

FICCI is the largest and oldest apex business organisation in India. A non-government, not-for-profit organisation, FICCI is the voice of India's business and industry.

Baroness Prashar said: "I am honoured to be the inaugural Chairperson of FICCI’s UK Council. I look forward to helping to increase FICCI’s influence and impact throughout the UK.

“As a strong membership organisation with regional presence and prominent visibility, FICCI is in a very strong position to support businesses, represent their interests and make a real contribution to India-UK trade and commerce relations."

Baroness Prashar made the announcement for forming sectoral committees for sectors like financial services, startups and innovation, education, healthcare amongst others.

Lok Nath Mishra, managing director and chief executive officer, ICICI Bank UK Plc has consented to be the chair for the sectoral committee on financial services and Alpesh Patel, managing director, Praefinium Group has agreed to chair the startup and innovation sector committee.

Established in 2005, FICCI's UK office is working towards optimally utilizing the emerging economic paradigms in UK to enhance the chamber's reach and depth and to seek opportunities for the Indian industry.

India Education Diary |

Baroness Usha Prashar appointed as the Chair of FICCI UK Council

The Rt Hon The Baroness Usha Prashar of Runnymede CBE is appointed as the inaugural Chairperson of the FICCI UK Council for a period of two years.

Baroness Prashar is a crossbench member of the House of Lords and served on the European Union Select Committee and chaired its Sub-Committee on Home Affairs. She was also a member of the Joint Committee on Human Rights and Select Committee on Economic Regulation.

Mr Sandip Somany, President, FICCI said, “We are honoured and privileged that Baroness Prashar has accepted our invitation to become its inaugural Chairperson. I am sure under her leadership FICCI UK will play a vital role in the India-UK trade and investment initiatives.”

Baroness Prashar said, “I am honoured to be the inaugural Chairperson of FICCI's UK Council. I look forward to helping to increase FICCI's influence and impact throughout the UK. As a strong membership organisation with regional presence and prominent visibility, FICCI is in a very strong position to support businesses, represent their interests and make a real contribution to India-UK trade and commerce relations.”

Baroness Prashar made the announcement for forming Sectoral Committees for sectors like Financial Services, Startups & Innovation, Education, Healthcare amongst others.

Mr Lok Nath Mishra, MD & CEO, ICICI Bank UK Plc has consented to be the Chair for the Sectoral Committee on Financial Services and Mr Alpesh Patel, Managing Director, Praefinium Group has agreed to Chair the Startup & Innovation Sector committee.

Federation of Indian Chambers of Commerce & Industry (FICCI) is the largest and oldest apex business organisation in India. A non-government, not-for-profit organisation, FICCI is the voice of India’s business and industry.

Established in 2005, FICCI's United Kingdom office is working towards optimally utilizing the emerging economic paradigms in UK to enhance the chamber’s reach and depth and to seek opportunities for the Indian industry. FICCI UK has a solid institutional framework backing it.

The appointment of the Chairperson and extension of the Council also reinstates FICCI's commitment to the India-UK economic engagement, in any Brexit scenario, as it will unlock huge bilateral opportunities.

Connected to India |

Indian startups to head to London for tech summit next week

Indian startups will get their chance to showcase their specialities in the United Kingdom (UK) market as TechXchange, a programme aimed to provide exposure to Indian startups at a global level, is set to be held once again.

The event will be jointly organised by the High Commission of India and Indian business organisation FICCI UK in London between September 16 and 20, 2019. Around 15 startups have been selected to attend the five-day event, including Bobble AI, Cashify and CreditMate.

Before selection, the startups went through a four-part qualifying round, which tested the uniqueness of the product or service, global utilisation, initial funding and annual turnover.

In preparation for the event, the High Commission had also organised a pre-departure networking event on August 17, 2019, at Rise Mumbai. The event was opened by a representative from High Commission of India, British Deputy High Commissioner Peter Cook, FICCI-UK Director Dr Param Shah and TechXchange India Co-Chair Sunil R Parekh.

The five-day programme in London will comprise meetings with UK Government agencies, market meetings, attendees interaction and network development and meetups with startup ecosystem players.

The event will also be attended by internationally renowned businessmen, investors, decision-makers, partners and venture capitalists. This is the second edition of the TechXchange, which was launched in June 2018 by the High Commissioner of India to the UK.

Business Standard |

Germany's Thuringia state invites Indian investment

With trade relations between countries being actualised at the state or regional levels, a Minister of the German state of Thuringia on Monday called for greater cooperation with Indian industry for the benefit of both.

Speaking at an Indian industry chamber FICCI organised business interaction here, Thuringia's Minister of Economic Affairs, Science and Digital Society Wolfgang Tiefensee highlighted the advantages for Indian business in investing in his state located in the heart of Germany, as well as of Europe.

Thuringia is a world leader in the optics industry, while its automotive industry boasts of leading global majors such as Daimler, Opel, Magna, Bosch and BMW.

"Since 2012, there has been a major improvement in our business relations with Thuringia's exports to India jumping 34 per cent in 2018 over the previous year to touch 150 million euros," Tiefensee said.

The Minister said Thuringia offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies.

Around 10,000 scientists are doing research in the state in more than 40 institutes and universities in close cooperation with businesses, he added.

An MoU was signed on the occasion between Thuringian firm Gramme-Revit and Indian distributor WB for a new food supplement against arthritis called DuoVital.

In his address earlier, Jasper Weick, Charge de Affairs at the Germany Embassy here, said that India and Germany have strong commonalities in their adoption of democracy, federalism and the free market.

He said that the India-Germany bilateral trade had risen at a healthy 10 per cent last year to touch nearly $22 billion.

Investments in both directions were thriving and close to 1,700 German companies were doing business with and out of India, he added.

Newsd |

Germany's Thuringia state invites Indian investment

With trade relations between countries being actualised at the state or regional levels, a Minister of the German state of Thuringia on Monday called for greater cooperation with Indian industry for the benefit of both.

Speaking at an Indian industry chamber FICCI organised business interaction here, Thuringia’s Minister of Economic Affairs, Science and Digital Society Wolfgang Tiefensee highlighted the advantages for Indian business in investing in his state located in the heart of Germany, as well as of Europe.

Thuringia is a world leader in the optics industry, while its automotive industry boasts of leading global majors such as Daimler, Opel, Magna, Bosch and BMW.

“Since 2012, there has been a major improvement in our business relations with Thuringia’s exports to India jumping 34 per cent in 2018 over the previous year to touch 150 million euros,” Tiefensee said.

The Minister said Thuringia offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies.

Around 10,000 scientists are doing research in the state in more than 40 institutes and universities in close cooperation with businesses, he added.

An MoU was signed on the occasion between Thuringian firm Gramme-Revit and Indian distributor WB for a new food supplement against arthritis called DuoVital.

In his address earlier, Jasper Weick, Charge de Affairs at the Germany Embassy here, said that India and Germany have strong commonalities in their adoption of democracy, federalism and the free market.

He said that the India-Germany bilateral trade had risen at a healthy 10 per cent last year to touch nearly $22 billion.

Investments in both directions were thriving and close to 1,700 German companies were doing business with and out of India, he added.

Social News XYZ |

Germany's Thuringia state invites Indian investment

With trade relations between countries being actualised at the state or regional levels, a Minister of the German state of Thuringia on Monday called for greater cooperation with Indian industry for the benefit of both.

Speaking at an Indian industry chamber FICCI organised business interaction here, Thuringia's Minister of Economic Affairs, Science and Digital Society Wolfgang Tiefensee highlighted the advantages for Indian business in investing in his state located in the heart of Germany, as well as of Europe.

Thuringia is a world leader in the optics industry, while its automotive industry boasts of leading global majors such as Daimler, Opel, Magna, Bosch and BMW.

"Since 2012, there has been a major improvement in our business relations with Thuringia's exports to India jumping 34 per cent in 2018 over the previous year to touch 150 million euros," Tiefensee said.

The Minister said Thuringia offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies.

Around 10,000 scientists are doing research in the state in more than 40 institutes and universities in close cooperation with businesses, he added.

An MoU was signed on the occasion between Thuringian firm Gramme-Revit and Indian distributor WB for a new food supplement against arthritis called DuoVital.

In his address earlier, Jasper Weick, Charge de Affairs at the Germany Embassy here, said that India and Germany have strong commonalities in their adoption of democracy, federalism and the free market.

He said that the India-Germany bilateral trade had risen at a healthy 10 per cent last year to touch nearly $22 billion.

Investments in both directions were thriving and close to 1,700 German companies were doing business with and out of India, he added.

Devdiscourse |

Germany's Thuringia state invites Indian investment

With trade relations between countries being actualised at the state or regional levels, a Minister of the German state of Thuringia on Monday called for greater cooperation with Indian industry for the benefit of both. Speaking at an Indian industry chamber FICCI organised business interaction here, Thuringia's Minister of Economic Affairs, Science and Digital Society Wolfgang Tiefensee highlighted the advantages for Indian business in investing in his state located in the heart of Germany, as well as of Europe.

Thuringia is a world leader in the optics industry, while its automotive industry boasts of leading global majors such as Daimler, Opel, Magna, Bosch and BMW. "Since 2012, there has been a major improvement in our business relations with Thuringia's exports to India jumping 34 per cent in 2018 over the previous year to touch 150 million euros," Tiefensee said.

The Minister said Thuringia offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies. Around 10,000 scientists are doing research in the state in more than 40 institutes and universities in close cooperation with businesses, he added.

An MoU was signed on the occasion between Thuringian firm Gramme-Revit and Indian distributor WB for a new food supplement against arthritis called DuoVital. In his address earlier, Jasper Weick, Charge de Affairs at the Germany Embassy here, said that India and Germany have strong commonalities in their adoption of democracy, federalism and the free market.

He said that the India-Germany bilateral trade had risen at a healthy 10 per cent last year to touch nearly $22 billion. Investments in both directions were thriving and close to 1,700 German companies were doing business with and out of India, he added.

Maeeshat |

Germany's Thuringia state invites Indian investment

With trade relations between countries being actualised at the state or regional levels, a Minister of the German state of Thuringia on Monday called for greater cooperation with Indian industry for the benefit of both.

Speaking at an Indian industry chamber FICCI organised business interaction here, Thuringia’s Minister of Economic Affairs, Science and Digital Society Wolfgang Tiefensee highlighted the advantages for Indian business in investing in his state located in the heart of Germany, as well as of Europe.

Thuringia is a world leader in the optics industry, while its automotive industry boasts of leading global majors such as Daimler, Opel, Magna, Bosch and BMW.

“Since 2012, there has been a major improvement in our business relations with Thuringia’s exports to India jumping 34 per cent in 2018 over the previous year to touch 150 million euros,” Tiefensee said.

The Minister said Thuringia offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies.

Around 10,000 scientists are doing research in the state in more than 40 institutes and universities in close cooperation with businesses, he added.

An MoU was signed on the occasion between Thuringian firm Gramme-Revit and Indian distributor WB for a new food supplement against arthritis called DuoVital.

In his address earlier, Jasper Weick, Charge de Affairs at the Germany Embassy here, said that India and Germany have strong commonalities in their adoption of democracy, federalism and the free market.

He said that the India-Germany bilateral trade had risen at a healthy 10 per cent last year to touch nearly $22 billion.

Investments in both directions were thriving and close to 1,700 German companies were doing business with and out of India, he added.

newKerala.com |

Germany's Thuringia state invites Indian investment

With trade relations between countries being actualised at the state or regional levels, a Minister of the German state of Thuringia on Monday called for greater cooperation with Indian industry for the benefit of both.
Speaking at an Indian industry chamber FICCI organised business interaction here, Thuringia's Minister of Economic Affairs, Science and Digital Society Wolfgang Tiefensee highlighted the advantages for Indian business in investing in his state located in the heart of Germany, as well as of Europe.

Thuringia is a world leader in the optics industry, while its automotive industry boasts of leading global majors such as Daimler, Opel, Magna, Bosch and BMW.

"Since 2012, there has been a major improvement in our business relations with Thuringia's exports to India jumping 34 per cent in 2018 over the previous year to touch 150 million euros," Tiefensee said.

The Minister said Thuringia offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies.

Around 10,000 scientists are doing research in the state in more than 40 institutes and universities in close cooperation with businesses, he added.

An MoU was signed on the occasion between Thuringian firm Gramme-Revit and Indian distributor WB for a new food supplement against arthritis called DuoVital.

In his address earlier, Jasper Weick, Charge de Affairs at the Germany Embassy here, said that India and Germany have strong commonalities in their adoption of democracy, federalism and the free market.

He said that the India-Germany bilateral trade had risen at a healthy 10 per cent last year to touch nearly $22 billion.

Investments in both directions were thriving and close to 1,700 German companies were doing business with and out of India, he added.

DD News |

Suresh Prabhu: Huge scope between businesses of India, Monaco

Commerce and Industry Minister Suresh Prabhu has said that huge scope exists between businesses of India and the European country of Monaco to boost cooperation in the services sector and high-end technologies.

Prabhu said India and Monaco can jointly work together in developing technologies to mitigate environmental concerns.

Prince of Monaco, Albert II was leading the business delegation from Monaca.

A partnership agreement was signed between industry chamber FICCI and Monaco Economic Board to strengthen the institutional relations between the countries for further increasing trade and economic relations.

Vietnam News |

Monaco's Prince Albert II in India to strengthen bilateral relations

Monaco's Monarch Prince Albert II arrived here on Monday on his first official visit during which he is likely to discuss several bilateral issues. His two-day long visit will conclude on February 5.

"Welcoming a valuable partner from Europe and Mediterranean. HSH Prince Albert II of Monaco arrived in India on his 1st official visit, accompanied by a high-level delegation. Official engagements of HSH will include meetings with the political leadership attending a business event," Ministry of External Affairs' Spokesperson Raveesh Kumar tweeted on Monday.

He is slated to meet President Ram Nath Kovind and Prime Minister Narendra Modi on February 5 to review bilateral relations between India and Monaco. External Affairs Minister Sushma Swaraj will also meet the Prince on Tuesday.

Following this, he will attend an event at the Federation of Indian Chambers of Commerce and Industry (FICCI) along with business leaders from Monaco. "At this event, an MOU between FICCI and Monaco Economic Board is likely to be signed," a statement issued by MEA said.

Prince Albert II will also participate in a conference themed "Energy and Climate" organised by The Energy and Resources Institutes of New Delhi (TERI), during his short official visit to the national capital.

He is scheduled to emplane for Monaco on February 10, following a private tour of India after the conclusion of his official engagements.

The Week |

India Monaco resolve to fight climate change step up trade and investment

India and Monaco on Tuesday vowed to deepen ties in trade and investment, as well as collaborate on combating climate change, after Prime Minister Narendra Modi held wide-ranging talks with Monaco's reigning monarch Prince Albert II.

The head of state of Monaco, who arrived here on Monday, also held talks with President Ram Nath Kovind, who said the visit imparts a strong impetus towards taking the relationship to newer heights.

After the talks, it was announced that diplomatic visa waiver will be granted to Monaco for visiting India and officials from both sides will be working to finalise this agreement, a joint press communique on Prince Albert's visit said.

"Economic and technical cooperation are important facets of our existing bilateral relations. It was agreed that India's rapid economic growth offers an enhanced investment opportunity for companies from Monaco in various sectors. There is also scope for business cooperation," the statement said.

During the discussions, it was agreed that there is a vast potential for establishing linkages especially in the mutually beneficial area of infrastructure development.

The visit of Prince Albert provided an opportunity for the two sides to review progress in bilateral cooperation and discuss ways to further expand the multi-faceted partnership in areas of mutual interest, the statement said.

There was a good exchange of views on enhancing cooperation, especially in environment and climate change and renewable energy, through sharing best practices, Ministry of External Affairs Spokesperson Raveesh Kumar said.

India and Monaco established diplomatic relations in 2007, though their friendship goes back much further in time, he said on Twitter.

India and Monaco have shared interest in tackling climate change and use of ocean resources along with commitment for sustainable growth, the statement said.

The visit also demonstrated willingness of both sides to step up cooperation in renewable energy, urban affairs, including smart cities, environment and climate issues, it said.

Earlier in the day, External Affairs Minister Sushma Swaraj called on Prince Albert and discussed opportunities for cooperation in areas of environment, specially renewable energy, investment into India, smart cities, marine ecosystems, tourism and people-to-people contacts, Kumar said.

Prince Albert, who is accompanied by senior officials of the Monaco government and a large business delegation, was hosted by President Kovind for lunch.

On Monday, Prince Albert attended the India-Monaco Business Forum.

The visiting dignitary will proceed on a private tour of India after his official engagements and leave for home on February 10.

Financial Express |

PM Modi holds talks with Monaco’s Prince Albert II, discusses combating climate change

Prime Minister Narendra Modi on Tuesday held wide-ranging talks with Monaco’s reigning monarch Prince Albert II and discussed stepping up cooperation, especially in the renewable energy sector and in combating climate change. Prince Albert, who arrived here on Monday on a week-long India visit, met the prime minister at Hyderabad House here.

There was a good exchange of views on enhancing cooperation, especially in environment and climate change and renewable energy, through sharing best practices, Ministry of External Affairs Spokesperson Raveesh Kumar said. India and Monaco established diplomatic relations in 2007, though their friendship goes back much further in time, he said on Twitter.

Earlier in the day, External Affairs Minister Sushma Swaraj called on Prince Albert and discussed opportunities for cooperation in the areas of environment, specially renewable energy, investment into India, smart cities, marine ecosystems, tourism and people-to-people contacts, Kumar said. On Monday, Prince Albert attended the India-Monaco Business Forum. The visiting dignitary will proceed on a private tour of India after his official engagements and leave for home on February 10.

Outlook |

India, Monaco resolve to fight climate change, step up trade and investment

India and Monaco on Tuesday vowed to deepen ties in trade and investment, as well as collaborate on combating climate change, after Prime Minister Narendra Modi held wide-ranging talks with Monaco's reigning monarch Prince Albert II.

The head of state of Monaco, who arrived here on Monday, also held talks with President Ram Nath Kovind, who said the visit imparts a strong impetus towards taking the relationship to newer heights.

After the talks, it was announced that diplomatic visa waiver will be granted to Monaco for visiting India and officials from both sides will be working to finalise this agreement, a joint press communique on Prince Albert's visit said.

"Economic and technical cooperation are important facets of our existing bilateral relations. It was agreed that India's rapid economic growth offers an enhanced investment opportunity for companies from Monaco in various sectors. There is also scope for business cooperation," the statement said.

During the discussions, it was agreed that there is a vast potential for establishing linkages especially in the mutually beneficial area of infrastructure development.

The visit of Prince Albert provided an opportunity for the two sides to review progress in bilateral cooperation and discuss ways to further expand the multi-faceted partnership in areas of mutual interest, the statement said.

There was a good exchange of views on enhancing cooperation, especially in environment and climate change and renewable energy, through sharing best practices, Ministry of External Affairs Spokesperson Raveesh Kumar said.

India and Monaco established diplomatic relations in 2007, though their friendship goes back much further in time, he said on Twitter.

India and Monaco have shared interest in tackling climate change and use of ocean resources along with commitment for sustainable growth, the statement said.

The visit also demonstrated willingness of both sides to step up cooperation in renewable energy, urban affairs, including smart cities, environment and climate issues, it said.

Earlier in the day, External Affairs Minister Sushma Swaraj called on Prince Albert and discussed opportunities for cooperation in areas of environment, specially renewable energy, investment into India, smart cities, marine ecosystems, tourism and people-to-people contacts, Kumar said.

Prince Albert, who is accompanied by senior officials of the Monaco government and a large business delegation, was hosted by President Kovind for lunch.

On Monday, Prince Albert attended the India-Monaco Business Forum.

The visiting dignitary will proceed on a private tour of India after his official engagements and leave for home on February 10.

SME Times |

Commerce Minister emphasize on the potential of India-Monaco Business

Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, said that there is vast scope for cooperation between India and Monaco in several sectors including tourism. Addressing the Indo-Monaco Business Forum, Suresh Prabhu said, the list of sectors for cooperation is endless starting from fin-tech, financial services and banking to tourism and healthcare services and the opportunities are innumerable. The evolving global economic challenges of today are also creating opportunities for the two countries to re-align and widen their economic engagements, deepen their existing cooperation to re-shape things and benefit. He said that the two nations can also cooperate in climate change, with the use of high-end technology to mitigate the ill effects.

The Commerce Minister said that drawn by the beauty of its setting, Monaco is considered a hub of emerging opportunity for thetourism industry. He said that tourism has very strong prospects with Indian tourists looking for leisure and adventure in Monaco. Collaborative work with Indian counterparts can be initiated in the field of chemicals and petrochemicals as well as in the production of plastics and electronics, the Minister added.

Suresh Prabhu informed that India is poised to become a USD5 trillion economy by 2025 of which 3 trillion will be generated from the services sector. He said that in order to achieve this target 12 champion sectors have been identified. Monaco’s free-market economy increasingly driven by its industry and service sectors, backed by one of the highest per capita incomes in the world and investors friendly policies, are further supporting its credentials as an ideal business and investment destination for Indian companies. Monaco’s emerging opportunities further complement India’s most promising sectors, with expanding space for investment in a range of services and skills.

Bilateral trade between India and Monaco in 2017-18 was USD 3.01 million, and there is immense potential to scale up the bilateral trade between the two nations. Monaco is ranked 106th among foreign direct investor in India (since April 2000 to June 2018) with USD 2.51 million FDI equity inflow.

IBEF |

Huge scope for cooperation in services sector for India and Monaco: Prabhu

Huge scope exists between businesses of India and European country Monaco to boost cooperation in services sector and high-end technologies, Commerce and Industry Minister Suresh Prabhu said Monday.

Prabhu said India and Monaco can jointly work together in developing technologies to mitigate environmental concerns.

"India has identified 12 champion services sectors and tremendous scope is there for increasing cooperation for both the countries," he said.

He was addressing businesses of both the countries at India Monaco Business Forum, in the presence of Albert II, Prince of Monaco.

These sectors include IT & ITeS, tourism, medical value travel, transport and logistics, accounting and finance, audio visual, legal, communication, environmental, financial and education.

He said that services sector are expected to contribute USD 3 trillion in the country's economy once the GDP reach USD 5 trillion in the coming years.

Speaking at the forum, Gilles Tonelli, Minister of Foreign Affairs and Cooperation, Monaco, highlighted the opportunities present in Monaco and invited Indian companies to capitalise on the safe and sound industry-oriented policies framed by them.

A partnership agreement was signed between industry chamber FICCI and Monaco Economic Board to strengthen the institutional relations between the countries for further increasing trade and economic relations.

dailyhunt |

Climate change, renewable energy priorities in India-Monaco ties: President

India and Monaco can further augment their ties by focusing on areas such as environment and climate change and renewable energy where they have a "strong meeting of minds", President Ram Nath Kovind said on Tuesday.Welcoming Monaco's ruler, Prince Albert II, who is on a week-long visit to India, he said that the two countries have always enjoyed a relationship of trust, friendship and mutually beneficial cooperation. "India-Monaco ties are doing well. However, there is scope to do a lot more together. On issues such as renewable energy, climate change and the environment, there is a strong meeting of minds between us. We must prioritise these areas for bilateral cooperation," the President said. "India is the fastest growing major economy in the world, and Monaco's technology and investment companies can significantly benefit from the Indian growth story."President Kovind and Prince Albert also discussed various issues like trade and energy. On Monday, Prince Albert had attended the India-Monaco Business Forum. On the same day, The Prince Albert II of Monaco Foundation - founded by the Prince himself with an aim to protect the environment - had also signed a memorandum of understanding (MoU) with The Energy and Resources Institute (TERI) to support work in areas of priority which include energy, environment, climate, resource efficiency and sustainable agriculture. According to a statement released by TERI, both organisations will work towards information exchange on the strategies and programmes implemented in their countries, including sectoral policies, and priority actions to promote in those countries and the conditions for their implementation."They will also aim to implement joint projects in these areas. A committee will also be set up under the agreement in order to facilitate the exchange of technical and scientific knowledge to benefit the common areas of work," it said.The Prince will proceed on a private tour of India after his official engagements and leave for home on February 10.

ByScoop |

India-Monaco Business Forum Held in New Delhi

  • The industry chamber FICCI organised the India-Monaco Business Forum in New Delhi on February 4, 2019.
  • The high level delegation of Monaco was lead by Prince of Monaco, Albert II.
  • A partnership agreement was signed between FICCI and Monaco Economic Board to strengthen the institutional relations between the countries for further increasing trade and economic relations.
  • While addressing the Forum, Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu said that India and Monaco posses huge scope for cooperation especially in Tourism sector and Climate Change.

daijiworld.com |

Climate change, renewable energy priorities in India-Monaco ties: President

India and Monaco can further augment their ties by focusing on areas such as environment and climate change and renewable energy where they have a "strong meeting of minds", President Ram Nath Kovind said on Tuesday.

Welcoming Monaco's ruler, Prince Albert II, who is on a week-long visit to India, he said that the two countries have always enjoyed a relationship of trust, friendship and mutually beneficial cooperation.

"India-Monaco ties are doing well. However, there is scope to do a lot more together. On issues such as renewable energy, climate change and the environment, there is a strong meeting of minds between us. We must prioritise these areas for bilateral cooperation," the President said.

"India is the fastest growing major economy in the world, and Monaco's technology and investment companies can significantly benefit from the Indian growth story."

President Kovind and Prince Albert also discussed various issues like trade and energy.

On Monday, Prince Albert had attended the India-Monaco Business Forum.

On the same day, The Prince Albert II of Monaco Foundation - founded by the Prince himself with an aim to protect the environment - had also signed a memorandum of understanding (MoU) with The Energy and Resources Institute (TERI) to support work in areas of priority which include energy, environment, climate, resource efficiency and sustainable agriculture.

According to a statement released by TERI, both organisations will work towards information exchange on the strategies and programmes implemented in their countries, including sectoral policies, and priority actions to promote in those countries and the conditions for their implementation.

"They will also aim to implement joint projects in these areas. A committee will also be set up under the agreement in order to facilitate the exchange of technical and scientific knowledge to benefit the common areas of work," it said.

The Prince will proceed on a private tour of India after his official engagements and leave for home on February 10.

dailyhunt |

Actress Grace Kelly's son Prince Albert II of Monaco on India visit

Only those of a certain generation of film buffs would know of the fifties Hollywood diva Grace Kelly. Alfred Hitchcock fans certainly would remember her as a major protagonist from "Dial M for Murder" (1954), "Rear Window" (1954) and "To Catch a Thief" (1955).The late actress' son, Prince Albert II of Monaco, arrived here on Friday on his first official visit since his accession as head of the state in 2005, although Monaco has diplomatic relations with India since 2007.In 1956, Kelly retired from acting at the age of 26 to marry Prince Rainier III of the Grimaldi family that has ruled the 2 sq-km Principality of Monaco for 600 years. She died in a car accident in 1982. After Rainier III's death in 2005, Albert succeeded him as Albert II. He is said to have ancestry from Italy, Ireland, Britain, the US, Germany, France, Mexico, Belgium and Monaco. In fact, this year marks 600 years since the Italian House of Grimaldi purchased Monaco from the Spanish kingdom of Aragon by which they became the official and undisputed rulers of "the Rock of Monaco" rising above the sea in what has become the prime tourist destination in the Mediterranean - the French Riveira. Monaco's most populous quarter is Monte Carlo known for its gambling casino as well as for the annual Formula 1 Grand Prix.While the marriage of Grace Kelly to Prince Rainier III brought media attention to the city state, besides tourism and its casinos, Monaco also built a reputation as a place of residence for the global rich owing to the massive tax incentives it offers to residents. There is no personal income tax in this most densely populated sovereign state in the world. Monaco has a population of about 38,000, of whom only 8,000 are Monegasque, or of local origin, a member of the 30-member accompanying business delegation said on the sidelines of the India-Monaco Business Forum at industry chamber FICCI where the Prince was the chief guest. The Forum marked the official launch of economic cooperation with a partnership agreement being signed between FICCI and the Monaco Economic Board to strengthen the institutional mechanism for boosting bilateral trade and investment which are currently at miniscule levels.Monaco's Foreign Minister Gilles Tonelli spoke at the event about how the country has had a budget surplus for the last 6 years in succession for an economy based on the "five pillars of tourism, industry, trade, real estate, and banking and financial management".Albert II is one of the wealthiest royals in the world, with assets valued at more than $1 billion, which include land in Monaco and France, as also the head of one of the richest charities in the world.He is also a keen sportsman and expeditionist, in line with his environmental concerns, and is the first incumbent head of state to have reached the North Pole.In 2006, he created the Prince Albert II of Monaco Foundation for supporting sustainable and ethical projects around the world. The foundation focuses on three main challenges: climate change and renewable energy development, combating the loss of biodiversity and water management.

United News of India |

India, Monaco need to collaborate to address environmental issues: Prabhu

Union Commerce and Industry Minister Suresh Prabhu on Monday stressed the need for India and Monaco to deepen their cooperation to develop and eventually adopt hi-end technologies to address the growing environmental concerns.

Addressing the 'India Monaco Business Forum' organised by FICCI, in the presence of Monaco Prince HSH Albert II and the accompanying delegation, Mr Prabhu said India and Monaco can jointly work together in developing technologies to mitigate environmental concerns.

He also invited Monaco industries to invest in the Indian services sector which are expected to contribute 3 trillion dollars to India's GDP once it is a 5 trillion dollar economy in the next 5-6 years' time.

"The government has already identified 12 champion sectors in services namely banking and finance, tourism and hospitality and healthcare services to mention a few and we want Monaco to take advantage of this," Mr Prabhu added.

