The UK will officially become a non-member of the European Union (EU) from Friday (31) night, a certainty welcomed by Indian businesses operating in the UK as well as British businesses keen to expand into the Indian market.
The official transition period from Saturday until the end of December means status quo in terms of much of the trade and business operations vis-a-vis the UK and EU, but what does change is Britain''s free hand to strike new deals and partnerships around the world. Leading trade organisations and Indian entrepreneurs see this as an exciting time for the India-UK trade and economic partnership to be taken to a new level.
"There’s no question that India will be a vital trading partner as the UK charts a new future outside the EU. The golden opportunities for British firms in India play to the best strengths of UK plc – from infrastructure to healthcare to FinTech,” said Lord Karan Bilimoria, founder of Cobra Beer and Vice-President of the Confederation of British Industry (CBI) – the key voice of British businesses in the UK.
As someone who campaigned for the UK to remain in the EU in the June 2016 Brexit referendum, the India-born entrepreneur is now focused on ensuring that the opportunities unleashed by Brexit are fully capitalised and that is where comes a checklist for India.
"To fully capitalise on these opportunities, British firms would like to see further progress in reducing corporate tax rates, data privacy and ease of doing business indicators. If these steps are taken, and the UK maintains an active strategy for engagement and interaction with the Indian economy at all levels, it will remain a significant partner in India''s future growth story,” notes Bilimoria, who has business interests both in the UK and India.
The end of a 47-year relationship was never going to be easy and the long-drawn divorce process between the UK and EU took a toll on businesses, which operated on a kind of pause mode as Britain missed Brexit deadlines since 29 March last year.
"There was a mess in the handling of the Brexit negotiations, and everyone will just be glad that the mess is over,” said Lord Swraj Paul, who heads the London-headquartered Caparo Group with operations worldwide.
“The UK has never been entirely happy with its EU membership. But I don’t think Brexit would have a very major impact on the UK’s working with Europe; that relationship remains even if people voted to leave. As far as India goes, it has a relationship with the UK and the EU and both will be strengthened further,” he noted.
Boris Johnson has repeatedly singled out India in the list of countries he wishes to strike an enhanced trade agreement with, ever since he pitched his tent in favour of Brexit. As prime minister now with a thumping majority in Parliament, he is seen to be in a position to action some of those promises.
"Prime minister Johnson will get along very well with prime minister Narendra Modi and the two will strike a good rapport. Trade, investment, climate change and immigration will be on top of the agenda for an expected India visit,” said Mohan Kaul, President of the Indian Professionals Forum (IPF), who believes the technology, financial services and healthcare sectors particularly stand to benefit in a post-Brexit India-UK tie-up.
GP Hinduja, Co-Chairman of the Hinduja Group, also hails the “exciting time for relations between Britain and India” and enormous scope for both countries to reach a free trade agreement, as he welcomed the “energy and dynamism” already shown by Boris Johnson ahead of the “historic” Brexit Day.
"There are already positive moves like fast track visas to continue to attract top scientists and possible reforms to inheritance tax. Furthermore, the government should implement more investor-friendly policies to attract new and returning foreign investors and high net worth individuals (HNWI) who have departed over the past few years,” said Hinduja, whose diversified group operates across various sectors and borders.
According to fDi Markets data, between 2000 and 2016, the UK invested more than $24 billion into Indian industry and between January 2009 and October 2019, a total of £2.78 billion was invested from Indian companies into London alone. This predominance of London is also expected to continue in a post-Brexit scenario.
“In recent years we have seen a large number of Indian businesses choosing London for international expansion and in 2018 the UK capital attracted more investment projects from India than any other global city,” said Allen Simpson, Managing Director of Strategy and Corporate Affairs at London & Partners – the Mayor of London’s official promotional agency.
“With our mutual strengths in technology and innovation, cities like London, Mumbai and Bengaluru are producing game-changing companies, and as India’s economy goes from strength to strength we see lots of opportunities for collaboration between these two nations,” he said.
Starlink will next need to acquire spectrum from the government, build ground infrastructure, and carry out testing and trials to meet the agreed security requirements. (Photo: Reuters)
INDIA’s space regulator on Wednesday granted Starlink a licence to begin commercial operations in the country, removing the final regulatory barrier for the satellite internet provider.
