Business

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

Published

10 months 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

India May Buy More Oil From Venezuela Instead of Russia

Published

2 weeks ago

January 31, 2026

Namma Kudla

Business : The United States has told India that it can soon resume buying oil from Venezuela.The suggestion is part of a U.S. effort to reduce India’s dependence on Russian crude oil.

This pitch comes as India plans to cut Russian oil imports by several hundred thousand barrels per day in the coming months. Under the Trump administration, the United States had imposed a 25 % tariff on countries that bought Venezuelan oil, including India.

Now, the U.S. wants India to resume Venezuelan oil purchases to help diversify India’s energy sources. The United States is also trying to reshape energy ties with India as part of broader diplomatic engagement.

Venezuela’s interim president Delcy Rodríguez said she agreed with India on energy cooperation in a recent phone call with Prime Minister Narendra Modi. PM Modi said both sides agreed to deepen their partnership and expand cooperation in all areas.

Venezuela has the world’s largest proven oil reserves. Recently, Venezuela opened its oil sector to private investment to attract foreign capital and boost production.

India was one of the major buyers of Russian crude after the Ukraine war began in 2022. But India is now seeking alternative suppliers as part of its energy strategy.

Business

Chicken Prices Remain Stable in Local Markets

Published

2 weeks ago

January 27, 2026

Namma Kudla

Chicken prices remained stable in local markets today.Traders said there was no major change in rates.Consumers continued to make regular purchases.

Boneless chicken is priced at ₹210 per kilogram.Regular chicken is available at ₹160 per kilogram.Chicken liver is being sold at ₹120 per kilogram.

Country chicken is priced higher due to demand.It is selling at ₹360 per kilogram.Live chicken is available at ₹130 per kilogram.

Skinless chicken is priced at ₹200 per kilogram.Vendors said supply is sufficient in the market.They expect prices to remain steady in the coming days.

Customers expressed satisfaction with the current rates.Market officials said there is no shortage of chicken.

Business

Gold Prices Edge Up in India on January 19, 2026

Published

3 weeks ago

January 19, 2026

Namma Kudla

Gold prices in India recorded a slight increase on January 19, 2026, supported by global market trends, local demand, and movements in the rupee-dollar exchange rate.

As per market estimates, 24-carat gold, which is considered pure gold, is priced at ₹14,569 per gram, or ₹1,45,690 per 10 grams. 22-carat gold, commonly used for jewellery, is trading at around ₹13,355 per gram, or ₹1,33,550 per 10 grams.

The prices have risen marginally compared to the previous day. The increase is mainly linked to a weaker Indian rupee against the US dollar, which makes imported gold more expensive.

Gold rates vary slightly across cities such as Mangalore and other parts of the country. These differences depend on local taxes, transportation costs, jeweller margins, and regional demand.

Demand for gold remains strong due to the wedding season and festive buying, which continues to support higher prices. Investors also turn to gold during uncertain economic conditions, as it is seen as a safe-haven asset.

Experts say that global geopolitical developments, inflation concerns, and central bank policies are also influencing international gold prices, which in turn affect domestic rates.

Market participants expect gold prices to remain firm in the near term if the rupee stays weak and demand continues at current levels.