Mr Gilles Tonelli, Minister of Foreign Affairs and Cooperation, Monaco, highlighted the opportunities present in Monaco and invited the Indian companies to capitalise on the safe and sound industry-oriented policies framed by the government. He also outlined the importance of the government in societal development.

A 'Partnership Agreement' was signed between FICCI and Monaco Economic Board to strengthen the institutional relations between the two countries for further increasing trade and economic relations between the two countries.

The inaugural session was followed by structured B2B session for the visiting 20-member business delegation from Monaco.

Devdiscourse |

Actress Grace Kelly's son Prince Albert II of Monaco on India visit

Only those of . certain generation of film buffs would know of the fifties Hollywood diva Grace Kelly. Alfred Hitchcock fans certainly would remember her as . major protagonist from "Dial . for Murder" (1954), "Rear Window" (1954) and "To Catch . Thief" (1955). The late actress. son, Prince Albert II of Monaco, arrived here on Friday on his first official visit since his accession as head of the state in 2005, although Monaco has diplomatic relations with India since 2007.

In 1956, Kelly retired from acting at the age of 26 to marry Prince Rainier III of the Grimaldi family that has ruled the . sq-km Principality of Monaco for 600 years. She died in . car accident in 1982. After Rainier III's death in 2005, Albert succeeded him as Albert II. He is said to have ancestry from Italy, Ireland, Britain, the US, Germany, France, Mexico, Belgium and Monaco. In fact, this year marks 600 years since the Italian House of Grimaldi purchased Monaco from the Spanish kingdom of Aragon by which they became the official and undisputed rulers of "the Rock of Monaco. rising above the sea in what has become the prime tourist destination in the Mediterranean . the French Riveira.

Monaco's most populous quarter is Monte Carlo known for its gambling casino as well as for the annual Formula . Grand Prix. While the marriage of Grace Kelly to Prince Rainier III brought media attention to the city state, besides tourism and its casinos, Monaco also built . reputation as . place of residence for the global rich owing to the massive tax incentives it offers to residents. There is no personal income tax in this most densely populated sovereign state in the world.

Monaco has . population of about 38,000, of whom only 8,000 are Monegasque, or of local origin, . member of the 30-member accompanying business delegation said on the sidelines of the India-Monaco Business Forum at industry chamber FICCI where the Prince was the chief guest. The Forum marked the official launch of economic cooperation with . partnership agreement being signed between FICCI and the Monaco Economic Board to strengthen the institutional mechanism for boosting bilateral trade and investment which are currently at miniscule levels.

Monaco's Foreign Minister Gilles Tonelli spoke at the event about how the country has had . budget surplus for the last . years in succession for an economy based on the "five pillars of tourism, industry, trade, real estate, and banking and financial management". Albert II is one of the wealthiest royals in the world, with assets valued at more than $1 billion, which include land in Monaco and France, as also the head of one of the richest charities in the world.

He is also . keen sportsman and expeditionist, in line with his environmental concerns, and is the first incumbent head of state to have reached the North Pole. In 2006, he created the Prince Albert II of Monaco Foundation for supporting sustainable and ethical projects around the world. The foundation focuses on three main challenges: climate change and renewable energy development, combating the loss of biodiversity and water management.

Business Standard |

Actress Grace Kelly's son Prince Albert II of Monaco on India visit

Only those of a certain generation of film buffs would know of the fifties Hollywood diva Grace Kelly. Alfred Hitchcock fans certainly would remember her as a major protagonist from "Dial M for Murder" (1954), "Rear Window" (1954) and "To Catch a Thief" (1955).

The late actress' son, Prince Albert II of Monaco, arrived here on Friday on his first official visit since his accession as head of the state in 2005, although Monaco has diplomatic relations with India since 2007.

In 1956, Kelly retired from acting at the age of 26 to marry Prince Rainier III of the Grimaldi family that has ruled the 2 sq-km Principality of Monaco for 600 years. She died in a car accident in 1982. After Rainier III's death in 2005, Albert succeeded him as Albert II. He is said to have ancestry from Italy, Ireland, Britain, the US, Germany, France, Mexico, Belgium and Monaco.

In fact, this year marks 600 years since the Italian House of Grimaldi purchased Monaco from the Spanish kingdom of Aragon by which they became the official and undisputed rulers of "the Rock of Monaco" rising above the sea in what has become the prime tourist destination in the Mediterranean - the French Riveira.

Monaco's most populous quarter is Monte Carlo known for its gambling casino as well as for the annual Formula 1 Grand Prix.

While the marriage of Grace Kelly to Prince Rainier III brought media attention to the city state, besides tourism and its casinos, Monaco also built a reputation as a place of residence for the global rich owing to the massive tax incentives it offers to residents. There is no personal income tax in this most densely populated sovereign state in the world.

Monaco has a population of about 38,000, of whom only 8,000 are Monegasque, or of local origin, a member of the 30-member accompanying business delegation said on the sidelines of the India-Monaco Business Forum at industry chamber FICCI where the Prince was the chief guest.

The Forum marked the official launch of economic cooperation with a partnership agreement being signed between FICCI and the Monaco Economic Board to strengthen the institutional mechanism for boosting bilateral trade and investment which are currently at miniscule levels.

Monaco's Foreign Minister Gilles Tonelli spoke at the event about how the country has had a budget surplus for the last 6 years in succession for an economy based on the "five pillars of tourism, industry, trade, real estate, and banking and financial management".

Albert II is one of the wealthiest royals in the world, with assets valued at more than $1 billion, which include land in Monaco and France, as also the head of one of the richest charities in the world.

He is also a keen sportsman and expeditionist, in line with his environmental concerns, and is the first incumbent head of state to have reached the North Pole.

In 2006, he created the Prince Albert II of Monaco Foundation for supporting sustainable and ethical projects around the world. The foundation focuses on three main challenges: climate change and renewable energy development, combating the loss of biodiversity and water management.

Outlook |

Actress Grace Kelly's son Prince Albert II of Monaco on India visit

Only those of a certain generation of film buffs would know of the fifties Hollywood diva Grace Kelly. Alfred Hitchcock fans certainly would remember her as a major protagonist from "Dial M for Murder" (1954), "Rear Window" (1954) and "To Catch a Thief" (1955).

The late actress' son, Prince Albert II of Monaco, arrived here on Friday on his first official visit since his accession as head of the state in 2005, although Monaco has diplomatic relations with India since 2007.

In 1956, Kelly retired from acting at the age of 26 to marry Prince Rainier III of the Grimaldi family that has ruled the 2 sq-km Principality of Monaco for 600 years. She died in a car accident in 1982. After Rainier III's death in 2005, Albert succeeded him as Albert II. He is said to have ancestry from Italy, Ireland, Britain, the US, Germany, France, Mexico, Belgium and Monaco.

In fact, this year marks 600 years since the Italian House of Grimaldi purchased Monaco from the Spanish kingdom of Aragon by which they became the official and undisputed rulers of "the Rock of Monaco" rising above the sea in what has become the prime tourist destination in the Mediterranean - the French Riveira.

Monaco's most populous quarter is Monte Carlo known for its gambling casino as well as for the annual Formula 1 Grand Prix.

While the marriage of Grace Kelly to Prince Rainier III brought media attention to the city state, besides tourism and its casinos, Monaco also built a reputation as a place of residence for the global rich owing to the massive tax incentives it offers to residents. There is no personal income tax in this most densely populated sovereign state in the world.

Monaco has a population of about 38,000, of whom only 8,000 are Monegasque, or of local origin, a member of the 30-member accompanying business delegation said on the sidelines of the India-Monaco Business Forum at industry chamber FICCI where the Prince was the chief guest.

The Forum marked the official launch of economic cooperation with a partnership agreement being signed between FICCI and the Monaco Economic Board to strengthen the institutional mechanism for boosting bilateral trade and investment which are currently at miniscule levels.

Monaco's Foreign Minister Gilles Tonelli spoke at the event about how the country has had a budget surplus for the last 6 years in succession for an economy based on the "five pillars of tourism, industry, trade, real estate, and banking and financial management".

Albert II is one of the wealthiest royals in the world, with assets valued at more than $1 billion, which include land in Monaco and France, as also the head of one of the richest charities in the world.

He is also a keen sportsman and expeditionist, in line with his environmental concerns, and is the first incumbent head of state to have reached the North Pole.

In 2006, he created the Prince Albert II of Monaco Foundation for supporting sustainable and ethical projects around the world. The foundation focuses on three main challenges: climate change and renewable energy development, combating the loss of biodiversity and water management.

Hindustan Times |

Law ministry flags concerns over India’s trade interests post-Brexit

The law ministry has cautioned the commerce ministry that the UK’s imminent exit from the European Union (EU) is a matter of serious concern for India’s trade and industry and the government must take legal recourse to protect Indian interests during the Brexit.

“The Law Ministry wants the administrative ministry (Commerce Ministry) to take up the matter in the WTO (the World Trade Organisation), a government official with direct knowledge of the matter said requesting anonymity.

The government’s legal experts have said that Brexit could restrict Indian companies’ access to the EU through the UK. Several commercial agreements will also need to be renegotiated on account of this, the official said. The government has been discussing this matter with trade experts, legal specialists and the industry bodies, including FICCI and CII.

Some sectors that are likely to face the heat due to Brexit include automobiles, auto components, pharmaceuticals, gems and jewellery, education and IT enabled services. “Most of these sectors will be vulnerable to changes in demand and currency values,” FICCI said in an email reply. There are more than 800 Indian companies in UK, it added. For many of these companies, London also serves as the European HQ.

Queries sent to ministries and law and commerce did not elicit any response. CII offered no comments on this matter.

Experts expect operational costs of Indian companies to soar. “Many Indian establishments which were operating across EU through the UK may have to set up new offices in the EU. This may increase infrastructure and manpower cost for Indian companies,” Abhishek A Rastogi, partner, Khaitan & Co, said. With the UK moving out of the EU, the latter might not remain as attractive to Indian Investors as it used to be pre-Brexit, he said.

According to FICCI, this may also give an opportunity for the Indian firms to renegotiate better deals and tax concessions in the UK. “India is the major foreign direct investment source for the UK because many Indian firms have used it as a gateway to Europe. With UK moving out of EU, it might not be as attractive to Indian firms as before. However, the UK government would not like to miss out Indian investments and will thus try to attract Indian firm by offering more incentives such as tax breaks, easy regulations and opening up market,” it said.

Daksha Baxi, Head – International Taxation, Cyril Amarchand Mangaldas, foresees some taxation issues for Indian firms operating in the UK. “Upon Brexit, Indian companies having holding or an operating company in the UK or EU may lose the benefit of tax concession on income from the other EU jurisdiction under the EU directives, unless the UK continues to give such concession to UK companies investing in EU and vice versa,” she said.

In a quick survey of 45 Indian firms conducted by FICCI in 2016 immediately after the Brexit referendum, companies saw both, an “adverse situation” emerging due to the UK’s exit decision, and opportunities for more Indian companies doing business with their UK counterparts.

Bilateral trade between India and the UK was worth about £18 billion in 2017 while India’s bilateral trade with EU, as a block of 28 countries, including the UK, in 2017 (January to October) was to the tune of €70.7 billion.

FICCI enumerated some practical difficulties that Indian firms could face. “While Indian businesses in general don’t intend to set up operations in any other EU country because of Brexit, they are concerned about the impact on intra company transfers/movement of professionals and Indian migration over the medium term,” it said.

“Furthermore, it is anticipated that the companies that have operations in the UK and the EU will have to face significant translation losses with the probability of volatility in currencies remaining high,” it said.

Post Brexit some companies could face investigation from competition authorities both in the UK and the EU, it said. “Until now, a majority of the competition law in the UK was derived from the EU,” it said.

The biggest costs of doing business across borders tend to come from non-tariff barriers, rules of origin checks, custom controls, compliance with different products standards between the countries, it said.

India may also use Brexit as an opportunity, Rastogi said. “Brexit may nudge UK to develop better trade relations with India after losing access to the EU single market”.

For instance, India may have an opportunity to increase its agro-products to the UK, FICCI said. “Post Brexit, EU subsidies may no longer be available for the UK and the extent to which the UK will be able to support its farmers on subsidies is debatable. The UK may find it necessary to reduce tariffs in order to import cheaper food products,” it said.

The Hindu |

With Brexit on horizon, Belgium can serve as a gateway to Europe

With Britain’s imminent exit from the European Union, Belgium offers a unique combination of assets to foreign investors and is an ideal investment location, Ambassador of Belgium to India François Delhaye said on Thursday.

Speaking at the ‘Invest in the Gateway to Europe: Belgium’ conference, jointly organised by the Belgian Embassy and the Federation of Indian Chamber of Commerce and Industry here on Thursday, Mr. Delhaye said, “We do not know which form it [Brexit] will be. It will probably have a profound impact on the EU.”

The Hindu BusinessLine was the media partner for the event.

Brexit will have a huge impact in the EU, which is a single market. For instance, goods will be more expensive as it moves from the UK to the EU, and vice versa. Member countries are now vying for investment as the Brexit nears.

With Brexit on the horizon, Mr. Delhaye said, “Many companies are hedging against what is happening and are looking at secondary locations in Europe. In Europe, Belgium has a lot to offer.”

Belgium is one of the more open countries in the world and is well-connected to other parts of Europe. After Germany, Belgium is the second largest partner in India among the EU countries. The total trade flow between two countries is €12.6 billion. Exports from Belgium to India represent €7.9 billion and India to Belgium is close to €4.7 billion.

In addition, there are 175 Belgian companies in India and over 1,500 Belgian companies interacting with India. Around 80 Indian companies are located in Belgium and are active in various sectors.

But how easy is it to set up a business in Belgium? As it happens, it takes just a week.

Babette Desfossez, Customs Attache, Embassy of Belgium, said, “It takes only a week to open a company. One needs to come to Belgium only once — to open a bank account. The rest can be done by representation.”

This is complemented by fiscal policies, such as double tax regime and tax incentives for research, development and innovation.

The Hindu Business Line |

With Brexit on horizon, 'Belgium can open the doors of Europe for India'

Belgium can serve as the gateway to Europe for India as uncertainty grips the terms of Britain’s exit from the European Union, said the Belgian Ambassador to India Francois Delhaye.

Speaking at the ‘Invest in the gateway to Europe: Belgium’ conference jointly organised by the Belgian Embassy and FICCI on Thursday, Delhaye said: “We do not know which form it (Brexit) will be. It will probably have a profound impact on the European Union.”

BusinessLine was the media partner for the event.

Brexit is expected to have a huge impact on the EU, which is a single market. For instance, goods could become more expensive as they move from the UK to the EU, and vice versa. EU member- countries are vying for investment as Brexit nears.

With Brexit on the horizon, Delhaye said, “Many companies are hedging against what is happening and are looking at secondary locations in Europe. Belgium has a lot to offer.”

Areas of partnerships

Belgium is one of the more open countries in the world and is well-connected to other parts of Europe. After Germany, Belgium is the second largest partner of India among EU countries. The total bilateral trade between the two countries is €12.6 billion, as per figures furnished by the Belgian government. Exports from Belgium to India represent €7.9 billion and India to Belgium is close to €4.7 billion.

In addition there are 175 Belgian companies in India and over 1,500 interacting with India. Around 80 Indian companies are located in Belgium, and are active in various sectors.

While most of these export activities are driven by sectors such as automation industry, pharmaceuticals, chemical industry, diamond trade, machinery and equipment, there is scope for more diverse industries.

There are many areas where the two countries could form partnerships. The Belgian food industry is booming. It leads in system quality control and food safety systems throughout the food chain from frozen vegetables to quality meat products and plant-based alternatives.

Business in Belgium

Recently a joint-venture partnership was signed between a Flemish and an Indian company for the production and processing of Flemish potatoes.

Alexis Bossuyt, Trade and Investment Commissioner, Flanders, Invest and Trade, said India is one of the largest producers of fruits, vegetables, cereals and marine products. “While India could grow as a ‘global sourcing hub’, Flanders could serve as a ‘global distribution hub’ and a gateway to the European market for processed food items.” Flanders Food Pilot Project plays an important role in customisation of Indian processed food items for their acceptance in the European market.

But how easy is it to set up a business in Belgium? Babette Desfossez, Customs Attache, said: “It takes only a week to open a company. One needs to come to Belgium only once to open a bank account. The rest can be done by representation.” This is complemented by fiscal policy such as double tax avoidance regime and tax incentives for research, development and innovation.

The Hindu Business Line |

Belgium woos Indian investors

The embassy of the Kingdom of Belgium will host ‘Invest in the gateway to Europe: Belgium’, an investment seminar and networking event to a select high-profile personalities of the Indian business diaspora on November 15, at the residence of Belgian Ambassador to India in New Delhi.

The seminar will provide potential investors with a comprehensive overview of the many opportunities Belgium has on offer.

The event will commence with the opening remarks by HE François Delhaye, Belgian Ambassador to India, followed by a keynote speech and Invest in Belgium Presentation by Renaat Schrooten, Secretary Economy, Belgian Ministry of Economy, who will highlight the prospects of investing in Belgium and European market available to Indian businessmen.

Highlights

The investor presentation will cover topics such as invest incentives and hand-holding services, customs and taxation, work permits and visa, as well as sector-specific assets of Flanders, Brussels and Wallonia.

The keynote presentation will be followed by two round tables. The first will highlight the regulatory framework and invest incentives and the second will discuss the business perspective and showcase success stories.

The Chennai-leg of the event, organised by the Consulate General of Belgium in Chennai, will be held on November 16.

It will have informative and interactive sessions by experts and representatives of the Kingdom of Belgium who will talk about the investment opportunities that Belgium, as a gateway of Europe, has on offer.

The event will begin with opening remarks by Mark Van de Vreken, Consul General of Belgium followed by a keynote speech, ‘Invest in Belgium post Brexit’ by Belgium’s Economy Secretary and host of other insightful sessions.

Chennai session

Akin to the Delhi summit, the Chennai session will also have two panel discussions namely, ‘Regulatory Framework and Investment Incentives’, and ‘Business Perspective and Success Stories’ which will see Belgium custom officials, businessmen, representatives of trade bodies deliberate on topics such as customs, taxation, ports and logistics and other benefits of investing in Belgium.

The event, presented by the Hindu BusinessLine has FICCI, SICCI and NASSCOM as the official partners along with trade representatives such as invest-export.brussels, hub.brussels, Flanders Investment & Trade, Wallonia.be and Belgium Luxembourg Business Association.

Sunday Guardian |

Ready to guide Indian businesswomen: FCC

Embassy of Finland, in collaboration with Federation of Indian Chambers of Commerce and Industry (FICCI) and NITI Ayog, organised a seminar on “Women in Business Leadership India and Finland” here on Thursday. Speaking to The Sunday Guardian, Leena Linnainmaa, Deputy Chief Executive of Finland Chamber of Commerce, explains why women don’t need quotes in business sector, how we can empower women entrepreneurs and the gender pay gap in Finland. She also speaks about a special programme initiated by the Finland chamber that promotes businesswoman in India at top executive level. Excerpts:

Q. Can you elaborate on the programme started by Finland Chamber of Commerce?

A. We represent medium and small size companies in Finland. We have created over the years women business leaders programme. It is not because politicians require it or the law doesn’t require it, but we want to show that the business sector is active, and also to send a message to the politicians that we don’t need legislative quotas in Finland, as a few countries in Europe have legislated quotas. What we are saying is that it is up to the business sector to select the leadership. We still don’t have a good number of women in the top positions and that is what we are trying to change through this programme.

A part of the programme is that we conduct studies in stock exchange-listed countries because there is data available from those and we publish the studies. We wish to provide data and information about women business leaders in larger companies so that the media has material. The companies also understand the issue. We also provide mentoring, this is top level mentoring programme. Women are selected based on applications; we select women who are already in executive positions. We don’t have mentoring for just-out-of-university students. We have top level mentors, both men and women, who are CEOs, executives or board members in large companies.

What is special about this mentoring programme is the network that we are creating because we also have seminars, events; we go to meet head-hunters. We have now 40 women participating in this as mentees and they get to know many business leaders among different business sectors.

Q. How does the application process work?

A. The programme is running for the fourth time. We announce when the applications are available. We have a website, where the women have to submit their CVs, and cite why they are interested and what they are expecting from the programme. Our team goes through all the applications and select people that have the potential and who would benefit from having a top level mentor, and also from the network that is created. We have also studied the outcomes as the programme has been running for several years. We conduct surveys among the women who have participated. Most of them have said that they have had concrete results.

Q. Does it cater to just women who are natives of Finland or has a wider connotation? If an Indian businesswoman wants to be a part of it, can she apply?

A. This programme is mostly for Finland. (But) if there was a counterpart from some other country who would like to organise it in their country, we would consult how to organise, what kind of elements, selection process and quality surveys (to adopt). Of course there are cultural issues and you have to know the correct people… We have the experience and tools to do it but one has to be connected in the country. It has to be someone who knows the correct people but I hope we can share ideas and perhaps something could happen in India.

Q. What differences have you observed between Finland and India, in terms of business model?

A. I follow the news and have observed that the technology sector is very important here. It is important in Finland as well, so that might be an area where both countries can cooperate. Although there are some similarities and women are educated here in India.

Q. We hardly see any woman entrepreneur who has started her own business. Why is that and how is the scenario, in terms of doing business among women, in Finland? And what can we learn and implement some of it in India?

A. The fact is that quite many countries have the same dilemma. In start-up scene in Finland, the majority is men. But we should have more women there. A part of the problem that I can see is that women don’t study enough engineering, technical issues. Because if we look at the future, business will be very much based on digitization regardless of the sector. Even traditional businesses benefit from technology, and women are not studying enough. At least in Finland, there are few women in engineering and technology. For example, health technology can be an area and women are very much working in this sector but they should have the technical skills to provide innovations in start-ups. Unfortunately, we have not found the full solution to that issue. There are women in the start-up scene but not enough. Like, if we talk about stock exchange companies at top level, there are 34% women are board members in Finland and this is without quotas in the law. If we see the small companies, then the overall percentage is 29. So, it’s a high level. But if we go at the CEO level, the figures are different—just 8%.

Q. In corporate world, there is always a conversation about sexism and gender pay gap. How is the scenario in Finland?

A. If we look at the equal pay—overall pay gap —and not at the position, a women’s pay is 80% of the man’s pay, which is much larger, because women usually work more in public sectors where the pay is lower—healthcare sector for example, whereas men work often in good pay heavy industry and also there are more male leaders. Men get higher position more often, so they have a higher pay. Amount of pay gap depends if you look at the overall scenario, or precisely the same position, but it does exist.

Q. How are you seeing the future scenario of India in terms of women doing business? Any advice for women entrepreneurs in India…

A. What I understand is quite educated women stop working after they get married. I think one should understand that it is possible to have a successful family life besides having a successful business life. And also, I think one of the issues women might be thinking that they have to be available 24×7, and my advice is that you don’t have to be on email or the internet all the time. If there is a chaos at an odd hour, they will call you. Let’s not build barriers that don’t need to exist.

SME Times |

FICCI, EU body organize clean energy event

Industry body FICCI in partnership with European Business and Technology Centre (EBTC) and Business Beyond Borders (BBB) organized the event- "India and EU - Co-Creation of Projects in alignment with Sustainable Development Goals (SDGs) on Clean Energy and Climate Change" on Friday in New Delhi.

This was the last event organized as a part of the series of the programmes-"EU-India Clean Energy Days & International Matchmaking" (from 17th to 21st September 2018), organised by BBB and EBTC and supported by European Commission.

The event brought stakeholders in the space of clean energy and climate change together to share best practices, discuss on the challenges and deliberate on the potential opportunities that could be created for clean energy and climate action under the EU-India Policy dialogues.

This event presented a great opportunity to be aware of the latest developments on the EU-India relations in the key area of clean technologies and learning about the successful B2B engagements that happened during the EU-India Clean Energy and Climate days.

Speaking at the event, Tomasz Kozlowski, Ambassador of the European Union emphasised on the need for new approaches to understand the requirements, interests and challenges faced by different stakeholders.

He also pointed out that there is a need to look at business solutions to cater to climate change, renewable energy, water management, resource efficiency in order to enhance the long-standing relation on both sides.

He further highlighted European Union's interest in working with Indian businesses to accelerate clean energy pathways, and also on the importance of increased engagement of stakeholders at all levels.

He also stressed on exploring the business opportunities between Indian and European companies for Indian market and also for third markets.

Prodipto Ghosh, Former Secretary, Ministry of Environment, Forest & Climate Change, Government of India in his theme address highlighted that before India embarks upon discussing clean energy and climate change projects, it is imperative to first address issues related to people and social development.

millenniumpost |

'Need to look at biz solutions to cater to climate change'

FICCI in partnership with European Business and Technology Centre (EBTC) and Business Beyond Borders (BBB) organized the event- "India and EU – Co-Creation of Projects in alignment with Sustainable Development Goals (SDGs) on Clean Energy and Climate Change" here on Friday.

This was the last event organized as a part of the series of the programmes-"EU-India Clean Energy Days & International Matchmaking" (from 17 to 21 September 2018), organised by BBB and EBTC and supported by European Commission.

The event brought holders in the space of clean energy and climate change together to share best practices, discuss on the challenges and deliberate on the potential opportunities that could be created for clean energy and climate action under the EU-India Policy dialogues.

This event presented a great opportunity to be aware of the latest developments on the EU-India relations in the key area of clean technologies and learning about the successful B2B engagements that happened during the EU-India Clean Energy and Climate days.

Tomasz Kozlowski, Ambassador of the European Union emphasised on the need for new approaches to understand the requirements, interests and challenges faced by different stakeholders.

He also pointed out that there is a need to look at business solutions to cater to climate change, renewable energy, water management, resource efficiency in order to enhance the long-standing relation on both sides. He further highlighted European Union's interest in working with Indian businesses to accelerate clean energy pathways, and also on the importance of increased engagement of stakeholders at all levels.

He also stressed on exploring the business opportunities between Indian and European companies for Indian market and also for third markets.

Under the EU India clean energy and climate partnership, while there is policy dialogue between governments, there is a need to bring on board all stakeholders including business.

Financial partnerships would also play a key role in advancing business collaborations between India and EU -- EU will be launching soon a EU India Innovation Platform for start-ups and incubators and there is also a science, technology and innovation partnership to advance innovations.

Prodipto Ghosh, Former Secretary, Ministry of Environment, Forest & Climate Change, Government of India in his theme address highlighted that before India embarks upon discussing clean energy and climate change projects, it is imperative to first address issues related to people and social development. Delivery of energy use for development in Indian context is a challenge which needs to be addresses urgently.

Business World |

EU-India Innovation Platform To Be Launched On October 10: EU Envoy

An EU-India innovation platform that seeks to bring together innovators, start-ups and incubators from both sides for interaction would be launched on October 10, the European Union's envoy in New Delhi said today.

Ambassador of the EU to India Tomasz Kozlowski also said that to take the EU-India partnership forward, policy dialogues and engagement must go beyond government level. "We need to take all stakeholders along, the government, the states, businesses and NGOs," he said.

Kozlowski said this while addressing a gathering of business representatives from several European and Indian firms, foreign diplomats, among others at an event hosted here by the FICCI on 'India and EU - creation of projets on clean energy and climate change'.

The envoy also recalled that Prime Minister Narendra Modi during his visit to Brussels in 2016 for the EU-India Summit, had agreed on EU-India clean energy and climate partnership. Kozlowski mentioned various areas in which the two sides have collaborated or are working to form partnerships.

"The other partnership we are working on is resource efficiency or circular economy. In December 2017, our commissioner with transport (EU's Mobility and Transport Commissioner) met (Union transport minister) Nitin Gadkari," Kozlowski said.

Then smart grid, energy storage, e-vehicles, working together on that, he said. The over-arching objective or over-arching instrument is there and "we are looking forward for science and technology and innovation partnership, Kozlowski said.

"In three weeks time, we will launch another instrument, EU-India innovation platform, looking to bring together, EU and India's start-ups and incubators, an important part of our collaboration," the envoy said.

Later on the sidelines of the event, he told media sources that the platform is slated to be launched on October 10. The ambassador said the EU-India ties have gone beyond the level of a political declaration, and now both sides are working on having practical solutions in areas of collaboration. With all stakeholders involved, the envoy said, the partnership "will pay off and it is paying off".

"As a representative of the European Union, I will be proud to tell EU leaders in the near future again, that what we were tasked to do, we have implemented, and going forward with practical collaboration," he added.


Business Standard |

EU-India innovation platform to be launched on Oct 10: EU envoy

An EU-India innovation platform that seeks to bring together innovators, start-ups and incubators from both sides for interaction would be launched on October 10, the European Union's envoy in New Delhi said Friday.

Ambassador of the EU to India Tomasz Kozlowski also said that to take the EU-India partnership forward, policy dialogues and engagement must go beyond government level.

"We need to take all stakeholders along, the government, the states, businesses and NGOs," he said.

Kozlowski said this while addressing a gathering of business representatives from several European and Indian firms, foreign diplomats, among others at an event hosted here by the FICCI on 'India and EU - creation of projets on clean energy and climate change'.

The envoy also recalled that Prime Minister Narendra Modi during his visit to Brussels in 2016 for the EU-India Summit, had agreed on EU-India clean energy and climate partnership.

Kozlowski mentioned various areas in which the two sides have collaborated or are working to form partnerships.

"The other partnership we are working on is resource efficiency or circular economy... In December 2017, our commissioner with transport (EU's Mobility and Transport Commissioner) met (Union transport minister) Nitin Gadkari," Kozlowski said.

Then smart grid, energy storage, e-vehicles, working together on that, he said.