The company, led by Elon Musk, has been waiting since 2022 for licences to start operations in India. It received an initial approval last month from India’s telecom ministry and was waiting for clearance from the space regulator.
The licence, issued by the Indian National Space Promotion and Authorization Centre (IN-SPACe), is valid for five years.
Earlier on Wednesday, Reuters reported, citing sources, that Starlink had secured the licence from IN-SPACe.
Starlink is now the third company to receive approval to enter the Indian satellite communications market. India has previously cleared applications from Eutelsat’s OneWeb and Reliance Jio.
The company will next need to acquire spectrum from the government, build ground infrastructure, and carry out testing and trials to meet the agreed security requirements.
Musk and Reliance Jio’s Mukesh Ambani had disagreed for several months over how spectrum should be allocated for satellite services. The Indian government later supported Musk’s position that spectrum should be assigned, not auctioned.
By clicking the 'Subscribe’, you agree to receive our newsletter, marketing communications and industry
partners/sponsors sharing promotional product information via email and print communication from Garavi Gujarat
Publications Ltd and subsidiaries. You have the right to withdraw your consent at any time by clicking the
unsubscribe link in our emails. We will use your email address to personalize our communications and send you
relevant offers. Your data will be stored up to 30 days after unsubscribing.
Contact us at data@amg.biz to see how we manage and store your data.
Today, as the digital economy continues to evolve, passive income is no longer a wealth tool exclusive to the rich, but something that everyone can touch and participate in. With the integration of blockchain technology and green energy, LET Mining is providing global users with a new way of passive income: no operation, zero technical threshold, and daily income.
What is LET Mining?
LET Mining is an innovative cloud mining service platform that simplifies the complex cryptocurrency mining process into a few simple steps through cloud computing technology, allowing ordinary users to easily participate in digital currency mining and obtain stable passive income without purchasing expensive hardware equipment or mastering professional technical knowledge.
Advantages of LET Mining
✅ No equipment investment is required, just register to participate
✅ Daily income is automatically settled and credited in real time
3. Start mining: After purchasing the contract, the platform automatically allocates mining machines and starts mining
4. Get income: Daily income is automatically settled to the user account
5. Withdraw or reinvest: Users can withdraw at any time or choose to continue to purchase cloud computing power contracts
The entire process is completed completely online, and users can manage their mining investments through their mobile phones or computers.
Green energy driven, environmental protection and income go hand in hand
LET Mining adheres to the concept of green mining. The platform data center uses renewable energy such as solar energy and wind energy to reduce carbon emissions and create an environmentally friendly and sustainable mining model. Not only is it environmentally friendly, it also reduces the cost of cloud mining, allowing users to maximize their benefits.
The future belongs to those with "passive income"
In an era of increasing inflation and market uncertainty, assets that can continuously generate income are truly valuable. LET Mining is providing such a stable, safe and environmentally friendly income tool for global users.
Register for LET Mining now and start your daily income journey, making passive income no longer out of reach!
Jaguar Land Rover (JLR) reported a 10.7 per cent drop in sales for the April–June quarter, as a temporary pause in shipments to the United States and the phase-out of Jaguar’s legacy models weighed on volumes.
The company, owned by India’s Tata Motors, sold 87,286 units to dealers worldwide during the quarter, compared to 97,755 units in the same period last year.
Retail sales dropped 15.1 per cent in the three months to the end of June, JLR said in a statement on Monday. The company cited a halt in exports to the US in April as one of the main reasons behind the decline. The pause followed the imposition of a 25 per cent duty by President Donald Trump on all foreign-made vehicles sold in the US, one of JLR's key markets.
JLR does not manufacture cars in the US. Its Range Rover lineup is produced in Britain, subject to a 10 per cent levy, while its top-selling Defender SUVs are built in Slovakia, which falls under the higher 25 per cent tariff.
North America, which accounts for around one-third of JLR’s global sales, saw a 12.2 per cent drop in volumes in the first quarter. Jaguar’s luxury sedans, SUVs and sports cars saw a 72 per cent decline in sales, falling to 2,339 units, as part of a planned wind-down of legacy models. Jaguar is set to become a fully electric brand by 2026.
