Business

India and UK Strengthen Commitment to Free Trade Agreement and Supply Chain Support

Published

1 year ago

April 11, 2025

In light of the evolving global trade landscape, India and the UK have reiterated their dedication to strengthening their bilateral relations, which includes expediting discussions toward a mutually advantageous Free Trade Agreement (FTA) and Bilateral Investment Treaty (BIT).
This development was a significant outcome of the ’13th Economic and Financial Dialogue’ held in London, co-chaired by Union Finance Minister Nirmala Sitharaman and UK Chancellor of the Exchequer, Rachel Reeves.

According to a joint statement issued after the meeting, “The UK was excited to provide updates on its upcoming Industrial Strategy, highlighting how partnerships could bolster growth-driving sectors, such as advanced manufacturing and life sciences. UK expertise and research capabilities can align well with India’s emerging status as a global manufacturing center, as well as in clean energy, professional and business services, financial services, creative industries, and defense, all aimed at supporting job creation and economic growth.”

Both nations anticipate the signing of the ‘India-UK Defence Industrial Roadmap’ to enhance collaboration across various industrial sectors and strengthen supply chains. Moreover, India and the UK acknowledged the growth in financial services trade over recent years and expressed their commitment to further developments.

“The Financial Markets Dialogue (FMD), which took place in GIFT City IFSC, India, in December 2024, allowed us to deepen our cooperation in areas such as banking, insurance, pensions, capital markets, and sustainable finance. Our teams will convene for the next FMD in London later this year,” the joint statement elaborated.

The UK welcomed the approval for insurance firms in GIFT IFSC to invest abroad and noted proposals to allow pension funds in GIFT IFSC to do the same. Both parties recognized the role UK bond markets could play in facilitating capital-raising for Indian corporations, especially through rupee-denominated Masala Bonds, and agreed to collaborate on creating a supportive policy framework to expand these opportunities.

They also reviewed the prospects for enhancing the internationalization of the Indian rupee, appreciated India’s decision to permit the establishment of rupee accounts in foreign jurisdictions, and explored how London’s position as a global financial center could support this initiative.

“We recognized that the UK asset management sector could complement the UK-India Infrastructure Financing Bridge and enhance opportunities for Indian investors to access global capital. Both parties concurred on the need for a cooperative policy framework and will utilize the next Financial Markets Dialogue to address this further,” the joint statement added.

Additionally, both India and the UK acknowledged the significance of transition finance in mobilizing capital for sustainable development, welcoming each other’s initiatives on the topic, including the UK government-commissioned Transition Finance Market Review.

“We share a collective ambition to promote economic stability, enhance investment, and reform our economies to foster growth and prosperity in both nations. We celebrate our robust economic partnership, with bilateral trade exceeding £40 billion and substantial foreign direct investment on both sides,” the statement concluded.

Business

RBI Ends Special Dollar-Rupee Swap Window Early Amid Strong Demand

Published

2 months ago

August 15, 2026

Namma Kudla

Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.

The facility will now close on August 31, the RBI said on Friday.

The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.

Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.

Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.

The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.

Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.

The strong response to the scheme led the RBI to bring the facility to an early close.

Business

Leksa Lighting Technologies Named among India’s Top 100 MSMEs

Published

2 months ago

August 11, 2026

Namma Kudla

Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.

The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.

Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.

The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.

Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.

What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.

Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.

He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.

The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.

Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.

Business

Vehicle Prices to Increase from August 1

Published

2 months ago

July 28, 2026

Namma Kudla

New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.

The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.

As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.

The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.

Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.

The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.

Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.