The over-arching objective or over-arching instrument is there and "we are looking forward for science and technology and innovation partnership, Kozlowski said.

"In three weeks time, we will launch another instrument, EU-India innovation platform, looking to bring together, EU and India's start-ups and incubators, an important part of our collaboration," the envoy said.

Later on the sidelines of the event, he told PTI that the platform is slated to be launched on October 10.

The ambassador said the EU-India ties have gone beyond the level of a political declaration, and now both sides are working on having practical solutions in areas of collaboration.

With all stakeholders involved, the envoy said, the partnership "will pay off and it is paying off".

"As a representative of the European Union, I will be proud to tell EU leaders in the near future again, that what we were tasked to do, we have implemented, and going forward with practical collaboration," he added.

The Times of India |

EU-India innovation platform to be launched on Oct 10: EU envoy

An EU-India innovation platform that seeks to bring together innovators, start-ups and incubators from both sides for interaction would be launched on October 10, the European Union's envoy in New Delhi said Friday.

Ambassador of the EU to India Tomasz Kozlowski also said that to take the EU-India partnership forward, policy dialogues and engagement must go beyond government level.

"We need to take all stakeholders along, the government, the states, businesses and NGOs," he said.

Kozlowski said this while addressing a gathering of business representatives from several European and Indian firms, foreign diplomats, among others at an event hosted here by the FICCI on 'India and EU - creation of projets on clean energy and climate change'.

The envoy also recalled that Prime Minister Narendra Modi during his visit to Brussels in 2016 for the EU-India Summit, had agreed on EU-India clean energy and climate partnership.

Kozlowski mentioned various areas in which the two sides have collaborated or are working to form partnerships.

"The other partnership we are working on is resource efficiency or circular economy... In December 2017, our commissioner with transport (EU's Mobility and Transport Commissioner) met (Union transport minister) Nitin Gadkari," Kozlowski said.

Then smart grid, energy storage, e-vehicles, working together on that, he said.

The over-arching objective or over-arching instrument is there and "we are looking forward for science and technology and innovation partnership, Kozlowski said.

"In three weeks time, we will launch another instrument, EU-India innovation platform, looking to bring together, EU and India's start-ups and incubators, an important part of our collaboration," the envoy said.

Later on the sidelines of the event, he told that the platform is slated to be launched on October 10.

The ambassador said the EU-India ties have gone beyond the level of a political declaration, and now both sides are working on having practical solutions in areas of collaboration.

With all stakeholders involved, the envoy said, the partnership "will pay off and it is paying off".

"As a representative of the European Union, I will be proud to tell EU leaders in the near future again, that what we were tasked to do, we have implemented, and going forward with practical collaboration," he added.

Devdiscourse |

EU and India to collaborate to promote innovation, start-ups

An EU-India innovation platform that seeks to bring together innovators, start-ups and incubators from both sides for interaction would be launched on October 10, the European Union's envoy in New Delhi said Friday.

Ambassador of the EU to India Tomasz Kozlowski also said that to take the EU-India partnership forward, policy dialogues and engagement must go beyond government level.

"We need to take all stakeholders along, the government, the states, businesses, and NGOs," he said.

Kozlowski said this while addressing a gathering of business representatives from several European and Indian firms, foreign diplomats, among others at an event hosted here by the FICCI on 'India and EU - the creation of projects on clean energy and climate change'.

The envoy also recalled that Prime Minister Narendra Modi during his visit to Brussels in 2016 for the EU-India Summit, had agreed on EU-India clean energy and climate partnership.

Kozlowski mentioned various areas in which the two sides have collaborated or are working to form partnerships.

"The other partnership we are working on is resource efficiency or circular economy... In December 2017, our commissioner with transport (EU's Mobility and Transport Commissioner) met (Union transport minister) Nitin Gadkari," Kozlowski said.

The smart grid, energy storage, e-vehicles, working together on that, he said.

The over-arching objective or over-arching instrument is there and "we are looking forward for science and technology and innovation partnership, Kozlowski said.

"In three weeks time, we will launch another instrument, EU-India innovation platform, looking to bring together, EU and India's start-ups and incubators, an important part of our collaboration," the envoy said.

Later on the sidelines of the event, he told PTI that the platform is slated to be launched on October 10.

The ambassador said the EU-India ties have gone beyond the level of a political declaration, and now both sides are working on having practical solutions in areas of collaboration.

With all stakeholders involved, the envoy said, the partnership "will pay off and it is paying off".

"As a representative of the European Union, I will be proud to tell EU leaders in the near future again, that what we were tasked to do, we have implemented, and going forward with practical collaboration," he added.

PWI |

EU India Innovation Platform to nurture start-ups for creating a New India

FICCI in partnership with European Business and Technology Centre (EBTC) and Business Beyond Borders (BBB) organised- “India and EU – Co-Creation of Projects in alignment with Sustainable Development Goals (SDGs) on Clean Energy and Climate Change” 21st September 2018. This was the last event organised as a part of the series of the programmes-“EU-India Clean Energy Days & International Matchmaking” (from 17th to 21st September 2018), organised by BBB and EBTC and supported by European Commission.

The event brought stakeholders in the space of clean energy and climate change together to share best practices, discuss on the challenges and deliberate on the potential opportunities that could be created for clean energy and climate action under the EU-India Policy dialogues. This event presented a great opportunity to be aware of the latest developments on the EU-India relations in the key area of clean technologies and learning about the successful B2B engagements that happened during the EU-India Clean Energy and Climate days.

Here, Tomasz Kozlowski, Ambassador of the European Union emphasised on the need for new approaches to understand the requirements, interests and challenges faced by different stakeholders. He also pointed out that there is a need to look at business solutions to cater to climate change, renewable energy, water management, resource efficiency in order to enhance the long-standing relation on both sides. He further highlighted European Union’s interest in working with Indian businesses to accelerate clean energy pathways, and also on the importance of increased engagement of stakeholders at all levels.

He also stressed on exploring the business opportunities between Indian and European companies for Indian market and also for third markets. Under the EU India clean energy and climate partnership, while there is policy dialogue between governments, there is a need to bring on board all stakeholders including business. Financial partnerships would also play a key role in advancing business collaborations between India and EU.

EU will be launching soon a EU India Innovation Platform for start-ups and incubators and there is also a science, technology and innovation partnership to advance innovations.

Further, Prodipto Ghosh, Former Secretary, Ministry of Environment, Forest & Climate Change, Government of India in his theme address highlighted that before India embarks upon discussing clean energy and climate change projects, it is imperative to first address issues related to people and social development. Delivery of energy use for development in Indian context is a challenge which needs to be addresses urgently. He emphasised on scaling up of technological advancements across the clean energy sectors. He further outlined the interconnect between India’s NDCs and SDGs and what business opportunities this throws up. He also highlighted the technology needs for India for reducing emissions in areas of thermal power plants, transport sector, technologies for waste management, Bioenergy, clean Cook stoves, e-mobility.

domain-b |

President Kovind invites Czech defence firms to make in India

India and the Czech Republic signed five agreements on cooperation in areas of science and technology, energy and defence as part of President Ramnath Kovind’s state visit to that country.

President Ram Nath Kovind on Friday invited Czech Republic's defence companies to invest and manufacture in India, noting that defence was a vital area of cooperation between the two countries.

Addressing the Czech-Indian Business Forum at Prague, the President said the requirements of India's defence sector, which was opened to private sector recently, were huge.

He said Czech Republic’s technology and manufacturing prowess and India’s growth needs make the countries ‘natural partners.’

Stating that the Indian economy was dynamic and strong, Kovind urged Czech enterprises to explore, initiate and expand their footprint in India.

Indian companies are also keen to establish new business tie-ups and locate themselves in Czech Republic, he added.

“I invite you to partner us in India’s exciting and transformative journey, which is going to usher in a new era to not only India and Czech Republic, but to the entire world,” he said.

He also encouraged existing Czech companies who had invested in India to remain invested in India.

Kovind said that India’s growth story and Czech Republic's technology and manufacturing prowess made the two countries “natural partners”. He highlighted that Indian economy grew 8.2 per cent in the first quarter this fiscal and that India was the fastest growing large economy in the world. India was now the 6th largest economy in the world and poised to become a $5 trillion economy by 2025, he added.

“From Bata to Skoda, the story of India-Czech partnership has been defined by popular embrace, sustainable practices and high business confidence. We encourage Czech enterprises to remain invested in the Indian growth story,” says a Rashtraptibhavan Tweet.

Kovind said bilateral trade at $1.07 billion did not reflect the true potential for economic cooperation between the two countries and there was a need to “redouble our efforts” on this front in the coming days.

He expressed hope that the 11th Joint Economic Commission meeting, to be co-chaired by commerce and industry minister Suresh Prabhu, next month at Prague, would throw up new ideas to boost bilateral trade and diversify economic linkages.

Czech Republic's trade and industry minister Marta Novakova said her country is committed to strengthening economic cooperation with India. India ranks among Czech Republic's 10 most important non-European business partners, she added.

She said that opportunities of economic cooperation between the two countries are not fully capitalised. “There are large scale areas like energy where more cooperation could be achieved. Besides thermal and hydro, we see possibilities for nuclear energy in India,” Novakova said.

She also said that Czech companies were willing to cooperate in infrastructure and were already working in India in areas like water management.

Novakova also said that the project of creation of Czech industrial cluster in Bengaluru will come up for discussion at the Joint Economic Commission meeting.

Kovind is accompanied by a 50-member strong business delegation from India. The delegation includes members of industry chambers Federation of Indian Chambers of Commerce and Industry, the Confederation of Indian Industry, Assocham, PHDCCI and Trade Promotion Council of India.

On Friday, there was a B2B meeting between the business representatives of two sides, leading to signing of four memorandum of understanding in industry and education sectors.

President Kovind also thanked the President and government of the Czech Republic for a special carve-out for mobility of high-skilled Indian workers and business executives to work and live in the Czech Republic on a long-term basis. Initially limited to 500 visas a year, the new procedure will come into effect in October 2018.

India and the Czech Republic are signing five agreements as part of President Kovind’s visit. These include:
  • Cooperation between the Council for Scientific and Industrial Research, India, and the Czech Academy of Sciences;
  • A work plan to support Indo-Czech projects in diverse areas of science and technology, with the Department of Science and Technology taking the lead from the Indian side;
  • A visa waiver agreement for diplomatic passport holders;
  • Cooperation in laser technology between ELI Beamlines and the Tata Institute of Fundamental Research; and
  • Cooperation between the Haryana Agricultural University and the Czech University of Life Sciences.
In addition, India and the Czech Republic have agreed to initiate cooperation in civil nuclear energy. Details of a prospective agreement between the Global Centre for Nuclear Energy Partnership, Jhajjar, Haryana, and a relevant Czech institution are to be worked out.

Later, the President attended a luncheon banquet hosted in his honour by President Milos Zeman of the Czech Republic.

KNN |

Indian entrepreneurs had a great experience in Czech Republic as a part of delegation led by President: MD, Pushpak Products

President of India Ram Nath Kovind, who addressed members of the India-Czech Republic Business Forum in Prague on September 7, said economies of India and the Czech Republic have significant complementarities.

Kovind said, “I am happy to see enthusiastic participation from both sides in our engagement today. We have members from the Czech Chambers of Commerce and the Czech Association of Medium and Small Enterprises in the gathering.”

A 50 member delegation representing various industry chambers from India accompanied President Kovind.

The President said he had a meaningful discussions with President Zeman, on taking forward India-Czech multi-faceted relations, with special emphasis on economic ties of both sides.

He said there is a lot of scope for Indian and Czech companies to engage in new-age technologies and join hands to reap the benefits of the Fourth Industrial Revolution.

“Defense sector has been a vital area of cooperation between the two countries. Defence production in India has been opened for the private sector to participate. Our defence requirements are huge. Indian companies are looking at Czech defence majors to partner them. I invite Czech defence companies to come, invest and manufacture in India,” President Kovind said.

Major Indian companies have invested in the Czech Republic in sectors like IT, vehicles, tea, textile, pharmaceutical, and auto- components.

Czech investments in India are present in the machinery, transportation, power and automotive sectors.

“The investment by Czech majors in ‘Make in India’ initiative is a reaffirmation of the immense promise of Indo-Czech relationship. From BATA to SKODA, the story of India-Czech partnership has been defined by popular embrace, sustainable practices and high business confidence. We encourage Czech enterprises to remain invested in the Indian growth story,” he said.

India-Czech bilateral trade at USD 1.07 billion, does not really reflect our true potential. There is a need to redouble our efforts.

“From our side, our Commerce and Industry Minister will lead a business delegation next month to co-chair the Joint India-Czech Economic Commission, to be held in Prague. I am sure the Commission meeting will generate new ideas to give a boost to our bilateral trade and diversify our economic linkages,” President said.

Talking about the meet, CS Prakash, a Bangalore based entrepreneur cum CEC Member of Federation of Indian Micro and Small & Medium Enterprises (FISME), said it was a very fruitful trip.

Prakash, Managing Director of Pushpak Products India Ltd, was also a part of the delegation led by President Kovind.

He said, “We had an excellent experience during our visit to Czech Republic as a part of delegation led by the President.”

He said he has received confirmation of honorary consul of Czech Republic in Bangalore, Karnataka.

The Pioneer |

Odisha to hold road shows in Italy

To attract investments in various sectors, the State Government has planned to organise road shows in Italy, Germany and Saudi Arabia ahead of the ‘Make in Odisha’ Conclave-2018.

Industries Minister Ananta Das participated in panel discussion with industry experts in Italian city of Milan to promote industrial development in Odisha. The Minister is now on a visit to Milan on the invitation of Italian Consul General for Eastern India Damiano Francovigh,

A discussion was held on ‘Odisha-Industrial hub for Italian companies bilateral meetings’ chaired by President IIMH Alberto Cavicchiolo on Monday, said sources in the Industries department.

Several companies such as Nalco, Hindalco, JS Group, Renovation, Daniel and C Tenova, Vedanta, Foundry Ecocer, Sideridraulic have been invited to participate in the ongoing discussions.

Industries Secretaries Sanjiv Chopra and Odisha Industrial Infrastructure Development Corporation (Idco) CMD Sanjay Kumar Singh are a part of the 13-member team led by the Minister. The team would visit Italy, Germany and Saudi Arabia to invite investors to the ‘Make in Odisha’ conclave, scheduled to be organised here from November 11 to November 15. The team would showcase its investment potential and the slew of measures taken for ease of doing business to foreign investors during the tour.

In the second phase, the team would visit China, South Korea and Japan in August.

The State Government is partnering with the Federation of Indian Chambers of Commerce and Industry (FICCI) for the second ‘Make in Odisha’ conclave after withdrawal of the Confederation of Indian Industries (CIIs).

In the first ‘Make in Odisha’ concalve held in December 2016, the State had drawn investment intents of Rs 2.03 lakh crore. Sixty per cent of investment proposals are now in various stages of approval or implementation, as claimed by the Government.

The Times of India |

UK varsities, Indian industry, students, doctors welcome UK home secy's immigration rethink

UK university bodies, students, doctors and Indian industry have welcomed new UK home secretary Sajid Javid’s announcement that there will be a rethink of key aspects of Britain’s immigration policy on foreign students as well as the cap on tier 2 visa holders, which affects doctors.

Sanam Arora, founder and chairperson, National Indian Students & Alumni Union (NISAU), UK, said on Monday she was heartened the “long-overdue review of immigration” was taking place. “A lot of damage has been done to the UK's reputation as the destination of choice for Indian students over the last few years,” she said.

UK university bodies, too, welcomed the news. “Removing students from the net migration target would be a positive policy change as part of a package of measures to signal the UK is a welcoming destination for international students. We welcome the home secretary’s commitment to review this issue,” said a spokesperson for Universities UK.

“There were nearly 6,000 Indian students studying at Russell Group universities last year,” said Dr Hollie Chandler, senior policy analyst at Russell Group. “Including international students in the target sends the wrong message. These students bring new ideas, ensure a diverse, dynamic learning environment and make an important contribution to the UK.”

Dr Ramesh Mehta, president of the British Association of Physicians of Indian Origin, said the cap on doctors was “ridiculous”, was affecting patient services “very badly” and that there was already a shortage of doctors in radiology and emergency medicine. He said healthcare workers should be removed from the tier 2 visa category and have their own category.

Rashesh Shah, president, FICCI, said the changes in the immigration policy “have been a matter of concern for India”. “Movement of skilled professionals should be looked at differently and not be treated as part of the larger immigration issue which the UK is facing,” he said.

Lakshmi Kaul, head and representative, UK CII, said: “UK visa rules in the form of minimum salary thresholds and restricting labour mobility is counterproductive.” She said Indian industry wanted to see a clear “policy-level distinction” in addressing long-term migration issues and short-term professional mobility issues.

Matthew Fell, UK policy director for the Confederation of British Industry, said, “Currently firms are being denied visas for highly-skilled, well-paid workers, resulting from the cap repeatedly being hit, hampering their efforts to create jobs and growth. Unless the government removes all shortage roles … from the cap, firms will continue to struggle to get the people they need, damaging their global competitiveness.”

SME Times |

Modi's visit to strengthen India-UK trade: Industry

Prime Minister Narendra Modi's current visit to the UK and participation in the CHOGM 2018, is set to help further bilateral and multilateral trade and business interests, said FICCI.

"It will also go a long way in deepening the India-UK trade and investment relations further," said Rashesh Shah, President, FICCI.

"India, being the largest member state of the grouping, due to its rising economic stock and global standing, is ideally positioned to play a defining role in unveiling a new chapter of cooperation amongst Commonwealth nations," added Shah.

The Indian Industry is looking forward to PM Modi's visit acting as a catalyst to an accelerated process of openness to trade, investments and movement of people between CW nations, he said.

FICCI stands committed to support efforts to boost business linkages between India and Commonwealth countries.

The Indian Express |

Economic Partnership signing ceremony: Indian, French companies sign pacts worth 13 billion euros

Indian and French companies exchanged 19 contracts and agreements worth over 13 billion euros in sectors including new and renewable energy, smart grid, nuclear energy, aviation, cement, telecom among others. The agreements were formalised at the Indo-French Economic Partnership signing ceremony here on Saturday in the context of French President Emmanuel Macron’s visit to India.

The biggest deals signed on Saturday, in terms of value, was from the civil aviation sector, where low-cost carrier SpiceJet inked a $12.5-billion (around 10.5-billion euro) agreement with French aviation major Safran Group for supply of 155 CFM LEAP-1B engines for the airline’s Boeing 737 MAX aircraft, along with spare engines to support the fleet. Safran also announced its eighth facility in India at Hyderabad, with 250 employees, for production of harnesses used in civil and military aerospace applications, for both local and foreign programs.

Airports Authority of India, too, signed an agreement with French engineering company Egis for conducting study of three airports in the country — Lucknow, Pune and Trichy. Apart from this, French cement maker Vicat announced an investment of Rs 1,200 crore in Karnataka to double its production capacity and an investment of Rs 510 crore in a cement-grinding unit in Andhra Pradesh.

Further, four French companies — EdF International Networks, Citelum, G2M and Solstyce — signed an agreement to work together for developing charging infrastructure in India to support electric mobility. In the new and renewable energy sector, Bharat Light & Power and EDF renewed their contract pertaining to data acquisition to optimise wind and solar energy production; and a general collaboration agreement was signed between the French Commission for Atomic and Alternative Energy (CEA) and Vikram Solar to increase the production capacity of high performance solar cells and modules, apart from several other pacts on renewable energy.

The Indian Express |

Suresh Prabhu calls US decision to hike steel tariff as 'unfortunate'

Exhorting India’s commitment to free trade, Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Saturday that the US’ decision to increase tariffs on certain steel and aluminium products was an “unfortunate development”. Prabhu’s comments come at a time when global bodies have admitted to fears of a potential “trade war” between nations that could retaliate with their own tariff impositions.

“We are committed to free trade. We have definitely taken a note of it. It is a very unfortunate development and we will take it up bilaterally with all the countries. In any case we are having a meeting with all the major economies of the world who are coming to India. We will also discuss with them,” Prabhu told reporters at the sidelines of the Indo-French Partnership signing ceremony.

The US administration recently announced imposition of tariffs on imported steel and aluminium, citing national security concerns and the need to protect American industries from “unfair” business practices, triggering fears of a global trade war. US President Trump signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico.

This move to impose tariff barriers has drawn criticism from various global quarters including the European Union and the International Monetary Fund. Earlier this week, several countries, including India and China raised concerns about the imposition of tariffs on these products at the World Trade Organization in Geneva.

Business Standard |

Govt will extend every support to increase Indian investments in Europe: MoS External Affairs M J Akbar

Minister of State for External Affairs Mr. M J Akbar said today that India is committed to extending every support to Indian industry's focused efforts to increase investments in European countries. Mr. Akbar said that India is assiduously furthering the global goal of shared prosperity.

The radical reforms that were introduced by the Government of India some four years ago under the leadership of Prime Minister Mr. Narendra Modi have delivered robust results, said Mr Akbar, while highlighting the government programmes that contributed to the socio-economic transformation of the country. He cited how interventions in the areas of micro-finance and housing have strengthened the participation of women in development endeavours.

Pointing to the threat of terrorism confronting global societies, Mr. Akbar said that India and Europe have come together to fight the war against terrorism and make the world a peaceful place to live in.

Mr. Tomas Huner, Minister of Industry and Trade, Czech Republic, said that India is one among ten most important non-European trade partners of Czech Republic. He underlined the immense scope for bilateral partnerships in the area of energy development.

Mr. Huner highlighted the core strengths of the Czech Republic, such as a highly qualified domestic workforce, investment protection laws, among others, as factors that would attract Indian investments to the country.

Mr. Camelo Abela, Minister for Foreign Affairs and Trade Promotion, Malta, urged Indian industry to increase their investments in Malta and enjoy the benefit of easier access to the European and African markets. "Malta is open for business," he said, and referred to pharma manufacturing, education, healthcare, consultancy, renewal energy, financial services, events, biotechnology research, knowledge-based industries among other sectors that would be particularly attractive for investments by Indian companies. Mr Abela also mentioned about Malta being a global film production hub.

Mr. Sandip Somany, Senior Vice President, FICCI, said there is significant scope for increasing the India-Europe 29 bilateral trade flows that stood at $38 billion in 2016-17. Cumulative bi-directional India-E29 investments of $16 billion in 13 years is "miniscule" when viewed against the unexplored opportunities for expanding bilateral trade flows. He also pointed to the need for strengthening India-E29 partnerships involving small and medium enterprises (SMEs).

Business Standard |

India, Malta discuss ways to strengthen ties

India and Malta on Tuesday discussed ways to strengthen ties across various sectors during a meeting between External Affairs Minister Sushma Swaraj and Maltese Minister for Foreign Affairs and Trade Promotion Carmelo Abela here.

According to a statement issued by the External Affairs Ministry, the two leaders held discussions on various aspects of bilateral ties as well as important regional and multilateral issues of mutual interest.

"The discussions between the two Ministers focused on building closer cooperation in the areas of trade and investment, trade fairs, financial services, information technology and tourism," it stated.

India and Malta share a rich common heritage in the context of Commonwealth and relations between the two countries have strengthened considerably in recent years with India reopening its resident mission in Malta last year. The nation in the central Mediterranean Sea is also home to a 400-strong Indian community.

External Affairs Ministry spokesperson Raveesh Kumar tweeted that both India and Malta shared the common heritage of the Commonwealth.

Efforts are on to revive the relevance of this grouping of former British colonies and this year's Commonwealth Heads of Government Meeting (CHOGM) will be held in Britain next month.

"India was one of the first countries to recognise independence of Malta in 1964 and the two countries established diplomatic relations in 1965," Kumar said.

India's economic ties with Malta have grown stronger with annual bilateral trade reaching around $350 million last financial year.

"A new beginning has been made in recent years on the culture front, with an Indian film being shot in Malta and courses on Sanskrit grammar being held at University of Malta," the External Affairs Ministry statement said.

During the course of his visit, the Maltese Foreign Affairs and Trade Promotion Minister participated in the fourth edition of the India-Europe 29 Business Forum (IE29BF) here on Monday.

The Forum was created for the first time in 2014 by the External Affairs Ministry and industry body Federation of Indian Chambers and Commerce (FICCI) to provide an institutionalised platform for promoting business exchanges between India and the 29 countries of the Central Europe region.

The theme of IE29BF 2018 was "Synergising Economic Vision for Expanded Relations".

The focus sectors for the Forum were "Industry 4.0: Defining India-Europe 29 Cooperation through Developing Innovation Eco-system in Hi-Tech Manufacturing and Skilling & Transforming Human Capital in India", "Promoting E-Governance through ICT and Inviting Europe 29 Expertise for Digitalisation of Healthcare Sector in India" and "Collaborating to Develop 100 Smart Cities in India: Innovative urban Transport Solutions and Clean Technologies to Define India-Europe 29 Future Partnership".

This year, the Czech Republic was the focus country of the Forum.

Eighteen other European countries participated in the event. It was attended by 180 business delegates and officials from European countries and 200 business delegates from India.

Orissa Post |

Indo-Italian Metal Hub seminar in city today

Industries, housing & urban development minister Niranjan Pujari will inaugurate the Indo-Italian Metal Hub seminar here Saturday.

A high level delegation from Italy, including the Consul General of Italy, president of Italian Aluminium Association, senior government officials, CEOs and senior executives of different organisations will attend the seminar.

The Italian delegation will be represented by Damiano Francovigh, Italian Consul General in India, Maurizio Sala, president, Amafond, Francesca Bruni, president, Art Valley, among other dignitaries.

Dr. Tapan Kumar Chand, CMD, NALCO and president, Aluminium Association of India (AAI), will preside over the seminar, in which Sanjeev Chopra, addl chief secretary-cum-principal secretary will be the chief speaker, an official release said.

Chand said the Angul Aluminium Park, promoted by NALCO and IDCO, has attracted global technology suppliers and project proponents. He is hopeful that the Alumnium Park will emerge at par with global standards.

AAI is playing host to the three-day visit by the delegation from Italy who will be looking at the prospect of investing in the Angul Aluminium Park and collaborating for strategic tie-ups with their Indian counterparts.

The delegation made a site visit to the proposed Angul Aluminium Park Friday.

The seminar will cover topics including smart metals, industrial challenges, industrial park, global scenario and East-West future prospects, automotive, food and pharma packaging.

The Indo-Italian Metal HUB tour is a programme aimed at decision makers in the industrial sector in India, Italy and Europe.

The Indo-Italian Metal HUB has the endorsement and the cooperation of several institutions, associations and independent bodies including the Italian Consulate in Kolkata, Indo-Italian Chamber of Commerce, District for Rail Technologies, High Speed, Safety and Security Amafond, Federation of European Consumers of Aluminium in cooperation with the Odisha Government, Indian Embassy in Rome, Aluminium Association of India, FICCI, Federation of Small & Medium Industries India, CII, UCCI, Sinfonet, and METEF, among others.

Orissadiary.com |

AAI to host Indo-Italian Metal Hub seminar in Odisha capital Bhubaneswar

A high level delegation from Italy, including the Consul General of Italy, President of Italian Aluminium Association, senior Government Officials, CEOs and Senior Executives of different organizations are all set to be part of the Indo-Italian Metal Hub seminar, scheduled to be held at Bhubaneswar on 20th Jan 2018. The Seminar will be inaugurated by Shri Niranjan Pujari, Hon’ble Minister, Industries, Housing & Urban Development Govt. of Odisha. Dr. Tapan Kumar Chand, CMD, NALCO and President, Aluminium Association of India (AAI) shall be presiding over this Seminar, in which Shri Sanjeev Chopra, Addl. Chief Secretary-cum-Principal Secretary shall be the Chief Speaker.

Aluminium Association of India (AAI) is playing host to this important 3-day visit by the delegation from Italy who will be looking at the prospect of investing in the Angul Aluminium Park and collaborating for strategic tie-ups with their Indian counterparts. The seminar was preceded by a site visit to proposed Angul Aluminium Park on 19th Jan 2018.

The Seminar will pave way for discussion amongst important players, businesses, State Government and Government agencies and associations of Indian and Italian industry in the engineering, metals and transportation sectors covering Smart metals, Finance: Industrial Challenges, Industrial Park, Global Scenario and East-West Future Prospects, Automotive, Food and Pharma Packaging and future prospects. The Indo-Italian Metal HUB tour is a programme aimed at decision makers in the industrial sector in India, Italy and Europe.

The Indo-Italian Metal HUB has the endorsement and the cooperation of several institutions, associations and independent bodies including, The Italian Consulate in Kolkata, Indo-Italian Chamber of Commerce, District for Rail Technologies (DITECFER), High Speed, Safety and Security Amafond, Federation of European Consumers of Aluminium in cooperation with the Odisha Government, Indian Embassy in Rome, Aluminium Association of India, FICCI, FOSMI, (Federation Of Small & Medium Industries India), CII (Confederation of Indian Industry), UCCI, Sinfonet, and METEF, among others.

The Italian delegation will be represented by HE Damiano Francovigh, Italian Consul General in India, Mr Maurizio Sala, President, Amafond, Ms. Francesca Bruni, President, Art Valley, among other dignitaries.

Dr. Tapan Kumar Chand, CMD, NALCO and President, Aluminium Association of India has told that the Angul Aluminium Park, promoted by NALCO and IDCO has attracted global technology suppliers and project proponents and he is hopeful that the Alumnium Park will emerge at par with global standards.

The Pioneer |

Indo-German Dialogue

The 5th Annual Meeting of the Indo-German Working Group on Quality Infrastructure, led by the Indian Ministry for Consumer Affairs, Food and Public Distribution and the German Federal Ministry for Economic Affairs and Energy was held on January 15 and 16. The Working Group meets annually since 2013, and identifies technical challenges to trade, and seeks solutions to increase business opportunities between India and Germany in an increasingly digitised business environment.