Excluding Jaguar’s performance, JLR’s overall sales declined by 5.1 per cent.
In the UK, Jaguar’s sales were also affected by the phase-out of older models in preparation for its electric vehicle line-up. According to automotive trade body SMMT, British car exports to the US dropped by over 50 per cent in May. However, a new trade agreement between the UK and US is expected to support future sales. The agreement reduces tariffs on UK car exports to 10 per cent from 27.5 per cent, up to an annual limit of 100,000 vehicles.
JLR is among the top car exporters from Britain and contributes about two-thirds of Tata Motors' revenue. Both JLR and Tata Motors are expected to announce their first-quarter earnings in August.
In June, JLR revised its forecast for earnings margin before interest and taxes for the fiscal year 2026 to 5–7 per cent, down from the earlier target of 10 per cent, citing global uncertainty triggered by US tariffs.
(With inputs from agencies)
Keep ReadingShow less
Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)
BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.
Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.
"We have finalised a draft reciprocal trade agreement," Mahbubur Rahman said on Wednesday (3), adding the government was "hopeful of reaching a win-win agreement".
Rahman said a meeting between officials from both countries was slated for July 8, with the US representing 20 per cent of Bangladesh's ready-made garments exports.
Textile and garment production accounts for about 80 per cent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year.
Trump hit Bangladesh with 37 per cent tariffs in his April 2 announcement, which is more than double the 16 per cent already placed on cotton products.
He suspended the tolls' introduction until July 9, as he did with other global trading partners, though a baseline 10 per cent levy was kept in place.
Bangladesh exported $8.36 billion worth of goods to the US in 2024, while imports from there amounted to $2.21bn, according to the Bangladesh Bank and the National Board of Revenue.
"As part of the initiative to reduce the trade gap, the government already decided to import a large volume of wheat, purchasing 14 aircraft from US manufacturer Boeing, buying cotton and more oil and gas from the US farms," Rahman said.
He did not give further details on the exact timing or extent of the proposed deals, but said the government had held around 28 meetings and document exchanges in a bid to reach an agreement.
Interim leader Muhammed Yunus spoke to US secretary of state Marco Rubio on Monday (30) and told him Dhaka was "working with your officials to finalise a package of measures to effectively respond to president Trump's trade agenda".
Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the national platform of the garment makers, expressed concerns about any deal.
"The already enacted additional 10 per cent tariff is hitting our exporters, and if it goes further, we might lose US buyers," he warned.
But Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said he was optimistic.
"We are hopeful of a positive outcome on the US tariff before July 9," he said.
"There will be a temporary problem if the US administration does not revise the tariff. But it will largely and ultimately hit the US buyers, as they would have to buy goods at higher prices."
(AFP)
Keep ReadingShow less
The Canary Wharf business district including global financial institutions in London.
THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.
The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.
The movement followed comments from Prime Minister Sir Keir Starmer, who told BBC Radio 4's Political Thinking with Nick Robinson that he worked “in lockstep” with Reeves and said she was “doing an excellent job as chancellor.”
Analysts told the BBC that markets appeared to back Reeves, with concerns that her departure could lead to a weakening of fiscal discipline. “It looks to me like this is a rare example of financial markets actually enhancing the career prospects of a politician,” said Will Walker Arnott of Charles Stanley. “If the chancellor goes then any fiscal discipline would follow her out the door and that would mean bigger deficits.”
Mohamed El-Erian of Allianz warned that risk premiums may persist. “I suspect that we will see some moderation, but we will not go back to where we were 24 hours ago,” he said.
Reeves, who became tearful during PMQs after a U-turn on planned welfare reforms that left a £5bn gap in her financial plans, said on Thursday she had been upset due to a personal issue. A Treasury spokesperson also confirmed it was a personal matter.
Reeves told the BBC that the welfare changes would be reflected in the Budget and reaffirmed her commitment to fiscal rules. Jane Foley of Rabobank said Reeves now faces difficult choices but added, “investors do place a lot of store in political stability.”