On the occasion, Secretary Consumer Affairs Avinash K Srivastava said Germany is as an important partner, and that the bilateral dialogue deepens mutual understanding and trust, enabling us to work on issues that are relevant for the Indian and German industry as well as consumers.

The Working Group is well aligned with the priorities of the Indian Government. It works on highly relevant topics, and brings together experts from both countries, who for instance develop ideas on how to strengthen the market surveillance system in India and protect consumers better, Srivastava highlighted. Stefan Schnorr, Director General for Digital and Innovation Policy at the German Federal Ministry for Economic Affairs and Energy, who headed the German delegation, emphasised that cooperation in the Working Group is a sign of Germany and India’s strong economic relations, and shows the willingness to learn from each other. The closer the partnership becomes, the more relevant it would be to find solutions that ease doing business. Business and consumers would benefit from the bilateral cooperation.

Schnorr added that the German delegation is delighted to see that the Indian partners appreciate the well-established German model, where the industry is in the driver’s seat steering towards a more digitalised world,and developing and harmonising standards accordingly.

For the first time, government officials from other line ministries including DoC, MeitY, MoRTH, and DHI joined over 50 German and Indian stakeholders from the private sector, including industry associations (FICCI, CII, VDMA, VDA), standardisation and accreditation bodies, among them the Bureau of Indian Standards (BIS) and German standardisation institutes (DIN, DKE), as well as the Indo German Chamber of Commerce (IGCC). The participants agreed on cooperation areas where bilateral trade and business can be facilitated by aligning to international standards, and easing conformity assessment procedures, for instance through mutual recognition of test results. The new Work Plan includes collaboration in machinery safety, automotive industry, electro mobility charging infrastructure, Industry 4.0 (IoT), and data protection.

The Economic Times |

India and Finland may soon cooperate in smart city and energy sectors

Finland can help India in achieving a cleaner environment and sustainable development by sharing its expertise in sectors such as energy and smart city, a top Finnish minister said recently. Finland's Minister for Environment, Energy and Housing Kimmo Tiilikainen, while addressing representatives of leading business houses from both the countries at an event hosted by FICCI said India is "one of the fastest growing economies having an enormous economic potential". The minister was currently visiting India, leading a Finnish delegation, seeking to strengthen bilateral ties and explore new areas of cooperation. "He (Tiilikainen) met Uttar Pradesh Chief Minister Yogi Aditynath recently and discussed possible areas of cooperation," a senior Finnish official accompanying him shared.

DNA |

Finnish delegates take ride in Metro, visit museum

Members of a high-level Finnish delegation to India on Wednesday took a ride in Delhi Metro and interacted with its chief to understand the functioning of the mass rapid transit system, considered one of the best in the world.

The delegation comprised Deputy Minister for Economic Affairs and Employment of Finland Petri Peltonen, government officials and representatives of about 20 companies. The delegation members began their trip by first visiting the Metro Bhawan near Connaught Place in central Delhi, DMRC officials said.

“At Metro Bhawan, a presentation was given about the journey of Delhi Metro and the various projects. They also interacted with Managing Director of Delhi Metro Rail Corporation (DMRC) Mangu Singh and showed keen interest in the working of the metro,” a senior DMRC official said.

Later, they boarded a metro train from Barakhamba Road Metro Station and went to Rajiv Chowk Metro Station where they alighted to understand the interchange system of two metro lines (Blue LineYellow Line). “From there they went to Patel Chowk Metro Station and also visited the Metro Museum,” another DMRC official said.

Some members of the Finnish Embassy here were also present.

The Finnish delegation is being led by Minister for Environment, Energy and Housing Kimmo Tiilikainen, who earlier in the day addressed representatives of leading business houses from India and Finland at an event hosted by FICCI here.

India is “one of the fastest growing economies” having an “enormous economic potential”, he said.

Tiilikainen said he was here to strengthen bilateral ties and explore new areas of cooperation between India and Finland.

The average daily ridership of the 218 km-long network of the Delhi Metro, spread across multiple corridors, in June was 25.7 lakh.

The Hindu Business Line |

Param Shah appointed as FICCI UK Director

The apex industry body, Federation of Indian Chambers of Commerce and Industry (FICCI) announced appointment of Param Shah as the new Director for the United Kingdom (UK) operations. Shah will succeed Pratik Dattani whose tenure with FICCI ended recently.

Announcing the appointment, Rajiv Vastupal, Chairman, FICCI-Gujarat State Council, said, "We are hopeful that Param Shah, with his experience and enthusiasm, will be able to build newer partnerships for FICCI in the UK, and strengthen the existing ones.”

Shah has more than 15 years of experience, which includes working for Gujarat Chamber of Commerce and Industry (GCCI) as Deputy Secretary General. He held responsibility of head of FICCI – Gujarat State Council before being appointed for the overseas role. Biju Namboothiri will be the new head of FICCI Gujarat State Council.

Business Standard |

'India, Finland can cooperate in smart city, energy sectors'

Finland can help India in achieving a cleaner environment and sustainable development by sharing its expertise in sectors such as energy and smart city, a top Finnish minister said today.

Finland's Minister for Environment, Energy and Housing Kimmo Tiilikainen, while addressing representatives of leading business houses from both the countries at an event hosted by FICCI here, said India is "one of the fastest growing economies" having an "enormous economic potential".

The minister is currently visiting India, leading a Finnish delegation, seeking to strengthen bilateral ties and explore new areas of cooperation.

"He (Tiilikainen) met Uttar Pradesh Chief Minister Yogi Aditynath yesterday and discussed possible areas of cooperation," a senior Finnish official accompanying him told PTI.

"Today, he is scheduled to meet Union minister Suresh Prabhu and tomorrow three more Union ministers -- R K Singh, Hardeep Singh Puri and Harsh Vardhan," the official said.

Ambassador of Finland to India Nina Vaskunlahti and Leader of the Business Delegation Arto Raty were also present during the India-Finland Business Seminar hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Tiilikainen asserted that Finnish companies were following with "great interest", the implementation of Prime Minister Narendra Modi's flagship schemes such as 'Make in India', 'Clean India' and 'Smart City Mission'.

"I believe that smart city, energy efficiency and usage of renewable energy sources are sectors in which the two countries can cooperate and Finland can help India achieve its aims of cleaner environment and sustainable development," he said.

The minister cited the example of its capital Helsinki and the public-private-partnership platform that has been instituted there -- Helsinki Metropolitan Smart & Clean Foundation -- to work on clean and smart solutions in order to reduce its dependence on fossil energy.

"Finnish companies can help Indian electricity utilities and distribution companies to transform conventional electrical grids into high-performance smart grids with distributed energy generation, intelligent power management with high level of digitisation and demand response equipment where needed," Tiilikainen said.

The minister said that over 100 Finnish companies have established operations in India. Some of the major firms being Nokia, KONE (elevators) and Wartsila (marine and energy).

A senior official of Finland's Ministry of Economic Affairs and Employment said a 'BCD model' is followed in that country.

"B is for bio-gas based energy sources, C for clean and smart and circular economy and D for digitisation. Our country is working towards a carbon-neutral environment. Our renewable consumption share at present is nearly 40 per cent, which we wish to increase to 50 per cent by 2020," the official said.

"Also, 80 per cent of the renewable energy share is forest-based like biomass. Also, 20 per cent of transport fuel in Finland based on bio-fuel like bio-diesel or bio-petrol and we intend to increase that to 40 per cent by 2030. The whole of European Union uses very little bio-fuel. So, we are a leader in that area," he said.

India is growing tremendously and with the talent and volume of business here, it will be the "best of both Finland and India" if the two countries work together in these areas, the official said.

Tiilikainen said both countries were geographically far away from each other, but enjoy "close ties and increasing amount of business and technology cooperation".

"We have noted India's advancements and ambitious plans to increase energy and electricity consumption, as well as utilisation of renewable energy sources. In fact, India's policies and plans have many similarities with Finland's experience," he said.

Finland is celebrating 100 years of its independence and a senior Finnish official said tourism is another sector where both countries can cooperate more.

"Recently, a group from India had approached us for shooting a video. They wanted to show the natural beauty of Finland in the backdrop. Hopefully, we will have some Bollywood films being shot there too, in future," the official said.

The Times of India |

'India, Finland can cooperate in smart city, energy sectors'

Finland can help India in achieving a cleaner environment and sustainable development by sharing its expertise in sectors such as energy and smart city, a top Finnish minister said today.

Finland's Minister for Environment, Energy and Housing Kimmo Tiilikainen, while addressing representatives of leading business houses from both the countries at an event hosted by FICCI here, said India is "one of the fastest growing economies" having an "enormous economic potential".

The minister is currently visiting India, leading a Finnish delegation, seeking to strengthen bilateral ties and explore new areas of cooperation.

"He (Tiilikainen) met Uttar Pradesh Chief Minister Yogi Aditynath yesterday and discussed possible areas of cooperation," a senior Finnish official accompanying him told .

"Today, he is scheduled to meet Union minister Suresh Prabhu and tomorrow three more Union ministers -- R K Singh, Hardeep Singh Puri and Harsh Vardhan," the official said.

Ambassador of Finland to India Nina Vaskunlahti and Leader of the Business Delegation Arto Raty were also present during the India-Finland Business Seminar hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Tiilikainen asserted that Finnish companies were following with "great interest", the implementation of Prime Minister Narendra Modi's flagship schemes such as 'Make in India', 'Clean India' and 'Smart City Mission'.

"I believe that smart city, energy efficiency and usage of renewable energy sources are sectors in which the two countries can cooperate and Finland can help India achieve its aims of cleaner environment and sustainable development," he said.

The minister cited the example of its capital Helsinki and the public-private-partnership platform that has been instituted there -- Helsinki Metropolitan Smart & Clean Foundation -- to work on clean and smart solutions in order to reduce its dependence on fossil energy.

"Finnish companies can help Indian electricity utilities and distribution companies to transform conventional electrical grids into high-performance smart grids with distributed energy generation, intelligent power management with high level of digitisation and demand response equipment where needed," Tiilikainen said.

The minister said that over 100 Finnish companies have established operations in India. Some of the major firms being Nokia, KONE (elevators) and Wartsila (marine and energy).

A senior official of Finland's Ministry of Economic Affairs and Employment said a 'BCD model' is followed in that country.

"B is for bio-gas based energy sources, C for clean and smart and circular economy and D for digitisation. Our country is working towards a carbon-neutral environment. Our renewable consumption share at present is nearly 40 per cent, which we wish to increase to 50 per cent by 2020," the official said.

"Also, 80 per cent of the renewable energy share is forest-based like biomass. Also, 20 per cent of transport fuel in Finland based on bio-fuel like bio-diesel or bio-petrol and we intend to increase that to 40 per cent by 2030. The whole of European Union uses very little bio-fuel. So, we are a leader in that area," he said.

India is growing tremendously and with the talent and volume of business here, it will be the "best of both Finland and India" if the two countries work together in these areas, the official said.

Tiilikainen said both countries were geographically far away from each other, but enjoy "close ties and increasing amount of business and technology cooperation".

"We have noted India's advancements and ambitious plans to increase energy and electricity consumption, as well as utilisation of renewable energy sources. In fact, India's policies and plans have many similarities with Finland's experience," he said.

Finland is celebrating 100 years of its independence and a senior Finnish official said tourism is another sector where both countries can cooperate more.

"Recently, a group from India had approached us for shooting a video. They wanted to show the natural beauty of Finland in the backdrop. Hopefully, we will have some Bollywood films being shot there too, in future," the official said.

Financial Chronicle |

'India, Finland can cooperate in smart city, energy sectors'

Finland can help India in achieving a cleaner environment and sustainable development by sharing its expertise in sectors such as energy and smart city, a top Finnish minister said today.

Finland's Minister for Environment, Energy and Housing Kimmo Tiilikainen, while addressing representatives of leading business houses from both the countries at an event hosted by FICCI here, said India is "one of the fastest growing economies" having an "enormous economic potential".

The minister is currently visiting India, leading a Finnish delegation, seeking to strengthen bilateral ties and explore new areas of cooperation.

"He (Tiilikainen) met Uttar Pradesh Chief Minister Yogi Aditynath yesterday and discussed possible areas of cooperation," a senior Finnish official accompanying him told PTI.

"Today, he is scheduled to meet Union minister Suresh Prabhu and tomorrow three more Union ministers -- R K Singh, Hardeep Singh Puri and Harsh Vardhan," the official said.

Ambassador of Finland to India Nina Vaskunlahti and Leader of the Business Delegation Arto Raty were also present during the India-Finland Business Seminar hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Tiilikainen asserted that Finnish companies were following with "great interest", the implementation of Prime Minister Narendra Modi's flagship schemes such as 'Make in India', 'Clean India' and 'Smart City Mission'.

"I believe that smart city, energy efficiency and usage of renewable energy sources are sectors in which the two countries can cooperate and Finland can help India achieve its aims of cleaner environment and sustainable development," he said.

The minister cited the example of its capital Helsinki and the public-private-partnership platform that has been instituted there -- Helsinki Metropolitan Smart & Clean Foundation -- to work on clean and smart solutions in order to reduce its dependence on fossil energy.

"Finnish companies can help Indian electricity utilities and distribution companies to transform conventional electrical grids into high-performance smart grids with distributed energy generation, intelligent power management with high level of digitisation and demand response equipment where needed," Tiilikainen said.

The minister said that over 100 Finnish companies have established operations in India. Some of the major firms being Nokia, KONE (elevators) and Wartsila (marine and energy).

A senior official of Finland's Ministry of Economic Affairs and Employment said a 'BCD model' is followed in that country.

"B is for bio-gas based energy sources, C for clean and smart and circular economy and D for digitisation. Our country is working towards a carbon-neutral environment. Our renewable consumption share at present is nearly 40 per cent, which we wish to increase to 50 per cent by 2020," the official said.

"Also, 80 per cent of the renewable energy share is forest-based like biomass. Also, 20 per cent of transport fuel in Finland based on bio-fuel like bio-diesel or bio-petrol and we intend to increase that to 40 per cent by 2030. The whole of European Union uses very little bio-fuel. So, we are a leader in that area," he said.

India is growing tremendously and with the talent and volume of business here, it will be the "best of both Finland and India" if the two countries work together in these areas, the official said.

Tiilikainen said both countries were geographically far away from each other, but enjoy "close ties and increasing amount of business and technology cooperation".

"We have noted India's advancements and ambitious plans to increase energy and electricity consumption, as well as utilisation of renewable energy sources. In fact, India's policies and plans have many similarities with Finland's experience," he said.
Finland is celebrating 100 years of its independence and a senior Finnish official said tourism is another sector where both countries can cooperate more.

"Recently, a group from India had approached us for shooting a video. They wanted to show the natural beauty of Finland in the backdrop. Hopefully, we will have some Bollywood films being shot there too, in future," the official said.

webindia123 |

India keen to work with Sweden on electric mobility to bring down pollution: Goyal

Aiming to address vehicular pollution, India and Sweden will work together on electric mobility to bring it down, Power, Coal and New & Renewable Energy Minister Piyush Goyal said.

"I am very keen to work with Sweden on electric mobility to see how electric vehicles can help us bring down vehicular pollution," Goyal said while speaking at a round table on Smart Grid and Energy Solutions in Stockholm.

"India desires to use coal more efficiently to achieve its climate objectives of reducing carbon footprints," he added.

The minister was on an official visit to Sweden from November 1-3, 2016 at the invitation of the Swedish Minister for Policy Coordination & Energy, Ibrahim Baylan.

In a bilateral meeting between the two countries, both sides referred to the existing memorandum of understanding on Renewable Energy Cooperation and reviewed the current cooperation in the energy sector and the next steps to enhance collaboration especially in waste-to-energy, energy efficiency, transmission and distribution, hydropower, electro-mobility, smart grids, smart metering, solar energy, water treatment, and mining, an official statement said.

Coinciding with the minister's visit to Sweden and Finland between November 1-5, industry chamber FICCI's President Harshavardhan Neotia is leading a business delegation to these two countries.

While addressing an interactive session on green financing and investments at Stockholm Neotia said: "It is an opportune time for India and Sweden to collaborate for developing Indian green bond market. The Indian Green Bond Market Development Council set up by FICCI and Climate Bonds Initiative can work with Swedish investors to enhance the green bonds market outlook for India."

SME Times |

'France offers lucrative opportunities to Indian investors'

France is the financial hub of the future and offers vast investment and business opportunities to the Indian investors with single window clearance, simplified administrative systems, easier procedures for setting up business, reformed labour laws, reduced taxation, efficient transportation and ready infrastructure, said Christophe Sirugue, French Minister of State for Industry, in New Delhi on Tuesday.

Sirugue was inaugurating a business seminar on 'Why Smart Investors Choose France?' organized by FICCI in association with the Embassy of France in India.

Sirugue said that France has qualified, hardworking, sincere, well-motivated manpower which is reasonable priced for the foreign investors. France is the largest market in Europe which has investor friendly policies and a free business environment. He added that France integrates creativity with innovation to create a stable and marketable economy.

Speaking about R&D in France, Sirugue said that France with its high-end Science and Technology is the Silicon Valley of Europe. The country is a tax haven for research. He added that France also has universities which provide specialized courses in subjects such as engineering and provide a conducive learning environment to foreign students.

Sirugue said that French companies have a visible presence in India and they were cooperating in the various initiatives of the Indian Government including Make in India, Smart Cities, Digital India and Skill India. However, bilateral trade is not commensurate with the potential of the two nations. France is an economic powerhouse and Indian investors are welcome to set up their businesses in the country to step up the economic growth trajectory in the two countries.

Dr. A Didar Singh, Secretary General, said that the Indian business community stands committed towards forging new partnerships with France by tapping existing and unexplored potential and looks forward to give impetus to India-France trade and investment relations.

Thibaut Fabre, Director of Business France/India, introduced the seminar and launched the clip, 'France, a smart destination for Indian Investors' by Business France, the national agency supporting the international development of the French economy responsible for fostering export growth by French businesses as well as promoting and facilitating international investments in France.

'France, an innovative ecosystem and land of R&D' was illustrated by the success stories of Mr. Mani Doraisamy, CEO of Guesswork, laureate of French Tech Ticket. Guesswork is an Indian start-up which has developed a product recommendation engine for e-commerce. Guesswork is one of the laureates of the French Tech Ticket, a program designed for entrepreneurs from all over the world who want to create their startups in France.

Subir Bedi, Director of Etoshapan, shared his experience. Etoshapan is a leading global creator of flavors and fragrances which are used in a wide variety of consumer products such as Indian and Oriental attars, fine fragrances, beauty care products, detergents, household goods, beverages, sweets, dairy and savory products.

This was followed by a presentation on the attractiveness of France by Mrs Audrey Lucbernet, Head of Invest in France Department of Business France / India and Jean-Marc Fenet, Minister Counsellor, Head of the Regional Economic Service for India and South Asia.

Amair Farooqui, Attorney at law, Adamas, spoke on 'How to set-up successfully in France'. Adamas is a French law firm having a multidisciplinary group of lawyers and notaries with experience in all areas of business life, in private, public, European and international law.

The session also heard key messages of Indian CEOs about the economic attractiveness of France.

Hindustan Times |

British minister cites Modi while arguing for UK to stay in EU

Foreign Office minister Hugo Swire on Wednesday quoted Prime Minister Narendra Modi while making a strong appeal to voters to choose to remain in the European Union during the June 23 referendum on Britain’s membership of the 28-nation bloc.

Seeking to dismiss claims of the Vote Leave camp, Swire said in a speech at Chatham House that leaders of several Commonwealth countries wanted Britain to remain in the EU, since they saw London as the gateway to Europe.

Swire said: “India too sees this gateway role as vital. Prime Minister Modi during his visit to the UK last November said ‘As far as India is concerned, if there is an entry point for us to the European Union, that is the UK’”.

“And the head of the Federation of Indian Chambers of Commerce and Industry agreed, adding that: ‘we firmly believe that leaving the EU would create considerable uncertainty for Indian businesses engaged with the UK and would possibly have an adverse impact on investment and movement of professionals to the UK’”.

Swire termed as “naïve… frankly irresponsible, misleading and unhelpful” the Brexit camp’s claim that leaving the EU would allow greater migration from the Commonwealth.

“Our membership of the EU does not prevent Commonwealth citizens from coming to the UK. Anyone suggesting that it would be different or easier is just raising false hopes by suggesting we would water down those criteria,” he said.

Priti Patel, one of six ministers in the David Cameron government in the Vote Leave camp, last week suggested that the uncontrolled immigration from within the EU had made it difficult for people from India and south Asia to migrate to Britain.

Meanwhile, in continuing referendum campaign, the respected Institute for Fiscal Studies said leaving the EU would add to Britain’s financial woes – a claim dismissed by the rival camp.

Business Standard |

French firms to invest $10 bn in 5 yrs: FM Sapin

French companies are expected to invest over $10 billion in the next five years, French minister of finance and public accounts, Michel Sapin, said on Monday.

He was speaking at a joint business session organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and attended by both Indian and French players in the defence, aeronautics, urban development sectors.

"The convergence in economic policy and business ties between India and France is robust and can only grow rapidly in the near future." said Sapin. Saying he regretted France's economic growth not being similar to India, he stressed the economic structure in both favour stability. He also pointed out both countries have managed to hold their own in times of high global market volatility.

Sapin said France is the third-largest investor in India and the figures are only expected to grow.

"The majority of these investments are meant for the industrial sector. This makes France a major player in Prime Minister Narendra Modi's Make in India programme. This complementarity can also been seen in the context of other programmes of the Indian government," he added.

The minister added that France has directed French Development Agency to earmark 60 per cent of total financial outlay to India. The agency operates in 70 countries and provides finance for development. In 2014, it committed 8.1 billion euros across the globe for various projects.

He met Finance Minister Arun Jaitley this morning and has invited him to visit France for starting an economic dialogue between the two countries which he hoped would turn into an annual event.

Sapin said there are currently around 400 French companies in India, with a total consolidated turnover of $ 20 billion, adding French companies currently represent 10 per cent of the installed solar capacity in India.

FICCI president Harshvardhan Neotia said India and France cannot ignore the threat to its security. FICCI also signed a memorandum of understanding (MoU) with the NG group from France on the Terra Watt initiative in the area of renewable energy.

There are currently around 400 French companies in India, with a total consolidated turnover of $ 20 billion.

Sapin is accompanying French President Francois Hollande on a 4-day visit to India who is the guest of honor for this year's Republic Day celebrations. Hollande had been pushing the sale of 36 Rafale combat jets to India. Prime Minister Narendra Modi said on Monday an intergovernmental agreement has been signed to buy the jets from France. However, some "financial issues" regarding deal are yet to be sorted between both the countries.

He also attended the foundation laying ceremony for the new International Solar Alliance Headquarters set to come up in Gurgaon.

The Hindu |

'French cos may invest $10 bn in India over next 5 years'

French companies are likely to invest almost $10 billion in India in the next five years and a major portion of this will be in the industrial sector making France an important player in the Indian government’s Make in India initiative to boost the manufacturing sector, the visiting French Minister for Finance and Public Accounts Michel Sapin said on Monday.

“This complementarity can also been seen in the context of other programmes of the Indian government,” Mr. Sapin said. He said France was training the Indian workforce under the ‘Skill India’ programme and was contributing actively towards it.

He said French firms had invested more than one billion dollars annually in the last five years. The minister said the country’s companies account for 10 per cent of solar capacity installed in India and they could increase their capacities by 2020-22.

There were over 400 French firms in India with a consolidated turnover of about $20 billion and France was the third largest foreign investor in India.

Mr. Sapin was speaking at an interactive business session organised by the industry body FICCI and the Embassy of France in India. He said French companies were known for their innovation and creativity and looked forward to tap the Indian domestic market.

“The economic presence of France in India goes back to a long time and is very diverse. This expression of interest in India did not wait for Indian GDP to supersede that of China,” Mr. Sapin said.

He said his government had asked French Development Agency (FDA) to earmark 60 per cent of total financial outlay to India. FDA, which finances development-oriented projects, operates in 70 countries. FDA committed euro 8.1 billion in 2014 in places across the world for many such projects.

To discuss the economic and financial subjects, Mr. Sapin met Union Finance Minister Arun Jaitley whom he invited to begin an annual dialogue session on matters of common interests.

However, Mr. Sapin said Indian companies were too few in number in his country though France was one of the biggest recipients of foreign direct investment in the world. “I count all French companies in India to act as ambassador for our country and invite their counterparts to discover in France what they are missing,” he said.

Observing that France and India had a common objective of greater economic growth, he said both countries were resilient to recent intense movement of markets. The views of both the countries were also similar in fighting against financing terrorism and fiscal cooperation. “I have a lot of comfort to say that approach towards stability and methodical reform have started to bear fruit. From this point of view, I can only encourage the Indian government to pursue this reform,” Mr. Sapin said.

live mint |

India, France ink $15 billion in business deals

India and France on Monday deepened their strategic partnership, concluding deals worth an estimated $15 billion over two days.

In addition, French companies will invest $10 billion in India over the next five years.

The deals signed on Monday spanned several sectors, including aviation, nuclear energy, space, urban development, and railways, and many checked in under the Modi government’s campaigns such as Smart Cities and Make in India.

A marginally discordant note in this happy aria was that the biggest constituent of the $15 billion, the $9 billion deal to buy 36 French built Rafale fighter aircraft to replace India’s ageing Russian made MiG fighter jets, couldn’t be closed as both sides were unable to agree on the financial aspects of the pact.

Still, French President Francois Hollande and Indian Prime Minister Narendra Modi on Monday oversaw the signing of a preliminary pact on the Rafale deal.

“Leaving out the financial aspect, India and France have signed Inter-Governmental Agreement (IGA) on purchase of 36 Rafale fighter jets. We expect that even the financial aspects pertaining to purchase of Rafale jets will be resolved as soon as possible,” Modi said at a joint press event with Hollande.

On his part, Hollande described the signing of the IGA as a “decisive” step, with the financial aspects being sorted out in a “couple of days”.

“When the financial parts are settled, then the IGA in its entirety will be concluded,” foreign secretary S. Jaishankar said.

Dassault Aviation said in a statement on Monday that it is “very pleased with this progress, and is actively supporting French authorities in their efforts to finalize a complete agreement within the next four weeks”.

The two countries have been in negotiations for 36 Rafale fighter jets in a fly-away condition since April, when Modi announced the deal during his visit to France. That itself was an effort to break the logjam in a deal involving the purchase of 126 aircraft.

Another key agreement inked was in railways, with Alstom signing a preliminary pact with Indian Railways to produce 800 electric locomotives in Madhepura in Bihar. This could see an investment of about $3 billion over time, according to an Indian government official.

Indian Railways and French railway company Société Nationale des Chemins de Fer (SNCF) signed another agreement to conduct a joint feasibility study for the development of the Ludhiana and Ambala stations.

Nuclear energy was another focus area.

“On the nuclear side, I think the big development is the fact that we have agreed that at Jaitapur, we will collaborate to construct six nuclear power reactors,” instead of the earlier two, Jaishankar said.

According to a joint statement released at the end of the Modi-Hollande talks, “the two leaders encouraged their industrial companies to conclude techno-commercial negotiations by the end of 2016 for the construction of six nuclear power reactor units at Jaitapur”.

Besides this, the Indian Space Research Organisation signed three pacts with its French counterpart Centre national d’Etudes Spatiales, including one for hosting the French Argos-4 payload onboard India’s Oceansat-3 satellite.

“All told, between what was signed in Chandigarh and today we have a total of 30 agreements,” Jaishankar said, referring to the 14 pacts signed on Monday and the 16 initialled on Sunday at a meeting between Indian and French business men in Chandigarh, Hollande’s first stop on his three-day India visit.

Former foreign secretary Lalit Mansingh noted that Modi has a blueprint for developing India which includes smart cities, Make in India, Digital India and various other flagship programmes.

“What we are seeing now is each country making its choice of which programme it wants to partner India—the Japanese have decided on industrial corridors and high speed trains, and the French are talking of nuclear energy and smart cities,” Mansingh said

On Sunday, the two countries signed a series of preliminary pacts on the development of Chandigarh, Nagpur and Puducherry as “smart cities”, besides another clutch of pacts on urban development, water, waste treatment and solar energy.

This was besides the big push given to Modi’s Make in India programme with the Toulouse-based Airbus Group signing a pact with India’s Mahindra and Mahindra Ltd for the manufacture of helicopters.

Separately, addressing a business meeting, French finance minister Michel Sapin said French companies will invest $10 billion in India over the next five years, chiefly in the industrial sector.

“Over the last five years, French companies have invested more than $1 billion per year in India,” Sapin said in a speech to members of the Federation of Indian Chambers of Commerce and Industry in New Delhi.

“We estimate that they will continue to invest at least $10 billion over the next five years.”

Jaishankar described Hollande’s visit as “very important, significant and impactful”.

India and France, both of which have been victims of terrorist attacks, agreed to step up counter-terrorism cooperation.

At least 130 people died in multiple co-ordinated attacks in the French capital on 13 November when militants suspected to be members of the Islamic State struck Paris. And on 2 January, India repulsed an Islamist militant attack on its Pathankot airbase. “From Paris to Pathankot, we saw the gruesome face of the common challenge of terrorism... I also commend the strength of your resolve and action in these terrorist attacks. President Hollande and I have agreed to scale up the range of our counter-terrorism cooperation in a manner that helps us to tangibly mitigate and reduce the threat of extremism and terrorism to our societies,” Modi said.

“We are also of the view that the global community needs to act decisively against those who provide safe havens to terrorists, who nurture them through finances, training and infrastructure support,” he added.

millenniumpost |

France Inc targets $10 billion investment to India in 5 years

France’s Minister for Finance and Public Accounts Michel Sapin on Monday said French companies have been investing billions in India and he expects that they will invest over $10 billion in the next five years.

“Over the last five years, French companies invested more than $1 billion per year and we estimate that they will continue to invest at least $10 billion in next five years,” Sapin said at the India-France business session organised by industry body FICCI.

French companies represent 10 per cent of solar capacity installed in India and by 2020-22, they could add additional capacities, he said.

Sapin said France is the third-biggest foreign investor in India with an investment stock of $20 billion and there are more than 400 French companies present in India with a consolidated turnover of over $20 billion.

“The majority of these investments are meant for the industrial sector. This makes France a major player in Prime Minister Narendra Modi’s Make in India programme. This complementarity can also been seen in the context of other programmes of the Indian government,” Sapin said. The minister added that France has directed French Development Agency to earmark 60 per cent of total financial outlay to India. “The economic presence of France in India goes back to a long time and is very diverse. This expression of interest in India did not wait for Indian GDP to supersede that of China,” Sapin said.

The agency operates in 70 countries and provides finance for development. In 2014, it committed euro 8.1 billion across the globe for various projects. He met Finance Minister Arun Jaitley this morning and has invited him to visit France for an annual economic dialogue between the two countries. “In France, Indian companies are too few in numbers though France is one of the biggest recipients of FDI in the world. I count all French companies in India to act as ambassador for our country and invite their counterparts to discover in France what they are missing,” Sapin stressed.

Moreover, France will help modernise Ambala and Ludhiana railway stations and its top company Alstom will manufacture 800 electric locomotives of horse power double than the existing ones in India, involving foreign investment of Rs 1300 crore, according to agreements signed here. The two significant pacts, marking stepped up cooperation in the rail sector, were signed after talks between Prime Minister Narendra Modi and French President Francois Hollande.

Alstom and Indian Railways signed a ‘shareholding agreement’ for production of 800 electric locomotives at Madhepura in Bihar. As per the agreement, the Madhepura factory will produce 800 electric locomotives with horse power of 12,000 each over a period of 11 years. The existing strength of electric locomotives is 6,000 horse power (HP). The project would involve foreign investment of Rs 1300 crore, considered to be substantial in rail sector. Alstom will be responsible for setting of the factory, manufacturing of the locomotives as well as maintenance.

Railways had decided in November to award the contract to Alstom for Madhepura electric locomotive project. Production of locomotives with 12,000 horse power would be a quantum leap over the existing 6000 HP locomotives used for freight operations. Under another agreement, France will extend its expertise to modernise Ambala and Ludhiana stations.

An expert team from France will come and study these two stations and accordingly a roadmap will be concretised based on its report, said a senior Railway Ministry official.

Business Line |

A new dawn in Indo-French ties

India and France may well have found their next big common meeting ground in surya namaskar. No, we are not talking of yoga but the path-breaking international solar alliance of over 120 countries that Prime Minister Narendra Modi has launched along with French President Francois Hollande at the Paris COP21 climate summit.

There are other promising areas of engagement which can be taken forward during President Hollande’s visit as the Republic Day chief guest. Meanwhile, the solar alliance demonstrates climate justice in action and can be a true game-changer.

This holds true even in the context of the bilateral engagement between India and France. Most large French companies are now present in India, leading to a huge growth of French investments aimed at the Indian market, as a consequence of ‘Make in India’.

Most French investors have R&D centres in India, which not only work for the Indian market but also the global one. The French have made ‘Swachch Bharat Abhiyaan’ a priority in the bilateral engagement. More recently, the terror attacks in France have united both people as never before.

Prime Minister Modi’s visit to France last April has made this relationship transformational by reassuring French investors that India was committed to reforms driven by good governance, easier norms of doing business and expeditious decision making.

The stage is set for a paradigm change in the structure and content of the strategic cooperation in areas like defence. Scorpene submarines are already under construction at the Mazagon Dock Ltd (MDL) in Mumbai in partnership with French group DCNS. India and France have the opportunity to team up on several other defence projects.

Solar and nuclear potential

A new and evolving strategic dimension of the engagement is renewable energy, which has received a big boost with the international solar alliance forged in Paris. There could not be a better time for India and France to take this partnership ahead. Solar technology is evolving, costs are coming down and grid connectivity is improving. There is already a commitment from the French side to realise 10 per cent of the 100 GW of solar energy goal that the Prime Minister has announced.

Moreover, the Indian Government is investing an initial $30 million in setting up the alliance’s headquarters in India and this initiative opens gives possibilities of sharing technology and mobilising financial resources. The third strategic frontier is nuclear energy which has seen two very transformative initiatives during the visit of PM Modi to France. The partnership between Areva and L&T opens the door to nuclear manufacturing in India of the critical parts.

The capacity to manufacture this will be developed in India with L&T for the Jaitapur project, as also for other reactors that will be built in India or elsewhere, keeping open the export facility in future. The other agreement is between Areva and Nuclear Power Corporation of India Ltd (NPCIL) for high-end pre-engineering studies aimed at fine tuning the details of these projects as well as exploring the scope for price reduction and improvement of some elements.

Smart cities

As for the Smart City project, French companies are already working in 20 big projects in cities across India in areas like the metro and water. That apart, France will also focus on three specific cities and provide a $2.18 billion line of credit to support these projects. That is a great opportunity for the business community.

The French are also keen to work with India on electricity supply, sewage and waste management, energy efficient buildings, security and a range of other small things – like emergency services for hospitals.

Going ahead we need to intensify people-to-people linkages through more scholarly exchanges, tourist flows both ways and maybe yoga. Time to let the champagne flow.

The writer is Harshavardhan Neotia, President, FICCI

The Statesman |

Catalonia invites Indian businessmen

“Catalonia (in Spain) is an entrepreneurial, industrial state with an open and diversified economy,” said Mr Artur Mas, its regional president and invited Indian businessmen to invest there. He was speaking at an interactive meeting organised by FICCI here today.

Mr Mas was accompanied by a Catalonian delegation representing the automotive, biopharma, tourism and IT sectors.

Catalonia and its capital, Barcelona, is a hub of high value added industries. The automotive sector is leading one of the major clusters in Europe. Barcelona, the title holder of the ‘Mobile World Capital’ until 2018, is now the world's centre for mobility innovations in all fields.

Speaking about bilateral trade between India and Spain, Mr Mas said 25 per cent of Spain's exports to India comprise goods of Catalonian origin and 37 per cent of India's exports are destined for Catalonia. In 2012, Catalonia became the leading region to attract foreign investments in continental Europe.

Mr Gustavo de Aristegui, Ambassador of Spain in India, said Catalonia is a hub of high technology industry. It is one of the most prosperous regions of Spain, having a robust economy. The interactive meeting was a sign of confidence and trust between India and Catalonia, he added.

Mr Sidharth Birla, president-elect, FICCI, said India and Catalonia share much in common. Both respect diversity and have a society that is tolerant towards plurality of views. The task ahead is to further cultivate and nurture these threads of commonality leading to multi-pronged cooperation between the two, he said.

Business Standard |

The worst is over in Europe: FICCI survey

Europe might still be reeling under financial stress, but Indian companies think the business prospects in the region would improve in a couple of years, according to a Federation of Indian Chambers of Commerce and industry (FICCI) survey.

Despite the gloomy economic scenario in Greece, Spain, Italy and France, Indian companies for the first time in three years have overwhelmingly expressed confidence while engaging with the region commercially, the survey titled ‘Is the worst phase over for Indian companies doing business in Europe?’, noted.

Last year, 75 per cent of companies had responded that the ongoing crisis had resulted in their business prospects in the region being adversely impacted. This year, however, a little over 50 per cent noted that even when the markets slowed, they were able to register growth in their product category.

Half the surveyed companies expected the current economic situation to improve over the next two years. About 30 per cent expressed optimism that the economic situation in the European Union (EU) would begin to look up in a year. To keep their balance sheets stable, 50 per cent of the companies surveyed had already begun to diversify their markets within Europe. Last year, 40 per cent of these companies initiated efforts to make inroads into the Central and East European markets.

Interestingly, nearly 60 per cent of these firms are primarily focusing on greener pastures in African countries, West Asia, South Asia and even in North America.

About 20 per cent of respondents pointed out that instead of facilitating foreign investments and businesses during the current economic turmoil, the respective European governments had made the processes more stringent in obtaining and renewing long-term visas, work permits, family and dependent visas and overall ease of doing business.

About 10 per cent suggested that the Indian government could favourably look at providing subsidies and lower duties for promoting India-EU trade. To maximise their benefits and to alleviate business losses in terms of reduced demands in European markets, Indian manufacturers are aggressively pursuing new business plans. These include increased imports of high-end machinery and technology from Europe, due to highly competitive prices being offered by European exporters.

Asian Age |

Salad days for Indian firms in EU

Worst is likely to be over for Indian companies in Europe as several domestic firms are re-positioning their business activities in the economic crisis hit region, says a survey.

"For the first time in three years, Indian companies doing business in Europe have shed their pessimism and see a rebound in their business prospects in the region," the survey by industry body FICCI said. It said despite the slowdown, Indian companies have been able to grow and create a niche for their products there.

"There has been a marked rise in number of companies who have successfully been able to reduce their losses while doing business in the region," the survey titled 'Is the Worst Phase over for Indian Companies Doing Business in Europe?', said. Despite the slowdown, Europe was the major trading partner of India.

"The gradual turn-around has been achieved by Indian corporate by successfully re-positioning and re-aligning their operational capabilities in one of the most demanding and organised markets in the world," it said. The survey said that although the current economic situation in Europe is resulting in number of procedural and regulatory obstacles for Indian companies to expand and do business in the continent, the region is still providing needed returns on the investments made.

About 50 companies, which participated in the survey, said that the continent has several positive factors, which attracts domestic firms to do business there. "It's economic, trade and investment policies generally welcome foreign investment. Other attractions include well developed capital markets, political and social stability, established and transparent legal systems," it added.

Financial World |

Worst is likely over for Indian companies in Europe: FICCI

Worst is likely to be over for Indian companies in Europe as several domestic firms are re-positioning their business activities in the economic crisis hit region, says a survey.

"For the first time in three years, Indian companies doing business in Europe have shed their pessimism and see a rebound in their business prospects in the region," the survey by industry body FICCI said.

It said despite the slowdown, Indian companies have been able to grow and create a niche for their products there. "There has been a marked rise in number of companies who have successfully been able to reduce their losses while doing business in the region," the survey titled `Is the Worst Phase over for Indian Companies Doing Business in Europe? said.

Despite the slowdown, Europe was the major trading partner of India. "The gradual turn-around has been achieved by Indian corporate by successfully re-positioning and re-aligning their operational capabilities in one of the most demanding and organised markets in the world," it said.

The survey said that although the current economic situation in Europe is resulting in number of procedural and regulatory obstacles for Indian companies to expand and do business in the continent, the region is still providing needed returns on the investments made.

About 50 companies, which participated in the survey, said that the continent has several positive factors which attracts domestic firms to do business there. "It's economic, trade and investment policies generally welcome foreign investment. Other attractions include well developed capital markets, political and social stability, established and transparent legal systems," it added.

It said despite the ongoing gloomy economic scenario in Greece, Spain, Italy, Indian companies have overwhelmingly expressed optimism that the "worst is over for them" while engaging the region commercially.

About half of the firms surveyed said that even when the markets were going into a slowdown mode, in Europe, they have been able to register growth in their product categories.

"Half of the surveyed companies expected the current economic situation would improve in the coming 1-2 years time," it said adding " to keep their balance sheets stable, over 50 per cent of the Indian companies surveyed have already begun to diversify their markets within Europe". However, the survey said that getting a business visa remained the most worrying issue for them to effectively engage with the European economies.

Over 20 per cent said during the current economic turmoil, rather than facilitating foreign investments, the respective European governments have made its processes more stringent in obtaining and renewing long-term visas, work permits and overall ease of doing business in the region.

Further, it said Indian industry is closely monitoring the ongoing negotiations of India-EU for a comprehensive free trade agreement.

The Hindu |

India-UK to jointly develop Bangalore-Mumbai Economic Corridor project

Putting behind the controversy over the issue of seeking cash bonds from select category of people seeking visas for Britain and expanding the India-UK bilateral cooperation, India and United Kingdom have decided to join hands to develop the signature Bangalore-Mumbai Economic Corridor project in close association with private companies from Britain.

A decision on taking ahead the project, which had been outlined both by Prime Minister Manmohan Singh and British Prime Minister David Cameron in February this year, was taken during the recent meeting that Commerce and Industry Minister Anand Sharma had with UK’s Secretary of State for Business, Innovation and Skill Vince Cable and UK’s Minister for Government Policy in Cabinet office, Oliver Letwin during his recent visit to London. Mr. Cameron is keen on developing a new economic partnership with India and has been making efforts to enhance the trade and economic engagement and take it to a new level. In fact, it was Prime Minister, David Cameron who had halted the proposal for seeking cash bonds from Indian travellers seeking British visas on the grounds that it would hurt the relationship between the two countries and send a wrong signal at a time when two countries were engaged in expanding their ties.

It was decided that two senior Ministers of Britain would be travelling to India late this year to take a first-hand review of the project and work out the joint feasibility study details so that this project could be taken up for execution at the earliest. The Joint Study group, working on forging a close relationship for the project, would work out the details of execution of this prestigious project. Mr. Cameron is understood to be very keen to have Britain’s private sector take part in a big way in execution of this project. The Indian side has already sent to the British government broad guidelines for execution of the joint feasibility study and has also nominated Taleen Kumar, Joint Secretary in the Department of Industrial Policy and Promotion (DIPP) as the nodal officer for this project. In addition to this, India has also offered to UK investment or partnership opportunities in the National Manufacturing and Investment Zones. “Both sides have agreed to examine and evolve the modalities and content of a feasibility study of this project concept through mutual discussions and to work out a roadmap for a possible partnership in this area. Given the importance of Mumbai as financial centre, Bangalore as IT and Technology hub and Pune as automobile manufacturing centre, such a project could be potentially viable,” Mr. Sharma told The Hindu.

The Finance Minister P. Chidambaram had announced in his budget speech that preparatory work on BMEC is underway. He followed this up with an offer to UK to be part of this crucial economic project during his visit to Britain in May this year. The new National Manufacturing Policy aims to create 100 million jobs and increase the share of manufacturing in India’s gross domestic product to 25 per cent by 2022, from 16 per cent now. India also offered to Britain participation in the National Investment and Manufacturing Zones (NIMZ) and investment regions that will be autonomous self-governing township being developed in partnership with the private sector. NIMZs are proposed to be developed as green field industrial townships and benchmarked against the best manufacturing hubs in the world.

Mr. Sharma said he had also conveyed to Lord Letwin and Mr. Cable that the Indian side is looking at UK participating in the establishment and operation of NMIZs and ITIRs in Karnataka through UK companies participation via equity, technology, financing mechanisms and investment by private equity. He suggested that the consortium of UK companies should consider adopting individual NMIZs.

In a related move aimed at giving a push to investments in India, the Invest India and UK India Business Council (UKIBC) have signed a Memorandum of Understanding (MoU) to collaborate for providing UK businesses information on investment opportunities and the accompanying regulatory environment in India. Invest India, the Investment Facilitation and Promotion Agency, is a joint venture of the DIPP, State Governments and the Federation of Indian Chambers of Commerce and Industry (FICCI). UKIBC is the premier business led organization promoting trade and investment between the UK and India.

The Financial World |

Invest India Signs MoU with UKIBC

Invest India and UK India Business Council (UKIBC) have signed a Memorandum of Understanding (MoU) to collaborate for providing UK businesses information on investment opportunities and the accompanying regulatory environment in India.Invest India, the Investment Facilitation & Promotion Agency, is a joint venture of the Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce and Industry, State Governments of the Republic of India, and the Federation of Indian Chambers of Commerce and Industry (FICCI).

The Economic Times |

Invest India, UKIBC inks MoU to enhance investments

Invest India and UK India Business Council (UKIBC) have signed an agreement under which British businessmen would get information on investment opportunities and regulatory environment in India.

Invest India, set up as a joint venture between FICCI, the DIPP and state governments, is an official agency which provides sector-specific and state-specific information to a foreign investor, assists in expediting regulatory approvals, and offers hand-holding services.

The MoU regarding this was signed in London on Tuesday by Ficci Secretary General Didar Singh and India and UKIBC Chair Patricia Hewitt in the presence of Commerce and Industry Minister Anand Sharma.

"In terms of the MoU, the UKIBC will organise and host briefings by the DIPP, Invest India and other authorities on policy developments that are of relevance to British businesses in India," Ficci said in a statement.

The Department of Industrial Policy and Promotion (DIPP), under the Commerce and Industry Ministry, deals with FDI related issues.

The UKIBC would work with DIPP and Invest India to hold periodic meetings between Indian and UK government officials, private sector experts.

Invest India will also help the UKIBC to build relations with state governments, it said adding the UKIBC will provide Invest India information about British companies seeking to invest in India.

"I believe this MoU will help British companies, especially SMEs, not only to get frequent and timely updates on Indian policy and regulations, but also develop confidence in their ability to operate and succeed in India," Hewitt said.

The bilateral trade between the two countries stood at $ 15.16 billion in 2012-13 compared to $ 16.25 billion in the previous fiscal. On the other hand, India has received FDI worth $ 17.54 billion from Britain during April 2000 and March 2013.

The Economic Times |

Cash bond for visa unlikely, UK informs Anand Sharma

Commerce and industry minister Anand Sharma has expressed serious concerns over reports that the UK plans to seek cash bond for visa from visitors from high-risk countries including India.

The minister sought an official clarification to this effect in his meeting with UK officials in London on Tuesday. According to the UK proposal, citizens from the high-risk categorised countries will have to shell out £3,000 (equivalent to Rs 2.5 lakh) for a cash bond in order to get a 6-month UK visa.

UK government officials assured Sharma that the proposal was mooted for a pilot project and has not been considered by the British government, the commerce and industry ministry said in a statement issued from New Delhi.

Sharma met Vince Cable, secretary of state for business, innovation and skills and Oliver Letwin, minister for government policy. "Cable informed Sharma that he had discussed the issue with the British home secretary who had assured that there was proposal mooted for a pilot which has not been considered by the British Government," the commerce ministry release said. Given the strategic India-UK partnership, Sharma sought a formal clarification to this effect to dispel any apprehension and avoid confusion. On the same issue, FICCI president Naina Lal Kidwai said that if there was any truth to the high-risk status for Indian visas, it would be a dampener to an otherwise flourishing relationship between India and the UK.

"We need to ensure that people-to-people interactions that form the basis of robust national relationships are not impacted. We hope that the UK government will have a rethink on the same taking cognisance of the full implications this could have," Kidwai added.

Sharma visited the UK on June 23-25 to review bilateral trade and investment and to take part in investment promotion events.

The two countries also discussed steps for early conclusion of India-EU Broad-based Trade and Investment Agreement. Sharma explained that the Indian offer is robust, balanced and fair and that the BTIA would be the most ambitious trade deal for both India and EU. He emphasised on the need for pragmatism in harvesting the agreements made till now on various issues.

Zeebiz.com |

Invest India, UKIBC inks MoU to enhance investments

Invest India and UK India Business Council (UKIBC) have signed an agreement under which British businessmen would get information on investment opportunities and regulatory environment in India.

Invest India, set up as a joint venture between FICCI, the DIPP and state governments, is an official agency which provides sector-specific and state-specific information to a foreign investor, assists in expediting regulatory approvals, and offers hand-holding services.

The MoU regarding this was signed in London on Tuesday by Ficci Secretary General Didar Singh and India and UKIBC Chair Patricia Hewitt in the presence of Commerce and Industry Minister Anand Sharma.

"In terms of the MoU, the UKIBC will organise and host briefings by the DIPP, Invest India and other authorities on policy developments that are of relevance to British businesses in India," Ficci said in a statement.

The Department of Industrial Policy and Promotion (DIPP), under the Commerce and Industry Ministry, deals with FDI related issues.

The UKIBC would work with DIPP and Invest India to hold periodic meetings between Indian and UK government officials, private sector experts.

Invest India will also help the UKIBC to build relations with state governments, it said adding the UKIBC will provide Invest India information about British companies seeking to invest in India.

"I believe this MoU will help British companies, especially SMEs, not only to get frequent and timely updates on Indian policy and regulations, but also develop confidence in their ability to operate and succeed in India," Hewitt said.

The bilateral trade between the two countries stood at $ 15.16 billion in 2012-13 compared to $ 16.25 billion in the previous fiscal. On the other hand, India has received FDI worth $ 17.54 billion from Britain during April 2000 and March 2013.

The Pioneer |

`Visa bond proposal not considered by British Government'

India on Tuesday said it has been conveyed by the UK that the proposal to collect hefty visa cash bonds from Indians has not been considered by the British Government.

This was conveyed to Commerce and Industry Minister Anand Sharma by Vince Cable, Secretary of State for Business, Innovation and Skills during a meeting in London.

According to an official release in New Delhi, "Cable informed the Indian minister that he had discussed the issue with the British Home Secretary who had assured that there was proposal mooted for a pilot which has not been considered by the British government".

This came after Sharma expressed serious concerns during his meetings with Cable as well as Oliver Letwin, Minister for Government policy in Cabinet office over the news reports referring to a proposal to categorise India as high risk country entailing cash bonds from visa applicants.

Sharma also suggested that given the strategic India–UK partnership a formal clarification to this effect would be in order to dispel any apprehension and avoid confusion.

According to a 'Sunday Times' report, the British government is planning to pilot a scheme from November targeted at visitors from at least six countries, including India, Bangladesh, Sri Lanka and Ghana.

Tourists aged 18 and over would be forced to hand over 3,000 pounds for a six-month visit visa, which they will forfeit if they overstay in Britain.

Meanwhile, the Indian High Commission has been asked to seek more official details on the proposed scheme to assess its implications.

"The ministry has asked our mission in London to find out official details on reports about a possible new scheme that the UK is trying to introduce that may have implications on Indians visiting that country," spokesperson in the External Affairs Ministry Syed Akbaruddin said here.

Expressing concerns over the UK's proposal, industry body FICCI in a statement said "it would be a dampener to an otherwise flourishing relationship between India and the UK".

The Economic Times |

Hefty visa cash bond proposal not considered by British govt: India

India today said it has been conveyed by the UK that the proposal to collect hefty visa cash bonds from Indians has not been considered by the British government.

This was conveyed to Commerce and Industry Minister Anand Sharma by Vince Cable, Secretary of State for Business, Innovation and Skills during a meeting in London.

According to an official release in New Delhi, "Cable informed the Indian minister that he had discussed the issue with the British Home Secretary who had assured that there was proposal mooted for a pilot which has not been considered by the British government".

This came after Sharma expressed serious concerns during his meetings with Cable as well as Oliver Letwin, Minister for Government policy in Cabinet office over the news reports referring to a proposal to categorise India as high risk country entailing cash bonds from visa applicants.

Sharma also suggested that given the strategic India-UK partnership a formal clarification to this effect would be in order to dispel any apprehension and avoid confusion.

According to a 'Sunday Times' report, the British government is planning to pilot a scheme from November targeted at visitors from at least six countries, including India, Bangladesh, Sri Lanka and Ghana. Tourists aged 18 and over would be forced to hand over 3,000 pounds for a six-month visit visa, which they will forfeit if they overstay in Britain.

Meanwhile, the Indian High Commission has been asked to seek more official details on the proposed scheme to assess its implications.

"The ministry has asked our mission in London to find out official details on reports about a possible new scheme that the UK is trying to introduce that may have implications on Indians visiting that country," spokesperson in the External Affairs Ministry Syed Akbaruddin said here.

Expressing concerns over the UK's proposal, industry body FICCI in a statement said "it would be a dampener to an otherwise flourishing relationship between India and the UK".

The External Affairs Ministry spokesperson also said once the ministry receives the details, it will assess the information and its implications. He also said the Indo-UK consular dialogue was the right forum to take it up. The dialogue is scheduled to take place next month in London.

UK's senior politicians across party lines and Indian industry have called the scheme as "unfair and discriminatory".

Ficci said that a high risk status for visas for Indian visitors to the UK is 180 degrees opposite to Prime Minister David Cameron's emphasis on a special relationship with India. "If true, this move will adversely impact students, tourists and business alike," Ficci President Naina Lal Kidwai said in a statement.

The official release said India and the UK also discussed steps for early conclusion of India-EU free trade agreement. India and the EU are negotiating Broad based Trade and Investment Agreement (BTIA) since June 2007.

"The Indian Minister emphasised the need for pragmatism in harvesting the agreements made till now on various issues and realising the benefits of adopting incremental approach for conclusion of the agreement," it said.

Differences between the two sides on the level of opening of the market came in the way of the conclusion of the pact. "He explained that the Indian offer is robust, balanced and fair and that the BTIA would be the most ambitious trade deal for both India and EU," it added.

Sharma also reviewed progress on feasibility study of Bengaluru Mumbai Economic Corridor (BMEC), as envisaged in the joint statement of India-UK summit meeting in February, and exchanged the Terms of Reference of study.

"Both sides agreed to establish Joint working group on the BMEC project for carrying out the co-financed feasibility study and to explore the modalities technology and equity participation by UK," it said.

The Minister also sought investments from the UK in the National Investment and Manufacturing Zones (NIMZs). The UK side has expressed interest in studying the financial structures of the Delhi-Mumbai Industrial Corridor (DMIC) project and the governance structures for the NIMZs.

Further, Sharma emphasised that both the sides should review the progress of work of joint working groups under Joint Economic and Trade Committee (JETCO). The bilateral JETCO meeting is expected during the second half of this year.

Besides, Sharma addressed a gathering of 200 British and Indian CEOs in Belfast and explained the steps taken by India to further improve the investment attractiveness.

The bilateral trade between the two countries stood at USD 15.16 billion in 2012-13 compared to USD 16.25 billion in the previous fiscal. On the other hand, India has received FDI worth USD 17.54 billion from Britain during April 2000 and March 2013.

The Hindu |

Dramatic fall in inflow of students into U.K. varsities

A dramatic fall in the inflow of Indian students into universities in the United Kingdom, due to a restrictive visa regime, is causing concern among U.K. entrepreneurs.

The David Cameroon-led coalition government had done away with post-study work visa for students from April 2012 and has not responded positively to Indian pleas for revoking this “harsh step,” which has adversely affected the enrolment of Indian students in British universities as they feel they will not able to recover the huge fees paid by them.

A majority of the business leaders gathered here for a conference organised by the FICCI and the U.K. India Business Council to highlight the future of India’s economic growth through to 2020 said this move and certain other immigration related restrictions were sending a wrong signal.

However, in the face of open immigration from the east European countries of the EU, growing unemployment in the EU and drastic reductions in welfare benefits and decreasing job opportunities in the U.K., it is not easy to find sponsors paying 20,000 pounds for new students.

India is the second largest source of students with over 38,000 students after China. Recent surveys here showed that student enrolment from India decreased by 25 per cent in the last academic year.

Foreign students have to pay almost double the tuition fees and meet higher cost of living in the U.K. “Unless the U.K. government allows the students to partly cover the heavy expenses of studying, Indian students will not be willing to come,” Commerce and Industry Minister Anand Sharma said.

Leading entrepreneur who has investments both in India and abroad Lord Karan Bilimoria of the Cobra brand said the visa and immigration issue has become one of the biggest between India and the U.K.

“This is sending very bad signals. The decline in the number of students from India into Britain has badly impacted universities and the foreign students brought nearly 8 billion pounds to the U.K. economy.

“This is a very short-sighted move and [we] hope that it will be addressed as soon as possible as U.K. universities cannot afford a drastic drop in inflow of foreign students, especially from India,” he noted.

Equally vocal was Indian entrepreneur and patriarch of Bajaj group Rahul Bajaj. He said there should be no discrimination between whites and non-whites.

Business Standard |

India expresses 'concerns' on proposed UK visa rules

India has expressed “serious concerns” over the new visa norms proposed by the UK earlier this week, which require applicants to pay a hefty cash bond of £3,000 (Rs 2.8 lakh).

Commerce and Industry Minister Anand Sharma raised the issue in London today during his meeting with Vince Cable, secretary of state for business, innovation and skills, Oliver Letwin, minister for government policy in the Cabinet office, and Gregory Barker, minister in-charge for business engagement with India.

An official statement by the commerce ministry said Sharma was assured by the British government that the proposal for the pilot project had not been sanctioned by the government.

The external affairs ministry has sought further clarity on the issue from the Indian high commission in London. The ministry said it might raise the issue during the India-UK consular discussions, expected next month.

The UK is planning to pilot a scheme with effect from November for a year, targeted at visitors from at least six countries including Bangladesh, Sri Lanka and Ghana, because these are considered “high-risk”. Under it, visitors will be forced to pay a cash bond of £3,000 before entering the UK. This will not be applicable for children under 18.

“This would be a deterrent factor. But I hope that it is only temporary deterrent. We will make all diplomatic efforts to ensure that there is no hindrance to student mobility," said Human Resource Development Minister M M Pallam Raju.

Ameet Nivsarkar, vice-president of IT industry body Nasscom, said it would only be applicable to visitors. “Besides, it is a pilot programme; so it is not going to be applicable for all.”

According to the UK, the pilot project is aimed at addressing concerns on misuse of visa and reduce the risk of overstaying.

“In the long run, we are interested in a system of bonds that deters overstaying and recovers costs if a foreign national has used our public services. We're planning a pilot that focuses on overstayers and examines a couple of different ways of applying bonds. The pilot will apply to visitor visas, but if the scheme is successful, we would like to be able to apply it on an intelligence-led basis on any visa route and any country,” said UK’s Home Secretary Theresa May in a statement issued by the British High Commission here. The Indian industry has already expressed its sharp resentment over the proposed norm and warned that the move will act as significant deterrent in India-EU bilateral relations.

According to CII, such a step is “highly discriminatory and very unfortunate” and that it will adversely impact businesses, flow of students and tourism.

Vindi Banga, chairman of FICCI's UK Advisory Group, said: “A high-risk status for visas for Indian visitors to the UK is 180 degrees opposite to Prime Minister David Cameron's emphasis on a special relationship with India. If true, this move will adversely impact students, tourists and business alike."

India and the European Union are currently engaged in talks for having a wide-ranging free trade agreement, which also includes a relaxed visa regime. If such a move by the UK government goes through, this will be contrary to what was promised under the proposed deal.

Ironically, during his visit to India in February, Cameron had promised a relaxed visa regime between both countries for businessmen.

The Hindu |

Fall in inflow of Indian students worries U.K. entrepreneurs

A dramatic fall in the inflow of Indian students in to universities in the United Kingdom, due to a restrictive visa regime, is causing concern among U.K. entrepreneurs.

The David Cameroon-led coalition government had done away with post-study work visa for students from April 2012 and has not responded positively to Indian pleas for revoking this “harsh step,” which has adversely affected the enrolment of Indian students in British universities as they feel they will not able to recover the huge fees paid by them.

A majority of the business leaders gathered here for a conference organised by the FICCI and the U.K. India Business Council to highlight the future of India’s economic growth through to 2020 said this move and certain other immigration related restrictions were sending a wrong signal.

However, in the face of open immigration from the east European countries of the EU, growing unemployment in the EU and drastic reductions in welfare benefits and decreasing job opportunities in the U.K., it is not easy to find sponsors paying 20,000 pounds for new students.

India is the second largest source of students with over 38,000 students after China. Recent surveys here showed that student enrolment from India decreased by 25 per cent in the last academic year. Foreign students have to pay almost double the tuition fees and meet higher cost of living in the U.K. “Unless the U.K. government allows the students to partly cover the heavy expenses of studying, Indian students will not be willing to come,” Commerce and Industry Minister Anand Sharma said.

Leading entrepreneur who has investments both in India and abroad Lord Karan Bilimoria of the Cobra brand said the visa and immigration issue has become one of the biggest between India and the U.K. “This is sending very bad signals. The decline in the number of students from India into Britain has badly impacted universities and the foreign students brought nearly 8 billion pounds to the U.K. economy. This is a very short-sighted move and [we] hope that it will be addressed as soon as possible as U.K. universities cannot afford a drastic drop in inflow of foreign students, especially from India,” he noted.

Equally vocal was Indian entrepreneur and patriarch of Bajaj group Rahul Bajaj. He said there should be no discrimination between whites and non-whites. “The developed countries are becoming protectionist and they are doing exactly the opposite of what they use to preach to the developing nations. This is a very unfortunate situation and hope it is addressed as artificial restrictions should not be put on people to people exchange,” he observed.

Recently, the U.K. Home Secretary had announced that from April 2013, post-study work visa for one year would be given to students who had done their PhD in the U.K. It was felt that unreasonable cap would affect the productivity of around 700 Indian companies that provide substantial employment in the U.K.

Business Standard |

'Visa bond proposal not considered by British govt'

India today said it has been conveyed by the UK that the proposal to collect hefty visa cash bonds from Indians has not been considered by the British government.

This was conveyed to Commerce and Industry Minister Anand Sharma by Vince Cable, Secretary of State for Business, Innovation and Skills during a meeting in London.

According to an official release in New Delhi, "Cable informed the Indian minister that he had discussed the issue with the British Home Secretary who had assured that there was proposal mooted for a pilot which has not been considered by the British government".

This came after Sharma expressed serious concerns during his meetings with Cable as well as Oliver Letwin, Minister for Government policy in Cabinet office over the news reports referring to a proposal to categorise India as high risk country entailing cash bonds from visa applicants.

Sharma also suggested that given the strategic India-UK partnership a formal clarification to this effect would be in order to dispel any apprehension and avoid confusion.

According to a 'Sunday Times' report, the British government is planning to pilot a scheme from November targeted at visitors from at least six countries, including India, Bangladesh, Sri Lanka and Ghana.

Tourists aged 18 and over would be forced to hand over 3,000 pounds for a six-month visit visa, which they will forfeit if they overstay in Britain.

Meanwhile, the Indian High Commission has been asked to seek more official details on the proposed scheme to assess its implications.

"The ministry has asked our mission in London to find out official details on reports about a possible new scheme that the UK is trying to introduce that may have implications on Indians visiting that country," spokesperson in the External Affairs Ministry Syed Akbaruddin said here.

Expressing concerns over the UK's proposal, industry body Ficci in a statement said "it would be a dampener to an otherwise flourishing relationship between India and the UK".

Firstpost |

Visa bond proposal not considered by British govt, says India

India today said it has been conveyed by the UK that the proposal to collect hefty visa cash bonds from Indians has not been considered by the British government.

This was conveyed to Commerce and Industry Minister Anand Sharma by Vince Cable, Secretary of State for Business, Innovation and Skills during a meeting in London.

According to an official release in New Delhi, “Cable informed the Indian minister that he had discussed the issue with the British Home Secretary who had assured that there was proposal mooted for a pilot which has not been considered by the British government”.

This came after Sharma expressed serious concerns during his meetings with Cable as well as Oliver Letwin, Minister for Government policy in Cabinet office over the news reports referring to a proposal to categorise India as high risk country entailing cash bonds from visa applicants.

Sharma also suggested that given the strategic India–UK partnership a formal clarification to this effect would be in order to dispel any apprehension and avoid confusion.

According to a ‘Sunday Times’ report, the British government is planning to pilot a scheme from November targeted at visitors from at least six countries, including India, Bangladesh, Sri Lanka and Ghana.

Tourists aged 18 and over would be forced to hand over 3,000 pounds for a six-month visit visa, which they will forfeit if they overstay in Britain.

Meanwhile, the Indian High Commission has been asked to seek more official details on the proposed scheme to assess its implications.

“The ministry has asked our mission in London to find out official details on reports about a possible new scheme that the UK is trying to introduce that may have implications on Indians visiting that country,” spokesperson in the External Affairs Ministry Syed Akbaruddin said here.

Expressing concerns over the UK’s proposal, industry body FICCI in a statement said “it would be a dampener to an otherwise flourishing relationship between India and the UK”.

The Economic Times |

FICCI launches India Advisory Group in UK

The Federation of Indian Chambers of Commerce and Industry (FICCI) has launched an India Advisory Group in the UK to further strengthen trade ties between India and Britain.

"The idea of the advisory group is really to put together some of the best brains that reside in the UK. These are people who have run large businesses, have been investors into India and are investors into India," said FICCI president Naina Lal Kidwai during a visit to London this week for the group's first official meeting.

The new 15-member group, chaired by former Unilever executive board member Vindi Banga, comprises first-generation Indians based in the UK representing varied fields from financial services, power, banking and real estate to creative industries.

Among the areas they will focus on will include specialist projects like the new Mumbai-Bangalore corridor and the way companies in both countries can engage on it.

SME engagement, education, design, food processing and agriculture will be among some of the other key sectors of focus.

"This exclusive group does not have any personal agenda as it not pushing the cause of any single company. It is only about the interests of the two countries and that relationship at the core," Kidwai said.

"We want to tap into their intellectual capability and experience to drive this dialogue and discussion to advise those in power here in the UK and India on what the UK-India trade and industrial relationship could look like," she added.

Kidwai is country head of HSBC India and director of HSBC Asia who took over as the first female president of the trade body in its 85-year history in December 2012.

The banking chief also called on the Indian government to do more to ease up control over public sector banks to make them more competitive.

"The Indian banking sector is 70 per cent government-owned today. We are seeing in our budgets Rs 10,000-12,000 crore per annum being set aside to put capital into these banks. It begs the question if that is what taxpayers' money should be going into," she asked.

"I believe the time has come for the Indian government to decide that maybe it is better owning maybe five or six of the big banks and let the others be free to raise money from the capital markets.

"My worry is that if this control remains the way it has and capital begins to become short, the banking sector will not grow as fast as the Indian industry needs," she added.

The FICCI chief also expressed optimism that a consensus can be achieved on the implementation of the Goods and Service Tax (GST) within the next 18 months.

"We will continue to work towards bringing all parties and states on to the same platform because FICCI is not aligned to any party...

"We would certainly like to see GST implemented in the next year to 18 months. The other big thrust for us is to get some of the stuck projects sorted out because they have tied up money and will impact the non-performing assets of banks," she said.

The EconomicTimes |

French President Francois Hollande signals currency tensions

French President Francois Hollande chose India's financial capital to express displeasure about the growing exchange rate interventions by policymakers to revive economies even as Europe stepped out of the sovereign crisis. "The fear of Eurozone breaking up is over, and confidence is back,'' Hollande told businessmen of India and France at a CII and FICCI conference to promote business.

Hollande's concern over the European Union's currency comes amid rising tension between the developed nations themselves and emerging exporting countries. Japan's Yen has depreciated 20% in about three months, though artificially, as Prime Minister Shinzo Abe attempts to revive an economy that's been moribund for two decades.

Various statements by policy makers ahead of the G-20 summit in Moscow has come in for criticism though many admit that a possible currency war may be brewing. The head of the European Central Bank Mario Draghi criticised wrangling over exchange rates ahead of the meeting.

US Treasury official Lael Brainard warned against "loose talk". Although Europe has escaped the sovereign crisis after more than two years of wrangling over bailouts for Greece, Spain and Portugal, the economy would need growth from emerging economies such as India to pull it out of recession. "The challenge is recession in our part of the world,'' Hollande said.

Business Standard |

Let's open our markets to each other: Hollande

If France and India, said French President Francois Hollande here today, open their markets to each other, it would amplify trade and investment, taking economic growth to a new scale.

He was speaking with heads of business at a meeting jointly organised by the three big chambers of commerce, FICCI, CII and Assocham.

“Both India and France can work together to face various global and local challenges together. Both will have to open their markets. France has not opened just a window but a full door for Indian companies, which can tap both the European and African markets,” he said.

Adding: “France continues to attract the biggest foreign direct investment, largely due to quality of labour, research and development, innovation and world-class infrastructure. We are capable of allowing Indian companies to penetrate the European market. Similarly, French companies are investing in India to tackle the challenges of rapid urbanisation, habitat, infrastructure, access to potable water, space technology and the nuclear sector.”

He avoided direct mention of the proposed 9,900 Mw Jaitapur nuclear project in Maharashtra, with supply of two reactors by Areva of France. However, he mentioned the bilateral civil nuclear agreement between India and France. “France is committed to reduce greenhouse gas emissions and it is making all efforts for reprocessing of nuclear waste. France will partner India in its nuclear sector,” he said.

He also had praise for this city’s “great dynamics” and “cultural importance”, plus its status as a financial and economic centre. It had, he said, also created great business families such as the Tatas and Ambanis, now increasing their global presence.

The Hindu |

Hollande calls for more trade co-operation

French President Francois Hollande concluded his two-day visit to India on Friday with a call for more investment and trade between the two countries.

France would like to give a new meaning to the trade and business between India and France, said Mr. Hollande, while addressing the industry associations here

The President of France was addressing a meeting jointly organised by Confederation of Indian Industry (CII), FICCI and Assocham, on India-France: strengthening long-term economic partnership. He has also met various business leaders.

Trade between India and France was barely 8 billion euro annually compared to the target of 12 billion euro set in 2008. Mr. Hollande said that his country wanted to amplify trade between the two countries.

He said that crisis in the eurozone was over and its currency Euro also appreciated. “Our interest in Europe is stability, confidence and also growth. We too need the support of a big nation like you to grow.”

Mr. Hollande, while meeting the Governor of Maharashtra K. Sankaranarayanan said that France was keen to increase co-operation with Maharashtra in areas such as infrastructure development, and agriculture products, referring to the proposed nuclear power plant coming up in Maharashtra.

The Economic Times |

India gets French support on trade pact with EU, more flexibility in auto and services sector asked

France has said it will support India in its long pending trade and investment agreement with the European Union, but asked it to be more flexible on the auto and services sector.

"We still have a few questions on liberalisation of services sector by India and there are some difficulties on the auto front," said French minister for foreign trade Nicole Bricq said addressing members of business chambers CII, FICCI and Assocham. India's commerce and industry minister Anand Sharma said that the agreement is expected to conclude by summer of 2013. "Loose ends, if any, will be dealt at the ministerial level in April."

India and the 27-nation European Union (EU) have been discussing a bilateral trade and investment agreement (BTIA) since 2007. The pact was to be ready by 2011 but differences on duty on some products such as automobiles and wines have delayed it. Nicole Bricq is in India as part of a large business delegation headed by French president Francois Hollande.

A ministerial level talk is expected on the pact by end of this month, said Bricq. Sharma urged France to invest in the country since the Indian government has allowed FDI in single-brand retail up to 100 per cent, a longstanding request of the French luxury industry.

"The French mono brands need to look at India not only as a market for their products, but also as an opportunity for production of high quality products through the integration of millions of Indian craftsman into the global luxury value chain," he told the French industry leaders. Sharma said India cleared three French FDI proposals on Wednesday and urged the country's business leaders to also look at the multi-brand space.

India allowed 51 per cent FDI in multi-brand retail in September last year. Sharma said that cooperation on defence is high on the agenda, with the Indian prime minister and the French president reaching an understanding on joint production of defence equipment. On the issue of bilateral trade, Sharma said more needs to be done to achieve the trade target of 12 billion euros and asked French businesses to look at opportunities in India's National Manufacturing Industrial Zones.

"We support trade negotiations between EU and India. There are positive consequences for both sides," Hollande said in a joint press conference with Prime Minister Manmohan Singh in New Delhi later in the day after bilateral talks. Hollande said that France is the 9th largest investor in India whereas India ranks 13th in France in this regard.

"There is immense scope of cooperation and both nations must also look at audio-visual, retail and culture as potential sectors for business engagement," he said. Inviting investments from India, the he said France would further open its market.

"Our companies have technology advantage and we are ready to share that advantage with you. So, there is a need to establish personal links so that our companies can find room for expansion," said Hollande.

India and France concluded negotiations on a $6-billion pact on Thursday for short range surface-to-air missiles for use by the Indian Air Force and Navy.

"We reviewed progress on the Jaitapur nuclear power project and reiterated our commitment to its early implementation as soon as the commercial and technical negotiations, which have made good progress, are completed," Singh said at the joint press event.

The New Indian Express |

Hollande seeks to widen ties beyond core sectors

French President Francois Hollande on Thursday sought greater co-operation between France and India beyond core sectors.

Speaking at a business meeting organised by FICCI, CII, ASSOCHAM, French Embassy in India and MEDEF International on Thursday, Hollande said, “We need to not only engage in strategic partnership but widen the horizon and create business and economic partnerships. We shouldn’t consider exchanges only in key sectors. Every scale of company should have access to the Indian market and vice versa.”

Hollande said that while there were strategic partnerships in defence, space and energy, there was a need to widen the co-operation further. “There is immense scope of cooperation and both nations must also look at audio-visual, retail and culture as potential sectors for business engagement,” Hollande said.

He also assured France’s commitment to the EU FTA and opening of the market.

Union Commerce, Industries and Textiles Minister Anand Sharma said that along with collaboration in defence, co-operation in infrastructure, energy, waste water management, food and agro industry and the entire life sciences sector was also possible.

“Our two Governments had set an ambitious bilateral trade target of Euro 12 billion by the year 2012. We are nowhere near the figures. Trade with India currently represents only about 0.5 % of total French global trade, which leaves much scope for improvement,” Naina Lal Kidwai, FICCI Chairperson said.

CII Chairperson Adi Godrej urged the French President to expedite the early conclusion to the EU FTA talks. “The proposed India-EU FTA will give a boost to the development of economic relations between the two countries.”

Business Standard |

Euro zone troubles impact India Inc, says FICCI survey

Companies doing business in Europe are feeling the pinch of the crisis in the Euro zone, shows a survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Europe is the largest trading partner of India, absorbing as much as 20 per cent of India’s outbound shipments. And, 73 per cent of Indian companies doing business in Europe said they’d already suffered a loss of 20 per cent or more in their businesses from the region since the beginning of the crisis.

The survey, of 30 companies, sought to check the impact on Indian industry of the economic survey there.

Eighteen per cent of the respondents said there was a five to 10 per cent decline in their businesses. As many as 60 per cent of the surveyed companies expected the current economic situation to persist for the next two to three years, FICCI said. However, a fifth of the respondents expressed optimism that the economic situation in the European Union would begin to look up in a year.

The survey showed a little over half of the Indian companies had begun to look beyond Europe to keep their balance sheets stable. “These companies have begun to gradually look for greener pastures in African countries, west Asia, south Asia and even in north America,” said FICCI.

About 13 per cent of the respondents said rather than facilitating foreign investments and businesses, the respective European governments have made processes more stringent in getting and renewing long-term visas and work permits. Getting a business visa remains a worrying issue for the companies surveyed to effectively engage the European economies.

About a tenth of the respondents suggested the Indian government could favourably look at providing subsidies and lower duties for promoting India-EU trade.

Among the positive developments, Indian manufacturers are aggressively pursuing new business plans. This includes more import of high-end machinery and technology from Europe due to highly competitive prices being offered by European exporters.

This could have long-term spin-offs for Indian industry, in terms of added capacities and reduced capital expenditures.

The chamber said India’s outbound investments in the EU might see smaller deals but the activity would continue.

Business Line |

Euro Zone crisis impacting Indian companies: FICCI

A majority of Indian companies with exposure to Europe have been adversely impacted, says a FICCI survey. The survey covered 30 companies across the country.

For 70 per cent of the surveyed companies that reported a decline in business prospects, the loss registered was of 20 per cent or more.

“Worse, 60 per cent of the surveyed companies expect the current economic situation to linger on for the next two-three years,” says the survey.

Around 10 per cent of the respondents suggested that the Indian Government could favourably look at providing subsidies and lowering duties to promote India-EU trade.

It notes that over 50 per cent of the Indian companies surveyed had already begun to look beyond Europe for prospects in Africa, West Asia, South Asia and even North America.

Other business plans include increased imports of high-end machinery and technology from Europe due to highly competitive prices being offered by European exporters.

The survey, however, feels that despite the number of policy and regulatory impediments, India’s outbound investments in the EU may see smaller deals, but the activity will continue.

“A number of Indian companies are viewing the current economic crisis as an opportunity to enhance their investments,” it adds.

Financial Chronicle |

Indian companies facing losses in Europe: FICCI

Some of the Indian companies, which have invested in Europe, have been adversely impacted by the sovereign debt crisis and they expect decline in business prospects, a survey has said.

Industry body FICCI said that majority of 30 firms, which participated in the survey, expect that the current economic situation in Europe would linger on for the next few years.

"Indian companies doing business or which have invested in Europe have been adversely impacted," it said.

About 75% respondents said they have reported decline in their business prospects and also a loss of over 20% in business generation from the European region.

Half of the Indian firms have started looking beyond Europe, it said, adding they have begun to gradually look for opportunities in African countries, the Middle East, South Asia and even in North America.

"To maximise their benefits in terms of reduced demands in European markets, Indian manufacturers are aggressively pursuing new business plans. These include increased imports of high-end machinery and technology from Europe due to highly competitive prices being offered by European exporters," it said.

The survey said the ongoing crisis in the nations like Greece, Spain and Italy is the manifestation of larger issues and economic ills plaguing the European economies today.

Over 13% respondents have stated that rather than facilitating foreign investments and businesses, the respective European government has made its processes more stringent in obtaining and renewing long-term visas, work permits, family and dependent visas and overall ease of doing business in the region.

"Getting a business visa remained the most worrying issue for them (Indian firms) to effectively engage the European economies," it added.

The Economic Times |

Indian companies facing losses in Europe: FICCI

Some of the Indian companies, which have invested in Europe, have been adversely impacted by the sovereign debt crisis and they expect decline in business prospects, a survey has said.

Industry body FICCI said that majority of 30 firms, which participated in the survey, expect that the current economic situation in Europe would linger on for the next few years.

"Indian companies doing business or which have invested in Europe have been adversely impacted," it said.

About 75 per cent respondents said they have reported decline in their business prospects and also a loss of over 20 per cent in business generation from the European region.

Half of the Indian firms have started looking beyond Europe, it said, adding they have begun to gradually look for opportunities in African countries, the Middle East, South Asia and even in North America.

"To maximise their benefits in terms of reduced demands in European markets, Indian manufacturers are aggressively pursuing new business plans. These include increased imports of high-end machinery and technology from Europe due to highly competitive prices being offered by European exporters," it said.

The survey said the ongoing crisis in the nations like Greece, Spain and Italy is the manifestation of larger issues and economic ills plaguing the European economies today.

Over 13 per cent respondents have stated that rather than facilitating foreign investments and businesses, the respective European government has made its processes more stringent in obtaining and renewing long-term visas, work permits, family and dependent visas and overall ease of doing business in the region.

"Getting a business visa remained the most worrying issue for them (Indian firms) to effectively engage the European economies," it added.

The Economic Times |

EU asks India to provide stable investment climate

The EU today asked India to provide stable business climate in order to attract more investments from Europe.

Speaking at a function of PHDCCI , Joao Cravinho, Ambassador, Head of Delegation of the European Union to India, said "If India can provide stability and predictability, it will attract more investments".

He said that the European Union's investments in countries like the US, China, Russia and Brazil are huge as compared to India.

"Thus the scope of FDI from EU in India is very large," he added.

The 27-nation bloc is India's largest trading partner and is one of the largest sources of foreign direct investment (FDI), he said.

"Though economic relations between India and EU have been multi-dimensional and have expanded over time, they are far below the potential," he said.

At present, India and EU are negotiating a comprehensive free trade agreement. The pact aimed at drastically reducing duties on goods and facilitating investments.

Speaking on the occasion, PHDCCI President Sandip Somany said that EU being the most competitive market in the world, it is necessary for Indian companies to enter the that market.

The two-way trade stood at USD 91.3 billion in 2010-11. A FICCI report said that trade between the two sides is likely to more than double to exceed $207 billion by 2015, if the trade pact is formalised.

Zeenews.com |

EU asks India to provide stable investment climate

The EU on Tuesday asked India to provide stable business climate in order to attract more investments from Europe.

Speaking at a function of PHDCCI , Joo Cravinho, Ambassador, Head of Delegation of the European Union to India, said "If India can provide stability and predictability, it will attract more investments".

He said that the European Union's investments in countries like the US, China, Russia and Brazil are huge as compared to India.

"Thus the scope of FDI from EU in India is very large," he added.

The 27-nation bloc is India's largest trading partner and is one of the largest sources of foreign direct investment (FDI), he said.

"Though economic relations between India and EU have been multi-dimensional and have expanded over time, they are far below the potential," he said.

At present, India and EU are negotiating a comprehensive free trade agreement.

The pact aimed at drastically reducing duties on goods and facilitating investments.

Speaking on the occasion, PHDCCI President Sandip Somany said that EU being the most competitive market in the world, it is necessary for Indian companies to enter the that market.

The two-way trade stood at USD 91.3 billion in 2010-11. A FICCI report said that trade between the two sides is likely to more than double to exceed USD 207 billion by 2015, if the trade pact is formalised.

Millennium Post |

EU-India FTA talks to conclude in 2012: Belgium

Belgium on Friday hoped the ongoing negotiations for India-EU free trade agreement (FTA) will conclude by end of this year, as it sought access to the country’s public procurement market.

‘I hope that by end of this year, we will be able to conclude the negotiations,’ Belgium deputy Prime Minister and minister of foreign affairs Didier Reynders said at a FICCI function on Friday. Reynders said that it is important to sign this agreement to boost economic ties between India and European Union (EU).

‘We are not asking India to give more concessions but the agreement should be balanced. We need real access in public procurement,’ he said.

The two sides are learnt to have agreed to open government procurement market for each other and include it in th proposed pact.

As far as WTO is concerned, India has an observer status in the world trade body’s government procurement agreement.

But it does not mean that India is under an obligation to subject its about $125 billion government purchases to the WTO rules.

The India-EU free trade agreement, officially dubbed as the Bilateral Trade and Investment Agreement (BTIA), seeks to sharply reduce tariffs on goods and liberalise services and investments provisions.

The talks for the agreement were to conclude in 2011 but differences between the two sides on the level of opening of the market delayed the BTIA.

Inclusion of intellectual property rights (IPRs) is one of the areas on which consensus is yet to be reached.

Indian pharma companies and some non-government bodies apprehend inclusion of IPR in the agreement would affect the sector’s ability to produce and export low-cost drugs.

Speaking on the occasion, Ambassador, EU Delegation to India, Joao Cravinho said the Indian companies in the sectors like textiles, agriculture, IT would be greatly benefited from the agreement.

‘The trade agreement will definitely increase competition in several sectors but it will create business opportunities for exporters and importers. Indian consumers will benefit from the wider choices,’ Cravinho said. The two-way trade stood at $91.3 billion in 2010-11. A FICCI report said that trade between the two sides is likely to more than double to exceed $207 billion by 2015, if the trade pact is formalised.

The country and its largest trading partner, the 27-nation EU, aim to slash duties on over 90 per cent of the trade under the proposed pact.

The Pioneer |

India-EU FTA will conclude by year end

Belgium on Friday hoped the ongoing negotiations for India-EU free trade agreement will conclude by end of this year, as it sought access to the country's public procurement market.

"I hope that by end of this year, we will be able to conclude the negotiations," Belgium Deputy Prime Minister and Minister of Foreign Affairs Didier Reynders said here at a FICCI function.

Reynders said that it is important to sign this agreement to boost economic ties between India and European Union (EU).

"We are not asking India to give more concessions but the agreement should be balanced. We need real access in public procurement," he said.

The two sides are learnt to have agreed to open government procurement market for each other and include it in th proposed pact.

The Statesman |

Belgium hopeful of EU-India FTA soon

The visiting Belgian Deputy Prime Minister Didier Reynders, has expressed optimism about an early conclusion of the EU-India free trade agreement (FTA) to take two-way trade and investment flows to the next level. He hoped that it could be concluded by the year-end.

“We do not ask for unilateral concessions from India. We only seek lower tariffs so that tangible progress can be made in trade in services,” Mr Reynders said while addressing an interactive meeting organised by FICCI here today.

The EU-India FTA would benefit Belgium significantly as it is at the heart of Indo-European business flows. Strong Indo-European business flows, he said, need a strong European economy which the European Commission is trying hard to achieve. Mr Reynders said Belgium is one of the prime sources of investments in India. Many Indian entrepreneurs invest in Belgium as their gateway to the single European market. They are attracted by a central location, a beneficial tax regime and a competent, multilingual workforce.

“The Euro crisis of today results from the asymmetry inscribed in the European treaties between holding a common currency on the one hand and allowing national governments to conduct their own fiscal policies on the other. When some governments let their deficit move to dangerous heights while others keep a lid on public spending, you get a widening spread of interest rates on different kinds of public debts expressed in a same currency, an unprecedented situation in world history. To redress such a situation is made even more difficult when the real economy stagnates and government incomes tend to regress,” he said.

About the management of the Eurozone crisis, Mr Reynders said: “The present imbalances could be managed more easily if there existed a perspective on a workable endgame. This would help instill confidence and trust that is essential in matters related to money and financial markets. Yet, an endgame would entail, Europe-wide, a tighter connection between economic, fiscal and monetary policies. It would require a higher degree of convergence among European economies as well as a higher degree of shared competitiveness. This would imply further tax harmonisation, tighter budget discipline and probably also a process of potentially painful Europe-directed structural reform.”

Mr Reynders suggested that a single currency with 17 countries makes it much easier for exchanges with the member countries that are among your most prominent trade partners.
Mr João Cravinho, Ambassador, European Union Delegation to India, said: “Trade relations between India and Europe are improving year-to-year and trade is balanced on both sides”. Even during the Eurozone crisis, India-EU trade has continued to grow, he said. Also, the scientific communities of both India and EU are working closely on civil nuclear programme and nano technology.

Ms Naina Lal Kidwai, senior vice-president, FICCI, stated that although the economic downturn affected the trade and investments scenario but now trade seems to have picked up substantially between India and European nations. “Indian corporates need financing and foreign direct investments (FDI) will go a long way in enhancing economic relations. A step towards this has been taken by signing an agreement between India and Belgium in the railway sector. It will enable India to utilise the expertise of Belgian railways to develop world-class railway stations in India,” she said.

Business Line |

EU likely to ease visa norms for Indian tourists

The European Union is considering easing visa rules for Indian tourists to the region soon.

The EU’s move to boost revenue from tourism services comes at a time when the Euro Zone is suffering a crisis.

“The European Union wants more flexible (visa) rules for tourists coming from India,” Mr Antonio Tajani, Vice-President, Industry and Entrepreneurship, European Commission (EC), said here at the EC’s headquarters on Tuesday.

He was addressing a visiting delegation of prominent Indian business-persons, led by Ms Naina Lal Kidwai, Senior Vice-President of industry body Ficci and Country Head, HSBC India.

Security concerns

Mr Tajani said the EU had recently waived visa norms for Brazil on a reciprocal basis for tourism purposes. On the issue of security concerns hampering the issuance of visas, he said, in a lighter vein, that “terrorists don’t need visas to operate.”

“It is much more important to back tourism,” he said.

Pointing out that India’s leading air carrier Jet Airways has its international hub in Brussels, Mr Tajani said it was important to have more flights between India and Europe.

He also said airlines should offer discounted fares during off-season time to help attract more tourists to the EU.

Besides, he said the EU can promote religious tourism given India’s sizeable Catholic population, who would be interested in visiting European churches.

OPPORTUNITIES IN INDIA

Speaking on the occasion, Ms Kidwai said European companies have huge investment opportunities in India, particularly in Defence, infrastructure, agri-business, hotels, space and nuclear technology.

In tourism, European companies can participate in infrastructure building by investing in increasing the capacity of the hotels, especially in Tier 2 and 3 towns, she said.

In the Defence sector, EU companies can partner big names in India such as Tatas and Mahindra, while they can also consider investing in the infrastructure sector, where the Government plans to spend $1 trillion during the next five years, Ms Kidwai said.

Besides, companies from the EU region can also look at investing in the $90-billion Delhi-Mumbai Industrial Corridor (DMIC), she said.

Business Line |

EU may soon ease visa norms for Indian tourists

The European Union is considering easing visa rules for Indian tourists to the region soon.

The EU’s move to boost revenue from tourism services comes at a time when the Euro Zone is suffering a crisis.

“The European Union wants more flexible (visa) rules for tourists coming from India,” Mr Antonio Tajani, Vice-President, Industry and Entrepreneurship, European Commission (EC), said here at the EC’s headquarters on Tuesday.

He was addressing a visiting delegation of prominent Indian business-persons, led by Ms Naina Lal Kidwai, Senior Vice-President of industry body Ficci and Country Head, HSBC India.

Security concerns

Mr Tajani said the EU had recently waived visa norms for Brazil on a reciprocal basis for tourism purposes. On the issue of security concerns hampering the issuance of visas, he said, in a lighter vein, that “terrorists don’t need visas to operate.”

“It is much more important to back tourism,” he said.

Pointing out that India’s leading air carrier Jet Airways has its international hub in Brussels, Mr Tajani said it was important to have more flights between India and Europe.

He also said airlines should offer discounted fares during off-season time to help attract more tourists to the EU.

Besides, he said the EU can promote religious tourism given India’s sizeable Catholic population, who would be interested in visiting European churches.

OPPORTUNITIES IN INDIA

Speaking on the occasion, Ms Kidwai said European companies have huge investment opportunities in India, particularly in Defence, infrastructure, agri-business, hotels, space and nuclear technology.

In tourism, European companies can participate in infrastructure building by investing in increasing the capacity of the hotels, especially in Tier 2 and 3 towns, she said.

In the Defence sector, EU companies can partner big names in India such as Tatas and Mahindra, while they can also consider investing in the infrastructure sector, where the Government plans to spend $1 trillion during the next five years, Ms Kidwai said.

Besides, companies from the EU region can also look at investing in the $90-billion Delhi-Mumbai Industrial Corridor (DMIC), she said.

The Economic Times |

EU may relax visa norms for Indians to boost tourism

The European Union is contemplating relaxing visa norms for Indians coming to the region to promote tourism.

"European Union (EU) wants more flexible (visa) rules for tourists coming from India", said Antonio Tajani, Vice-President, Industry and Entrepreneurship, European Commission.

In his interaction with the visiting FICCI delegation, Tajani also underlined the need to promote religious tourism saying India has a large Catholic population that would want to visit Europe.

Referring to security concerns which come in the way of issuing visas, he quipped "terrorists don't need visas to operate".

He further said EU would be willing to organise missions to promote tourism between the two sides.

Tajani said airlines could also consider concessional fares to encourage tourists to travel in off-seasons.

The proposed comprehensive free trade agreement between India and the 27-nation EU bloc includes relaxation of visa norms for professionals.

Participating in the discussions, Senior Vice-President of FICCI, Naina Lal Kidwai said companies in Europe could look at investment opportunities in India in sectors like defence, infrastructure, hotel business, nuclear and space technology.

She also pointed out that the government's move to step up infrastructure funding to $1 trillion during the five- year Plan (2012-17) will create business opportunities for global companies.

Kidwai said European companies should look at opportunities in Delhi-Mumbai Industrial Corridor (DMIC) project which seeks to develop six new industrial townships along the corridor.

The $100 billion DMIC project, which was conceptualised in 2006, is being developed as a manufacturing and trading hub.

The project aims to create globally competitive environment and latest infrastructure to activate local commerce, enhance foreign investment, create employment opportunities, enhance exports and attain sustainable development.

The bilateral trade between India and EU jumped to $108 billion in 2011 from $83.46 billion in 2010.

During January- April 2012, India's export to the EU stood at $16.17 billion, while imports were $18.53 billion.

Zeenews.com |

EU may relax visa norms for Indians to boost tourism

The European Union is contemplating relaxing visa norms for Indians coming to the region to promote tourism.

"European Union (EU) wants more flexible (visa) rules for tourists coming from India", said Antonio Tajani, Vice-President, Industry and Entrepreneurship, European Commission.

In his interaction with the visiting FICCI delegation, Tajani also underlined the need to promote religious tourism saying India has a large Catholic population that would want to visit Europe.

Referring to security concerns which come in the way of issuing visas, he quipped "terrorists don't need visas to operate".

He further said EU would be willing to organise missions to promote tourism between the two sides.

Tajani said airlines could also consider concessional fares to encourage tourists to travel in off-seasons.

The proposed comprehensive free trade agreement between India and the 27-nation EU bloc includes relaxation of visa norms for professionals.

Participating in the discussions, Senior Vice-President of FICCI, Naina Lal Kidwai said companies in Europe could look at investment opportunities in India in sectors like defence, infrastructure, hotel business, nuclear and space technology.

She also pointed out that the government's move to step up infrastructure funding to USD 1 trillion during the five- year Plan (2012-17) will create business opportunities for global companies.

Kidwai said European companies should look at opportunities in Delhi-Mumbai Industrial Corridor (DMIC) project which seeks to develop six new industrial townships along the corridor.

The USD 100 billion DMIC project, which was conceptualised in 2006, is being developed as a manufacturing and trading hub.

The project aims to create globally competitive environment and latest infrastructure to activate local commerce, enhance foreign investment, create employment opportunities, enhance exports and attain sustainable development.

The bilateral trade between India and EU jumped to USD 108 billion in 2011 from USD 83.46 billion in 2010.

During January- April 2012, India's export to the EU stood at USD 16.17 billion, while imports were USD 18.53 billion.

Business Line |

Commitment to open retail trade not due to EU’s demand

The Commerce and Industry Minister, Mr Anand Sharma, said the Government’s commitment to liberalise multi-brand retail trade is independent of the European Union’s demand for greater market access in that sector in India through the Free Trade Agreement (FTA).

The Minister also said on Monday that it was “very important” for New Delhi that the proposed India-EU FTA gives India’s services sector better market access in the EU, and ensures freer movement of professionals including from the IT sector.

Mr Sharma’s comments come a day ahead of his meeting with the EU Trade Commissioner, Mr Karel De Gucht, to take stock of the progress in the FTA negotiations.

Already 14 rounds of talks have been held and the 15th round began in Brussels on Monday.

Mr Sharma was talking to reporters on the sidelines of the Global India Business Meeting organised by Horasis (an international organisation), and among others, the Indian industry body FICCI.

He said the Government had only ‘paused’ – and not ‘reversed’ – the decision to allow 51 per cent foreign direct investment (FDI) in multi-brand retail due to partisan politics, adding that it has reached out to stakeholders to arrive at a broad-based consensus on the issue.

However, he made it clear that the Government policy on retail trade is not part of the India-EU FTA talks.

“When we negotiate an FTA, we don’t negotiate national policies. Anything which is an executive or legislative decision of a sovereign state is not included in the (FTA) negotiations,” he said, adding, “We do not make policy decision of Governments integral to (FTA) negotiations nor do we demand it.”

INDIA IS DATA-SECURE

On the services sector negotiations, he said an issue is whether India is a data-secure country. Insisting that India was data-secure, Mr Sharma said otherwise over two-third of the Fortune 500 companies would not have set up their offices and Research and Development centres in India.

He added that on India’s part, it recognises the EU’s interests on Geographical Indications, lower duties on wines and spirits as well as on automobiles.

The Minister said the negotiators have made substantial progress on all aspects of the FTA, adding that he was hopeful that it will be completed soon.

On the furniture major Ikea’s plans to invest Rs 10,500 crore in single-brand retail in India, he said it was a confirmation of the continued confidence of investors in India’s economy.

“This is the third such application in single brand retail. I expect many more such announcements and more investments to come to India,” he said.

zeebiz.com |

India hopes for early conclusion of trade pact with EU

Ahead of the ministerial level talks between India and EU on the proposed free trade agreement, Commerce and Industry Minister Anand Sharma Monday said much progress has been made and expressed the hope for early conclusion of the pact.

"Substantial progress has been made on all issues.I will talk to EU trade commissioner tomorrow. I remain optimistic that we will be able to conclude it soon," he said.

He said issues like reduction of duties on European wines, spirits and automobiles are on the table.

"All these issues are on the table. Much progress has been made. Most of the issues stand completed," he added.

Sharma is leading a two-day high-level FICCI business delegation to Belgium.

"The negotiations between two countries to reach an agreement is always complex. EU comprises of sovereign entities and therefore we recognise how difficult the talks can be," he said.

On opening up of services sector by the European Union member countries, the visiting minister said that movement of professionals are important as Indian service providers, particularly the IT sector, are doing a great job abroad.

"EU has to recognise that if India is an exporter of services, India is also a net importer of services. We are talking of services in IT, communication, banking, finance and other professions. Services remain important for us," he said.

India and the 27-nation EU bloc are negotiating Broad-based Trade and Investment Agreement (BTIA) since June 2007, but negotiators have not reached any breakthrough due to differences on several issues.

He explained that when the two sides talks about an ambitions agreement, it has to match ambitions of both the sides and both should benefit from it.

"In any such agreement that precision of meeting is impossible. We are realistic," he added.

Further, he said domestic policy matters like opening of retail to foreign investment would not be part of the free trade agreements.

"When we negotiate a FTA, we don't negotiate national policies. Anything which is an executive or legislative decision of a sovereign state is not included in FTA negotiations," he said.

He was speaking at a press conference on the sidelines of Global India Business Meeting 2012 being organised by an international conferencing organisation Horasis in collaboration with Government of Flanders in Belgium, FICCI and others.

The two-way trade stood at USD 91.3 billion in 2010-11. A FICCI report said that trade is likely to more than double to exceed USD 207 billion by 2015, if the trade pact is formalised.

HT Mint |

EU hopes to conclude India trade pact talks by year-end

The European Union (EU) on Tuesday said it is expecting that negotiations for a comprehensive free trade agreement (FTA) with India will be completed by year-end, though certain issues are yet to be resolved.
“Yes, that is our expectation (to conclude by the year-end). There is never a guarantee, but everybody is working towards that timeline,” EU ambassador and head of delegation to India Joao Cravinho told reporters in New Delhi.
However, clarity on issues such as duty concessions on wines and automobiles from the Indian side and liberalizing visa regime for Indian professionals from the European side needs to be worked upon, Cravinho said on the sidelines of an interactive meeting with members of the European Parliament on India-EU FTA organized by the Federation of Indian Chambers of Commerce and Industry.
Cravinho said that greater clarity is expected on the pact during commerce and industry minister Anand Sharma’s visit to Brussels in June. “We hope when minister Sharma goes to Brussels, there will be an occasion for some clarity on the horizons. When the political leadership meets in June, perhaps we can have a breakthrough,” the ambassador said.
India is in talks with the EU, its biggest trading partner, since 2007 for liberalizing their commerce in goods, services and investment through an FTA, officially known as Bilateral Trade and Investment Agreement.
Indian automobile industry has apprehensions that with the free trade pact, the import duties on passenger cars may be slashed. At present, high-end passenger cars attract import duty of over 100% (basic plus other levies).
The fear is that if India agrees for aggressive cuts in these duties, there would not be any incentives for global auto companies to set up their manufacturing base in the country.

Zeenews.com |

EU hopes talks for India trade pact will conclude by year-end

The European Union on Tuesday said it is expecting that negotiations for a comprehensive free trade pact with India will be completed by year-end though issues like duty concession on wines and automobiles are yet to be resolved.

"Yes, that is our expectation (to conclude by the year-end). There is never a guarantee but everybody is working towards that time-line," European Union Ambassador and Head of Delegation to India Joao Cravinho told reporters here.

However, he said clarity on issues like duty concessions on wines and automobiles from the Indian side and liberalising visa regime for Indian professionals from European side needs to be worked upon, Cravinho said on the sidelines of an interactive meeting with Members of European Parliament on India-EU FTA organized by FICCI.

"They continue to be more difficult areas (auto and wines). There has been no concrete development on these areas. We have some of the issues like visa liberalisation from our member states," Graham Watson, Chairman, European Parliament's Delegation for Relations with India, who was also present at the occasion, said.

Cravinho hoped that greater clarity is expected on the pact during the visit of Commerce and Industry Minister Anand Sharma's to Brussels in June.

"We hope when Minister Sharma goes to Brussels there will be an occasion for some clarity on the horizons. When the political leadership meets in June perhaps we can have a breakthrough," the ambassador said.

India is in talks with the EU, its biggest trading partner, since 2007 for liberalising their commerce in goods, services and investment through an FTA, officially known as Bilateral Trade and Investment Agreement (BTIA).

"Indian side is looking at tariffs that exist on automobiles, wines and spirits and so on. I hope we can get an agreement that recognises the wider common interest. We are both worried about slowing levels of economic growth if we can achieve a broader agreement ," Watson said.

Indian automobile industry has apprehensions that with the free trade pact, the import duties on passenger cars may be slashed. At present, high-end passenger cars attract import duty of over 100 percent (basic plus other levies).

The fear is that if India agrees for aggressive cuts in these duties, there would not be any incentives for global auto majors to set up their manufacturing base in the country.

On the visa issue, Cravinho said: "We can liberalise visa regime. I hope we can significantly improve the opportunity for India to send people to EU to send people to send services to European companies".

Business Standard |

FICCI MSME delegation to visit Italy, Germany to study green issues

The possibility of an acute water supply shortage for medium and small-scale industries (MSMEs), amid growing environment concerns, coupled with international pressure has prompted them to visit two European countries this week to learn about the innovative technologies that help tackle the issue.

A delegation of such players under the Federation of Indian Chambers of Commerce and Industry will leave for Italy and Germany on Tuesday — and also seek ways to import such knowhow, a top MSME official said today.

The environmental performance of MSMEs in India continues to remain weak, said Hemant Shah, joint director of FICCI’s MSME cell. “We feel that environmental compliance and international pressure will lead to water-supply issues that can hamper the growth of MSMEs. To avert that, we need to devise innovative strategies,” he told Business Standard here.

It has thus become significant for MSMEs to realise the benefits of environmental management and ensure it helps materialise greater efficiency, profitability, and competitiveness.

FICCI MSME Committee’s Girish Luthra, who head Gujarat Enviro Protection and Infrastructure, noted that textile was a water-intensive industry. “We are looking forward to technologies that can reduce our water usage. We also want easier reuse of industrial water.”

Italy is known for its technology, innovation and design of textiles and allied machinery, while Germany is the world’s second-largest garments importer. The Indian delegation, during its four-day visit in the two countries, will also conduct business meetings with potential customers. “We plan to enhance export opportunities for textile MSMEs in these countries,” added Luthra.

Also, the delegation is looking forward to cost-efficient technology, given that many textile industries in India fall in the MSME category. Acquiring high-end technology is difficult for them.

Italy and Germany have also achieved an excellent position in the world market by developing, establishing and promoting innovative and high-quality environmental solutions, particularly in membrane technology in processing water and wastewater treatment plants.

Business Line |

President leaves on State visit to Switzerland, Austria today

The President, Ms Pratibha Devisingh Patil, will pay a State visit to Switzerland from September 30 to October 4 and Austria from October 4 to October 7.

Addressing a press conference to announce the visit, the Secretary (West), Mr M. Ganapathi, said that a 45-member business delegation will accompany the President. “The members include representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and the Associated Chambers of Commerce and Industry (Assocham). The President will address the Indo-Swiss Business Forum in Berne on October 4 and the India-Austria Business Forum Meet in Vienna on October 6,” Mr Ganapathi said.

The business delegation will be led by Mr K.K. Modi, Chairman of Modi Enterprises. The areas covered by the delegation members include those in manufacturing, agrochemicals, banking and finance, FMCG, communications, infrastructure, biotechnology, engineering and manufacturing, information technology and the like. There is also the food processing, logistics, trading and textiles.

Business Line |

Indian firms begin to look beyond Europe: FICCI study

Indian companies having business ties with Europe are in for hard times. A FICCI survey on ‘Current Economic Scenario in Europe and its Impact on Indian Industry' shows that over 75 per cent of the respondent companies suffered a 10-15 per cent loss of business from the European region.

To keep their balance sheets stable, over 30 per cent of the respondents have begun to look beyond Europe, at Africa, West Asia, South Asia and even North America.

The industry chamber said a qauarter of the respondents felt that during the current economic turmoil, the respective European Governments had made their processes more stringent with regard to obtaining and renewing long-term visas, work permits, family and dependent visas and the overall ease of doing business.

Nevertheless, the survey indicated that India's outbound investments to the EU would continue. Moreover, several Indian companies view the current economic crisis as an opportunity to enhance investments, owing to attractive valuations.

Indian manufacturers are pursuing imports of high-end machinery and technology from Europe due to the competitive prices being offered by European exporters. This could have long-term spin-offs for Indian industry in terms of added capacities and reduced capital expenditure.

The 30 companies surveyed were drawn from sectors such as textiles, consumer goods, construction, chemicals, IT/ITES, machinery, agriculture and food and finance.

The Tribune |

India, Italy to set up joint trade panel

India and Italy today decided to set up a joint business council (JBC), a bilateral trade cooperation body, to work together in 10 areas like ICT, infrastructure and manufacturing.

The two sides agreed to constitute the JBC during the meeting here of visiting Indian Commerce and Industry Minister Anand Sharma and Italian Minister for Economic Development Paolo Romani. According to Sharma, the 10-areas in which cooperation can be increased include, infrastructure, manufacturing, ICT and textiles. "Italy is an important trading partner for India and is in the top 6 trading partners in the European Union," Sharma said.

The current trade between the two countries is $7.5 billion. The JBC, will be managed by FICCI from the Indian side and by CONFINDUSTRIA from the Italian side. It will meet once a year, coinciding with the bilateral ministerial meeting.

The two ministers also discussed the importance of SMEs and it was agreed that soon industry chambers of both the countries will organise workshops and seminars. Seeking closer cooperation in infrastructure sector, Sharma informed Romani that India will soon come out with a manufacturing policy aimed at increasing the contribution of manufacturing to 24 per cent of the GDP, from 16 per cent now.

Romani assured India that Italian entrepreneurs will take huge advantage of the investment opportunities in India. Later, Sharma said India is committed to the successful conclusion of the Doha Round of talks for a global trade deal. Briefing on his meeting last week in Davos with key WTO members, Sharma said, "We have recognised that 2011 provides a window of opportunity (for conclusion of the talks)".

He said all members will "collectively endeavour" to close the remaining gaps accepting the mandate and the spirit of G-20 Summit declaration. At the last G-20 meeting in Seoul in November, leaders of the world's most influential countries, India and Brazil had pressed for concluding the WTO talks for a multilateral agreement in 2011.

Hindustan Times |

Euro 10-bn French FDI awaits...

France on Monday said investments from its companies could jump from €10 billion (about Rs 60,000 crore) committed over the next two years if India opened up the floodgates for foreign investment in multi-brand retail and insurance sectors.

“There could be a lot more than that (€10 billion) for sure, if it was possible to develop activities in insurance and retail,” said Christine Lagarde, French minister for economy and finance, while addressing a meeting organised by industry chamber Federation of Indian Chambers of Commerce and Industry.

“If the Indian authorities consider it sensible to open up the sectors, I know French companies will significantly expand their activities.”

Everything is about “give and take”, it is a “two-way street,” she said.

Lagarde said that FDI in retail figured in her discussions with commerce and industry minister Anand Sharma. “I talked assurance, I talked retail,” she said after meeting Sharma.

Inter-ministerial consultations are currently on on the politically contentious issue.

The debate on opening the up foreign direct investment (FDI) in multi-brand retail has gathered steam with the finance ministry preferring not to offer any comments on the matter, saying it would so during the inter-ministerial consultation.

The food and consumer affairs ministry, on the other hand, favours opening up FDI in multi-brand retail with a 49% cap.

The Planning Commission has said that “FDI in multi-brand retail trading should be permitted, since it will have both positive effects that are of value to the national economy.”

Dismissing fears related to the ill effects of opening up FDI on small retailers, Lagarde said India can learn from the French experience.

The Hindu |

French companies commit euro 10 b investment in India

Seeking to boost its investments in India, France on Monday announced that its companies would invest nearly 10 billion euro (about Rs. 720 crore) by 2012. It promised the inflows to be even better if multi-brand retail and insurance sectors were liberalised.

Speaking at the Indo-France Business Forum organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here, French Finance Minister Christine Lagarde, who is part of President Nicolas Sarkozy's entourage, said: “The 10-billion euro commitment by French businesses to invest in India between 2008 and 2012, could be a lot more if opportunities come up by the opening of insurance and multi brand retail. French companies would respond in a rigorous manner. Everything is about give and take, it's a two-way street.”

Ms. Lagarde suggested that in order to ensure that the margins of the big retailers were not excessive, a process of consultation and dialogue could be initiated by the government with retailers.

Allaying fears on the stability of Euro zone, Ms. Lagarde said that the European Union would defend the European financial alliance and would certainly not give up the euro. “We have put together a $1,000 billion European Fund (which includes the European contribution and IMF assistance) to bail out any EU member state that is in difficulty,” she said. Responding to the remarks by the French Finance Minister, Planning Commission Deputy Chairman Montek Singh Ahluwalia said liberalisation of the two sectors was very much on government's agenda but the policy has to be calibrated.

“Relaxation of FDI cap on insurance and multi-brand retail is very much on the agenda. As far as insurance is concerned, the government has initiated the Parliamentary process to create a legislation to go in for 49 per cent FDI in the sector,” he said. At present FDI up to 26 per cent is allowed in the insurance sector. On FDI in multi-brand retail, Dr. Ahluwalia said, several ministries have supported the proposal for allowing FDI in the sector. The government has already put out a discussion paper on the politically sensitive subject.

A joint statement issued after talks between the Prime Minister, Manmohan Singh, and Mr. Sarkozy, said that the two governments were committed to more than doubling their trade by 2012 to 12 billion euro from 5 billion euro in 2008.

Areas of investment

The areas of investment and trade include automobiles, electrical equipment, rail transport and water utilities.

It said France and India recognised the importance of agriculture and food processing sector for ensuring affordable food production in both the countries.

The Tribune |

India, France set trade target at euro 12 billion by 2012

India and France have decided to achieve the trade target of euro 12 billion by 2012, Prime Minister Manmohan Singh said today.

“We value the role being played by the India-France CEOs Forum. We will examine their recommendations on increasing investments in the energy, water and infrastructure sectors, establishment of joint ventures in third countries, and enhancing collaboration in areas of R & D and higher education,’’ he said at a joint press interaction with French President Nicholas Sarkozy after their talks here.

Singh said India would cooperate closely with France, which has assumed the chairmanship of G-20, to push forward the process of global economic recovery, better regulation and financial sector reform.

The joint statement issued by the two sides said the two countries welcomed the significant development of cross-border investments between them and large-scale investment by India-based French companies in the car industry, building materials, electrical equipment, public water utilities and rail transport. They also welcomed prospects of Indian investments in France.

Meanwhile, France said it proposed to invest over euro 10 billion in India in next two years if multi-brand retail and insurance sectors were liberalised even as New Delhi said they were ‘very much’ on government’s agenda.

“FDI cap on insurance and multi-brand retail is very much on the agenda,” Planning Commission Deputy Chairman Montek Singh Ahluwalia said in the presence of French Minister of Economy and Finance Christine Lagarde who is part of the delegation accompanying President Sarkozy.

Addressing the India French Business Forum, organised by FICCI, Ahluwalia said, “As far as insurance is concerned, the government has initiated the Parliamentary process to create a legislation to go for 49 per cent FDI in the sector.”

Currently, FDI up to 26 per cent is allowed in the insurance sector. Lagarde said investment from French companies can go beyond euro 10 billion by 2012 if sectors like insurance and multi-brand retail are liberalised by India.

“There could be a lot more than that for sure, if it was possible to develop activities in insurance and retail,” she said adding “If the Indian authorities consider it sensible to open up the sectors, I know French companies will significantly expand their activities.”

On the French demand for increasing the FDI in insurance, Ahluwalia said that the UPA was a coalition government and it was important to build a consensus among its constituents.

The Financial Express |

Pranab, Shinde to open Euromoney meet in NY

With world economy, bilateral business relationships topping the agenda during the forth coming visit of the US president Barack Obama, power minister Sushil Kumar Shinde and finance minister Pranab Mukherjee are the opening and ‘grand finale’ keynote speakers at the 7th edition of the Euromoney Institutional Investor meet, New York.

Talking to FE, secretary general FICCI, Amit Mitra said that on October 5, FICCI has partnered with Euromoney Institutional Investor in organising the 7th India Investment Forum in New York, as this programme is now one of the most credible events held every year in New York promoting investments to India. “

“This prestigious global investment forum is an event for portfolio and direct investors seeking to leverage investment opportunities in one of the world’s fastest-growing and dynamic markets—India,” Mitra said

Accompanied by a high level delegation from India including the power minister Shinde and other senior officers, the finance minister in his key note address will talk about : Investment flows in India: ‘FDI and FIIs’—current status and future opportunities.

Also, as part of a range of initiatives that FICCI has decided to undertake with the Wilson International Center for Scholars, Washington DC , with the overall objective of strengthening the India-US economic partnership, both sides have decided to organise a series of high-visibility annual lectures’.

“The finance minister Pranab Mukherjee would deliver the inaugural address of this annual lecture series in Washington DC on October 7, on ‘The Emerging Global Economic Architecture: India-US Partnership’. It is our desire to maintain the current momentum of this important relationship and give it further impetus in all possible ways, Mitra pointed out.

The two organisations would select each year a prominent speaker from India—from the worlds of academia, policy, politics, or business—to deliver a major address at the Wilson Center.

The Indian Express |

India, Turkey form joint group to expand trade

Hoping to expand bilateral trade of goods and services, India and Turkey have formed a joint study group to evaluate the potential strengthening of commerce between themselves. The group, comprising of officials from the two countries that are going into the possibility of duty reduction or elimination through a free trade agreement, is expected to finalise its report by early next year, additional secretary in the Commerce Ministry, A K Mangotra told reporters during a FICCI function here today.

“Meetings between the two sides are going on... in September we are meeting again here. Maybe by end of this year or in the first quarter of 2011, the JSG will submit its report,” Mangotra said, adding that sectors like tourism, pharmaceutical, petro-chemicals and minerals in Turkey hold huge potential for Indian companies.

Turkey, a member of the European customs union, could help India’s entry to Europe and member-countries of Commonwealth of Independent States (CIS) like Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Turkmenistan, Tajikistan, and Uzbekistan, Mangotra said.

Bilateral trade between the countries stood at $3.13 billion in 2009-10. Key items exported by India to Turkey include cotton and man-made yarn, machinery, pharmaceuticals, transport equipment and chemicals. Major imports from Turkey comprise minerals, fertilisers, nuclear reactors and machinery.

India is in the process of negotiating more than a dozen free trade pacts with countries like Japan, Malaysia and European Union. FTAs with the Association of Southeast Asian Nations (ASEAN) and South Korea have recently been operationalised. According to a study done by the ICRIER,the issues of concern to Indian businessmen in Turkey include delays in customs clearances, licensing, high tariffs and difficulty in obtaining world permits.

The Financial Express |

India, Turkey brew FTA; to set up study group

India and Turkey will set up a joint study group to explore the possibility of entering into a free trade agreement (FTA). Though India’s trade with the Central Asian is a little over $3 billion, a trade agreement that brings down duties across goods could increase trade substantially over the years.

“Meetings between the two sides are going on ... we are again meeting here again in September. The JSG will submit its report by end the year-end or in the first quarter of 2011,” additional secretary in the commerce ministry AK Mangotra said on the sidelines of a FICCI-organised conference. He said the JSG could get completed by the year end.

The key commodities that India exports to Turkey are cotton, man-made yarn, chemicals and pharma goods.

Major import items into India from Turkey include nuclear reactors and fertilisers.

Mangotra identified sectors such tourism, petro-chemicals and minerals that hold a big potential for Indian companies. He also added that strategically Turkey is an important player as a trade agreement with the country could allow India access to Europe and member-countries of Commonwealth of Independent States (CIS) like Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Turkmenistan, Tajikistan, and Uzbekistan.

India is negotiating free trade agreements with several countries – Japan, Australia and EU. While India wants a commitment from the negotiating countries to put service liberalisation at par with goods, it has found little support. Earlier in an interview with FE commerce secretary Rahul Khullar had bluntly said that India would look to enter a comprehensive trade agreement with both goods and services a part of it.

The Financial Express |

India-Turkey-CIS forum to focus on trade, JV & investments

With strengthening South-South synergies once again attracting global attention, emerging economies, including India, Turkey and CIS countries, which are showing sustained economic growth and a sharp rise in FDI inflows, offer excellent opportunities for mutual economic cooperation. Industry body FICCI, Foreign Economic Relations Board of Turkey (DEIK), and apex chambers of CIS countries are, under the aegis of the ministry of commerce, organising the first India-Turkey-CIS business forum in Istanbul, Turkey, next month.

The forum will bring together delegates from India, Azerbaijan, Turkey, Armenia, Belarus, Kazakhstan, Georgia, Kyrgyzstan, Tajikistan, Turkmenistan, Ukraine, Uzbekistan and Moldova to collaborate in the areas of trade, joint ventures and investments.

Minister of commerce and industry Anand Sharma will lead a high-level delegation of senior officials and business representatives for the two-day meet starting August 24. “ The business forum will be an ideal platform for Indian companies to explore the possibilities of exporting their products to European and CIS markets through Turkey,” said sources. FICCI officials say, “This will also provide an opportunity to decision makers from CIS countries and Turkey to partner Indian companies in a wide range of areas, including healthcare, infrastructure, agriculture & agri-processing, tourism, entertainment, IT & telecom, gems & jewelry, textile and logistics.”

The two-day event will focus on a series of engaging sessions; government-to-business roundtables; exclusive B2B meetings with industry captains; sessions on financing investments in the regions and seek to connect over 300 potential investors, buyers, funding agencies and investment promotion agencies of the region.

Business Line |

Exporters hit by exchange rate volatility, euro zone crisis

Exporters are in trouble again, according to a Federation of Indian Chambers of Commerce and Industry (FICCI) survey on exports.

The chamber states that concern and uneasiness are back among exporters due to the variation in exchange rates.

Concerns are also mounting because of the evolving situation in the euro zone which is resulting in a risk of slowdown in exports to that region.

The survey, which was conducted in April and May 2010, saw participation from 278 companies with a wide geographical and sectoral spread. The turnover of the companies that participated in the survey ranged from Rs 1 crore to Rs 1,40,000 crore.

The survey reveals that large sideways movement in the value of the rupee against the US dollar and euro has led to severe problems.

“While the sudden appreciation in the value of the rupee affected the margins adversely as it led to lower realisation for exporters, the recent decline in the value of rupee caught exporters off guard and they lost on account of forward contracts that were booked to hedge currency risk,” stated the FICCI survey.

Measures taken

FICCI says exporters are taking various measures to counter the currency fluctuation. Dedicated forex/treasury teams are being put in place by exporters to tide over the situation. Negotiations are also ongoing with clients to develop new and dynamic pricing models built in sales contracts to take care of currency fluctuations.

Finally, some exporters who can afford to do it are not converting their dollar receivables into rupees, as the exchange rate risk at this point is simply too high.

The respondent exporters to the survey told FICCI that the central bank should give a facility like that in China of a fixed exchange rate.

Besides fluctuations in the exchange rate, exporters also expressed concerns over the ongoing situation in the euro zone.

Uncertainty remains over the growth trajectory of countries like Greece, Spain, Italy and Portugal. The survey also mentioned that there are indications of buyers in the EU region going slow in placing their orders.

There are also cases where Indian companies have been asked to hold back the dispatch of consignments. In a few other cases, Indian exporters have had to take temporary terminals for parking goods in the EU region as buyers have refused to accept immediate delivery.

Indian Express |

Exporters seek fixed rate to face European crisis

Caught off guard by recent appreciation of the rupee, particularly against the euro, the majority of the exporting firms surveyed by FICCI want the Reserve Bank to peg a fixed currency exchange rate.

They took a cue from China, which has pegged a fixed rate of yuan against the US dollar. "At least for exporters, the central bank should give a facility like that in China of a fixed exchange rate. This would enable them to focus on managing their business and save them from the trouble of managing currency movements," it said.

An overwhelming 88 per cent of the 278 exporting firms participating in the survey, said the sudden appreciation in rupee has affected their margins. They lost on account of forward contracts that were booked to hedge currency risk. While the US dollar has shown a decline of about 12 per cent in the last one year, euro depreciated by about 18 per cent since December 2009. The euro drop is related to the debt crisis in some of the European countries. After registering growth in their business in the last few months, exporters again find themselves under stress mainly due to currency related problems.

The Hindu |

Exporters worried by uncertainty in Euro zone: survey

After breathing easy during the last few months, Indian exporters are again under pressure from various global economic factors, which include large-scale variation in exchange rate, the evolving situation in the Euro zone and slowdown in exports to that region.

Rising costs

Moreover, the rising cost of raw material, including oil, and the expectation of a hike in interest cost have left them worried, reveals a recent FICCI survey on the export sector.

Seeing hard times ahead, exporters have urged the government to look at increasing the duty drawback and continue with other export incentive schemes to tide over the problem of rising input costs.

Similarly, in view of the recent appreciation of the rupee, particularly against the euro, exporters also want the Reserve Bank to peg a fixed currency exchange rate.

“At least for exporters, the central bank should give a facility like that in China of a fixed exchange rate. This will enable them to focus on managing their business and save them from the trouble of managing currency movements,” the survey said.

An overwhelming 88 per cent of the 278 exporting firms participating in the survey said the sudden appreciation in the rupee had affected their margins.

They lost on account of forward contracts that were booked to hedge currency risk. While the dollar has shown a decline of about 12 per cent in the last one year, the euro depreciated by about 18 per cent since December 2009.

Debt crisis

The euro drop is related to the debt crisis in some of the European countries.

According to the survey, uncertainty about the economies of Greece, Spain, Italy and Portugal is causing problems for the exporters.

There are also cases where exporters have been asked to hold back the dispatch of consignments.

Europe accounts for about one-fourth of India's exports, which stood at $176.5 billion in last fiscal.

FTA urged

The survey also reveals that while exporters are trying their best to look at alternative markets, they have asked the government to successfully negotiate a Free Trade Agreement with the EU at the earliest, which could in some way reduce the impact of an otherwise shrinking market in Europe.

The Financial Express |

Industry captains play down euro zone crisis

Industry leaders Rajan Bharti Mittal and Azim Premji on Friday played down the sovereign debt crisis saying there could be little impact on Indian businesses at the moment.

“I don't think we are revising our growth estimates on account of this. We believe that the crisis will blow over,” said Premji, chairman of India’s third largest IT services exporter Wipro, at a FICCI event in Bangalore on Friday. Greece, he said, contributes just 2.5% to the entire domestic product of the European Union and about 0.2-0.3% of the global GDP. He said his firm is not feeling the effects of the euro zone crisis.

FICCI president Rajan Bharti Mittal echoed similar views. “Today, it is a marginal, perceptible impact. We only hope it is constrained here and doesn’t spread around the EU. That could create a huge impact,” he said. Indian exporters, he added, are adopting a “wait and watch’ approach.

There is some concern among the industry about capital flows into the Indian market being impacted if the EU debt crisis worsens.

FICCI officials felt that hastening the pace of monetary tightening could adversely impact the health of the Indian industry. Mittal said that a spike in lending rates by banks can scuttle the growth momentum in the country, particularly for small and medium enterprises. “Interest rates remain a concern. It is not an opportune moment to raise it,” he said.

The industry body said there are indications from banking circles that interest rates are headed northwards in a “couple of months” from now. The latest FICCI survey said that banks are likely to raise lending rates on an average by 100 baisis points. This can hit the investment cycle.

Business Line |

Turkey invites Indian banks to open branches

The Turkish President, Mr Abdullah Gul on Tuesday, invited Indian banks to open branches in Turkey. Mr Gul is on a six-day visit to India and discussed cooperation in the banking sector with the Prime Minister, Dr Manmohan Singh.

“We discussed opening of branches by Indian banks in Turkey. We also hope to see Turkish banks opening branches in India,” Mr Gul said, addressing a meeting with members of CII, FICCI and ASSOCHAM.

Trade pact

The Turkish President also stressed on the need for political will, for the signing of a Free Trade Agreement (FTA) between India and Turkey.

“I do believe the FTA can be signed very soon. Political will is very important for that and we have seen its manifestation today,” he said.

India and Turkey have a bilateral trade of about $3 billion (approximately Rs 14,000 crore) and discussions are on for a possible FTA between the two countries.

Mr Gul asked Indian industries to use Turkey as a base for their future business ventures in Europe.

Financial Chronicle |

$8b India-Italy trade to double: Sharma

The $8-billion India-Italy trade is expected to double in the next seven years, commerce and industry minister Anand Sharma said on Monday.

Addressing a joint press conference with the visiting Italian minister of economic development Claudio Scajola, Sharma said the existing trade relationship needs to be strengthened and developed to enhance commerce.

"Potential is enormous. We expect it (bilateral trade) to double in the next years," Sharma said.

The two countries also entered into an agreement to promote bilateral trade and investments. India invited investments and joint ventures from Italian firms in ultra mega power projects, textile machinery, food processing, automotive components and wine technology. New Delhi, on the other hand, has offered Rome its expertise in railways, information technology and textiles sectors.

Scajola said energy is another important area for cooperation between the countries. The two countries discussed to cooperate in renewable and unconventional sources of energy.

Earlier in the day, Invest India, a joint venture firm between the government and industry body FICCI and Italian national agency for inward investment promotion and enterprise development entered into an agreement to promote investments.

PBD |

India, Italy ink pact to increase bilateral trade

India and Italy today entered into an agreement to promote bilateral trade and investments.
The agreement was signed between Invest India, a joint venture firm between the government and industry body FICCI, and Italian National Agency for Inward Investment Promotion and Enterprise Development.

"I expect signing of this Memorandum of Understanding (MoU) will lead to more trade and investment between India and Italy," Commerce and Industry Minister Anand Sharma said while addressing the largest ever Italian business delegation in India here.

Sharma said the two countries have an immense potential to increase the $8-billion two-way trade.

"Trade and economic engagement surely has much to offer. At $8 billion (trade) it is not doing justice. It is the time for our businesses to engage more," he said.

Also present on the occasion, Italian Minister of Economic Development Claudio Scajola said that the businesses should explore trade opportunities, including scientific and technological cooperation in each other's country.

"Italy is happy to transfer knowledge, technology and innovation (to India)," Scajola said adding that renewable energy, telecommunication, infrastructure, banking and insurance are some of the areas of interest in India.

FICCI also signed a pact with Chamber of Arbitration of Milan, aimed at, settling disputes arising out of internal and international transactions.

The Tribune |

India, Italy ink pact to boost trade

India and Italy today entered into an agreement to promote bilateral trade and investments. The agreement was signed between Invest India, a joint-venture firm between the government and industry body FICCI, and Italian National Agency for Inward Investment Promotion and Enterprise Development.

"I expect signing of this Memorandum of Understanding (MoU) will lead to more trade and investment between India and Italy," Commerce and Industry Minister Anand Sharma said while addressing the largest-ever Italian business delegation in India here.

Sharma said the two countries have an immense potential to increase the $8-billion two-way trade.

"Trade and economic engagement surely has much to offer. At $8 billion (trade) it is not doing justice. It is the time for our businesses to engage more," he said.

On the occasion, Italian Minister of Economic Development Claudio Scajola said the businesses should explore trade opportunities, including scientific and technological cooperation in each other's country.

"Italy is happy to transfer knowledge, technology and innovation (to India)," Scajola said adding that renewable energy, telecommunication, infrastructure, banking and insurance are some of the areas of interest in India.

FICCI also signed a pact with Chamber of Arbitration of Milan, aimed at, settling disputes arising out of internal and international transactions.

Business Line |

India, Italy sign pact to enhance bilateral ties

India and Italy on Monday signed a memorandum of intent to enhance bilateral economic and commercial relations.

The Commerce and Industry Minister, Mr Anand Sharma, expressed the hope that foreign direct investment flow would gather momentum as the agreement would provide a single point of contact for existing and potential foreign investors.

The Minister, who co-chaired the Indo-Italian Joint Commission for Economic Partnership with Mr Claudio Scajola, Italian Minister for Economic Development, said the bilateral trade between India and Italy touched $8.1 billion during 2008-09 compared with $7.8 billion in the previous year, despite the global economic slowdown.

“With economy recovery clearly in sight in India, this forum could provide an impetus to take the partnership to the next higher level,” he added.

The Commerce Minister told his counterpart that infrastructure development is an attractive investment opportunity and a priority area for the Indian government. India has invited investment and joint ventures in Ultra Mega Power Projects, textile machinery, agricultural food processing, automotive components and wine technology. India has offered expertise in railways, IT and textiles sector. The MoI was signed in trade and investment promotion, Indian trade missions to Italian fairs, training courses and protection of Intellectual Property Rights; FICCI Arbitration and Conciliation Tribunal (FACT) – Chamber of Arbitration of Milan (CAM) in arbitration and dispute resolution; and INVESTINDIA-SIMEST and INVITALIA in bilateral investments.

Italian offer

The Italian side offered partnership in e-identity cards and creation of a design centre at Ahmedabad. Cooperation in shipping and developments of ports infrastructure was also high on the agenda of the Italian side. In the renewable energy sector solar energy, waste-to-energy, second generation bio-fuels and green buildings were identified for cooperation.

Both sides exchanged views about the ongoing Doha Round of negotiations and agreed that the conclusion of the round would be an important positive signal in this economic situation.

The Economic Times |

India, Italy ink MoU to promote bilateral trade and investment

India and Italy have signed an agreement to promote bilateral trade and investments by appointing nodal agencies to provide assistance on policy issues to potential investors and help businesses in both countries to bridge information gap.

“I expect signing of this agreement will lead to more trade and investment between India and Italy,” commerce minister Anand Sharma said while addressing a gathering of more than 200 business delegates from Italy who are visiting India. He pointed out that the two way trade of $8 billion was much lower than the potential that both countries held.

A memorandum of intent signed by Invest India, the joint venture of the government and industry body FICCI, and Italy’s National Agency for Inward Investment Promotion and Enterprise Development, on Monday, stated that the two would act as central points of contact for existing and potential foreign investors who seek opportunities for investment, face impediments to their investments, or seek further information on applicable legislation and regulations.

Italian minister of economic development Claudio Scajola, who is heading the business delegation, said the businesses should explore trade opportunities, including scientific and technological cooperation in each other’s country. “Italy is happy to transfer knowledge, technology and innovation (to India),” Mr Scajola said adding that renewable energy, telecommunication, infrastructure, banking and insurance are some of the areas of interest in India.

The Italian delegation offered partnership in e-identity cards and creation of a design centre at Ahmedabad.

India invited investment and joint ventures in ultra mega power projects, agricultural food processing, manufacturing of automotive components and wine technology. It offered its expertise in railways, information technology and textiles sectors.

FICCI also signed a pact with Chamber of Arbitration of Milan, aimed at settling disputes arising out of internal and international transactions.

The Pioneer |

India, Italy ink pact to increase trade, investment

Keeping pace with the world and in a thrust to further broaden the country’s horizons, India on Monday entered into a bilateral agreement on trade and investments with Italy.

With this bilateral agreement, both the nations eye a growth in trade to as much as $8 billion.

“I expect signing of this Memorandum of Understanding (MoU) will lead to more trade and investment between India and Italy. The two countries have an immense potential to increase the $8 billion two-way trade,”Commerce and Industry Minister Anand Sharma said.

The agreement was signed between Invest India, a joint venture firm between the Government and industry body FICCI, and Italian National Agency for Inward Investment Promotion and Enterprise Development.

“Trade and economic engagement surely has much to offer. At $8 billion it is not doing justice. It is the time for our businesses to engage more,” he said. On the occasion, Italian Minister of Economic Development Claudio Scajola said that the businesses should explore trade opportunities, including scientific and technological cooperation in each other’s country.

“Italy is happy to transfer knowledge, technology and innovation (to India),” Scajola said adding that renewable energy, telecommunication, infrastructure, banking and insurance are some of the areas of interest in India.

FICCI also signed a pact with Chamber of Arbitration of Milan, aimed at, settling disputes arising out of internal and international transactions.

The Hindu |

India, Italy to increase trade

India and Italy on Monday entered into an agreement to promote bilateral trade and investments.

The agreement was signed between Invest India, a joint venture firm between the government and the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Italian National Agency for Inward Investment Promotion and Enterprise Development.

“I expect signing of this memorandum of understanding (MoU) will lead to more trade and investment between India and Italy,” Commerce and Industry Minister Anand Sharma said while addressing the largest ever Italian business delegation in India here. Mr. Sharma said the two countries had an immense potential to increase the $8-billion two-way trade.

On the occasion, Italian Minister of Economic Development Claudio Scajola said the businesses should explore trade opportunities, including scientific and technological cooperation in each other’s country. “Italy is happy to transfer knowledge, technology and innovation (to India),” he said adding that renewable energy, telecommunication, infrastructure, were some of the areas of interest in India.

The Statesman |

Indo-Italy trade poised to grow

India’s trade and investment engagement with Italy is poised for a multi-fold increase with the impending B2B tie-ups, especially amongst SMEs, licensing, franchising, mergers & acquisitions and the promotion of the ‘Made in Italy’ brand in New Delhi and Mumbai this week.

A huge Italian business delegation with 250 SMEs from eight Italian regions will be hosted by FICCI at the India-Italy Business Forum meetings in New Delhi and Mumbai. The delegation is led by the Italian minister for economic development and foreign trade, Mr Claudio Scajola. It is drawn from sectors such as renewable energy, energy efficient buildings, waste management, logistics and port infrastructure, agro food, construction, apparel and textiles, footwear, cosmetics, furniture, jewellery and wine.

The volume of Indo-Italian bilateral trade stood at 6.5 billion euro in 2008. With deeper business engagement, trade between the two countries is expected to double to 12 billion euro in the next five years. Mr Scajola and India’s commerce minister Mr Anand Sharma will address the India-Italy Business Forum 2009 on 14 December in New Delhi and on 16 December in Mumbai.

At the Mumbai Business Forum, Mr Ratan Tata will be awarded the ‘Grand Officer’ rank of the Order of Merit of the Italian Republic.

Challenges of doing business

A report prepared by FICCI and Yes Bank notes that Indian and Italian companies (SMEs) will face a number of challenges in doing business with one another. Apart from the institutional, regulatory and policy challenges, India companies will have to contend with higher operating and workforce costs in Italy, stringent labour regulations, ageing workforce, dealing with smaller and family-owned businesses and will need to adapt products to cater to the local requirement.

Similarly, Italian firms will face challenges like selection of a synergetic and strong local partner, infrastructure deficit, legal framework required for land acquisition, rehabilitation and compensation process, and demand-supply mismatch of skilled workers.


PBD |

India, Italy trade likely to touch $17.5 bn: FICCI

Indo-Italian bilateral trade is expected to double to 12 billion Euro ($ 17.5 billion) in the next five years, FICCI said ahead of the India-Italy Business Forum meetings in New Delhi and Mumbai.

"With deeper business engagement, trade between the two countries is expected to double to 12 billion Euros in the next five years," industry chamber FICCI said.

The volume of Indo-Italian bilateral trade was 6.5 billion Euros (about $ 9.5 billion) in 2008.

An Italian business delegation led by Italian Minister for Economic Development and Foreign Trade Claudio Scajola will be in India for the meeting next week.

Commerce and Industry Minister Anand Sharma is expected to address the meetings in Delhi and Mumbai, FICCI said.

At the Delhi meeting FICCI in association with Yes Bank will be launching a report titled 'India- Italy: New Perspectives for Partnership,' the chamber said.

The report notes that as in any fledging relationship, Indian and Italian companies will face a host of challenges in doing business with one another.

"Apart from the institutional, regulatory and policy challenges, Indian companies will have to contend with the higher operating and workforce costs in Italy, stringent labour regulations, an ageing workforce...," the report says.

At the Mumbai Business forum, Tata Group Chairman Ratan Tata will be awarded the 'Grand Officer' rank of the Order of Merit of the Italian Republic.

Likewise, Italian companies will face challenges in the selection of a synergitic and strong local partner, legal framework required for land acquisition, rehabilitation and compensation process, and demand-supply mismatch of skilled workers, the FICCI-Yes Bank report says.

However, the report mentions that there is tremendous scope for co-operation between India and Italy on various avenues such as food and energy security, infrastructure and technology transfer.

Business Line |

India for early resolution of safeguard duty row with Turkey

India has called for early resolution of the ongoing row with Turkey on safeguard duties that Ankara has imposed on Indian textile exports. Such duties restrict import of certain goods into the country that levies it (Turkey in this case) and protects some domestic players.

New Delhi wants the issue to be settled at a bilateral level, rather than taking it to the World Trade Organisation’s (WTO) Dispute Settlement Body.

The Commerce and Industry Minister, Mr Anand Sharma, told Business Line, “I informed the Turkish authorities that since we both (India and Turkey) are committed to deepening our economic engagement and are members of WTO who are complying with all the multilateral norms, we should resolve these (disputes) in the spirit of goodwill and without seeking redressal at other fora.”

Mr Sharma is in Turkey to hold the ninth session of India-Turkey Joint Committee on Economic and Technical Cooperation (JCETC). The Minister, who held separate meetings with Mr Mehmet Aydin, State Minister in charge for Science, Technology and Information, as well as co-Chairman of JCETC from the Turkish side, said he was reassured by the positive understanding expressed by Mr Aydin and his colleagues on the issue.

After the imposition of the safeguard duty — due to which effective duty on cotton yarn has risen to 30 per cent — the exports from India have declined from $249 million during July 2008-June 2009 by 79.5 per cent, Mr Siddartha Rajagopal, Executive Director, Cotton Textiles Export Promotion Council, told Business Line.

Further, India has now slipped to second rank from its earlier top position as supplier of these products on account of these trade restrictive measures, he said.

The issue

“India needs to maintain the pressure on Turkey so that these safeguard measures are removed at the earliest, failing which India will have to seek redressal at WTO,” Mr Rajagopal said.

If India takes the issue to WTO and wins the battle there, it can ask for compensation from Turkey. If Indian exporters are on the right side of the law, India could also impose retaliatory measures.

The safeguard duty is applicable on all spun yarns. “Due to imposition of safeguard duties, exports from our company have slipped by 70 per cent. Besides this duty, we have to shell out an additional 3 per cent for the deferred payment system. This makes our exports non-competitive,” said Mr Amit Lath, CEO, Sharda Group of Companies, a textile exporting firm that has offices in Turkey.

FTA Joint Study

Also, Turkey is charging more duties on Indian fabrics than it does on such products from Pakistan, Uzbekistan and Thailand, he said.

Meanwhile, India has decided to form a Joint Study Group (JSG) to study the feasibility of entering into a Free Trade Agreement (FTA) with Turkey. The declaration that both sides will consider the establishment of the JSG was made during the visit of Turkish Prime Minister to India in November 2008.

Both countries have named the co-Chairs and terms of reference will be brought out by October-end, Mr Sharma said. He added that the intention was to link the FTA by mid-2010.

Widen trade basket

The FTA on trade in goods will later be extended to trade in services as well as co-operation in investment. Both the sides have agreed on the general terms of engagement to deepen multi-sectoral economic relations, the Minister said.

He said that so far, India-Turkey trade was restricted to traditional sectors such as chemicals, textiles and leather, adding that there was a need to widen the trade basket. Mr Sharma also urged Indian businesspersons at a FICCI meet to use Turkey has a gateway for capturing Central Asian, European and African markets. Turkey is a member of the Customs Union with European Union since 1996.

He said India and Turkey can enter into strategic partnership to capture third country markets. Both countries would also co-operate in contracting and consultancy, tourism, science and technology, energy, transportation and leather, the Minister said.

In this regard, FICCI jointly organised the India Turkey Business Cooperation Meeting with Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Ankara Chamber of Industry.

Business Line |

India, Turkey moving towards free trade agreement

India and Turkey are holding talks here to expedite the proposal to ink a Free Trade Agreement (FTA) and enhance the bilateral trade from the current “way below potential level” of $3 billion to at least $5 billion in the short-term.

Both countries are also considering their industry demands to open Indian bank branches in Turkey and vice-versa. Besides, they are looking at increasing the frequency of flights and number of destinations to facilitate closer interaction of Turkish and Indian traders as well as tourists.

Infra Investment

Significantly, New Delhi also urged Turkish companies to invest in infrastructure projects in India.

“The (Indian) Government has set aside $565 billion for infrastructure. India can absorb foreign direct investment of another $500 billion in infrastructure,” the Indian Commerce and Industry Minister, Mr Anand Sharma, said addressing the ‘Turkish-Indian Cooperation Meeting’ organised by FICCI and the Turkish Union of Chambers and Commodity Exchanges.

Turkish companies such as Limak Construction are already into building and widening of highways in India.

The Minister also pitched for more bilateral investment, joint ventures and technology tie-ups to in turn increase trade volume.

“The quantum of economic engagement is not reflective of the potential, especially since both the countries have shown remarkable growth and are continuing to grow even during times of global financial crisis,” Mr Sharma said.

Closer ties

His counterpart from Turkey, Mr Mehmet Aydin, said that besides the FTA, frequent political engagement and cultural exchange are a must for developing closer ties.

Apart from infrastructure, banking and aviation, the other sectors chosen for exploring further opportunities are tourism, construction and real-estate, telecom, IT, hydrocarbon, electronics, food processing, textiles, pharmaceuticals, mining, marbles, gems and jewellery as well as entertainment. Of the total trade of $3 billion in 2008, Indian exports to Turkey were worth $2.46 billion. These include yarn, chemicals, granite, steel, carpets, sesame, antibiotics, mobile handsets and TVs.

Turkey’s exports to India amounted to $544 million, including auto components, textile machinery, steel products, denim, carpets, cumin seed and minerals.

Pointing out that clearances of transactions between Indian and Turkish traders happen mostly through the US and UK banks, the FICCI Senior Vice-President, Mr Rajan Mittal, said it was important for Indian banks to open more branches and representative offices in Turkey and vice versa to help the industry, especially SMEs enhance trade.

Mr Mittal said there was a lot of scope for cooperation in third-party logistics, including warehousing, cold chain and distribution centres.

Both governments also promised to give special attention to cutting red-tape and help encourage small and medium enterprises of both countries reach out to each other.

Indian traders use Turkey — that is a member of the EU Customs Union — not only as a market for their products but also as a gateway to Europe.

The Hindu |

India, Turkey to form joint study group

India and Turkey have agreed to form a Joint Study Group to carry out a comprehensive study of various aspects of bilateral trade, both in goods and services, and investments and to explore the possibility of entering into a Free Trade Agreement (FTA).

The formation of the Joint Study Group is the follow-up of the November 2008 visit of the Turkish Prime Minister, Recep Tayyip Erdogan, to India. This decision is the outcome of the talks between the visiting Union Commerce and Industry Minister, Anand Sharma, and his counterparts in Istanbul where Mr. Sharma is now participating in the 9th session of India-Turkey Joint Committee on Economic and Technical Cooperation (JCETC).

The Federation of Indian Chambers of Commerce and Industry (FICCI) with Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Ankara Chamber of Industry jointly organised India Turkey Business Cooperation Meeting at TOBB Economic and Technical University which was jointly addressed by Mr. Sharma and Mehmet Aydin, State Minister in charge for Science, Technology and Information as well as co-Chairman of JCETC.

India-Turkey bilateral trade, which has reached $3.4 billion during 2007-08, has increased five-fold in the last five years. Both countries have agreed to exchange delegations focussed on investment to give further boost to bilateral economic relations.

The Statesman |

India’s investments in Europe may drop

Indian industries, which have invested 2.4 billion euros ($3.35 billion) in European Union (EU) last year, are unlikely to pump in as much money in 2009 as they think it may take up to one year for Europe to recover from the slowdown, says a FICCI survey. “Indian investments in the EU during the current year may not reach the 2008 mark of 2.4 billion euros,” the survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) said.

About 40 per cent of the respondents said that they would make fresh investments in Europe depending on how fast it recovered from the slowdown. It may take six to 12 months or more than that for the EU to be back on the growth track, they said. The survey was conducted among companies that have invested in Europe in the past in various sectors like auto, energy, manufacturing, chemicals and IT and IT enabled services (ITeS).

In 2007, Indian corporates invested 9.5 billion euros ($13 billion) to acquire EU-based companies. But due to slowdown this figure dropped to 2.4 billion euros in 2008, according to Eurostat, the statistical office of the EU.

PBD |

Indian firms mulling fresh investments in Europe: FICCI

Nearly half of the companies surveyed by industry chamber Ficci said they would consider to make fresh investments in Europe as they expect markets there to stabilise and recover in the next six to 12 months.

Indian corporate after having invested 2.4 billion euros ($3.35 billion) in European Union (EU) last year, are unlikely to invest as much in 2009 as they think it may take up to one year for Europe to recover from the slowdown survey said.

Survey has pointed that, "Indian investments in the EU during the current year may not reach the 2008 mark of 2.4 billion euros."

Back in 2007, the rush to acquire companies in the EU reached its peak when the total investments reached a high of 9.5 billion euros ($13 billion). But due to the slowdown this figure dropped to 2.4 billion euros in 2008, according to Eurostat, the statistical office of the European Union. The survey was conducted among companies that have invested in Europe in the past in various sectors like auto, energy, manufacturing, chemicals and IT and IT enabled services (ITeS).

"About 40 per cent of the respondents said they would make fresh investments in Europe depending on how fast it recovers from the slowdown. It may take six to 12 months or more than that for the EU to be back on the growth track," it said. Furthermore, the Ficci survey said that the numbers are expected to fall further this year. "The numbers of companies which want to invest in EU are not willing to go for large sized buys. A majority of companies said the deal size they have in mind is less than $100 million on an average," the report said. "The reason for a cautious approach in terms of a longer time frame and smaller deal sizes could be because of the current economic environment but the fundamental reasons for investing in the EU still remain strong," it added.

Till now, the most preferred sectors have been pharma, biotech, energy, manufacturing, auto and IT and ITeS. About 60 per cent of the respondents however, have reported that post-acquisition, there has been a positive impact on their profitability.

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